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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
GS icon
176
Goldman Sachs
GS
$303B
$908K 0.01%
1,140
-53
-4% -$39.3K
MMM icon
177
3M
MMM
$94.3B
$900K 0.01%
5,800
-3,675
-39% -$567K
CMS icon
178
CMS Energy
CMS
$22.3B
$894K 0.01%
12,197
-100
-0.8% -$7.18K
DHR icon
179
Danaher
DHR
$144B
$892K 0.01%
4,497
-387
-8% -$77K
AZN icon
180
AstraZeneca
AZN
$250B
$880K 0.01%
5,738
-238
-4% -$36K
SPY icon
181
State Street SPDR S&P 500 ETF Trust
SPY
$810B
$862K 0.01%
1,294
-35
-3% -$22.4K
NVO
182
Novo Nordisk
NVO
$209B
$852K 0.01%
15,350
-248
-2% -$14.5K
BGC icon
183
BGC Group
BGC
$4.89B
$821K 0.01%
86,792
-4,680
-5% -$46.9K
IONS icon
184
Ionis Pharmaceuticals
IONS
$9.4B
$816K 0.01%
12,476
+524
+4% +$25.6K
GOOG icon
185
Alphabet (Google) Class C
GOOG
$4.32T
$804K 0.01%
3,301
-1,918
-37% -$403K
PFL
186
PIMCO Income Strategy Fund
PFL
$388M
$797K 0.01%
93,567
-41,258
-31% -$348K
TFPM icon
187
Triple Flag Precious Metals
TFPM
$6.72B
$773K 0.01%
26,413
+3,602
+16% +$93.1K
FRA icon
188
BlackRock Floating Rate Income Strategies Fund
FRA
$385M
$770K 0.01%
59,291
-14,579
-20% -$193K
GOOGL icon
189
Alphabet (Google) Class A
GOOGL
$4.33T
$766K 0.01%
3,150
-4,672
-60% -$979K
BRK.A icon
190
Berkshire Hathaway Class A
BRK.A
$1.12T
$754K 0.01%
1
– –
SYK icon
191
Stryker
SYK
$130B
$739K 0.01%
2,000
– –
AMGN icon
192
Amgen
AMGN
$222B
$733K 0.01%
2,597
-859
-25% -$249K
URI icon
193
United Rentals
URI
$72.4B
$722K 0.01%
756
– –
C icon
194
Citigroup
C
$226B
$720K 0.01%
7,089
– –
RYAM icon
195
Rayonier Advanced Materials
RYAM
$610M
$715K 0.01%
99,000
-124,500
-56% -$641K
EOG icon
196
EOG Resources
EOG
$70.7B
$697K 0.01%
6,218
-4,375
-41% -$522K
CRSP icon
197
CRISPR Therapeutics
CRSP
$5.17B
$692K 0.01%
10,682
+443
+4% +$25.4K
GDX icon
198
VanEck Gold Miners ETF
GDX
$27.4B
$692K 0.01%
9,054
-307
-3% -$18.5K
ALKS icon
199
Alkermes
ALKS
$8.25B
$691K 0.01%
23,033
+967
+4% +$27.3K
EBAY icon
200
eBay
EBAY
$49.8B
$690K 0.01%
7,584
-2,444
-24% -$216K
6 7
8
9 10

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LCAM
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IAA
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SFM
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WPL
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NPT
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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.