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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
CXE
326
DELISTED
MFS High Income Municipal Trust
CXE
$124K ﹤0.01%
34,614
– –
VNDA icon
327
Vanda Pharmaceuticals
VNDA
$302M
$117K ﹤0.01%
24,824
-1,088
-4% -$4.76K
OIA icon
328
Invesco Municipal Income Opportunities Trust
OIA
$292M
$114K ﹤0.01%
19,911
– –
GALT icon
329
Galectin Therapeutics
GALT
$348M
$109K ﹤0.01%
51,484
-2,258
-4% -$3.38K
NUV icon
330
Nuveen Municipal Value Fund
NUV
$1.91B
$107K ﹤0.01%
12,350
– –
EVN
331
Eaton Vance Municipal Income Trust
EVN
$426M
$102K ﹤0.01%
10,014
– –
BCYC
332
Bicycle Therapeutics
BCYC
$292M
$95.9K ﹤0.01%
13,792
-604
-4% -$4.81K
EVM
333
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
$95.3K ﹤0.01%
10,679
– –
LTRN icon
334
Lantern Pharma
LTRN
$36.5M
$87.2K ﹤0.01%
27,582
-1,209
-4% -$4.08K
SBI
335
Western Asset Intermediate Muni Fund
SBI
$108M
$85.2K ﹤0.01%
+11,334
New +$85.2K
EVLV icon
336
Evolv Technologies
EVLV
$1.1B
$84.2K ﹤0.01%
13,500
– –
EDIT icon
337
Editas Medicine
EDIT
$442M
$66.9K ﹤0.01%
30,390
-1,330
-4% -$2.18K
VVR icon
338
Invesco Senior Income Trust
VVR
$454M
$56.5K ﹤0.01%
14,858
-321
-2% -$1.16K
PYN
339
DELISTED
PIMCO New York Municipal Income Fund III
PYN
$54.3K ﹤0.01%
10,355
– –
TTI icon
340
TETRA Technologies
TTI
$1.26B
$45.7K ﹤0.01%
13,600
– –
HIO
341
Western Asset High Income Opportunity Fund
HIO
$340M
$40.1K ﹤0.01%
10,072
– –
ALLO icon
342
Allogene Therapeutics
ALLO
$694M
$20.8K ﹤0.01%
18,388
-806
-4% -$1.07K
ETH
343
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.75B
$15.8K ﹤0.01%
665
– –
KEEL
344
Keel Infrastructure Corp
KEEL
$2.34B
$15.4K ﹤0.01%
18,300
– –
PACB icon
345
Pacific Biosciences
PACB
$370M
$13.7K ﹤0.01%
11,034
-483
-4% -$558
MANA
346
DELISTED
MANATRON INC
MANA
$1.31K ﹤0.01%
691
– –
DUST icon
347
CALL
Direxion Daily Gold Miners Index Bear 2X ETF
DUST
$50.7M
– –
-390
Closed -$273K
IWM icon
348
iShares Russell 2000 ETF
IWM
$81.9B
– –
-2,960
Closed -$590K
JDST icon
349
CALL
Direxion Daily Junior Gold Miners Index Bear 2X ETF
JDST
$20.1M
– –
-330
Closed -$205K
KHC icon
350
Kraft Heinz
KHC
$30B
– –
-15,160
Closed -$461K
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.