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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
RTX icon
101
RTX Corp
RTX
$301B
$2.33M 0.03%
12,731
-664
-5% -$115K
SPGI icon
102
S&P Global
SPGI
$120B
$2.24M 0.03%
4,278
-3,834
-47% -$1.9M
MO icon
103
Altria Group
MO
$114B
$2.23M 0.03%
38,607
-2,050
-5% -$124K
RCG
104
RENN Fund
RCG
$21M
$2.23M 0.03%
865,948
+48,404
+6% +$126K
EMR icon
105
Emerson Electric
EMR
$88.3B
$2.22M 0.03%
16,742
-700
-4% -$92.9K
EQT icon
106
EQT Corp
EQT
$32.3B
$2.21M 0.03%
41,253
+690
+2% +$38.8K
TD icon
107
Toronto Dominion Bank
TD
$200B
$2.2M 0.03%
23,317
-608
-3% -$51.3K
APYX icon
108
Apyx Medical
APYX
$171M
$2.15M 0.03%
615,000
– –
OPLN
109
Openlane
OPLN
$4.54B
$2.13M 0.03%
71,548
-309
-0.4% -$8.36K
CVX icon
110
Chevron
CVX
$366B
$2.03M 0.03%
13,328
-513
-4% -$78.1K
BSM icon
111
Black Stone Minerals
BSM
$3B
$2.01M 0.03%
151,238
-7,400
-5% -$99.9K
GE icon
112
GE Aerospace
GE
$384B
$1.97M 0.03%
6,409
-70
-1% -$21.1K
NAD icon
113
Nuveen Quality Municipal Income Fund
NAD
$2.78B
$1.95M 0.03%
161,977
-849
-0.5% -$10.1K
MSGE icon
114
Madison Square Garden
MSGE
$3.62B
$1.93M 0.03%
35,774
-119
-0.3% -$5.72K
SLV icon
115
iShares Silver Trust
SLV
$30.9B
$1.89M 0.03%
29,395
-1,191
-4% -$59.6K
AAPL icon
116
Apple
AAPL
$4.57T
$1.89M 0.03%
6,939
-408
-6% -$110K
REZI icon
117
Resideo Technologies
REZI
$3.95B
$1.89M 0.03%
53,696
-5,500
-9% -$204K
VOO icon
118
Vanguard S&P 500 ETF
VOO
$1.03T
$1.85M 0.03%
2,944
+7
+0.2% +$4.35K
BATRK icon
119
Atlanta Braves Holdings Series B
BATRK
$3.21B
$1.82M 0.02%
46,171
-116
-0.3% -$4.59K
VRT icon
120
Vertiv
VRT
$105B
$1.79M 0.02%
11,025
-1,110
-9% -$193K
GDLC
121
Grayscale CoinDesk Crypto 5 ETF
GDLC
$359M
$1.7M 0.02%
41,029
– –
PFE icon
122
Pfizer
PFE
$153B
$1.69M 0.02%
67,671
-3,155
-4% -$79.6K
ROK icon
123
Rockwell Automation
ROK
$49B
$1.64M 0.02%
4,215
-300
-7% -$113K
V icon
124
Visa
V
$677B
$1.64M 0.02%
4,666
-107
-2% -$36.5K
PTEN icon
125
Patterson-UTI
PTEN
$3.76B
$1.58M 0.02%
258,608
-68,700
-21% -$410K
3 4
5
6 7

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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.