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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q4 | Dec 31, 2024 | Capicraft Investment Partners | - | - | AAPL, AMZN, ASML, COST, DIS, DOCU, GOOGL, JNJ, KO, LB, NFLX, NVDA, TPG, TSM, ZM | AI, energy, inflation, Quality, technology, US, value | Manager discusses AI productivity boom potential but notes most benefits will come later. Currently AI infrastructure is being built by hyperscalers who are pricing in high expectations while becoming more capital-intensive and commoditized. The next opportunity lies in AI developers who will build software on hyperscaler infrastructure. | LBRT |
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| 2025 Q3 | Oct 27, 2025 | Horizon Kinetics | - | - | ALS.TO, CLF, EME, FCX, FNV, LB, LNG, MCD, MOS, MSB, NEM, NRG, NTR, NVDA, SBR, SJT, TRC, WBI, WPM, XOM | AI, DataCenters, Exchanges, gold, inflation, Natural Gas, Scarcity, water | Securities exchanges sit atop market action like casino croupiers, collecting spreads and benefiting from volatility while remaining indifferent to market fashions. They have extraordinary ability to let products compound without impediment and minimal capital investment requirements to support new volume levels. | MESABI SJT ALS CN WPM CN MESABI SJT ALS CN WPM CN |
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| 2025 Q4 | Jan 11, 2026 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMD, AMZN, AVGO, GOOGL, ICE, LB, META, MIAX, MSFT, NVDA, ORCL, STR, TPL, VNOM, WTTR | AI, Compounding, energy, Exchanges, long-term, private markets, value, water | The firm avoids direct AI-IT company investments but focuses on beneficiaries of AI infrastructure buildout. They invest in companies controlling necessary resources like natural gas, water, and land for data centers rather than the technology companies themselves. Significant focus on Permian Basin investments through TPL, LandBridge, and WaterBridge. The firm emphasizes water handling infrastructure and land ownership as critical limiting factors for oil production in the region. Long history of investing in securities exchanges from TPL to MIAX to ICE. The firm views exchanges as blue-chip businesses with near-perpetual longevity that don't fail or get displaced. Core philosophy centers on long-horizon value investing with focus on making time work for investors through unbroken compounding. Emphasis on high sustainable return on equity and margin of safety. Water infrastructure is highlighted as a critical limiting factor for both oil production and data center operations. WaterBridge represents a key investment in water handling and disposal infrastructure. | View | |
| 2024 Q2 | Jul 27, 2024 | Horizon Kinetics | 0.0% | 0.0% | AAPL, AMZN, GOOGL, HAL, LB, META, MSFT, NVDA, SLB, SPY, TPL, TSLA, WPM | AI, China, commodities, energy, geopolitics, Indexation, inflation, technology | AI technology represents a massive growth opportunity but faces critical infrastructure constraints, particularly electric power requirements. The H100 AI chips alone might require 0.5% of total U.S. electricity production, with next-generation chips requiring even more power. This creates both challenges for AI companies and opportunities for energy infrastructure providers. | LB |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Horizon Kinetics | LandBridge Company | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | AI infrastructure, data centers, energy infrastructure, Gas Royalties, growth, Hard assets, Land Ownership, mineral rights, Monopolistic, Oil Royalties, Permian Basin, Surface Rights, Water Management | View Pitch |
| Jan 28, 2026 | Fund Letters | Murray Stahl | LandBridge Company LLC | Energy | Oil & Gas Exploration & Production | Bull | New York Stock Exchange | infrastructure, land, Optionality, Permian, Scarcity | View Pitch |
| Jan 22, 2026 | Twitter / X | @sockfeetrsrch | LandBridge Company LLC | Real Estate | Real Estate Management & Development | Bull | New York Stock Exchange | Basin, Bbl, Delaware, Handing, Handling, land, Satellite, Surface | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Paul Tudor Jones | Tudor Investment Corp | $53.4B | $312,458 | 0.00% | 6,378 | +2,778 | +77.17% | 0.0062% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $2.1M | 0.00% | 42,735 | +22,099 | +107.09% | 0.0418% |
| Israel Englander | Millennium Management LLC | $233.2B | $7.4M | 0.00% | 151,003 | +80,035 | +112.78% | 0.1479% |
| Murray Stahl | Horizon Kinetics | $7.4B | $276.4M | 3.74% | 5,642,766 | +10,653 | +0.19% | 5.5250% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $2.2M | 0.00% | 44,046 | -146,420 | -76.87% | 0.0431% |
| Cliff Asness | AQR Capital Management | $190.6B | $3.5M | 0.00% | 71,074 | +4,289 | +6.42% | 0.0696% |
| Rich Handler | Jefferies | $19.3B | $2.9M | 0.01% | 58,477 | +58,477 | +100.00% | 0.0573% |