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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
SPAQ icon
51
Horizon Kinetics SPAC Active ETF
SPAQ
$10.1M
$11.9M 0.14%
113,124
-18,473
-14% -$1.89M
BAM icon
52
Brookfield Asset Management
BAM
$83.8B
$11.8M 0.14%
213,573
-12,838
-6% -$689K
RBA icon
53
RB Global
RBA
$17.5B
$11.7M 0.14%
110,030
-809
-0.7% -$82.9K
MA icon
54
Mastercard
MA
$493B
$11.2M 0.13%
19,957
+327
+2% +$181K
WMB icon
55
Williams Companies
WMB
$86.1B
$10.8M 0.13%
171,915
-750
-0.4% -$44.3K
FWONK icon
56
Liberty Media Series C
FWONK
$25.8B
$9.31M 0.11%
89,065
-8,465
-9% -$787K
WEN icon
57
Wendy's
WEN
$1.46B
$7.99M 0.09%
699,342
-62,832
-8% -$766K
ET icon
58
Energy Transfer Partners
ET
$69.3B
$7.98M 0.09%
439,947
+30,781
+8% +$537K
LBRDK icon
59
Liberty Broadband Class C
LBRDK
$5.15B
$7.34M 0.09%
74,613
-11,119
-13% -$997K
SBR
60
Sabine Royalty Trust
SBR
$1.05B
$7.3M 0.09%
109,521
-8,760
-7% -$576K
AB icon
61
AllianceBernstein
AB
$3.47B
$6.73M 0.08%
164,892
+48,906
+42% +$1.92M
PM icon
62
Philip Morris
PM
$295B
$6.41M 0.08%
35,214
-3,080
-8% -$529K
NDAQ icon
63
Nasdaq
NDAQ
$52.9B
$6.21M 0.07%
69,496
-33,847
-33% -$2.7M
FCX icon
64
Freeport-McMoran
FCX
$97.5B
$6.19M 0.07%
142,847
+350
+0.2% +$13.3K
ELS icon
65
Equity Lifestyle Properties
ELS
$12.6B
$5.99M 0.07%
97,128
-3,400
-3% -$217K
SAIC icon
66
Saic
SAIC
$5.35B
$5.97M 0.07%
53,005
+1,083
+2% +$123K
MSFT icon
67
Microsoft
MSFT
$3.71T
$5.89M 0.07%
11,851
-746
-6% -$324K
XOM icon
68
ExxonMobil
XOM
$634B
$5.85M 0.07%
54,253
-206
-0.4% -$22K
SPGI icon
69
S&P Global
SPGI
$120B
$5.37M 0.06%
10,186
-5,384
-35% -$2.69M
MSGS icon
70
Madison Square Garden
MSGS
$9.39B
$5.19M 0.06%
24,838
-5,345
-18% -$1.03M
EPD icon
71
Enterprise Products Partners
EPD
$81.7B
$5.04M 0.06%
162,451
+30,364
+23% +$946K
MKL icon
72
Markel Group
MKL
$23.2B
$4.82M 0.06%
2,416
-80
-3% -$150K
BCDF icon
73
Horizon Kinetics Blockchain Development ETF
BCDF
$23.8M
$4.7M 0.06%
150,778
+18,839
+14% +$555K
BKKT icon
74
Bakkt Inc
BKKT
$337M
$4.68M 0.06%
335,279
-473
-0.1% -$5.22K
BX icon
75
Blackstone
BX
$110B
$4.49M 0.05%
29,999
-201
-0.7% -$27.6K
1 2
3
4 5

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NPT
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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.