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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
-1.05%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.43B
AUM Growth
-$382M
Cap. Flow
+$187M
Cap. Flow %
2.22%
Top 10 Hldgs %
77.21%
Holding
363
New
17
Increased
101
Reduced
145
Closed
11

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$112M
2
HE icon
Hawaiian Electric Industries
HE
+$37.8M
3
GLXY
Galaxy Digital Inc
GLXY
+$27.7M
4
PBT
Permian Basin Royalty Trust
PBT
+$18.1M
5
ARIS
Aris Water Solutions
ARIS
+$15.6M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$21.5M
2
CACI icon
CACI
CACI
+$12.4M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$11.3M
4
MSTR icon
Strategy Inc
MSTR
+$5.83M
5
AN icon
AutoNation
AN
+$3.38M

Sector Composition

Rank Sector Weight
1 Energy 54.42%
2 Materials 7.69%
3 Financials 7.42%
4 Utilities 2.67%
5 Consumer Discretionary 2.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BTZ icon
226
BlackRock Credit Allocation Income Trust
BTZ
$956M
$557K 0.01%
51,023
– –
ETN icon
227
Eaton
ETN
$174B
$555K 0.01%
1,555
+630
+68% +$194K
CMDB
228
Costamare Bulkers Holdings
CMDB
$431M
$548K 0.01%
+63,250
New +$629K
IAU icon
229
iShares Gold Trust
IAU
$67.5B
$542K 0.01%
8,690
– –
TFPM icon
230
Triple Flag Precious Metals
TFPM
$6.72B
$540K 0.01%
22,811
+5,263
+30% +$115K
FBTC icon
231
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.1B
$534K 0.01%
5,681
-110
-2% -$9.47K
RSP icon
232
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$531K 0.01%
2,920
+8
+0.3% +$1.38K
ADP icon
233
Automatic Data Processing
ADP
$108B
$523K 0.01%
1,695
+895
+112% +$275K
SMR icon
234
NuScale Power
SMR
$4.03B
$512K 0.01%
12,950
-600
-4% -$15.1K
TQQQ icon
235
ProShares UltraPro QQQ
TQQQ
$37.9B
$508K 0.01%
12,248
-5,860
-32% -$185K
L icon
236
Loews
L
$23.6B
$502K 0.01%
5,478
-19
-0.3% -$1.67K
KVUE icon
237
Kenvue
KVUE
$36.9B
$502K 0.01%
23,962
– –
CRSP icon
238
CRISPR Therapeutics
CRSP
$5.17B
$498K 0.01%
10,239
-443
-4% -$17.1K
MVT
239
DELISTED
BlackRock MuniVest Fund II
MVT
$495K 0.01%
47,926
– –
LADR
240
Ladder Capital
LADR
$1.24B
$495K 0.01%
46,000
+4,000
+10% +$42K
SQQQ icon
241
ProShares UltraPro Short QQQ
SQQQ
$1.71B
$492K 0.01%
5,025
+2,506
+99% +$359K
GDX icon
242
VanEck Gold Miners ETF
GDX
$27.4B
$487K 0.01%
9,361
-1,380
-13% -$68.5K
IONS icon
243
Ionis Pharmaceuticals
IONS
$9.4B
$472K 0.01%
11,952
-524
-4% -$17.1K
NZF icon
244
Nuveen Municipal Credit Income Fund
NZF
$2.45B
$464K 0.01%
38,952
– –
BKN
245
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$460K 0.01%
42,157
– –
VIXY icon
246
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$183M
$458K 0.01%
6,100
+400
+7% +$23K
NAN icon
247
Nuveen New York Quality Municipal Income Fund
NAN
$373M
$454K 0.01%
39,769
+1,650
+4% +$18.6K
WOOD icon
248
iShares Global Timber & Forestry ETF
WOOD
$274M
$451K 0.01%
6,155
+2
+0% +$146
JAPN
249
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26.3M
$440K 0.01%
+15,691
New +$421K
META icon
250
Meta Platforms (Facebook)
META
$1.51T
$433K 0.01%
587
-11
-2% -$6.8K
8 9
10
11 12

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LCAM
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IAA
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SFM
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WPL
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PVI
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NPT
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Horizon Kinetics Asset Management's Q2 2025 Portfolio in Review

As of Q2 2025, Horizon Kinetics Asset Management held 363 positions worth $8.43B, down 4.3% from $8.81B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Horizon Kinetics Asset Management's Q2 2025 filing shows 17 new, 101 increased, 145 reduced and 11 closed positions. Its largest new stake was Cheniere Energy: 484,912 shares worth $118M. The largest sale was Texas Pacific Land, an estimated $21.5M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 63% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q2 2025 buy was Cheniere Energy: 484,912 shares worth $118M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q2 2025, an estimated $37.8M increase.
  • Horizon Kinetics Asset Management's biggest Q2 2025 reduction was Texas Pacific Land, cutting an estimated $21.5M.
  • Horizon Kinetics Asset Management fully exited iShares Russell 2000 ETF in Q2 2025, selling an estimated $590K.
  • Horizon Kinetics Asset Management's ten largest holdings make up 77% of its $8.43B portfolio in Q2 2025.
  • Horizon Kinetics Asset Management opened 17 new positions and closed 11 in Q2 2025.
  • Horizon Kinetics Asset Management's portfolio value fell 4.3% quarter-over-quarter to $8.43B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2025, filed 12 Aug 2025.