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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
-1.05%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.43B
AUM Growth
-$382M
Cap. Flow
+$187M
Cap. Flow %
2.22%
Top 10 Hldgs %
77.21%
Holding
363
New
17
Increased
101
Reduced
145
Closed
11

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$112M
2
HE icon
Hawaiian Electric Industries
HE
+$37.8M
3
GLXY
Galaxy Digital Inc
GLXY
+$27.7M
4
PBT
Permian Basin Royalty Trust
PBT
+$18.1M
5
ARIS
Aris Water Solutions
ARIS
+$15.6M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$21.5M
2
CACI icon
CACI
CACI
+$12.4M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$11.3M
4
MSTR icon
Strategy Inc
MSTR
+$5.83M
5
AN icon
AutoNation
AN
+$3.38M

Sector Composition

Rank Sector Weight
1 Energy 54.42%
2 Materials 7.69%
3 Financials 7.42%
4 Utilities 2.67%
5 Consumer Discretionary 2.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SLV icon
176
iShares Silver Trust
SLV
$30.7B
$1.01M 0.01%
30,690
– –
SEG
177
Seaport Entertainment Group
SEG
$362M
$993K 0.01%
53,260
-1,196
-2% -$22.9K
FRA icon
178
BlackRock Floating Rate Income Strategies Fund
FRA
$385M
$971K 0.01%
73,870
– –
AMGN icon
179
Amgen
AMGN
$222B
$965K 0.01%
3,456
-141
-4% -$39.9K
DHR icon
180
Danaher
DHR
$144B
$965K 0.01%
4,884
-860
-15% -$167K
BGC icon
181
BGC Group
BGC
$4.89B
$936K 0.01%
91,472
-12,497
-12% -$115K
HODL icon
182
VanEck Bitcoin Trust
HODL
$1.08B
$930K 0.01%
30,520
– –
GOOG icon
183
Alphabet (Google) Class C
GOOG
$4.32T
$926K 0.01%
5,219
-98
-2% -$16.2K
DGX icon
184
Quest Diagnostics
DGX
$26.3B
$916K 0.01%
5,100
-450
-8% -$78.2K
BIP icon
185
Brookfield Infrastructure Partners
BIP
$18B
$910K 0.01%
27,171
-800
-3% -$25.1K
ALNY icon
186
Alnylam Pharmaceuticals
ALNY
$29.3B
$900K 0.01%
2,759
-121
-4% -$33.5K
MPC icon
187
Marathon Petroleum
MPC
$83.7B
$896K 0.01%
5,395
-75
-1% -$11.2K
BP icon
188
BP
BP
$107B
$883K 0.01%
29,514
+2,100
+8% +$61.6K
RYAM icon
189
Rayonier Advanced Materials
RYAM
$610M
$860K 0.01%
223,500
+8,000
+4% +$33.6K
SBLK icon
190
Star Bulk Carriers
SBLK
$3.22B
$855K 0.01%
49,555
+3,663
+8% +$57K
GM icon
191
General Motors
GM
$76.8B
$853K 0.01%
17,343
– –
CMS icon
192
CMS Energy
CMS
$22.3B
$852K 0.01%
12,297
-3,378
-22% -$241K
OIH icon
193
VanEck Oil Services ETF
OIH
$1.92B
$850K 0.01%
3,691
– –
GS icon
194
Goldman Sachs
GS
$303B
$844K 0.01%
1,193
– –
NSC icon
195
Norfolk Southern
NSC
$75.1B
$838K 0.01%
3,273
-95
-3% -$22.4K
FHI icon
196
Federated Hermes
FHI
$4.72B
$836K 0.01%
18,854
-4,008
-18% -$165K
AZN icon
197
AstraZeneca
AZN
$250B
$835K 0.01%
5,976
-452
-7% -$63.3K
RYN icon
198
Rayonier
RYN
$6.55B
$824K 0.01%
38,959
-4,443
-10% -$101K
SPY icon
199
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$821K 0.01%
1,329
-8
-0.6% -$4.57K
GEV icon
200
GE Vernova
GEV
$264B
$794K 0.01%
1,501
-8
-0.5% -$3.33K
6 7
8
9 10

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Horizon Kinetics Asset Management's Q2 2025 Portfolio in Review

As of Q2 2025, Horizon Kinetics Asset Management held 363 positions worth $8.43B, down 4.3% from $8.81B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Horizon Kinetics Asset Management's Q2 2025 filing shows 17 new, 101 increased, 145 reduced and 11 closed positions. Its largest new stake was Cheniere Energy: 484,912 shares worth $118M. The largest sale was Texas Pacific Land, an estimated $21.5M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 63% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q2 2025 buy was Cheniere Energy: 484,912 shares worth $118M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q2 2025, an estimated $37.8M increase.
  • Horizon Kinetics Asset Management's biggest Q2 2025 reduction was Texas Pacific Land, cutting an estimated $21.5M.
  • Horizon Kinetics Asset Management fully exited iShares Russell 2000 ETF in Q2 2025, selling an estimated $590K.
  • Horizon Kinetics Asset Management's ten largest holdings make up 77% of its $8.43B portfolio in Q2 2025.
  • Horizon Kinetics Asset Management opened 17 new positions and closed 11 in Q2 2025.
  • Horizon Kinetics Asset Management's portfolio value fell 4.3% quarter-over-quarter to $8.43B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2025, filed 12 Aug 2025.