The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 9, 2026
Horizon Kinetics highlights an investment approach insulated from systemic passive index concentration and macroeconomic imbalances, asserting that conventional market benchmarks are severely distorted by mega-cap technology valuations and rigid liquidity mandates. Reviewing an illustrative client account holding over 30 non-technology positions, the manager notes performance matched the broader S&P 500 while demonstrating near-zero correlation and moving inversely to the benchmark in nearly half of the observed monthly periods. Capital remains heavily directed toward inflation-beneficiary hard assets, royalty operators, and asset-light exchanges, while avoiding broad index components. The investment commentary centers on the expanding disconnect between market price volatility and intrinsic economic reality, driven by human cognitive biases like apophenia and mechanistic algorithmic momentum. Horizon Kinetics identifies natural gas as a structurally undervalued, demand-inelastic asset poised for a secular supply-demand rebalancing, spurred by domestic electrification, data-center power requirements, and explosive LNG export capacity growth. Concurrently, the manager highlights pervasive grid capacity constraints and sovereign debt escalation across major economies as core structural drivers favoring scarce, non-replicable hard assets. Portfolio activity and discussion center on Delaware Basin royalty and surface-right landowners, led by Texas Pacific Land Corporation ($TPL) and LandBridge ($LB), alongside WaterBridge and Permian Basin Royalty Trust ($PBT). Following post-election and regulatory volatility regarding Texas data-center grid interconnect moratoriums, Horizon Kinetics initiated or scaled significant positions across all four companies. The manager argues that massive capital requirements and water demand for gigawatt-scale AI computing campuses make remote, resource-rich land perpetuities prime, low-risk beneficiaries regardless of regulatory delays or technology winners.
True long-term value compounding is achieved by owning asset-light perpetuities, royalty models, and scarce natural resources that sit entirely outside mainstream index benchmarks and benefit from structural inflation and compute infrastructure demand.
Horizon Kinetics expects accelerating demand for off-grid power, water infrastructure, and natural gas to structurally reprice scarce Delaware Basin acreage while broader equity markets face valuation compression from elevated sovereign debt.
High Conviction Bullish
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