Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| TEXAS PACIFIC LAND CORP | — | $155.16M | 47.77% |
| Grayscale Bitcoin Trust ETF | GBTC | $31.60M | 9.73% |
| HAWAIIAN ELECTRIC INDS INC | — | $23.92M | 7.36% |
| US BANK MMDA - USBGFS 7 | USBGFS7 | $23.08M | 7.11% |
| Landbridge Company, LLC | LB US | $11.46M | 3.53% |
| WATERBRIDGE IN-A | — | $11.16M | 3.44% |
| BOLT DATA & ENERGY INC. | — | $6.00M | 1.85% |
| MIAMI INTERNATIONAL HOLDINGS INC | — | $5.94M | 1.83% |
| Partners Value Investments LP | PVF-U | $5.37M | 1.65% |
| WHITE MOUNTAINS INS GROUP LTD | — | $4.17M | 1.29% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026Opened
5
Exited
2
Increased
6
Decreased
4
Unchanged
71
How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Kinetics Small Cap Opportunities Portfolio | 75% | — |
| Kinetics Paradigm Portfolio | 70% | — |
| Kinetics Spin-Off and Corporate Restructuring Fund · LSHAX, LSHCX, LSHUX, LSHEX | 64% | 1.29% |
Advisers
As of December 31, 2025 · N-CEN
| Firm | Role |
|---|---|
| Horizon Kinetics Asset Management | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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