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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
+0.47%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.2B
AUM Growth
-$230M
Cap. Flow
-$39.8M
Cap. Flow %
-0.49%
Top 10 Hldgs %
74.96%
Holding
362
New
10
Increased
52
Reduced
236
Closed
26

Top Buys

Rank Stock Value
1
WBI
WaterBridge Infrastructure LLC
WBI
+$149M
2
MIAX
Miami International Holdings
MIAX
+$50.6M
3
CME icon
CME Group
CME
+$40.6M
4
BN icon
Brookfield
BN
+$31.7M
5
HE icon
Hawaiian Electric Industries
HE
+$22.5M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$68.8M
2
ARIS
Aris Water Solutions
ARIS
+$43.4M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$33.3M
4
ADM icon
Archer Daniels Midland
ADM
+$25.7M
5
SAND
Sandstorm Gold
SAND
+$25.2M

Sector Composition

Rank Sector Weight
1 Energy 51.1%
2 Materials 9.34%
3 Financials 8.71%
4 Consumer Discretionary 2.59%
5 Utilities 2.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MVT
226
DELISTED
BlackRock MuniVest Fund II
MVT
$509K 0.01%
47,926
– –
CMDB
227
Costamare Bulkers Holdings
CMDB
$431M
$503K 0.01%
35,010
-28,240
-45% -$290K
TQQQ icon
228
ProShares UltraPro QQQ
TQQQ
$37.4B
$498K 0.01%
9,640
-2,608
-21% -$119K
SQQQ icon
229
ProShares UltraPro Short QQQ
SQQQ
$1.74B
$493K 0.01%
6,477
+1,452
+29% +$129K
PHYS icon
230
Sprott Physical Gold
PHYS
$15.7B
$493K 0.01%
16,634
– –
BWXT icon
231
BWX Technologies
BWXT
$15.6B
$488K 0.01%
2,647
-18
-0.7% -$2.9K
RSP icon
232
Invesco S&P 500 Equal Weight ETF
RSP
$99.1B
$482K 0.01%
2,539
-381
-13% -$71K
BKN
233
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$478K 0.01%
42,157
– –
AMG icon
234
Affiliated Managers Group
AMG
$9.76B
$472K 0.01%
1,978
-107
-5% -$23.6K
ADP icon
235
Automatic Data Processing
ADP
$108B
$468K 0.01%
1,595
-100
-6% -$30.1K
AEHR icon
236
Aehr Test Systems
AEHR
$3.36B
$464K 0.01%
+15,400
New +$333K
FHI icon
237
Federated Hermes
FHI
$4.72B
$451K 0.01%
8,679
-10,175
-54% -$516K
BTZ icon
238
BlackRock Credit Allocation Income Trust
BTZ
$956M
$448K 0.01%
40,534
-10,489
-21% -$115K
GM icon
239
General Motors
GM
$76.8B
$445K 0.01%
7,300
-10,043
-58% -$560K
ERII icon
240
Energy Recovery
ERII
$443M
$439K 0.01%
28,440
– –
BIIB icon
241
Biogen
BIIB
$30.7B
$437K 0.01%
3,119
+81
+3% +$10.9K
MQT
242
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$428K 0.01%
42,650
-1,300
-3% -$12.6K
NBH
243
Neuberger Municipal Fund Inc
NBH
$304M
$427K 0.01%
41,396
-133
-0.3% -$1.33K
META icon
244
Meta Platforms (Facebook)
META
$1.51T
$426K 0.01%
580
-7
-1% -$5.21K
WOOD icon
245
iShares Global Timber & Forestry ETF
WOOD
$274M
$425K 0.01%
5,795
-360
-6% -$26.8K
NBB icon
246
Nuveen Taxable Municipal Income Fund
NBB
$453M
$423K 0.01%
26,080
-50
-0.2% -$793
REGN icon
247
Regeneron Pharmaceuticals
REGN
$80.8B
$413K 0.01%
735
+30
+4% +$17K
AVGO icon
248
Broadcom
AVGO
$2.04T
$398K ﹤0.01%
1,207
-241
-17% -$73.9K
XES icon
249
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$364M
$397K ﹤0.01%
5,486
-4,211
-43% -$287K
DBL
250
DoubleLine Opportunistic Credit Fund
DBL
$280M
$393K ﹤0.01%
25,224
-1,596
-6% -$24.6K
8 9
10
11 12

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Horizon Kinetics Asset Management's Q3 2025 Portfolio in Review

As of Q3 2025, Horizon Kinetics Asset Management held 362 positions worth $8.2B, down 2.7% from $8.43B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Horizon Kinetics Asset Management's Q3 2025 filing shows 10 new, 52 increased, 236 reduced and 26 closed positions. Its largest new stake was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M. The largest sale was Texas Pacific Land, an estimated $68.8M.

By sector, the portfolio is most concentrated in Energy at 51% of assets, down from 54% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q3 2025 buy was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M.
  • Horizon Kinetics Asset Management added most to CME Group in Q3 2025, an estimated $40.6M increase.
  • Horizon Kinetics Asset Management's biggest Q3 2025 reduction was Texas Pacific Land, cutting an estimated $68.8M.
  • Horizon Kinetics Asset Management fully exited Sitio Royalties in Q3 2025, selling an estimated $16.9M.
  • Horizon Kinetics Asset Management's ten largest holdings make up 75% of its $8.2B portfolio in Q3 2025.
  • Horizon Kinetics Asset Management opened 10 new positions and closed 26 in Q3 2025.
  • Horizon Kinetics Asset Management's portfolio value fell 2.7% quarter-over-quarter to $8.2B.

Based on Horizon Kinetics Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.