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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
BKKT icon
51
Bakkt Inc
BKKT
$337M
$11.1M 0.13%
328,529
-6,750
-2% -$92.9K
BAM icon
52
Brookfield Asset Management
BAM
$83.8B
$10.9M 0.13%
190,647
-22,926
-11% -$1.36M
WMB icon
53
Williams Companies
WMB
$86.1B
$8.99M 0.11%
141,934
-29,981
-17% -$1.76M
FWONK icon
54
Liberty Media Series C
FWONK
$25.8B
$8.81M 0.11%
84,345
-4,720
-5% -$479K
SBR
55
Sabine Royalty Trust
SBR
$1.05B
$8.69M 0.11%
109,410
-111
-0.1% -$7.92K
SPAQ icon
56
Horizon Kinetics SPAC Active ETF
SPAQ
$10.1M
$8.01M 0.1%
76,904
-36,220
-32% -$3.77M
VGSH icon
57
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$7.36M 0.09%
124,996
-112,392
-47% -$6.59M
AB icon
58
AllianceBernstein
AB
$3.47B
$7.2M 0.09%
188,256
+23,364
+14% +$935K
ET icon
59
Energy Transfer Partners
ET
$69.3B
$6.34M 0.08%
369,535
-70,412
-16% -$1.23M
NDAQ icon
60
Nasdaq
NDAQ
$52.9B
$6.19M 0.08%
69,970
+474
+0.7% +$43.9K
ARIS
61
DELISTED
Aris Water Solutions
ARIS
$5.49M 0.07%
222,429
-1,873,175
-89% -$43.4M
MSGS icon
62
Madison Square Garden
MSGS
$9.39B
$5.39M 0.07%
23,724
-1,114
-4% -$228K
SAIC icon
63
Saic
SAIC
$5.35B
$5.28M 0.06%
53,138
+133
+0.3% +$14.9K
XOM icon
64
ExxonMobil
XOM
$634B
$5.14M 0.06%
45,610
-8,643
-16% -$961K
JAPN
65
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26.3M
$4.78M 0.06%
169,748
+154,057
+982% +$4.32M
ABBV icon
66
AbbVie
ABBV
$435B
$4.71M 0.06%
20,353
-3,357
-14% -$684K
BCDF icon
67
Horizon Kinetics Blockchain Development ETF
BCDF
$23.8M
$4.68M 0.06%
148,241
-2,537
-2% -$79.5K
MKL icon
68
Markel Group
MKL
$23.2B
$4.6M 0.06%
2,407
-9
-0.4% -$17.6K
INFL icon
69
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.53B
$4.53M 0.06%
101,299
-1,657
-2% -$70.6K
EXP icon
70
Eagle Materials
EXP
$6.57B
$4.37M 0.05%
18,766
-1,395
-7% -$316K
LBRT icon
71
Liberty Energy
LBRT
$3.25B
$4.28M 0.05%
346,826
+197,398
+132% +$2.28M
WEN icon
72
Wendy's
WEN
$1.46B
$4.27M 0.05%
466,421
-232,921
-33% -$2.39M
ADM icon
73
Archer Daniels Midland
ADM
$36.9B
$4.03M 0.05%
67,383
-438,586
-87% -$25.7M
EPD icon
74
Enterprise Products Partners
EPD
$81.7B
$3.98M 0.05%
127,373
-35,078
-22% -$1.11M
SPGI icon
75
S&P Global
SPGI
$120B
$3.95M 0.05%
8,112
-2,074
-20% -$1.11M
1 2
3
4 5

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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.