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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
GBX icon
251
The Greenbrier Companies
GBX
$1.46B
$386K ﹤0.01%
8,350
-6,350
-43% -$303K
FMN
252
Federated Hermes Premier Municipal Income Fund
FMN
$87.5M
$377K ﹤0.01%
34,170
-190
-0.6% -$2.04K
WY icon
253
Weyerhaeuser
WY
$18.4B
$376K ﹤0.01%
15,170
-13,104
-46% -$335K
NFLX icon
254
Netflix
NFLX
$309B
$373K ﹤0.01%
3,110
– –
NZF icon
255
Nuveen Municipal Credit Income Fund
NZF
$2.45B
$348K ﹤0.01%
27,695
-11,257
-29% -$135K
B
256
Barrick Mining
B
$73.2B
$345K ﹤0.01%
10,526
-74
-0.7% -$1.88K
AMZN icon
257
Amazon
AMZN
$2.96T
$344K ﹤0.01%
1,566
-68
-4% -$15.4K
CSW
258
CSW Industrials
CSW
$5.71B
$340K ﹤0.01%
1,400
-4,000
-74% -$1.07M
MKTX icon
259
MarketAxess Holdings
MKTX
$5.72B
$340K ﹤0.01%
1,950
+76
+4% +$14.9K
VIXY icon
260
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$197M
$336K ﹤0.01%
6,100
– –
AFL icon
261
Aflac
AFL
$62.6B
$335K ﹤0.01%
3,000
– –
AWR icon
262
American States Water
AWR
$3.46B
$328K ﹤0.01%
4,468
– –
BP icon
263
BP
BP
$107B
$326K ﹤0.01%
9,466
-20,048
-68% -$671K
VTI icon
264
Vanguard Morningstar Total Stock Market ETF
VTI
$691B
$321K ﹤0.01%
978
-204
-17% -$64.4K
KKR icon
265
KKR & Co
KKR
$92.3B
$311K ﹤0.01%
2,392
-786
-25% -$112K
CTAS icon
266
Cintas
CTAS
$81.3B
$306K ﹤0.01%
1,493
– –
GPC icon
267
Genuine Parts
GPC
$18.7B
$304K ﹤0.01%
2,190
-60
-3% -$8.05K
CNP icon
268
CenterPoint Energy
CNP
$26.8B
$300K ﹤0.01%
7,733
-1,400
-15% -$52.9K
ETN icon
269
Eaton
ETN
$174B
$298K ﹤0.01%
797
-758
-49% -$276K
PEP icon
270
PepsiCo
PEP
$190B
$286K ﹤0.01%
2,040
-600
-23% -$85.7K
OXY icon
271
Occidental Petroleum
OXY
$55.9B
$286K ﹤0.01%
6,045
-2,086
-26% -$94.3K
DORM icon
272
Dorman Products
DORM
$4.18B
$281K ﹤0.01%
1,800
-1,200
-40% -$172K
NVIR
273
Horizon Kinetics Energy and Remediation ETF
NVIR
$4.88M
$280K ﹤0.01%
8,679
-502
-5% -$15.5K
AMT icon
274
American Tower
AMT
$80.4B
$269K ﹤0.01%
1,400
-200
-13% -$41.7K
LOW icon
275
Lowe's Companies
LOW
$125B
$268K ﹤0.01%
1,068
– –
9 10
11
12 13

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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.