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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
FWONK icon
51
Liberty Media Series C
FWONK
$25.8B
$8.04M 0.11%
81,617
-2,728
-3% -$268K
SBR
52
Sabine Royalty Trust
SBR
$1.05B
$7.51M 0.1%
109,487
+77
+0.1% +$5.59K
AB icon
53
AllianceBernstein
AB
$3.47B
$7.46M 0.1%
193,741
+5,485
+3% +$217K
NDAQ icon
54
Nasdaq
NDAQ
$52.9B
$6.88M 0.09%
70,822
+852
+1% +$76.6K
SPAQ icon
55
Horizon Kinetics SPAC Active ETF
SPAQ
$10.1M
$6.52M 0.09%
71,954
-4,950
-6% -$519K
VGSH icon
56
Vanguard Short-Term Treasury ETF
VGSH
$29.3B
$6.47M 0.09%
110,086
-14,910
-12% -$876K
LBRT icon
57
Liberty Energy
LBRT
$3.25B
$6.33M 0.09%
342,711
-4,115
-1% -$68.8K
MSGS icon
58
Madison Square Garden
MSGS
$9.39B
$6.04M 0.08%
23,344
-380
-2% -$86.5K
ET icon
59
Energy Transfer Partners
ET
$69.3B
$5.93M 0.08%
359,648
-9,887
-3% -$165K
VXF icon
60
Vanguard Extended Market ETF
VXF
$31.7B
$5.41M 0.07%
25,889
+20,277
+361% +$4.26M
SAIC icon
61
Saic
SAIC
$5.35B
$5.3M 0.07%
52,662
-476
-0.9% -$45.5K
WES icon
62
Western Midstream Partners
WES
$19.3B
$5.3M 0.07%
+134,085
New +$5.2M
FCX icon
63
Freeport-McMoran
FCX
$97.5B
$4.73M 0.06%
93,114
-4,267
-4% -$185K
BCDF icon
64
Horizon Kinetics Blockchain Development ETF
BCDF
$23.8M
$4.71M 0.06%
156,000
+7,759
+5% +$242K
JAPN
65
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26.3M
$4.69M 0.06%
182,317
+12,569
+7% +$337K
XOM icon
66
ExxonMobil
XOM
$634B
$4.64M 0.06%
38,580
-7,030
-15% -$815K
BR icon
67
Broadridge
BR
$19B
$4.56M 0.06%
20,423
+5,375
+36% +$1.23M
MKL icon
68
Markel Group
MKL
$23.2B
$4.52M 0.06%
2,102
-305
-13% -$618K
SPHR icon
69
Sphere Entertainment
SPHR
$5.73B
$4.51M 0.06%
47,463
-1,928
-4% -$147K
ABBV icon
70
AbbVie
ABBV
$435B
$4.46M 0.06%
19,541
-812
-4% -$185K
LLY icon
71
Eli Lilly
LLY
$1.06T
$4.41M 0.06%
4,106
-141
-3% -$135K
INFL icon
72
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.53B
$4.4M 0.06%
98,980
-2,319
-2% -$102K
EPD icon
73
Enterprise Products Partners
EPD
$81.7B
$3.59M 0.05%
112,063
-15,310
-12% -$484K
CMRE icon
74
Costamare
CMRE
$1.77B
$3.5M 0.05%
221,950
-5,150
-2% -$71.2K
MSFT icon
75
Microsoft
MSFT
$3.71T
$3.49M 0.05%
7,208
-274
-4% -$137K
1 2
3
4 5

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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.