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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
KEEL
326
Keel Infrastructure Corp
KEEL
$2.08B
$51.6K ﹤0.01%
18,300
– –
ETH
327
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.71B
$42.6K ﹤0.01%
1,087
+422
+63% +$15.6K
ALLO icon
328
Allogene Therapeutics
ALLO
$708M
$23.8K ﹤0.01%
19,194
+806
+4% +$961
PACB icon
329
Pacific Biosciences
PACB
$360M
$14.7K ﹤0.01%
11,517
+483
+4% +$654
MANA
330
DELISTED
MANATRON INC
MANA
$1.59K ﹤0.01%
691
– –
BIP icon
331
Brookfield Infrastructure Partners
BIP
$17.7B
– –
-27,171
Closed -$910K
BLE
332
DELISTED
BlackRock Municipal Income Trust II
BLE
– –
-14,426
Closed -$145K
BNY
333
DELISTED
BlackRock New York Municipal Income Trust
BNY
– –
-18,237
Closed -$176K
CM icon
334
Canadian Imperial Bank of Commerce
CM
$110B
– –
-10,500
Closed -$744K
COIN icon
335
Coinbase
COIN
$39.1B
– –
-715
Closed -$251K
COST icon
336
Costco
COST
$419B
– –
-205
Closed -$203K
DAL icon
337
Delta Air Lines
DAL
$59.1B
– –
-4,600
Closed -$226K
DOW icon
338
Dow Inc
DOW
$21.7B
– –
-27,163
Closed -$719K
EFT
339
Eaton Vance Floating-Rate Income Trust
EFT
$289M
– –
-12,000
Closed -$150K
ENB icon
340
Enbridge
ENB
$111B
– –
-12,532
Closed -$568K
ENX
341
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
– –
-24,358
Closed -$226K
EVM
342
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
– –
-10,679
Closed -$95.3K
EVN
343
Eaton Vance Municipal Income Trust
EVN
$427M
– –
-10,014
Closed -$102K
HIO
344
Western Asset High Income Opportunity Fund
HIO
$339M
– –
-10,072
Closed -$40.1K
HODL icon
345
VanEck Bitcoin Trust
HODL
$1.07B
– –
-30,520
Closed -$930K
IFF icon
346
International Flavors & Fragrances
IFF
$21.5B
– –
-3,050
Closed -$224K
KVUE icon
347
Kenvue
KVUE
$36.6B
– –
-23,962
Closed -$502K
M icon
348
Macy's
M
$6.73B
– –
-32,500
Closed -$379K
OIA icon
349
Invesco Municipal Income Opportunities Trust
OIA
$290M
– –
-19,911
Closed -$114K
PNF
350
DELISTED
PIMCO New York Municipal Income Fund
PNF
– –
-58,956
Closed -$412K
11 12 13
14
15

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LCAM
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IAA
Independent Advisor Alliance Charlotte, North Carolina $9.32B AUM 33.19% 1-Year Est. Return
SFM
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WPL
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PVI
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AC
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NPT
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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.