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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
+12.14%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.81B
AUM Growth
+$782M
Cap. Flow
-$7.67M
Cap. Flow %
-0.09%
Top 10 Hldgs %
80.59%
Holding
356
New
7
Increased
90
Reduced
124
Closed
9

Top Buys

Rank Stock Value
1
HE icon
Hawaiian Electric Industries
HE
+$104M
2
ARIS
Aris Water Solutions
ARIS
+$35M
3
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$11.2M
4
LB
LandBridge Co
LB
+$6.2M
5
FNV icon
Franco-Nevada
FNV
+$4.02M

Top Sells

Rank Stock Value
1
CACI icon
CACI
CACI
+$65M
2
SAIC icon
Saic
SAIC
+$38.3M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$34.8M
4
TPL icon
Texas Pacific Land
TPL
+$15.4M
5
DBRG icon
DigitalBridge
DBRG
+$10.9M

Sector Composition

Rank Sector Weight
1 Energy 62.8%
2 Materials 6.67%
3 Financials 6.43%
4 Consumer Discretionary 2.29%
5 Utilities 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOGL icon
201
Alphabet (Google) Class A
GOOGL
$4.33T
$747K 0.01%
4,830
+15
+0.3% +$2.72K
SYK icon
202
Stryker
SYK
$130B
$745K 0.01%
2,000
– –
NRK icon
203
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$912M
$736K 0.01%
71,483
– –
VMI icon
204
Valmont Industries
VMI
$9.53B
$735K 0.01%
2,575
– –
DSL
205
DoubleLine Income Solutions Fund
DSL
$1.24B
$728K 0.01%
57,717
-612
-1% -$7.75K
JPM icon
206
JPMorgan Chase
JPM
$950B
$715K 0.01%
2,915
-830
-22% -$212K
GBX icon
207
The Greenbrier Companies
GBX
$1.46B
$715K 0.01%
13,950
– –
SBLK icon
208
Star Bulk Carriers
SBLK
$3.22B
$714K 0.01%
45,892
+7,255
+19% +$113K
HODL icon
209
VanEck Bitcoin Trust
HODL
$1.08B
$711K 0.01%
30,520
– –
TW icon
210
Tradeweb Markets
TW
$21.6B
$706K 0.01%
4,753
– –
AJG icon
211
Arthur J. Gallagher & Co
AJG
$63.6B
$676K 0.01%
1,957
– –
GS icon
212
Goldman Sachs
GS
$303B
$652K 0.01%
1,193
– –
KKR icon
213
KKR & Co
KKR
$92.3B
$619K 0.01%
5,358
– –
MUE
214
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$615K 0.01%
61,530
– –
LEN icon
215
Lennar Class A
LEN
$21.2B
$609K 0.01%
5,306
-634
-11% -$79.2K
CM icon
216
Canadian Imperial Bank of Commerce
CM
$108B
$591K 0.01%
10,500
– –
IWM icon
217
iShares Russell 2000 ETF
IWM
$81.9B
$590K 0.01%
+2,960
New +$642K
BSV icon
218
Vanguard Short-Term Bond ETF
BSV
$45.6B
$585K 0.01%
7,478
– –
LLYVK icon
219
Liberty Live Group Series C
LLYVK
$9.46B
$579K 0.01%
8,501
-11,098
-57% -$792K
KVUE icon
220
Kenvue
KVUE
$36.9B
$575K 0.01%
23,962
+1,400
+6% +$31K
DIS icon
221
Walt Disney
DIS
$181B
$563K 0.01%
5,705
– –
ENB icon
222
Enbridge
ENB
$112B
$555K 0.01%
12,532
– –
BTZ icon
223
BlackRock Credit Allocation Income Trust
BTZ
$956M
$547K 0.01%
51,023
– –
TQQQ icon
224
ProShares UltraPro QQQ
TQQQ
$37.4B
$519K 0.01%
+18,108
New +$687K
IAU icon
225
iShares Gold Trust
IAU
$64.4B
$512K 0.01%
8,690
– –
7 8
9
10 11

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LCAM
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IAA
Independent Advisor Alliance Charlotte, North Carolina $9.32B AUM 33.19% 1-Year Est. Return
SFM
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WPL
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PVI
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AC
Allstate Corporation Northbrook, Illinois $9.35B AUM 16.13% 1-Year Est. Return
NPT
National Philanthropic Trust Jenkintown, Pennsylvania $9.38B AUM 33.37% 1-Year Est. Return

Horizon Kinetics Asset Management's Q1 2025 Portfolio in Review

As of Q1 2025, Horizon Kinetics Asset Management held 356 positions worth $8.81B, up 9.7% from $8.03B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Trading was light in Q1 2025: portfolio turnover was 4.5%. Horizon Kinetics Asset Management opened 7 new positions and exited 9, leaving the 356-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 63% of assets, up from 59% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q1 2025 buy was EQT Corp: 38,404 shares worth $2.05M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q1 2025, an estimated $104M increase.
  • Horizon Kinetics Asset Management's biggest Q1 2025 reduction was CACI, cutting an estimated $65M.
  • Horizon Kinetics Asset Management fully exited Marex Group Limited Ordinary Shares in Q1 2025, selling an estimated $4.41M.
  • Horizon Kinetics Asset Management's ten largest holdings make up 81% of its $8.81B portfolio in Q1 2025.
  • Horizon Kinetics Asset Management opened 7 new positions and closed 9 in Q1 2025.
  • Horizon Kinetics Asset Management's portfolio value rose 9.7% quarter-over-quarter to $8.81B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2025, filed 15 May 2025.