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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
TPL icon
1
Texas Pacific Land
TPL
$28.1B
$3.27B 39.89%
10,514,076
-218,517
-2% -$68.8M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.7B
$1.27B 15.52%
14,181,200
-369,991
-3% -$33.3M
WPM icon
3
Wheaton Precious Metals
WPM
$50.8B
$312M 3.81%
2,792,112
-193,374
-6% -$18.9M
LB
4
LandBridge Co
LB
$2.12B
$300M 3.66%
5,632,113
+133,188
+2% +$7.35M
FNV icon
5
Franco-Nevada
FNV
$41.4B
$226M 2.75%
1,012,362
-31,184
-3% -$5.62M
HE icon
6
Hawaiian Electric Industries
HE
$2.3B
$202M 2.46%
18,257,717
+1,976,008
+12% +$22.5M
WBI
7
WaterBridge Infrastructure LLC
WBI
$1.61B
$160M 1.95%
+6,354,306
New +$149M
BTC
8
Grayscale Bitcoin Mini Trust ETF
BTC
$3.42B
$152M 1.85%
3,000,467
-71,902
-2% -$3.65M
ICE icon
9
Intercontinental Exchange
ICE
$83.5B
$140M 1.71%
831,061
-697
-0.1% -$125K
PBT
10
Permian Basin Royalty Trust
PBT
$1.32B
$111M 1.36%
6,099,049
+259,224
+4% +$4.04M
LNG icon
11
Cheniere Energy
LNG
$54.8B
$111M 1.35%
472,959
-11,953
-2% -$2.81M
CBOE icon
12
Cboe Global Markets
CBOE
$29.8B
$100M 1.22%
409,459
-3,258
-0.8% -$783K
MSB
13
Mesabi Trust
MSB
$293M
$87.8M 1.07%
2,999,326
+38,736
+1% +$1.14M
CACI icon
14
CACI
CACI
$10.9B
$80.1M 0.98%
160,665
-1,007
-0.6% -$487K
BN icon
15
Brookfield
BN
$103B
$75.4M 0.92%
2,473,907
+714,405
+41% +$31.7M
CME icon
16
CME Group
CME
$92.5B
$74.8M 0.91%
276,773
+149,375
+117% +$40.6M
OR icon
17
OR Royalties Inc
OR
$5.55B
$73.1M 0.89%
1,823,650
+6,149
+0.3% +$192K
VNOM icon
18
Viper Energy
VNOM
$8.57B
$65.8M 0.8%
1,721,927
+10,746
+0.6% +$409K
CVEO icon
19
Civeo
CVEO
$379M
$61.9M 0.75%
2,690,466
-190,567
-7% -$4.47M
AN icon
20
AutoNation
AN
$7.08B
$56.7M 0.69%
259,335
-2,439
-0.9% -$514K
CCJ icon
21
Cameco
CCJ
$38.6B
$56.7M 0.69%
676,032
+332
+0% +$25.7K
MIAX
22
Miami International Holdings
MIAX
$4.11B
$55.7M 0.68%
+1,382,403
New +$50.6M
IBIT icon
23
iShares Bitcoin Trust
IBIT
$47.9B
$53.7M 0.66%
826,901
-135,026
-14% -$8.78M
MSTR icon
24
Strategy Inc
MSTR
$35.3B
$44.6M 0.54%
138,488
-7,011
-5% -$2.6M
GLXY
25
Galaxy Digital Inc
GLXY
$4.27B
$42.4M 0.52%
1,253,870
-110,397
-8% -$2.98M
1
2 3 4 5

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AAB
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LCAM
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IAA
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RWP
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MIH
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WPL
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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.