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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
MRSH
26
Marsh
MRSH
$91.4B
$34.3M 0.41%
156,787
+8,194
+6% +$1.85M
SAND
27
DELISTED
Sandstorm Gold
SAND
$34.3M 0.41%
3,644,651
-28,145
-0.8% -$241K
AC
28
DELISTED
Associated Capital Group
AC
$32.5M 0.39%
866,379
-41,566
-5% -$1.51M
GLXY
29
Galaxy Digital Inc
GLXY
$3.93B
$29.9M 0.35%
+1,364,267
New +$27.7M
PAG icon
30
Penske Automotive Group
PAG
$14.2B
$29.4M 0.35%
171,327
-13,536
-7% -$2.17M
BG icon
31
Bunge Global
BG
$20.8B
$28.2M 0.33%
351,309
+23,138
+7% +$1.82M
HHH icon
32
Howard Hughes
HHH
$4.03B
$28.1M 0.33%
416,373
-20,633
-5% -$1.41M
TRC icon
33
Tejon Ranch
TRC
$451M
$27.9M 0.33%
1,647,497
+823,435
+100% +$13.6M
SJT
34
San Juan Basin Royalty Trust
SJT
$118M
$27.5M 0.33%
4,594,502
+2,124,370
+86% +$12.9M
CCL icon
35
Carnival Corporation Ltd
CCL
$39.7B
$27.3M 0.32%
969,428
-115,620
-11% -$2.47M
ADM icon
36
Archer Daniels Midland
ADM
$36.9B
$26.7M 0.32%
505,969
-479
-0.1% -$23.3K
JOE icon
37
St. Joe Company
JOE
$3.83B
$26.5M 0.31%
555,891
+5,552
+1% +$248K
DMLP icon
38
Dorchester Minerals
DMLP
$1.26B
$25.5M 0.3%
916,849
+4,386
+0.5% +$123K
WFG icon
39
West Fraser Timber
WFG
$5.64B
$22.3M 0.27%
304,838
+16,206
+6% +$1.2M
BRK.B icon
40
Berkshire Hathaway Class B
BRK.B
$1.12T
$20.7M 0.25%
42,526
-595
-1% -$302K
WTM icon
41
White Mountains Insurance
WTM
$5.33B
$19.7M 0.23%
10,971
-374
-3% -$665K
IPAR icon
42
Interparfums
IPAR
$3.94B
$18.4M 0.22%
139,780
-7,341
-5% -$897K
VUSB icon
43
Vanguard Ultra-Short Bond ETF
VUSB
$8.93B
$18.1M 0.21%
362,083
-33,258
-8% -$1.65M
RCL icon
44
Royal Caribbean
RCL
$85.6B
$17.6M 0.21%
56,172
-389
-0.7% -$92.6K
STR
45
DELISTED
Sitio Royalties
STR
$16.9M 0.2%
921,938
+36,444
+4% +$654K
SII
46
Sprott
SII
$3.03B
$14.7M 0.17%
212,898
+13,983
+7% +$778K
OSK icon
47
Oshkosh
OSK
$9.58B
$14.1M 0.17%
124,206
-14,767
-11% -$1.43M
VGSH icon
48
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$14M 0.17%
237,388
-476
-0.2% -$27.9K
RGLD icon
49
Royal Gold
RGLD
$19.5B
$13M 0.15%
72,892
-1,736
-2% -$307K
RPRX icon
50
Royalty Pharma
RPRX
$25.2B
$12.7M 0.15%
353,471
+23,901
+7% +$792K
1
2
3 4 5

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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.