RCG - RENN Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Jan 6, 2025

   Foxhunt Crescent, LP now owns 8.7%, as a passive investor.

   Original document →

About this fund

• Run by Horizon Kinetics Asset Management LLC. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $23 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0% a year in management fees; 1.6% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 53 funds we follow that invest in shares, none charges a lower management fee and 33 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year the fund told the regulator that all of what it paid out came from income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $2.83. The shares traded at $2.57, about 9.2% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1.5% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1996.

What a holder made

• The holdings over the last twelve months we have, to June 30, 2026: +20.7%. The quarterly reports carry no share price, so this is the holdings alone; the yearly report, once filed and read, adds what the shares returned. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (85%), the rest cash and short-term holdings, other holdings and preferred shares. About 95% issued in the U.S.

1. Texas Pacific Land Corp. - 32.7%
2. Cash and short-term - 11.6%
3. Apyx Medical Corp. - 11.4%
4. Landbridge Co. LLC - class A shares - 7.4%
5. FitLife Brands, Inc. - 6.9%
6. Hawaiian Electric Industries, Inc. - 4%
7. Miami International Holdings, Inc. - 3.6%
8. Urbana Corp. - 2.9%
9. WaterBridge Infrastructure LLC - class A shares - 2.9%
10. Permian Basin Royalty Trust - 2.3%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →