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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
DAL icon
301
Delta Air Lines
DAL
$59.1B
$201K ﹤0.01%
4,600
– –
WYNN icon
302
Wynn Resorts
WYNN
$10.5B
$200K ﹤0.01%
2,401
-168
-7% -$14.3K
NIM icon
303
Nuveen Select Maturities Municipal Fund
NIM
$117M
$200K ﹤0.01%
21,500
– –
MHD icon
304
BlackRock MuniHoldings Fund
MHD
$605M
$196K ﹤0.01%
16,653
– –
SMR icon
305
NuScale Power
SMR
$3.85B
$192K ﹤0.01%
13,550
– –
NMZ icon
306
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.22B
$189K ﹤0.01%
17,322
– –
PML
307
PIMCO Municipal Income Fund II
PML
$491M
$189K ﹤0.01%
23,325
– –
EVF
308
Eaton Vance Senior Income Trust
EVF
$91M
$188K ﹤0.01%
32,130
– –
BNY
309
DELISTED
BlackRock New York Municipal Income Trust
BNY
$185K ﹤0.01%
18,237
– –
EVV
310
Eaton Vance Limited Duration Income Fund
EVV
$1.08B
$156K ﹤0.01%
15,668
– –
KYN icon
311
Kayne Anderson Energy Infrastructure Fund
KYN
$2.42B
$154K ﹤0.01%
12,032
-56
-0.5% -$723
EFT
312
Eaton Vance Floating-Rate Income Trust
EFT
$288M
$151K ﹤0.01%
12,000
– –
BLE
313
DELISTED
BlackRock Municipal Income Trust II
BLE
$150K ﹤0.01%
14,426
– –
HLN icon
314
Haleon
HLN
$43.2B
$145K ﹤0.01%
14,082
– –
REPL icon
315
Replimune Group
REPL
$1.11B
$140K ﹤0.01%
14,396
– –
UVXY icon
316
CALL
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$289M
$134K ﹤0.01%
+480
New +$49.6K
CXE
317
DELISTED
MFS High Income Municipal Trust
CXE
$128K ﹤0.01%
34,614
-800
-2% -$2.98K
BCYC
318
Bicycle Therapeutics
BCYC
$292M
$122K ﹤0.01%
14,396
– –
OIA icon
319
Invesco Municipal Income Opportunities Trust
OIA
$292M
$120K ﹤0.01%
19,911
– –
VNDA icon
320
Vanda Pharmaceuticals
VNDA
$301M
$119K ﹤0.01%
25,912
– –
VTN icon
321
Invesco Trust for Investment Grade New York Municipals
VTN
$168M
$109K ﹤0.01%
10,414
– –
NUV icon
322
Nuveen Municipal Value Fund
NUV
$1.91B
$108K ﹤0.01%
12,350
– –
NTLA icon
323
Intellia Therapeutics
NTLA
$1.68B
$104K ﹤0.01%
14,596
+200
+1% +$2.02K
EVN
324
Eaton Vance Municipal Income Trust
EVN
$427M
$103K ﹤0.01%
10,014
– –
LTRN icon
325
Lantern Pharma
LTRN
$36.1M
$102K ﹤0.01%
28,791
– –
10 11 12
13
14

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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.