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HKAM

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
NIM icon
301
Nuveen Select Maturities Municipal Fund
NIM
$117M
$199K ﹤0.01%
21,500
– –
MHD icon
302
BlackRock MuniHoldings Fund
MHD
$606M
$197K ﹤0.01%
16,797
-475
-3% -$5.36K
LADR
303
Ladder Capital
LADR
$1.24B
$196K ﹤0.01%
18,000
-28,000
-61% -$315K
ETHE
304
Grayscale Ethereum Staking ETF Shares
ETHE
$1.55B
$184K ﹤0.01%
5,376
-1,307
-20% -$42.3K
EIM
305
Eaton Vance Municipal Bond Fund
EIM
$499M
$176K ﹤0.01%
17,692
-4,739
-21% -$46.1K
NVG icon
306
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.7B
$170K ﹤0.01%
13,805
-12,471
-47% -$148K
PCM
307
PCM Fund
PCM
$70.1M
$165K ﹤0.01%
24,532
-15,720
-39% -$101K
BGT icon
308
BlackRock Floating Rate Income Trust
BGT
$325M
$154K ﹤0.01%
12,678
-7,100
-36% -$88.5K
RA
309
Brookfield Real Assets Income Fund
RA
$708M
$144K ﹤0.01%
10,755
-6,859
-39% -$91.5K
VTN icon
310
Invesco Trust for Investment Grade New York Municipals
VTN
$168M
$135K ﹤0.01%
12,274
– –
JPC icon
311
Nuveen Preferred & Income Opportunities Fund
JPC
$2.9B
$135K ﹤0.01%
16,426
-11,824
-42% -$95.9K
VNDA icon
312
Vanda Pharmaceuticals
VNDA
$302M
$129K ﹤0.01%
25,912
+1,088
+4% +$5.04K
HLN icon
313
Haleon
HLN
$44.2B
$126K ﹤0.01%
14,082
+591
+4% +$5.69K
EVV
314
Eaton Vance Limited Duration Income Fund
EVV
$1.07B
$126K ﹤0.01%
12,417
-3,251
-21% -$33.2K
LTRN icon
315
Lantern Pharma
LTRN
$36.5M
$125K ﹤0.01%
28,791
+1,209
+4% +$5.05K
EVF
316
Eaton Vance Senior Income Trust
EVF
$90.5M
$119K ﹤0.01%
21,730
-10,400
-32% -$58K
PML
317
PIMCO Municipal Income Fund II
PML
$493M
$119K ﹤0.01%
15,050
-8,275
-35% -$61K
BCYC
318
Bicycle Therapeutics
BCYC
$292M
$111K ﹤0.01%
14,396
+604
+4% +$4.56K
EDIT icon
319
Editas Medicine
EDIT
$442M
$110K ﹤0.01%
31,670
+1,280
+4% +$3.57K
NMZ icon
320
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.22B
$110K ﹤0.01%
10,369
-6,953
-40% -$71K
NUV icon
321
Nuveen Municipal Value Fund
NUV
$1.91B
$104K ﹤0.01%
11,550
-800
-6% -$6.97K
EVLV icon
322
Evolv Technologies
EVLV
$1.1B
$102K ﹤0.01%
13,500
– –
CXE
323
DELISTED
MFS High Income Municipal Trust
CXE
$99.4K ﹤0.01%
26,714
-7,900
-23% -$28.3K
TTI icon
324
TETRA Technologies
TTI
$1.26B
$78.2K ﹤0.01%
13,600
– –
REPL icon
325
Replimune Group
REPL
$1.01B
$60.3K ﹤0.01%
14,396
+604
+4% +$3.86K
11 12
13
14 15

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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.