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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
SON icon
151
Sonoco
SON
$5.74B
$1.29M 0.02%
29,980
-11,400
-28% -$527K
SEG
152
Seaport Entertainment Group
SEG
$362M
$1.21M 0.01%
52,830
-430
-0.8% -$10.1K
SVXY icon
153
ProShares Short VIX Short-Term Futures ETF
SVXY
$230M
$1.19M 0.01%
23,348
-996
-4% -$46.9K
VXF icon
154
Vanguard Extended Market ETF
VXF
$31.9B
$1.17M 0.01%
5,612
-351
-6% -$71K
BATRA icon
155
Atlanta Braves Holdings Series A
BATRA
$3.43B
$1.16M 0.01%
25,414
-253
-1% -$12K
ADI icon
156
Analog Devices
ADI
$190B
$1.15M 0.01%
4,701
-50
-1% -$12K
MYI icon
157
BlackRock MuniYield Quality Fund III
MYI
$721M
$1.13M 0.01%
102,099
-2,200
-2% -$23.3K
ALNY icon
158
Alnylam Pharmaceuticals
ALNY
$29.3B
$1.13M 0.01%
2,480
-279
-10% -$114K
GSK icon
159
GSK
GSK
$106B
$1.09M 0.01%
25,365
-12,027
-32% -$470K
TEF
160
DELISTED
Telefonica
TEF
$1.09M 0.01%
214,396
-153,400
-42% -$815K
GDXJ icon
161
VanEck Junior Gold Miners ETF
GDXJ
$8.46B
$1.08M 0.01%
10,887
-5,201
-32% -$400K
RIO icon
162
Rio Tinto
RIO
$164B
$1.08M 0.01%
16,316
-9,350
-36% -$578K
IBM icon
163
IBM
IBM
$224B
$1.07M 0.01%
3,788
+18
+0.5% +$4.71K
PDI icon
164
PIMCO Dynamic Income Fund
PDI
$7.42B
$1.06M 0.01%
53,395
-32,468
-38% -$630K
PCH
165
DELISTED
PotlatchDeltic
PCH
$1.05M 0.01%
25,845
-4,312
-14% -$179K
QCOM icon
166
Qualcomm
QCOM
$176B
$1.04M 0.01%
6,234
-99
-2% -$15.7K
MPC icon
167
Marathon Petroleum
MPC
$83.7B
$1.02M 0.01%
5,270
-125
-2% -$22K
MCD icon
168
McDonald's
MCD
$195B
$1.01M 0.01%
3,339
-707
-17% -$215K
NSC icon
169
Norfolk Southern
NSC
$75.1B
$983K 0.01%
3,273
– –
JFR icon
170
Nuveen Floating Rate Income Fund
JFR
$1.25B
$981K 0.01%
119,958
-23,860
-17% -$201K
SBLK icon
171
Star Bulk Carriers
SBLK
$3.22B
$965K 0.01%
51,923
+2,368
+5% +$44.6K
VXX icon
172
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$147M
$960K 0.01%
10,100
– –
SIRI icon
173
SiriusXM
SIRI
$10.1B
$931K 0.01%
39,984
-7,081
-15% -$164K
OIH icon
174
VanEck Oil Services ETF
OIH
$1.84B
$927K 0.01%
3,566
-125
-3% -$31K
GEV icon
175
GE Vernova
GEV
$264B
$918K 0.01%
1,493
-8
-0.5% -$4.85K
5 6
7
8 9

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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.