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Kinetics Parent Rating


Horizon Kinetics Asset Management is an independent investment boutique with insufficient risk controls, an issue that is exacerbated by the firm’s lineup of thematic, highly concentrated portfolios.

It warrants a Low Parent rating.

Co-founders Murray Stahl, Peter Doyle, and Steven Bregman jointly run the firm, but a massive firmwide position in a single stock overwhelms positives that come from the research team. Nearly a third, or $2.2 billion, of the firm’s $6.8 billion of assets under management as of June 2022 rested in a single stock: Texas Pacific Land TPL, a $13-billion-dollar real estate trust that owns vast tracts in Texas and earns royalties off grazing and oil leases. The stock accounts for more than 50% of assets in some strategies, which raises obvious risk-management and liquidity concerns should the stock sell off or the firm experience significant outflows. Additionally, there are conflicts of interest with firm CEO/CIO Stahl, as he is compensated by Texas Pacific Land for his seat on the board and is personally invested in the company.

High fees across the fund lineup, a smattering of questionably timed fund launches, and the overhaul and renaming of strategies raise additional concerns. The firm saw multiple strategy closures during the dot-com bubble, and it has a history of launching products that seemingly chase fads and short-term asset flows.

Kinetics Investments


US Open-end ex MM ex FoF ex Feeder

Total Net Assets

1.57 Bil

Investment Flows (TTM)

−272.93 Mil

Asset Growth Rate (TTM)


# of Share Classes

Morningstar Rating # of Share Classes
Not Rated 3

Morningstar Mentions

Horizon Kinetics’ love affair with Texas Pacific Land raises questions about conflicts of interest with no exit strategy in sight.

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