What smart money is saying about Texas Pacific Land
3 funds in our archive have pitched Texas Pacific Land, most recently Tran Capital Management Midcap Equity Strategy in September 2026.
Texas Pacific Land Corporation (TPL) operates in two core business segments: land and resource management, and water services. Its Land and Resource Management division oversees a vast land portfolio, spanning nearly 880,000 acres. This segment also holds significant oil and gas royalty interests. These include perpetual non-participating royalty interests (NPRIs) covering approximately 85,000 acres (at a 1/128th rate) and about 371,000 acres (at a 1/16th rate). Furthermore, it possesses around 4,000 additional net royalty acres, primarily located in West Texas. The segment grants various easements and commercial leases for purposes such as oil, gas, and hydrocarbon infrastructure, power and utility lines, and subsurface wellbores. It also leases its land for facilities like processing, storage, and compression plants, as well as roads, and sells materials such as caliche. The Water Services and Operations division provides comprehensive water solutions to energy operators throughout the Permian Basin. Its services encompass water sourcing, the gathering and treatment of produced water, infrastructure development, disposal solutions, water tracking, analytics, and well testing. This segment also generates royalty income from water extracted from its own lands. Founded in 1888, Texas Pacific Land Corporation maintains its headquarters in Dallas, Texas.
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Position history
Between Q4 2024 and Q3 2026, 6 fund letters reported a position in Texas Pacific Land, with 1 buy (opened or added) and 2 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 1 | 1 | 1 |
| Q2 2026 | 1 | 0 | 0 | 0 |
| Q1 2026 | 0 | 0 | 0 | 1 |
| Q2 2025 | 1 | 0 | 1 | 0 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 6 positions · 4 moves
- September 2026
“Portfolio Positioning We seek to invest in companies who provide essential services or products that can grow at attractive rates through a market cycle. One of the best ways companies can do this is by expanding into new but related markets. During the quarter, we added to our position in Texas Pacific Land (TPL).”
Texas Pacific Land - TrimmedAve Maria Funds Multi-FundSeptember 2026
“During the quarter, the Fund exited its investment in Rambus and reduced existing positions in Entegris, Inc., BE Semiconductor Industries N.V., Lowe’s Companies, Inc., Mastercard, Inc., O’Reilly Automotive, Inc., S&P Global, Inc., Texas Instruments, Inc., Shift4 Payments, Inc. and APi Group Corporation.”
Texas Pacific Land - September 2026
“We seek to invest in companies who provide essential services or products that can grow at attractive rates through a market cycle. One of the best ways companies can do this is by expanding into new but related markets. During the quarter, we added to our position in Texas Pacific Land (TPL).”
Texas Pacific Land “Board of Director Relationships and Personal Transactions: Peter Doyle is a member of the Board of Directors of Texas Pacific Land Corporation (“TPL”). Eric Sites, who is an employee of the Funds’ adviser is a member of the Board of Directors of Miami International Holdings (“MIAX”). TPL and MIAX are holdings in certain client accounts and funds (including the Funds) managed by Horizon Kinetics Asset Management LLC (“HKAM”).”
Texas Pacific Land- June 2026
“Mr. Peter Doyle, a co-founder, Co-Chief Executive Officer, and Senior Portfolio Manager of the Adviser, is a member of the Board of Directors of Texas Pacific Land Corporation (“TPL”), a publicly traded company. TPL is a large holding in many portfolios managed by the Adviser and is also a large holding in the accounts of employees of the Adviser, including that of Mr. Doyle.”
Texas Pacific Land - June 2025
Listed in AMG River Road Mid Cap Value Fund’s reported holdings.
Texas Pacific Land
Also mentioned · 3
These funds discuss Texas Pacific Land as a competitor, benchmark or comparable, without disclosing a position in it.
- October 2026
“Texas Pacific Land Corporation (“TPL”) and Miami International Holdings Inc. (“MIAX”), both of which are public companies whose shares trade on the New York Stock Exchange, are significant portfolio holdings in many of the advisory accounts managed by the Adviser.”
Texas Pacific Land - MentionedSymmetry InvestJune 2026
“HKHC is an asset management firm with over $10 billion under management across various funds, ETFs, and asset management mandates. They have a specific investment strategy geared toward inflation-protected assets. They also have a strong equity position invested alongside their clients.”
Texas Pacific Land - MentionedOrbis Global BalancedDecember 2025
“Yet they have struggled since shale oil took off in the 2010s. Drilling for oil produces so much byproduct gas that Texas producers have sometimes sold it for negative prices.”
Texas Pacific Land
Fund coverage · 3 theses
- Tran Capital Management Midcap Equity StrategySeptember 2026
Texas Pacific Land is a capital-light land and water royalty business with high margins and barriers to entry, expanding into data center and power buildouts in Texas.
Read the full thesis - Horizon KineticsMarch 2026
Texas Pacific Land Corporation is a rare hard-asset royalty and land/water owner positioned to compound through commodity recovery and growing land, water, and energy needs tied to infrastructure and data centers in the Delaware Basin.
Read the full thesis - Horizon KineticsDecember 2024
TPL is a potentially undervalued investment due to unrealized revenues from natural gas production that will increase as pipeline capacity improves.
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