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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
BAH icon
151
Booz Allen Hamilton
BAH
$9.15B
$1.18M 0.02%
13,930
– –
ADI icon
152
Analog Devices
ADI
$190B
$1.15M 0.02%
4,231
-470
-10% -$118K
BAC icon
153
Bank of America
BAC
$442B
$1.13M 0.02%
20,560
-4,801
-19% -$254K
MYI icon
154
BlackRock MuniYield Quality Fund III
MYI
$721M
$1.11M 0.02%
102,099
– –
IBM icon
155
IBM
IBM
$224B
$1.1M 0.01%
3,710
-78
-2% -$23.4K
BATRA icon
156
Atlanta Braves Holdings Series A
BATRA
$3.43B
$1.08M 0.01%
25,368
-46
-0.2% -$1.98K
QCOM icon
157
Qualcomm
QCOM
$176B
$1.07M 0.01%
6,234
– –
SEG
158
Seaport Entertainment Group
SEG
$362M
$1.04M 0.01%
52,522
-308
-0.6% -$6.9K
GOOG icon
159
Alphabet (Google) Class C
GOOG
$4.32T
$1.02M 0.01%
3,258
-43
-1% -$12.3K
MCD icon
160
McDonald's
MCD
$195B
$1.02M 0.01%
3,339
– –
DHR icon
161
Danaher
DHR
$144B
$1.01M 0.01%
4,416
-81
-2% -$17.8K
AZN icon
162
AstraZeneca
AZN
$250B
$1.01M 0.01%
5,497
-241
-4% -$42.3K
SBLK icon
163
Star Bulk Carriers
SBLK
$3.22B
$974K 0.01%
50,701
-1,222
-2% -$22.8K
OIH icon
164
VanEck Oil Services ETF
OIH
$1.84B
$973K 0.01%
3,415
-151
-4% -$42.3K
GOOGL icon
165
Alphabet (Google) Class A
GOOGL
$4.33T
$965K 0.01%
3,083
-67
-2% -$19.1K
IONS icon
166
Ionis Pharmaceuticals
IONS
$9.4B
$946K 0.01%
11,952
-524
-4% -$39.5K
ALNY icon
167
Alnylam Pharmaceuticals
ALNY
$29.3B
$945K 0.01%
2,376
-104
-4% -$46K
GEV icon
168
GE Vernova
GEV
$264B
$943K 0.01%
1,443
-50
-3% -$30.5K
JFR icon
169
Nuveen Floating Rate Income Fund
JFR
$1.25B
$934K 0.01%
119,308
-650
-0.5% -$5.13K
PCH
170
DELISTED
PotlatchDeltic
PCH
$933K 0.01%
23,457
-2,388
-9% -$96.7K
MMM icon
171
3M
MMM
$94.3B
$913K 0.01%
5,700
-100
-2% -$16.4K
PDI icon
172
PIMCO Dynamic Income Fund
PDI
$7.42B
$899K 0.01%
50,752
-2,643
-5% -$48.5K
SPY icon
173
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$882K 0.01%
1,294
– –
NSC icon
174
Norfolk Southern
NSC
$75.1B
$876K 0.01%
3,033
-240
-7% -$69.4K
FRMI
175
Fermi Inc
FRMI
$3.94B
$870K 0.01%
+108,701
New +$2.12M
5 6
7
8 9

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IAA
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WPL
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NPT
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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.