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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
+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
CAT icon
101
Caterpillar
CAT
$387B
$2.47M 0.03%
5,182
-2,547
-33% -$1.09M
MRK icon
102
Merck
MRK
$318B
$2.4M 0.03%
28,617
-7,218
-20% -$595K
LBRDK icon
103
Liberty Broadband Class C
LBRDK
$5.15B
$2.31M 0.03%
36,288
-38,325
-51% -$2.68M
GDLC
104
Grayscale CoinDesk Crypto 5 ETF
GDLC
$359M
$2.29M 0.03%
41,029
– –
EMR icon
105
Emerson Electric
EMR
$88.3B
$2.29M 0.03%
17,442
-6,250
-26% -$852K
LVS icon
106
Las Vegas Sands
LVS
$29.6B
$2.25M 0.03%
41,820
-20,173
-33% -$1.06M
RTX icon
107
RTX Corp
RTX
$301B
$2.24M 0.03%
13,395
-6,704
-33% -$1.04M
EQT icon
108
EQT Corp
EQT
$32.3B
$2.21M 0.03%
40,563
+481
+1% +$25.4K
CVX icon
109
Chevron
CVX
$366B
$2.15M 0.03%
13,841
-6,026
-30% -$933K
RCG
110
RENN Fund
RCG
$21M
$2.08M 0.03%
817,544
-60,579
-7% -$159K
BSM icon
111
Black Stone Minerals
BSM
$3B
$2.08M 0.03%
158,638
-110,000
-41% -$1.38M
OPLN
112
Openlane
OPLN
$4.54B
$2.07M 0.03%
71,857
-30,000
-29% -$818K
BMY icon
113
Bristol-Myers Squibb
BMY
$132B
$2.03M 0.02%
44,913
-16,404
-27% -$766K
CRL icon
114
Charles River Laboratories
CRL
$12.8B
$2.02M 0.02%
12,909
-9,351
-42% -$1.49M
IRM icon
115
Iron Mountain
IRM
$36.1B
$1.98M 0.02%
19,455
-13,000
-40% -$1.25M
GE icon
116
GE Aerospace
GE
$384B
$1.95M 0.02%
6,479
-18
-0.3% -$4.92K
BATRK icon
117
Atlanta Braves Holdings Series B
BATRK
$3.21B
$1.93M 0.02%
46,287
-574
-1% -$25.3K
TD icon
118
Toronto Dominion Bank
TD
$200B
$1.91M 0.02%
23,925
-7,300
-23% -$548K
NAD icon
119
Nuveen Quality Municipal Income Fund
NAD
$2.78B
$1.9M 0.02%
162,826
-27,535
-14% -$313K
AAPL icon
120
Apple
AAPL
$4.57T
$1.87M 0.02%
7,347
-1,715
-19% -$387K
VRT icon
121
Vertiv
VRT
$105B
$1.83M 0.02%
12,135
-4,700
-28% -$627K
PFE icon
122
Pfizer
PFE
$153B
$1.8M 0.02%
70,826
-32,357
-31% -$799K
VOO icon
123
Vanguard S&P 500 ETF
VOO
$1.03T
$1.8M 0.02%
2,937
-310
-10% -$183K
VRSK icon
124
Verisk Analytics
VRSK
$25B
$1.76M 0.02%
7,000
– –
PTEN icon
125
Patterson-UTI
PTEN
$3.76B
$1.7M 0.02%
327,308
-13,442
-4% -$77.3K
3 4
5
6 7

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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.