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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
-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
ADM icon
76
Archer Daniels Midland
ADM
$36.9B
$3.46M 0.05%
60,202
-7,181
-11% -$429K
EXP icon
77
Eagle Materials
EXP
$6.57B
$3.46M 0.05%
16,743
-2,023
-11% -$446K
KLAC icon
78
KLA
KLAC
$259B
$3.46M 0.05%
28,450
-4,060
-12% -$476K
NEA icon
79
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.42B
$3.43M 0.05%
295,249
-2,015
-0.7% -$23.2K
JNJ icon
80
Johnson & Johnson
JNJ
$625B
$3.3M 0.04%
15,949
-231
-1% -$45.7K
BKKT icon
81
Bakkt Inc
BKKT
$337M
$3.26M 0.04%
324,706
-3,823
-1% -$84.5K
FWONA icon
82
Liberty Media Series A
FWONA
$23.6B
$3.22M 0.04%
36,018
-1,738
-5% -$156K
NTR icon
83
Nutrien
NTR
$30.7B
$3.2M 0.04%
51,872
-54
-0.1% -$3.18K
PM icon
84
Philip Morris
PM
$295B
$3.18M 0.04%
19,851
-1,163
-6% -$180K
MTA
85
Metalla Royalty & Streaming
MTA
$818M
$3.15M 0.04%
404,397
– –
CSCO icon
86
Cisco
CSCO
$479B
$3M 0.04%
38,941
-1,750
-4% -$130K
WEN icon
87
Wendy's
WEN
$1.46B
$3M 0.04%
359,896
-106,525
-23% -$919K
MRK icon
88
Merck
MRK
$318B
$2.96M 0.04%
28,147
-470
-2% -$44.1K
AMLP icon
89
Alerian MLP ETF
AMLP
$13.1B
$2.84M 0.04%
60,307
+633
+1% +$29.6K
LHX icon
90
L3Harris
LHX
$53.4B
$2.76M 0.04%
9,388
-420
-4% -$121K
TPH
91
DELISTED
Tri Pointe Homes
TPH
$2.71M 0.04%
85,962
– –
CAT icon
92
Caterpillar
CAT
$387B
$2.64M 0.04%
4,617
-565
-11% -$314K
NRP icon
93
Natural Resource Partners
NRP
$1.42B
$2.6M 0.04%
24,865
+285
+1% +$29.7K
LVS icon
94
Las Vegas Sands
LVS
$29.6B
$2.56M 0.03%
39,260
-2,560
-6% -$157K
FTLF icon
95
FitLife Brands
FTLF
$94.2M
$2.51M 0.03%
154,456
– –
CRL icon
96
Charles River Laboratories
CRL
$12.8B
$2.51M 0.03%
12,580
-329
-3% -$59.7K
BMY icon
97
Bristol-Myers Squibb
BMY
$132B
$2.43M 0.03%
45,110
+197
+0.4% +$9.48K
SU icon
98
Suncor Energy
SU
$70.3B
$2.43M 0.03%
54,777
-7,167
-12% -$303K
WT icon
99
WisdomTree
WT
$3.22B
$2.42M 0.03%
198,477
-2,561
-1% -$30.9K
FNF icon
100
Fidelity National Financial
FNF
$13.5B
$2.39M 0.03%
43,740
-1,481
-3% -$84.3K
2 3
4
5 6

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WPL
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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.