We are live on ! Find out more
HKAM

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
DBRG icon
26
DigitalBridge
DBRG
$2.95B
$38.5M 0.47%
3,286,397
-331,568
-9% -$3.7M
SJT
27
San Juan Basin Royalty Trust
SJT
$118M
$33.9M 0.41%
5,611,981
+1,017,479
+22% +$5.98M
MRSH
28
Marsh
MRSH
$91.5B
$31.7M 0.39%
157,219
+432
+0.3% +$88.8K
TRC icon
29
Tejon Ranch
TRC
$451M
$30.6M 0.37%
1,913,978
+266,481
+16% +$4.65M
PAG icon
30
Penske Automotive Group
PAG
$14.2B
$29.7M 0.36%
170,610
-717
-0.4% -$128K
BG icon
31
Bunge Global
BG
$20.8B
$28.4M 0.35%
350,083
-1,226
-0.3% -$98.3K
LYV icon
32
Live Nation Entertainment
LYV
$42.1B
$28.1M 0.34%
172,112
-139,004
-45% -$22M
CCL icon
33
Carnival Corporation Ltd
CCL
$39.7B
$27.8M 0.34%
961,734
-7,694
-0.8% -$232K
JOE icon
34
St. Joe Company
JOE
$3.83B
$27.5M 0.34%
555,729
-162
-0% -$8.17K
AC
35
DELISTED
Associated Capital Group
AC
$27M 0.33%
805,348
-61,031
-7% -$2.2M
HHH icon
36
Howard Hughes
HHH
$4.03B
$25.2M 0.31%
306,248
-110,125
-26% -$8.16M
DMLP icon
37
Dorchester Minerals
DMLP
$1.26B
$22.9M 0.28%
885,615
-31,234
-3% -$816K
WTM icon
38
White Mountains Insurance
WTM
$5.13B
$21.9M 0.27%
13,084
+2,113
+19% +$3.77M
BRK.B icon
39
Berkshire Hathaway Class B
BRK.B
$1.13T
$20.3M 0.25%
40,349
-2,177
-5% -$1.05M
WFG icon
40
West Fraser Timber
WFG
$5.65B
$20.1M 0.25%
296,006
-8,832
-3% -$645K
SII
41
Sprott
SII
$3.03B
$17.9M 0.22%
214,814
+1,916
+0.9% +$134K
RCL icon
42
Royal Caribbean
RCL
$85.6B
$17.5M 0.21%
54,033
-2,139
-4% -$715K
SAND
43
DELISTED
Sandstorm Gold
SAND
$16M 0.19%
1,274,954
-2,369,697
-65% -$25.2M
OSK icon
44
Oshkosh
OSK
$9.59B
$15.1M 0.18%
116,700
-7,506
-6% -$996K
IPAR icon
45
Interparfums
IPAR
$3.94B
$13.7M 0.17%
138,817
-963
-0.7% -$113K
VUSB icon
46
Vanguard Ultra-Short Bond ETF
VUSB
$8.92B
$13.2M 0.16%
263,822
-98,261
-27% -$4.9M
RGLD icon
47
Royal Gold
RGLD
$19.5B
$12.8M 0.16%
63,820
-9,072
-12% -$1.57M
RPRX icon
48
Royalty Pharma
RPRX
$25.3B
$12.5M 0.15%
354,685
+1,214
+0.3% +$43.9K
RBA icon
49
RB Global
RBA
$17.5B
$11.9M 0.14%
109,696
-334
-0.3% -$37.4K
MA icon
50
Mastercard
MA
$493B
$11.2M 0.14%
19,630
-327
-2% -$188K
1
2
3 4 5

Similar funds

SUT
SC US (TTGP) Menlo Park, California $9.25B AUM 20.49% 1-Year Est. Return
LCAM
London & Capital Asset Management London, United Kingdom $9.18B AUM 25.04% 1-Year Est. Return
IAA
Independent Advisor Alliance Charlotte, North Carolina $9.32B AUM 33.19% 1-Year Est. Return
SFM
Soros Fund Management New York $9.12B AUM 30.69% 1-Year Est. Return
WPL
WINDACRE PARTNERSHIP LLC Houston, Texas $9.34B AUM 17.41% 1-Year Est. Return
PVI
Partners Value Investments Hamilton, Bermuda $9.34B AUM 12.2% 1-Year Est. Return
AC
Allstate Corporation Northbrook, Illinois $9.35B AUM 16.13% 1-Year Est. Return
NPT
National Philanthropic Trust Jenkintown, Pennsylvania $9.38B AUM 33.37% 1-Year Est. Return

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.