— HORIZON KINETICS LLC —
Horizon Kinetics Launches Japan Owner Operator
ETF (日本 オーナーオペレーター ETF)
(Ticker: JAPN)
2nd Quarter 2025 Commentary
Summer is a good time to pause and consider—in broad brushstrokes—where we are in the investment sphere. The most obvious initial area for inquiry: What have returns been in the relevant past? Only one of the dozens of these original ETFs achieved a double digit annual return. Going forward, indexation may face an even bigger challenge, largely of its own making. There are now existential questions for passive management, which has a way of missing not just individual companies, but entire sectors, even countries. Some of the most fascinating opportunities—but not available via passive management—are in Japan, which is where we turn our editorial gaze for this Commentary.
James Davolos on The ROI Podcast: Central Banks will Run It Hot
(July 2025) In this conversation, James Davolos and Benjamin Demase of ROI Podcast explore the intricate relationship between central banks and real asset inflation.
Guiding Principles
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Value Driven
We are committed to long-horizon, value driven investing and building long-term, continuous relationships with our clients.
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Research Driven
We rely on our own independent research. Written research, and its discipline, has been the cornerstone of our investment process.
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Contrarian
We are contrarian (fact-based) investors. Our vision is typically opposite the movement of the crowd.
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Long Term Investment Horizon
We measure risk as an impairment of capital. Temporary price variability – ‘quotational’ risk – is not synonymous with capital risk. Returns can be increased by extension of the investment horizon rather than by extension of risk.
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Absolute Returns
Our investment approach stresses absolute returns, integrating fundamental research, discipline and patience with the goal of long-term preservation and compounding of capital.
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Opportunistic
Our strategies are driven by fundamental research and opportunity, not capacity for asset gathering.
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Skin in the Game
We invest alongside our clients and believe that a skin in the game approach is critical to aligning interests.