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Horizon Kinetics Asset Management Portfolio holdings

AUM $9.23B
1-Year Est. Return 27.52%
This Fund
S&P 500
This Quarter Est. Return
+12.14%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.81B
AUM Growth
+$782M
Cap. Flow
-$7.67M
Cap. Flow %
-0.09%
Top 10 Hldgs %
80.59%
Holding
356
New
7
Increased
90
Reduced
124
Closed
9

Top Buys

Rank Stock Value
1
HE icon
Hawaiian Electric Industries
HE
+$104M
2
ARIS
Aris Water Solutions
ARIS
+$35M
3
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$11.2M
4
LB
LandBridge Co
LB
+$6.2M
5
FNV icon
Franco-Nevada
FNV
+$4.02M

Top Sells

Rank Stock Value
1
CACI icon
CACI
CACI
+$65M
2
SAIC icon
Saic
SAIC
+$38.3M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$34.8M
4
TPL icon
Texas Pacific Land
TPL
+$15.4M
5
DBRG icon
DigitalBridge
DBRG
+$10.9M

Sector Composition

Rank Sector Weight
1 Energy 62.8%
2 Materials 6.67%
3 Financials 6.43%
4 Consumer Discretionary 2.29%
5 Utilities 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MVT
226
DELISTED
BlackRock MuniVest Fund II
MVT
$507K 0.01%
47,926
– –
L icon
227
Loews
L
$23.6B
$505K 0.01%
5,497
-46
-0.8% -$3.94K
RSP icon
228
Invesco S&P 500 Equal Weight ETF
RSP
$99.1B
$504K 0.01%
2,912
-2,203
-43% -$392K
C icon
229
Citigroup
C
$226B
$503K 0.01%
7,089
+928
+15% +$70.8K
GDX icon
230
VanEck Gold Miners ETF
GDX
$27.4B
$494K 0.01%
10,741
-386
-3% -$15.6K
MYI icon
231
BlackRock MuniYield Quality Fund III
MYI
$721M
$493K 0.01%
44,854
– –
BKN
232
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$484K 0.01%
42,157
– –
SQQQ icon
233
ProShares UltraPro Short QQQ
SQQQ
$1.74B
$483K 0.01%
+2,519
New +$398K
LADR
234
Ladder Capital
LADR
$1.24B
$479K 0.01%
42,000
+1,000
+2% +$11.4K
NZF icon
235
Nuveen Municipal Credit Income Fund
NZF
$2.45B
$476K 0.01%
38,952
-250
-0.6% -$3.1K
REGN icon
236
Regeneron Pharmaceuticals
REGN
$80.8B
$466K 0.01%
735
– –
WOOD icon
237
iShares Global Timber & Forestry ETF
WOOD
$274M
$464K 0.01%
6,153
-142
-2% -$11.1K
KHC icon
238
Kraft Heinz
KHC
$30B
$461K 0.01%
15,160
+839
+6% +$25.1K
GEV icon
239
GE Vernova
GEV
$264B
$461K 0.01%
1,509
+23
+2% +$8.02K
PNF
240
DELISTED
PIMCO New York Municipal Income Fund
PNF
$442K 0.01%
58,956
– –
DBL
241
DoubleLine Opportunistic Credit Fund
DBL
$280M
$441K 0.01%
28,236
-362
-1% -$5.67K
NAN icon
242
Nuveen New York Quality Municipal Income Fund
NAN
$373M
$434K ﹤0.01%
38,119
– –
BIIB icon
243
Biogen
BIIB
$30.7B
$434K ﹤0.01%
3,169
– –
NBH
244
Neuberger Municipal Fund Inc
NBH
$304M
$432K ﹤0.01%
41,529
– –
VIXY icon
245
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$197M
$428K ﹤0.01%
5,700
+100
+2% +$4.54K
NBB icon
246
Nuveen Taxable Municipal Income Fund
NBB
$453M
$420K ﹤0.01%
26,210
– –
FBTC icon
247
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.1B
$417K ﹤0.01%
5,791
-90
-2% -$7.32K
PHYS icon
248
Sprott Physical Gold
PHYS
$15.7B
$400K ﹤0.01%
16,621
– –
OXY icon
249
Occidental Petroleum
OXY
$55.9B
$398K ﹤0.01%
8,062
+203
+3% +$9.91K
MQT
250
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$396K ﹤0.01%
39,579
– –
8 9
10
11 12

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WPL
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NPT
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Horizon Kinetics Asset Management's Q1 2025 Portfolio in Review

As of Q1 2025, Horizon Kinetics Asset Management held 356 positions worth $8.81B, up 9.7% from $8.03B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Trading was light in Q1 2025: portfolio turnover was 4.5%. Horizon Kinetics Asset Management opened 7 new positions and exited 9, leaving the 356-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 63% of assets, up from 59% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q1 2025 buy was EQT Corp: 38,404 shares worth $2.05M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q1 2025, an estimated $104M increase.
  • Horizon Kinetics Asset Management's biggest Q1 2025 reduction was CACI, cutting an estimated $65M.
  • Horizon Kinetics Asset Management fully exited Marex Group Limited Ordinary Shares in Q1 2025, selling an estimated $4.41M.
  • Horizon Kinetics Asset Management's ten largest holdings make up 81% of its $8.81B portfolio in Q1 2025.
  • Horizon Kinetics Asset Management opened 7 new positions and closed 9 in Q1 2025.
  • Horizon Kinetics Asset Management's portfolio value rose 9.7% quarter-over-quarter to $8.81B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2025, filed 15 May 2025.