Andrea Lombardo DeMichele

Horizon Kinetics Asset Management LLC (HKAM) is the SEC-registered investment management subsidiary of Horizon Kinetics LLC in the US. The firm was founded in 1994 as Horizon Asset Management LLC by Murray Stahl, Steven Bregman, Peter Doyle, Tom Ewing, and John Meditz. Headquartered in New York City, HKAM manages separately managed accounts, open-ended and closed-ended investment companies, an exchange traded fund and private funds for a wide variety of clients.

Founded in 1989, PCS Securities, Inc. is an SEC-registered broker/dealer located in Edmonds, Washington. The firm is an introducing broker and clears securities transactions on a fully-disclosed basis with an independent clearing organization. PCS Securities provides independent research and directed brokerage arrangements for investment advisors, money managers and plan sponsors.

Kinetics Asset Management LLC is a registered investment advisor headquartered in New York City. The firm is a subsidiary of Horizon Kinetics LLC. Kinetics Asset Management was formed in 2011, and is the successor entity of Kinetics Asset Management, Inc., which was formed in 1996. Kinetics Asset Management offers general discretionary investment advisory services to registered mutual funds, retail and institutional separate accounts, model delivery programs, a private fund and UCITS funds.