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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
-6.53%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$7.39B
AUM Growth
-$809M
Cap. Flow
-$167M
Cap. Flow %
-2.26%
Top 10 Hldgs %
73.65%
Holding
339
New
3
Increased
45
Reduced
197
Closed
15

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$19.5M
2
HE icon
Hawaiian Electric Industries
HE
+$13.2M
3
TFPM icon
Triple Flag Precious Metals
TFPM
+$12.5M
4
WBI
WaterBridge Infrastructure LLC
WBI
+$11.2M
5
RGLD icon
Royal Gold
RGLD
+$6.16M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$55.1M
2
BN icon
Brookfield
BN
+$40.6M
3
WPM icon
Wheaton Precious Metals
WPM
+$32M
4
AC
Associated Capital Group
AC
+$27M
5
WFG icon
West Fraser Timber
WFG
+$20.1M

Sector Composition

Rank Sector Weight
1 Energy 51.65%
2 Materials 9.85%
3 Financials 9.49%
4 Utilities 3.26%
5 Consumer Discretionary 2.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NMZ icon
326
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.22B
– –
-10,369
Closed -$110K
PNI
327
PIMCO New York Municipal Income Fund II
PNI
$77.7M
– –
-37,634
Closed -$262K
SAND
328
DELISTED
Sandstorm Gold
SAND
– –
-1,274,954
Closed -$16M
SMR icon
329
NuScale Power
SMR
$4.03B
– –
-5,750
Closed -$207K
SQQQ icon
330
ProShares UltraPro Short QQQ
SQQQ
$1.74B
– –
-6,477
Closed -$493K
SYK icon
331
Stryker
SYK
$130B
– –
-2,000
Closed -$739K
TQQQ icon
332
ProShares UltraPro QQQ
TQQQ
$37.4B
– –
-9,640
Closed -$498K
WFG icon
333
West Fraser Timber
WFG
$5.65B
– –
-296,006
Closed -$20.1M
10 11 12 13
14

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LCAM
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IAA
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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 Q4 2025 Portfolio in Review

As of Q4 2025, Horizon Kinetics Asset Management held 339 positions worth $7.39B, down 9.9% from $8.2B the previous quarter. Its ten largest holdings account for 74% of the portfolio.

Horizon Kinetics Asset Management's Q4 2025 filing shows 3 new, 45 increased, 197 reduced and 15 closed positions. Its largest new stake was Western Midstream Partners: 134,085 shares worth $5.3M. The largest sale was Texas Pacific Land, an estimated $55.1M.

By sector, the portfolio is most concentrated in Energy at 52% of assets, up from 51% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q4 2025 buy was Western Midstream Partners: 134,085 shares worth $5.3M.
  • Horizon Kinetics Asset Management added most to Miami International Holdings in Q4 2025, an estimated $19.5M increase.
  • Horizon Kinetics Asset Management's biggest Q4 2025 reduction was Texas Pacific Land, cutting an estimated $55.1M.
  • Horizon Kinetics Asset Management fully exited Associated Capital Group in Q4 2025, selling an estimated $27M.
  • Horizon Kinetics Asset Management's ten largest holdings make up 74% of its $7.39B portfolio in Q4 2025.
  • Horizon Kinetics Asset Management opened 3 new positions and closed 15 in Q4 2025.
  • Horizon Kinetics Asset Management's portfolio value fell 9.9% quarter-over-quarter to $7.39B.

Based on Horizon Kinetics Asset Management's 13F filing for Q4 2025, filed 11 Feb 2026.