Horizon Kinetics stood out in a brutal year for stocks — boasting several mutual funds that have returned more than 40%. On the list of best-performing equity mutual funds of 2022, four out of five are from this under-the-radar, New York City-based shop, according to Morningstar. Royalty companies Kinetics focuses on hard assets, but that doesn't mean each candidate appears in a Kinetics' portfolio. The Paradigm fund's biggest position is in Texas Pacific Land , one of the largest owners of land in Texas. The company, which Kinetics has owned since 1995, has exposure to two types of hard assets — land as well as oil and gas royalties.

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