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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
-1.05%
1 Year Est. Return
+27.52%
3 Year Est. Return
+184.83%
5 Year Est. Return
+256.84%
10 Year Est. Return
–
AUM
$8.43B
AUM Growth
-$382M
Cap. Flow
+$187M
Cap. Flow %
2.22%
Top 10 Hldgs %
77.21%
Holding
363
New
17
Increased
101
Reduced
145
Closed
11

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$112M
2
HE icon
Hawaiian Electric Industries
HE
+$37.8M
3
GLXY
Galaxy Digital Inc
GLXY
+$27.7M
4
PBT
Permian Basin Royalty Trust
PBT
+$18.1M
5
ARIS
Aris Water Solutions
ARIS
+$15.6M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$21.5M
2
CACI icon
CACI
CACI
+$12.4M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$11.3M
4
MSTR icon
Strategy Inc
MSTR
+$5.83M
5
AN icon
AutoNation
AN
+$3.38M

Sector Composition

Rank Sector Weight
1 Energy 54.42%
2 Materials 7.69%
3 Financials 7.42%
4 Utilities 2.67%
5 Consumer Discretionary 2.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$28.9B
$3.78B 44.81%
10,732,593
-52,677
-0.5% -$21.5M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.64B
$1.23B 14.64%
14,551,191
-145,322
-1% -$11.3M
LB
3
LandBridge Co
LB
$2.12B
$372M 4.41%
5,498,925
+11,968
+0.2% +$862K
WPM icon
4
Wheaton Precious Metals
WPM
$50.6B
$268M 3.18%
2,985,486
+28,792
+1% +$2.42M
HE icon
5
Hawaiian Electric Industries
HE
$2.33B
$173M 2.05%
16,281,709
+3,624,709
+29% +$37.8M
FNV icon
6
Franco-Nevada
FNV
$41.4B
$171M 2.03%
1,043,546
+26,772
+3% +$4.43M
ICE icon
7
Intercontinental Exchange
ICE
$82.4B
$153M 1.81%
831,758
+13,497
+2% +$2.32M
BTC
8
Grayscale Bitcoin Mini Trust ETF
BTC
$3.4B
$147M 1.74%
3,072,369
+11,733
+0.4% +$512K
LNG icon
9
Cheniere Energy
LNG
$56.5B
$118M 1.4%
+484,912
New +$112M
CBOE icon
10
Cboe Global Markets
CBOE
$29.8B
$96.2M 1.14%
412,717
-5,539
-1% -$1.23M
CACI icon
11
CACI
CACI
$10.8B
$77.1M 0.91%
161,672
-27,980
-15% -$12.4M
PBT
12
Permian Basin Royalty Trust
PBT
$1.36B
$72.8M 0.86%
5,839,825
+1,705,498
+41% +$18.1M
BN icon
13
Brookfield
BN
$102B
$72.6M 0.86%
1,759,502
-56,826
-3% -$2.11M
MSB
14
Mesabi Trust
MSB
$295M
$70.9M 0.84%
2,960,590
+58,895
+2% +$1.53M
CVEO icon
15
Civeo
CVEO
$379M
$66.5M 0.79%
2,881,033
-90,510
-3% -$1.91M
VNOM icon
16
Viper Energy
VNOM
$8.81B
$65.2M 0.77%
1,711,181
+98,742
+6% +$3.99M
IBIT icon
17
iShares Bitcoin Trust
IBIT
$47.2B
$58.9M 0.7%
961,927
+91,607
+11% +$5.13M
MSTR icon
18
Strategy Inc
MSTR
$33.5B
$58.8M 0.7%
145,499
-15,996
-10% -$5.83M
AN icon
19
AutoNation
AN
$6.97B
$52M 0.62%
261,774
-18,719
-7% -$3.38M
CCJ icon
20
Cameco
CCJ
$38.3B
$50.2M 0.59%
675,700
+42,993
+7% +$2.29M
ARIS
21
DELISTED
Aris Water Solutions
ARIS
$49.6M 0.59%
2,095,604
+631,318
+43% +$15.6M
LYV icon
22
Live Nation Entertainment
LYV
$41.2B
$47.1M 0.56%
311,116
-14,860
-5% -$2.05M
OR icon
23
OR Royalties Inc
OR
$5.47B
$46.7M 0.55%
1,817,501
+114,464
+7% +$2.76M
DBRG icon
24
DigitalBridge
DBRG
$2.94B
$37.4M 0.44%
3,617,965
+171,988
+5% +$1.64M
CME icon
25
CME Group
CME
$92.2B
$35.1M 0.42%
127,398
-855
-0.7% -$233K
1
2 3 4 5

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Horizon Kinetics Asset Management's Q2 2025 Portfolio in Review

As of Q2 2025, Horizon Kinetics Asset Management held 363 positions worth $8.43B, down 4.3% from $8.81B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Horizon Kinetics Asset Management's Q2 2025 filing shows 17 new, 101 increased, 145 reduced and 11 closed positions. Its largest new stake was Cheniere Energy: 484,912 shares worth $118M. The largest sale was Texas Pacific Land, an estimated $21.5M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 63% a quarter earlier, followed by Materials and Financials.

  • Horizon Kinetics Asset Management's largest Q2 2025 buy was Cheniere Energy: 484,912 shares worth $118M.
  • Horizon Kinetics Asset Management added most to Hawaiian Electric Industries in Q2 2025, an estimated $37.8M increase.
  • Horizon Kinetics Asset Management's biggest Q2 2025 reduction was Texas Pacific Land, cutting an estimated $21.5M.
  • Horizon Kinetics Asset Management fully exited iShares Russell 2000 ETF in Q2 2025, selling an estimated $590K.
  • Horizon Kinetics Asset Management's ten largest holdings make up 77% of its $8.43B portfolio in Q2 2025.
  • Horizon Kinetics Asset Management opened 17 new positions and closed 11 in Q2 2025.
  • Horizon Kinetics Asset Management's portfolio value fell 4.3% quarter-over-quarter to $8.43B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2025, filed 12 Aug 2025.