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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
DAL icon
301
Delta Air Lines
DAL
$60.1B
$226K ﹤0.01%
4,600
– –
IFF icon
302
International Flavors & Fragrances
IFF
$21.9B
$224K ﹤0.01%
3,050
– –
CQP icon
303
Cheniere Energy
CQP
$31.3B
$224K ﹤0.01%
4,000
– –
B
304
Barrick Mining
B
$73.2B
$221K ﹤0.01%
10,600
– –
EIM
305
Eaton Vance Municipal Bond Fund
EIM
$499M
$217K ﹤0.01%
22,431
– –
LMT icon
306
Lockheed Martin
LMT
$136B
$214K ﹤0.01%
+462
New +$216K
BA icon
307
Boeing
BA
$185B
$211K ﹤0.01%
+1,006
New +$190K
AXP icon
308
American Express
AXP
$230B
$209K ﹤0.01%
+655
New +$184K
IQI icon
309
Invesco Quality Municipal Securities
IQI
$534M
$207K ﹤0.01%
22,115
– –
COST icon
310
Costco
COST
$420B
$203K ﹤0.01%
+205
New +$204K
NIM icon
311
Nuveen Select Maturities Municipal Fund
NIM
$117M
$195K ﹤0.01%
21,500
– –
MHD icon
312
BlackRock MuniHoldings Fund
MHD
$606M
$193K ﹤0.01%
17,272
+619
+4% +$6.95K
EVF
313
Eaton Vance Senior Income Trust
EVF
$90.5M
$183K ﹤0.01%
32,130
– –
NMZ icon
314
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.22B
$180K ﹤0.01%
17,322
– –
BNY
315
DELISTED
BlackRock New York Municipal Income Trust
BNY
$176K ﹤0.01%
18,237
– –
PML
316
PIMCO Municipal Income Fund II
PML
$493M
$174K ﹤0.01%
23,325
– –
EVV
317
Eaton Vance Limited Duration Income Fund
EVV
$1.07B
$161K ﹤0.01%
15,668
– –
PCYO icon
318
Pure Cycle
PCYO
$261M
$156K ﹤0.01%
+14,511
New +$150K
EFT
319
Eaton Vance Floating-Rate Income Trust
EFT
$288M
$150K ﹤0.01%
12,000
– –
BLE
320
DELISTED
BlackRock Municipal Income Trust II
BLE
$145K ﹤0.01%
14,426
– –
HLN icon
321
Haleon
HLN
$44.2B
$140K ﹤0.01%
13,491
-591
-4% -$6.23K
ETHE
322
Grayscale Ethereum Staking ETF Shares
ETHE
$1.55B
$139K ﹤0.01%
6,683
– –
NTLA icon
323
Intellia Therapeutics
NTLA
$1.67B
$129K ﹤0.01%
13,792
-804
-6% -$6.6K
VTN icon
324
Invesco Trust for Investment Grade New York Municipals
VTN
$168M
$128K ﹤0.01%
12,274
+1,860
+18% +$18.9K
REPL icon
325
Replimune Group
REPL
$1.01B
$128K ﹤0.01%
13,792
-604
-4% -$5.27K
11 12
13
14 15

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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.