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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
MSFT icon
76
Microsoft
MSFT
$3.71T
$3.88M 0.05%
7,482
-4,369
-37% -$2.23M
FCX icon
77
Freeport-McMoran
FCX
$97.5B
$3.82M 0.05%
97,381
-45,466
-32% -$1.97M
FWONA icon
78
Liberty Media Series A
FWONA
$23.6B
$3.6M 0.04%
37,756
-2,480
-6% -$226K
BR icon
79
Broadridge
BR
$19B
$3.58M 0.04%
15,048
+7,287
+94% +$1.81M
KLAC icon
80
KLA
KLAC
$259B
$3.51M 0.04%
32,510
-15,250
-32% -$1.42M
PM icon
81
Philip Morris
PM
$295B
$3.41M 0.04%
21,014
-14,200
-40% -$2.39M
NEA icon
82
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.42B
$3.39M 0.04%
297,264
-42,201
-12% -$464K
LLY icon
83
Eli Lilly
LLY
$1.06T
$3.24M 0.04%
4,247
+141
+3% +$105K
FTLF icon
84
FitLife Brands
FTLF
$94.2M
$3.07M 0.04%
154,456
– –
SPHR icon
85
Sphere Entertainment
SPHR
$5.73B
$3.07M 0.04%
49,391
-4,434
-8% -$209K
NTR icon
86
Nutrien
NTR
$30.7B
$3.05M 0.04%
51,926
-14,319
-22% -$835K
JNJ icon
87
Johnson & Johnson
JNJ
$625B
$3M 0.04%
16,180
-3,122
-16% -$535K
LHX icon
88
L3Harris
LHX
$53.4B
$3M 0.04%
9,808
-6,242
-39% -$1.71M
TPH
89
DELISTED
Tri Pointe Homes
TPH
$2.92M 0.04%
85,962
-200
-0.2% -$6.81K
AMLP icon
90
Alerian MLP ETF
AMLP
$13.1B
$2.8M 0.03%
59,674
-1,683
-3% -$81.4K
WT icon
91
WisdomTree
WT
$3.22B
$2.79M 0.03%
201,038
+2,266
+1% +$30.3K
CSCO icon
92
Cisco
CSCO
$479B
$2.78M 0.03%
40,691
-15,950
-28% -$1.09M
FNF icon
93
Fidelity National Financial
FNF
$13.5B
$2.74M 0.03%
45,221
-13,240
-23% -$769K
CMRE icon
94
Costamare
CMRE
$1.77B
$2.7M 0.03%
227,100
-104,000
-31% -$1.14M
MO icon
95
Altria Group
MO
$114B
$2.69M 0.03%
40,657
-22,490
-36% -$1.42M
SU icon
96
Suncor Energy
SU
$70.3B
$2.59M 0.03%
61,944
-16,000
-21% -$642K
NRP icon
97
Natural Resource Partners
NRP
$1.42B
$2.58M 0.03%
24,580
+5,457
+29% +$556K
MTA
98
Metalla Royalty & Streaming
MTA
$818M
$2.57M 0.03%
404,397
-1,033
-0.3% -$4.9K
REZI icon
99
Resideo Technologies
REZI
$3.95B
$2.56M 0.03%
59,196
-13,066
-18% -$408K
ELS icon
100
Equity Lifestyle Properties
ELS
$12.6B
$2.5M 0.03%
41,170
-55,958
-58% -$3.4M
2 3
4
5 6

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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.