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HKAM

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
MUE
201
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$606K 0.01%
60,430
– –
DSL
202
DoubleLine Income Solutions Fund
DSL
$1.24B
$594K 0.01%
52,682
-1,432
-3% -$16.6K
BSV icon
203
Vanguard Short-Term Bond ETF
BSV
$45.6B
$589K 0.01%
7,478
– –
SIRI icon
204
SiriusXM
SIRI
$10.1B
$587K 0.01%
29,366
-10,618
-27% -$228K
L icon
205
Loews
L
$23.6B
$575K 0.01%
5,460
– –
RQI icon
206
Cohen & Steers Quality Income Realty Fund
RQI
$1.69B
$571K 0.01%
50,033
-1,500
-3% -$17.9K
TW icon
207
Tradeweb Markets
TW
$21.6B
$568K 0.01%
5,283
– –
BUR icon
208
Burford Capital
BUR
$971M
$557K 0.01%
62,445
-72,888
-54% -$714K
RYAM icon
209
Rayonier Advanced Materials
RYAM
$610M
$557K 0.01%
94,500
-4,500
-5% -$29.2K
PCYO icon
210
Pure Cycle
PCYO
$261M
$555K 0.01%
50,531
– –
REGN icon
211
Regeneron Pharmaceuticals
REGN
$80.8B
$544K 0.01%
705
-30
-4% -$20.4K
DIS icon
212
Walt Disney
DIS
$181B
$540K 0.01%
4,748
-581
-11% -$64K
PHYS icon
213
Sprott Physical Gold
PHYS
$15.7B
$537K 0.01%
16,262
-372
-2% -$11.8K
CRSP icon
214
CRISPR Therapeutics
CRSP
$5.17B
$537K 0.01%
10,239
-443
-4% -$26.5K
UNH icon
215
UnitedHealth
UNH
$370B
$527K 0.01%
1,595
-100
-6% -$33.9K
BIIB icon
216
Biogen
BIIB
$30.7B
$526K 0.01%
2,988
-131
-4% -$21.4K
VMI icon
217
Valmont Industries
VMI
$9.53B
$523K 0.01%
1,301
-50
-4% -$20.3K
DGX icon
218
Quest Diagnostics
DGX
$26.3B
$521K 0.01%
3,000
– –
MVT
219
DELISTED
BlackRock MuniVest Fund II
MVT
$518K 0.01%
47,926
– –
AJG icon
220
Arthur J. Gallagher & Co
AJG
$63.6B
$505K 0.01%
1,953
-4
-0.2% -$1.06K
CMDB
221
Costamare Bulkers Holdings
CMDB
$431M
$492K 0.01%
31,910
-3,100
-9% -$44.9K
LEN icon
222
Lennar Class A
LEN
$21.2B
$482K 0.01%
4,689
-571
-11% -$69K
BKN
223
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$472K 0.01%
42,157
– –
XES icon
224
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$364M
$466K 0.01%
5,690
+204
+4% +$16.1K
B
225
Barrick Mining
B
$73.2B
$459K 0.01%
10,547
+21
+0.2% +$788
7 8
9
10 11

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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.