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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
TPL icon
1
Texas Pacific Land
TPL
$26.9B
$4.76B 54.04%
10,785,270
-34,467
-0.3% -$15.4M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.59B
$958M 10.87%
14,696,513
-471,650
-3% -$34.8M
LB
3
LandBridge Co
LB
$2.09B
$395M 4.48%
5,486,957
+87,682
+2% +$6.2M
WPM icon
4
Wheaton Precious Metals
WPM
$49.8B
$230M 2.6%
2,956,694
+25,448
+0.9% +$1.7M
FNV icon
5
Franco-Nevada
FNV
$40.6B
$160M 1.82%
1,016,774
+28,741
+3% +$4.02M
ICE icon
6
Intercontinental Exchange
ICE
$86.4B
$141M 1.6%
818,261
+13,680
+2% +$2.24M
HE icon
7
Hawaiian Electric Industries
HE
$2.28B
$139M 1.57%
12,657,000
+10,277,502
+432% +$104M
LNG icon
8
Cheniere Energy
LNG
$52.8B
– –
0
– –
BTC
9
Grayscale Bitcoin Mini Trust ETF
BTC
$3.38B
$112M 1.27%
3,060,636
-3,666
-0.1% -$151K
CBOE icon
10
Cboe Global Markets
CBOE
$31.1B
$94.6M 1.07%
418,256
+3,782
+0.9% +$784K
MSB
11
Mesabi Trust
MSB
$300M
$78.9M 0.9%
2,901,695
+58,685
+2% +$1.61M
VNOM icon
12
Viper Energy
VNOM
$8.21B
$72.8M 0.83%
1,612,439
+23,035
+1% +$1.09M
CACI icon
13
CACI
CACI
$11.3B
$69.6M 0.79%
189,652
-169,843
-47% -$65M
CVEO icon
14
Civeo
CVEO
$376M
$68.3M 0.78%
2,971,543
-92,476
-3% -$2.16M
BN icon
15
Brookfield
BN
$104B
$63.5M 0.72%
1,816,328
-11,568
-0.6% -$437K
ARIS
16
DELISTED
Aris Water Solutions
ARIS
$46.9M 0.53%
1,464,286
+1,234,978
+539% +$35M
MSTR icon
17
Strategy Inc
MSTR
$35.1B
$46.6M 0.53%
161,495
-3,820
-2% -$1.21M
AN icon
18
AutoNation
AN
$7.37B
$45.4M 0.52%
280,493
-1,705
-0.6% -$304K
LYV icon
19
Live Nation Entertainment
LYV
$42.1B
$42.6M 0.48%
325,976
-3,759
-1% -$513K
PBT
20
Permian Basin Royalty Trust
PBT
$1.31B
$41M 0.46%
4,134,327
+188,244
+5% +$2.04M
IBIT icon
21
iShares Bitcoin Trust
IBIT
$47.4B
$40.7M 0.46%
870,320
+6,048
+0.7% +$320K
MRSH
22
Marsh
MRSH
$91.7B
$36.3M 0.41%
148,593
+3,965
+3% +$900K
OR icon
23
OR Royalties Inc
OR
$5.52B
$36M 0.41%
1,703,037
+43,115
+3% +$828K
AC
24
DELISTED
Associated Capital Group
AC
$34.8M 0.39%
907,945
-9,685
-1% -$353K
CME icon
25
CME Group
CME
$93.5B
$34M 0.39%
128,253
+2,400
+2% +$592K
1
2 3 4 5

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AAB
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LCAM
London & Capital Asset Management London, United Kingdom $9.18B AUM 25.04% 1-Year Est. Return
IAA
Independent Advisor Alliance Charlotte, North Carolina $9.32B AUM 33.19% 1-Year Est. Return
RWP
RWA Wealth Partners Newton, Massachusetts $9.14B AUM 16.57% 1-Year Est. Return
MIH
Meitav Investment House Bene-Beraq, Israel $9.12B AUM 42.07% 1-Year Est. Return
SFM
Soros Fund Management New York $9.12B AUM 30.69% 1-Year Est. Return
WPL
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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.