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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
SAN icon
201
Banco Santander
SAN
$210B
$682K 0.01%
65,093
-189,167
-74% -$1.76M
NEM icon
202
Newmont
NEM
$119B
$680K 0.01%
8,066
-10,195
-56% -$711K
LIN icon
203
Linde
LIN
$226B
$665K 0.01%
1,400
-1,155
-45% -$547K
DSL
204
DoubleLine Income Solutions Fund
DSL
$1.24B
$665K 0.01%
54,114
-1,938
-3% -$23.8K
LEN icon
205
Lennar Class A
LEN
$21.2B
$663K 0.01%
5,260
-48
-0.9% -$5.96K
RQI icon
206
Cohen & Steers Quality Income Realty Fund
RQI
$1.69B
$643K 0.01%
51,533
-29,694
-37% -$369K
JPM icon
207
JPMorgan Chase
JPM
$950B
$639K 0.01%
2,025
-380
-16% -$113K
MVF
208
DELISTED
BlackRock MuniVest Fund
MVF
$638K 0.01%
93,068
– –
IAU icon
209
iShares Gold Trust
IAU
$64.4B
$632K 0.01%
8,690
– –
DIS icon
210
Walt Disney
DIS
$181B
$610K 0.01%
5,329
-536
-9% -$63.1K
MUE
211
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$608K 0.01%
60,430
-1,100
-2% -$10.6K
AJG icon
212
Arthur J. Gallagher & Co
AJG
$63.6B
$606K 0.01%
1,957
– –
BSV icon
213
Vanguard Short-Term Bond ETF
BSV
$45.6B
$590K 0.01%
7,478
– –
TW icon
214
Tradeweb Markets
TW
$21.6B
$586K 0.01%
5,283
– –
UNH icon
215
UnitedHealth
UNH
$370B
$585K 0.01%
+1,695
New +$513K
STZ icon
216
Constellation Brands
STZ
$23.2B
$581K 0.01%
+4,317
New +$687K
DGX icon
217
Quest Diagnostics
DGX
$26.3B
$572K 0.01%
3,000
-2,100
-41% -$373K
FBTC icon
218
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.1B
$567K 0.01%
5,681
– –
LLYVK icon
219
Liberty Live Group Series C
LLYVK
$9.46B
$565K 0.01%
5,822
-1,896
-25% -$171K
PCYO icon
220
Pure Cycle
PCYO
$261M
$559K 0.01%
50,531
+36,020
+248% +$376K
KRP icon
221
Kimbell Royalty Partners
KRP
$1.48B
$553K 0.01%
40,965
-4,933
-11% -$69.3K
L icon
222
Loews
L
$23.6B
$548K 0.01%
5,460
-18
-0.3% -$1.7K
RYN icon
223
Rayonier
RYN
$6.55B
$540K 0.01%
21,353
-17,606
-45% -$422K
VMI icon
224
Valmont Industries
VMI
$9.53B
$524K 0.01%
1,351
-1,025
-43% -$373K
MDLZ icon
225
Mondelez International
MDLZ
$79.9B
$515K 0.01%
8,244
-2,084
-20% -$134K
7 8
9
10 11

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LCAM
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IAA
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SFM
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WPL
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PVI
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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.