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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
ARLP icon
126
Alliance Resource Partners
ARLP
$3.17B
$1.65M 0.02%
65,360
+1,079
+2% +$27K
V icon
127
Visa
V
$677B
$1.63M 0.02%
4,773
-206
-4% -$71.3K
MSGE icon
128
Madison Square Garden
MSGE
$3.62B
$1.62M 0.02%
35,893
-459
-1% -$18.6K
BUR icon
129
Burford Capital
BUR
$971M
$1.62M 0.02%
135,333
-77,156
-36% -$1.03M
CRAI icon
130
CRA International
CRAI
$1.06B
$1.62M 0.02%
7,754
-3,762
-33% -$722K
NVDA icon
131
NVIDIA
NVDA
$5.42T
$1.61M 0.02%
8,610
-12,100
-58% -$2.11M
ROK icon
132
Rockwell Automation
ROK
$49B
$1.58M 0.02%
4,515
-1,500
-25% -$518K
WPC icon
133
W.P. Carey
WPC
$16.4B
$1.57M 0.02%
23,250
-11,500
-33% -$753K
KMI icon
134
Kinder Morgan
KMI
$68.7B
$1.56M 0.02%
55,120
-10,524
-16% -$288K
NVS icon
135
Novartis
NVS
$297B
$1.51M 0.02%
11,797
-347
-3% -$42.3K
FIS icon
136
Fidelity National Information Services
FIS
$22.1B
$1.5M 0.02%
22,790
-6,900
-23% -$503K
PFN
137
PIMCO Income Strategy Fund II
PFN
$703M
$1.45M 0.02%
191,463
-65,003
-25% -$490K
BNT
138
Brookfield Wealth Solutions
BNT
$12.2B
$1.44M 0.02%
47,222
+14,600
+45% +$647K
BX icon
139
Blackstone
BX
$110B
$1.43M 0.02%
8,389
-21,610
-72% -$3.7M
ABT icon
140
Abbott
ABT
$187B
$1.4M 0.02%
10,459
– –
RMT
141
Royce Micro-Cap Trust
RMT
$761M
$1.39M 0.02%
134,227
-2,613
-2% -$25.8K
BAH icon
142
Booz Allen Hamilton
BAH
$9.15B
$1.39M 0.02%
13,930
-762
-5% -$81.5K
NRK icon
143
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$912M
$1.39M 0.02%
135,988
-4,587
-3% -$44.3K
HON icon
144
Honeywell
HON
$78B
$1.39M 0.02%
6,982
-2,653
-28% -$554K
GLD icon
145
SPDR Gold Trust
GLD
$142B
$1.33M 0.02%
3,743
-12
-0.3% -$3.82K
APYX icon
146
Apyx Medical
APYX
$171M
$1.32M 0.02%
615,000
– –
SEE
147
DELISTED
Sealed Air
SEE
$1.31M 0.02%
37,050
-12,100
-25% -$386K
BAC icon
148
Bank of America
BAC
$442B
$1.31M 0.02%
25,361
-25,472
-50% -$1.24M
BNY
149
Bank of New York Mellon
BNY
$107B
$1.3M 0.02%
11,964
-100
-0.8% -$10.2K
SLV icon
150
iShares Silver Trust
SLV
$30.9B
$1.3M 0.02%
30,586
-104
-0.3% -$3.73K
4 5
6
7 8

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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.