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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
-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
TPL icon
1
Texas Pacific Land
TPL
$28.1B
$2.97B 40.14%
10,333,762
-180,314
-2% -$55.1M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.71B
$965M 13.05%
14,113,593
-67,607
-0.5% -$5.3M
WPM icon
3
Wheaton Precious Metals
WPM
$50.6B
$293M 3.96%
2,493,518
-298,594
-11% -$32M
LB
4
LandBridge Co
LB
$2.11B
$276M 3.74%
5,642,766
+10,653
+0.2% +$619K
HE icon
5
Hawaiian Electric Industries
HE
$2.3B
$239M 3.23%
19,392,363
+1,134,646
+6% +$13.2M
FNV icon
6
Franco-Nevada
FNV
$41.3B
$201M 2.71%
968,101
-44,261
-4% -$8.98M
WBI
7
WaterBridge Infrastructure LLC
WBI
$1.61B
$137M 1.85%
6,837,520
+483,214
+8% +$11.2M
ICE icon
8
Intercontinental Exchange
ICE
$83.6B
$135M 1.82%
830,766
-295
-0% -$46.2K
MSB
9
Mesabi Trust
MSB
$292M
$117M 1.58%
3,027,698
+28,372
+0.9% +$961K
BTC
10
Grayscale Bitcoin Mini Trust ETF
BTC
$3.42B
$116M 1.57%
2,997,060
-3,407
-0.1% -$151K
PBT
11
Permian Basin Royalty Trust
PBT
$1.32B
$105M 1.42%
6,187,800
+88,751
+1% +$1.59M
CBOE icon
12
Cboe Global Markets
CBOE
$29.8B
$103M 1.39%
408,398
-1,061
-0.3% -$264K
LNG icon
13
Cheniere Energy
LNG
$54.7B
$90.1M 1.22%
463,329
-9,630
-2% -$2.02M
CACI icon
14
CACI
CACI
$10.9B
$84.5M 1.14%
158,591
-2,074
-1% -$1.17M
MIAX
15
Miami International Holdings
MIAX
$4.11B
$80.8M 1.09%
1,819,798
+437,395
+32% +$19.5M
CME icon
16
CME Group
CME
$92.5B
$75.3M 1.02%
275,611
-1,162
-0.4% -$316K
BN icon
17
Brookfield
BN
$103B
$72.7M 0.98%
1,583,710
-890,197
-36% -$40.6M
VNOM icon
18
Viper Energy
VNOM
$8.54B
$66.2M 0.9%
1,714,904
-7,023
-0.4% -$266K
OR icon
19
OR Royalties Inc
OR
$5.5B
$64.2M 0.87%
1,815,024
-8,626
-0.5% -$302K
CCJ icon
20
Cameco
CCJ
$38.6B
$61.7M 0.83%
674,096
-1,936
-0.3% -$174K
CVEO icon
21
Civeo
CVEO
$379M
$56M 0.76%
2,449,487
-240,979
-9% -$5.35M
AN icon
22
AutoNation
AN
$7.11B
$53M 0.72%
256,479
-2,856
-1% -$594K
DBRG icon
23
DigitalBridge
DBRG
$2.94B
$46.7M 0.63%
3,046,533
-239,864
-7% -$2.88M
IBIT icon
24
iShares Bitcoin Trust
IBIT
$47.9B
$39.6M 0.54%
796,863
-30,038
-4% -$1.71M
SJT
25
San Juan Basin Royalty Trust
SJT
$118M
$35M 0.47%
6,231,144
+619,163
+11% +$3.59M
1
2 3 4 5

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AAB
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LCAM
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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.