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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
JOE icon
26
St. Joe Company
JOE
$3.83B
$32.9M 0.45%
554,837
-892
-0.2% -$50K
BG icon
27
Bunge Global
BG
$20.8B
$31.1M 0.42%
348,994
-1,089
-0.3% -$100K
TRC icon
28
Tejon Ranch
TRC
$451M
$30.2M 0.41%
1,912,573
-1,405
-0.1% -$22.4K
CCL icon
29
Carnival Corporation Ltd
CCL
$39.7B
$29.2M 0.4%
957,548
-4,186
-0.4% -$117K
MRSH
30
Marsh
MRSH
$91.5B
$29.1M 0.39%
156,685
-534
-0.3% -$99.8K
GLXY
31
Galaxy Digital Inc
GLXY
$3.93B
$27.9M 0.38%
1,249,554
-4,316
-0.3% -$134K
WTM icon
32
White Mountains Insurance
WTM
$5.13B
$27.3M 0.37%
13,121
+37
+0.3% +$72.4K
PAG icon
33
Penske Automotive Group
PAG
$14.2B
$26.9M 0.36%
169,874
-736
-0.4% -$121K
LYV icon
34
Live Nation Entertainment
LYV
$42.1B
$24.2M 0.33%
169,884
-2,228
-1% -$320K
HHH icon
35
Howard Hughes
HHH
$4.03B
$23.4M 0.32%
293,360
-12,888
-4% -$1.07M
MSTR icon
36
Strategy Inc
MSTR
$38.4B
$21.2M 0.29%
139,377
+889
+0.6% +$205K
RGLD icon
37
Royal Gold
RGLD
$19.5B
$21.1M 0.29%
94,876
+31,056
+49% +$6.16M
SII
38
Sprott
SII
$3.03B
$21M 0.28%
214,626
-188
-0.1% -$16.7K
DMLP icon
39
Dorchester Minerals
DMLP
$1.26B
$19.6M 0.26%
875,662
-9,953
-1% -$233K
BRK.B icon
40
Berkshire Hathaway Class B
BRK.B
$1.13T
$19.1M 0.26%
37,988
-2,361
-6% -$1.17M
VUSB icon
41
Vanguard Ultra-Short Bond ETF
VUSB
$8.92B
$17.1M 0.23%
342,542
+78,720
+30% +$3.93M
RCL icon
42
Royal Caribbean
RCL
$85.6B
$14.7M 0.2%
52,758
-1,275
-2% -$360K
OSK icon
43
Oshkosh
OSK
$9.59B
$14.6M 0.2%
116,193
-507
-0.4% -$65.2K
TFPM icon
44
Triple Flag Precious Metals
TFPM
$6.72B
$14.1M 0.19%
425,303
+398,890
+1,510% +$12.5M
RPRX icon
45
Royalty Pharma
RPRX
$25.3B
$13.7M 0.18%
353,361
-1,324
-0.4% -$50.5K
IPAR icon
46
Interparfums
IPAR
$3.94B
$11.8M 0.16%
138,558
-259
-0.2% -$22.8K
MA icon
47
Mastercard
MA
$493B
$11.2M 0.15%
19,579
-51
-0.3% -$28.5K
RBA icon
48
RB Global
RBA
$17.5B
$11.1M 0.15%
107,627
-2,069
-2% -$210K
BAM icon
49
Brookfield Asset Management
BAM
$83.8B
$9.98M 0.14%
190,473
-174
-0.1% -$9.35K
WMB icon
50
Williams Companies
WMB
$86.1B
$8.25M 0.11%
137,321
-4,613
-3% -$279K
1
2
3 4 5

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LCAM
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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.