Horizon Kinetics is an asset manager with more than $10B in AUM.
HKHC shares ended 2025 at approximately $23.50 per share.
For 2026, there was a recent IPO of a long-time HKHC holding, Miami International Exchange, and triangulating the valuation for just that one incentive fee suggests another $1.00 per share in value in 2026.
Single stock ideas excerpted from fund letters published by Seeking Alpha.
