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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
+12.14%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.81B
AUM Growth
+$782M
Cap. Flow
-$7.67M
Cap. Flow %
-0.09%
Top 10 Hldgs %
80.59%
Holding
356
New
7
Increased
90
Reduced
124
Closed
9

Top Buys

Rank Stock Value
1
HE icon
Hawaiian Electric Industries
HE
+$104M
2
ARIS
Aris Water Solutions
ARIS
+$35M
3
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$11.2M
4
LB
LandBridge Co
LB
+$6.2M
5
FNV icon
Franco-Nevada
FNV
+$4.02M

Top Sells

Rank Stock Value
1
CACI icon
CACI
CACI
+$65M
2
SAIC icon
Saic
SAIC
+$38.3M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$34.8M
4
TPL icon
Texas Pacific Land
TPL
+$15.4M
5
DBRG icon
DigitalBridge
DBRG
+$10.9M

Sector Composition

Rank Sector Weight
1 Energy 62.8%
2 Materials 6.67%
3 Financials 6.43%
4 Consumer Discretionary 2.29%
5 Utilities 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HHH icon
26
Howard Hughes
HHH
$4.03B
$32.4M 0.37%
437,006
-21,591
-5% -$1.63M
DBRG icon
27
DigitalBridge
DBRG
$2.95B
$30.4M 0.34%
3,445,977
-1,037,363
-23% -$10.9M
SAND
28
DELISTED
Sandstorm Gold
SAND
$27.7M 0.31%
3,672,796
-115,876
-3% -$724K
DMLP icon
29
Dorchester Minerals
DMLP
$1.26B
$27.4M 0.31%
912,463
+3,817
+0.4% +$120K
PAG icon
30
Penske Automotive Group
PAG
$14.2B
$26.6M 0.3%
184,863
+1,897
+1% +$304K
CCJ icon
31
Cameco
CCJ
$42.4B
$26M 0.3%
632,707
+15,756
+3% +$742K
JOE icon
32
St. Joe Company
JOE
$3.83B
$25.8M 0.29%
550,339
-13,863
-2% -$649K
BG icon
33
Bunge Global
BG
$20.8B
$25.1M 0.28%
328,171
+9,050
+3% +$677K
ADM icon
34
Archer Daniels Midland
ADM
$36.9B
$24.3M 0.28%
506,448
-39,271
-7% -$1.9M
BRK.B icon
35
Berkshire Hathaway Class B
BRK.B
$1.13T
$23M 0.26%
43,121
-479
-1% -$233K
WFG icon
36
West Fraser Timber
WFG
$5.65B
$22.2M 0.25%
288,632
+7,265
+3% +$598K
WTM icon
37
White Mountains Insurance
WTM
$5.13B
$21.8M 0.25%
11,345
+1,256
+12% +$2.36M
CCL icon
38
Carnival Corporation Ltd
CCL
$39.7B
$21.2M 0.24%
1,085,048
+917
+0.1% +$21.8K
VUSB icon
39
Vanguard Ultra-Short Bond ETF
VUSB
$8.92B
$19.7M 0.22%
395,341
+225,141
+132% +$11.2M
STR
40
DELISTED
Sitio Royalties
STR
$17.6M 0.2%
885,494
+23,068
+3% +$467K
IPAR icon
41
Interparfums
IPAR
$3.94B
$16.8M 0.19%
147,121
+1
+0% +$133
VGSH icon
42
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$14M 0.16%
237,864
+22,766
+11% +$1.33M
SJT
43
San Juan Basin Royalty Trust
SJT
$118M
$13.7M 0.16%
2,470,132
+655,918
+36% +$3.09M
SPAQ icon
44
Horizon Kinetics SPAC Active ETF
SPAQ
$10.1M
$13.3M 0.15%
131,597
+6,162
+5% +$612K
OSK icon
45
Oshkosh
OSK
$9.59B
$13.1M 0.15%
138,973
-1,146
-0.8% -$115K
TRC icon
46
Tejon Ranch
TRC
$451M
$13.1M 0.15%
824,062
-27,232
-3% -$433K
RGLD icon
47
Royal Gold
RGLD
$19.5B
$12.2M 0.14%
74,628
-164
-0.2% -$24.1K
RCL icon
48
Royal Caribbean
RCL
$85.6B
$11.6M 0.13%
56,561
-592
-1% -$140K
WEN icon
49
Wendy's
WEN
$1.46B
$11.2M 0.13%
762,174
-20,447
-3% -$308K
RBA icon
50
RB Global
RBA
$17.5B
$11.1M 0.13%
110,839
+209
+0.2% +$19.9K
1
2
3 4 5

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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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NPT
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Horizon Kinetics Asset Management's Q1 2025 Portfolio in Review

As of Q1 2025, Horizon Kinetics Asset Management held 356 positions worth $8.81B, up 9.7% from $8.03B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Trading was light in Q1 2025: portfolio turnover was 4.5%. Horizon Kinetics Asset Management opened 7 new positions and exited 9, leaving the 356-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 63% of assets, up from 59% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q1 2025 buy was EQT Corp: 38,404 shares worth $2.05M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q1 2025, an estimated $104M increase.
  • Horizon Kinetics Asset Management's biggest Q1 2025 reduction was CACI, cutting an estimated $65M.
  • Horizon Kinetics Asset Management fully exited Marex Group Limited Ordinary Shares in Q1 2025, selling an estimated $4.41M.
  • Horizon Kinetics Asset Management's ten largest holdings make up 81% of its $8.81B portfolio in Q1 2025.
  • Horizon Kinetics Asset Management opened 7 new positions and closed 9 in Q1 2025.
  • Horizon Kinetics Asset Management's portfolio value rose 9.7% quarter-over-quarter to $8.81B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2025, filed 15 May 2025.