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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q1 | May 5, 2025 | Horizon Kinetics | - | - | ARIS, GEV, HE, JPM, META, NUE, NVDA, SJT, TPL | AI, commodities, Data centers, energy, infrastructure, Natural Gas, technology, water | Explosive spending by major IT companies on data centers amid mass adoption of artificial intelligence. Meta spending $60-65 billion on data center construction this year, 50% above 2024. Data center buildout has potential to be greatest deployment of private investment capital in history. | HE SJT ARIS |
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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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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Horizon Kinetics | San Juan Basin Royalty Trust | Energy | Oil & Gas Exploration & Production | Bull | NYSE | Coalbed Methane, data centers, dividend suspension, energy, Equity, LNG Export, natural gas, Royalty trust, San Juan Basin, Time Arbitrage | View Pitch |
| Jan 8, 2026 | Value Investors Club | GLSV | San Juan Basin Royalty Trust | Industrials | Commercial Services & Supplies | Bull | New York Stock Exchange | industrial services, infrastructure, Logistics, manufacturing, Operations, Outsourcing | View Pitch |
| Nov 29, 2025 | Fund Letters | Murray Stahl | San Juan Basin Royalty Trust | Energy | Oil & Gas Exploration & Production | Bull | NYSE | contrarian, Distribution, natural gas, recovery, Reserves, Royalty, yield | View Pitch |
| Nov 28, 2025 | Fund Letters | Murray Stahl | San Juan Basin Royalty Trust | Energy | Oil & Gas Exploration & Production | Bull | NYSE | contrarian, Distribution, natural gas, recovery, Reserves, Royalty, yield | 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 |
|---|---|---|---|---|---|---|---|---|
| Carlo Cannell | Cannell Capital | $204.1M | $4.7M | 2.28% | 835,799 | -377,325 | -31.10% | 1.8257% |
| Murray Stahl | Horizon Kinetics | $7.4B | $35.0M | 0.47% | 6,231,144 | +619,163 | +11.03% | 13.6112% |
| David Siegel & John Overdeck | Two Sigma Investments | $67.5B | $267,782 | 0.00% | 47,648 | -21,375 | -30.97% | 0.1041% |
| Cliff Asness | AQR Capital Management | $190.6B | $182,549 | 0.00% | 32,482 | +32,482 | +100.00% | 0.0710% |