HORIZON KINETICS ASSET MANAGEMENT LLC
Filing Date
Global Rank
#602
/ 7,976
▼ 9
Top Industry
Oil & Gas E&P
26.4%
3Y Alpha vs SPY
+5.0%
Period ended 9 months ago
Filed Nov 14, 2025 · 7mo
23 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+99.7%
SPY
+76.5%
Annualised alpha
+5.1%
Max drawdown
−22.3%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
293 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025Top Position
21.7%
−0.9 pts
Top 5
54.5%
−4.8 pts
Top 10
67.6%
−4.1 pts
HHI
946
Diversified−182
Portfolio Trend
23 quarters · across all stocks
Sector Breakdown
As of Sep 30, 2025| Sector | % Portfolio | Value |
|---|---|---|
| Energy | 34.2% | $2,010,253,904 |
| Unclassified | 25.5% | $1,497,684,076 |
| Basic Materials | 12.8% | $749,804,714 |
| Financial Services | 12.4% | $729,069,748 |
| Consumer Cyclical | 3.6% | $212,132,490 |
| Utilities | 3.5% | $204,101,483 |
| Technology | 2.8% | $164,466,487 |
| Industrials | 1.6% | $93,104,128 |
| Real Estate | 1.0% | $61,308,013 |
| Consumer Defensive | 1.0% | $56,913,849 |
| Healthcare | 0.8% | $47,443,197 |
| Communication Services | 0.8% | $46,240,374 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| HE | Hawaiian Electric Industries Inc | +1,976,008 | 18,257,717 | $201,565,195 | |
| HKHC | Horizon Kinetics Holding Corp | +1,058,798 | 1,075,161 | $40,544,321 | |
| SJT | San Juan Basin Royalty Trust | +1,017,479 | 5,611,981 | $33,896,365 | |
| BN | BROOKFIELD Corp /ON/ | +476,270 | 1,649,271 | $75,404,670 | |
| TRC | Tejon Ranch Co | +266,481 | 1,913,978 | $30,585,368 | |
| PBT | Permian Basin Royalty Trust | +259,224 | 6,099,049 | $111,307,644 | |
| LBRT | Liberty Energy Inc. | +197,398 | 346,826 | $4,279,832 | |
| CME | Cme Group Inc. | +149,375 | 276,773 | $74,781,296 | |
| LB | LandBridge Co LLC | +133,188 | 5,632,113 | $300,473,228 | |
| MSB | Mesabi Trust | +38,736 | 2,999,326 | $87,790,272 | |
| PCYO | Pure Cycle Corp | +36,020 | 50,531 | $559,378 | |
| AB | Alliancebernstein Holding L.P. | +23,364 | 188,256 | $7,195,144 | |
| BNT | Brookfield Wealth Solutions Ltd. | +9,733 | 31,481 | $1,437,422 | |
| BR | Broadridge Financial Solutions, Inc. | +7,287 | 15,048 | $3,583,982 | |
| OR | OR Royalties Inc. | +6,149 | 1,823,650 | $73,091,892 | |
| NRP | Natural Resource Partners LP | +5,457 | 24,580 | $2,580,900 | |
| TFPM | Triple Flag Precious Metals Corp. | +3,602 | 26,413 | $772,844 | |
| SBLK | Star Bulk Carriers Corp. | +2,368 | 51,923 | $965,248 | |
| WT | WisdomTree, Inc. | +2,266 | 201,038 | $2,794,428 | |
| GALT | Galectin Therapeutics Inc | +2,258 | 53,742 | $227,866 | |
| SII | Sprott Inc. | +1,916 | 214,814 | $17,870,376 | |
| EDIT | Editas Medicine, Inc. | +1,280 | 31,670 | $109,894 | |
| RPRX | Royalty Pharma plc | +1,214 | 354,685 | $12,513,286 | |
| LTRN | Lantern Pharma Inc. | +1,209 | 28,791 | $125,240 | |
| VNDA | Vanda Pharmaceuticals Inc. | +1,088 | 25,912 | $129,300 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ADM | Archer-Daniels-Midland Co | −438,586 | 67,383 | $4,025,460 | |
| GBTC | Grayscale Bitcoin Trust ETF | −369,991 | 14,181,200 | $1,273,046,324 | |
| DBRG | DigitalBridge Group, Inc. | −331,568 | 3,286,397 | $38,450,844 | |
| WEN | Wendy's Co | −232,921 | 466,421 | $4,272,416 | |
| WPM | Wheaton Precious Metals Corp. | −193,374 | 2,792,112 | $312,269,806 | |
| CVEO | Civeo Corp | −190,567 | 2,690,466 | $61,880,718 | |
| SAN | Banco Santander, S.A. | −189,167 | 65,093 | $682,174 | |
| LYV | Live Nation Entertainment, Inc. | −139,004 | 172,112 | $28,123,100 | |
| IBIT | iShares Bitcoin Trust ETF | −135,026 | 826,901 | $53,748,565 | |
| RYAM | Rayonier Advanced Materials Inc. | −124,500 | 99,000 | $714,780 | |
| GLXY | Galaxy Digital Inc. | −110,397 | 1,253,870 | $42,393,344 | |
| HHH | Howard Hughes Holdings Inc. | −110,125 | 306,248 | $25,164,398 | |
| BSM | Black Stone Minerals, L.P. | −110,000 | 158,638 | $2,084,503 | |
| CMRE | Costamare Inc. | −104,000 | 227,100 | $2,704,761 | |
| BUR | Burford Capital Ltd | −77,156 | 135,333 | $1,618,582 | |
| TPL | Texas Pacific Land Corp | −72,839 | 3,504,692 | $1,090,706,762 | |
| BTC | Grayscale Bitcoin Mini Trust ETF | −71,902 | 3,000,467 | $151,913,644 | |
| ET | Energy Transfer LP | −70,412 | 369,535 | $6,341,220 | |
| PFN | PIMCO Income Strategy Fund II | −65,003 | 191,463 | $1,453,204 | |
| RCG | RENN Fund, Inc. | −60,579 | 817,544 | $2,084,737 | |
| ELS | Equity Lifestyle Properties Inc | −55,958 | 41,170 | $2,499,019 | |
| BCHG | Grayscale Bitcoin Cash Trust (BCH) | −53,770 | 1,487,494 | $6,619,348 | |
| FCX | Freeport-Mcmoran Inc | −45,466 | 97,381 | $3,819,282 | |
| LTCN | Grayscale Litecoin Trust (LTC) | −44,735 | 497,743 | $4,375,160 | |
| NEA | Nuveen AMT-Free Quality Municipal Income Fund | −42,201 | 297,264 | $3,385,836 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
11 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| WBI | WaterBridge Infrastructure LLC | 6,354,306 | $160,255,597 | |
| VNOM | Viper Energy, Inc. | 1,721,927 | $65,812,049 | |
| MIAX | Miami International Holdings, Inc. | 1,382,403 | $55,655,544 | |
| UNH | Unitedhealth Group Inc | 1,695 | $585,283 | |
| STZ | Constellation Brands, Inc. | 4,317 | $581,370 | |
| AEHR | Aehr Test Systems | 15,400 | $463,694 | |
| PNI | Pimco New York Municipal Income Fund II | 37,634 | $261,556 | |
| BEAM | Beam Therapeutics Inc. | 9,597 | $232,919 | |
| NOC | Northrop Grumman Corp /De/ | 360 | $219,355 | |
| NEE | Nextera Energy Inc | 2,860 | $215,901 | |
| TMO | Thermo Fisher Scientific Inc. | 438 | $212,438 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
18 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 30,520 | $929,944 | |
| BIPH | Brookfield Infrastructure Partners L.P. | 27,171 | $910,228 | |
| CM | Canadian Imperial Bank Of Commerce /Can/ | 10,500 | $743,715 | |
| DOW | Dow Inc. | 27,163 | $719,276 | |
| ENB | Enbridge Inc | 12,532 | $567,950 | |
| KVUE | Kenvue Inc. | 23,962 | $501,524 | |
| M | Macy's, Inc. | 32,500 | $378,950 | |
| PWR | Quanta Services, Inc. | 900 | $340,272 | |
| COIN | Coinbase Global, Inc. | 715 | $250,600 | |
| DAL | Delta Air Lines, Inc. | 4,600 | $226,228 | |
| IFF | International Flavors & Fragrances Inc | 3,050 | $224,327 | |
| COST | Costco Wholesale Corp /New | 205 | $202,937 | |
| EFT | Eaton Vance Floating-Rate Income Trust | 12,000 | $149,760 | |
| OIA | Invesco Municipal Income Opportunities Trust | 19,911 | $114,488 | |
| EVN | Eaton Vance Municipal Income Trust | 10,014 | $102,443 | |
| SBI | Western Asset Intermediate Muni Fund Inc. | 11,334 | $85,231 | |
| VVR | Invesco Senior Income Trust | 14,858 | $56,460 | |
| HIO | Western Asset High Income Opportunity Fund Inc. | 10,072 | $40,086 | |
| No positions match the current search. | ||||
293 positions ·
$5,872,522,463 total
· as of Sep 30, 2025
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 293 positions by value
· page 1 of 6
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| GBTC |
Grayscale Bitcoin Trust ETF
|
Reduced | 14,181,200 | $1,273,046,324 | 21.68% | |
| TPL |
Texas Pacific Land Corp
Energy
|
Reduced | 3,504,692 | $1,090,706,762 | 18.57% | |
| WPM |
Wheaton Precious Metals Corp.
Basic Materials
|
Reduced | 2,792,112 | $312,269,806 | 5.32% | |
| LB |
LandBridge Co LLC
Energy
|
Reduced | 5,632,113 | $300,473,228 | 5.12% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 1,012,362 | $225,665,613 | 3.84% | |
| HE |
Hawaiian Electric Industries Inc
Utilities
|
Added | 18,257,717 | $201,565,195 | 3.43% | |
| WBI |
WaterBridge Infrastructure LLC
Energy
|
NEW | 6,354,306 | $160,255,597 | 2.73% | |
| BTC |
Grayscale Bitcoin Mini Trust ETF
|
Reduced | 3,000,467 | $151,913,644 | 2.59% | |
| ICE |
Intercontinental Exchange, Inc.
Financial Services
|
Reduced | 831,061 | $140,017,157 | 2.38% | |
| PBT |
Permian Basin Royalty Trust
Energy
|
Added | 6,099,049 | $111,307,644 | 1.90% | |
| LNG |
Cheniere Energy, Inc.
Energy
|
Reduced | 472,959 | $111,135,905 | 1.89% | |
| CBOE |
Cboe Global Markets, Inc.
Financial Services
|
Reduced | 409,459 | $100,419,819 | 1.71% | |
| MSB |
Mesabi Trust
Basic Materials
|
Added | 2,999,326 | $87,790,272 | 1.49% | |
| CACI |
Caci International Inc /De/
Technology
|
Reduced | 160,665 | $80,136,488 | 1.36% | |
| BN |
BROOKFIELD Corp /ON/
Financial Services
|
Added | 1,649,271 | $75,404,670 | 1.28% | |
| CME |
Cme Group Inc.
Financial Services
|
Added | 276,773 | $74,781,296 | 1.27% | |
| OR |
OR Royalties Inc.
Basic Materials
|
Added | 1,823,650 | $73,091,892 | 1.24% | |
| VNOM |
Viper Energy, Inc.
Energy
|
NEW | 1,721,927 | $65,812,049 | 1.12% | |
| CVEO |
Civeo Corp
Consumer Cyclical
|
Reduced | 2,690,466 | $61,880,718 | 1.05% | |
| AN |
Autonation, Inc.
Consumer Cyclical
|
Reduced | 259,335 | $56,734,717 | 0.97% | |
| CCJ |
Cameco Corp
Energy
|
Added | 676,032 | $56,692,043 | 0.97% | |
| MIAX |
Miami International Holdings, Inc.
Financial Services
|
NEW | 1,382,403 | $55,655,544 | 0.95% | |
| IBIT |
iShares Bitcoin Trust ETF
|
Reduced | 826,901 | $53,748,565 | 0.92% | |
| MSTR |
Strategy Inc
Technology
|
Reduced | 138,488 | $44,622,218 | 0.76% | |
| GLXY |
Galaxy Digital Inc.
Financial Services
|
Reduced | 1,253,870 | $42,393,344 | 0.72% | |
| HKHC |
Horizon Kinetics Holding Corp
Financial Services
|
Added | 1,075,161 | $40,544,321 | 0.69% | |
| DBRG |
DigitalBridge Group, Inc.
Financial Services
|
Reduced | 3,286,397 | $38,450,844 | 0.65% | |
| SJT |
San Juan Basin Royalty Trust
Energy
|
Added | 5,611,981 | $33,896,365 | 0.58% | |
| MRSH |
Marsh & Mclennan Companies, Inc.
Financial Services
|
Added | 157,219 | $31,684,345 | 0.54% | |
| TRC |
Tejon Ranch Co
Industrials
|
Added | 1,913,978 | $30,585,368 | 0.52% | |
| PAG |
Penske Automotive Group, Inc.
Consumer Cyclical
|
Reduced | 170,610 | $29,670,785 | 0.51% | |
| BG |
Bunge Global SA
Consumer Defensive
|
Reduced | 350,083 | $28,444,243 | 0.48% | |
| LYV |
Live Nation Entertainment, Inc.
Communication Services
|
Reduced | 172,112 | $28,123,100 | 0.48% | |
| CCL |
Carnival Corp Ltd.
Consumer Cyclical
|
Reduced | 961,734 | $27,803,729 | 0.47% | |
| JOE |
ST JOE Co
Real Estate
|
Reduced | 555,729 | $27,497,470 | 0.47% | |
| HHH |
Howard Hughes Holdings Inc.
Real Estate
|
Reduced | 306,248 | $25,164,398 | 0.43% | |
| DMLP |
Dorchester Minerals, L.P.
Energy
|
Reduced | 885,615 | $22,928,572 | 0.39% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Reduced | 40,349 | $20,285,056 | 0.35% | |
| WFG |
West Fraser Timber Co., Ltd
Basic Materials
|
Reduced | 296,006 | $20,122,487 | 0.34% | |
| SII |
Sprott Inc.
Financial Services
|
Added | 214,814 | $17,870,376 | 0.30% | |
| RCL |
Royal Caribbean Cruises Ltd
Consumer Cyclical
|
Reduced | 54,033 | $17,483,998 | 0.30% | |
| OSK |
Oshkosh Corp
Industrials
|
Reduced | 116,700 | $15,135,990 | 0.26% | |
| IPAR |
Interparfums Inc
Consumer Defensive
|
Reduced | 138,817 | $13,656,816 | 0.23% | |
| RGLD |
Royal Gold Inc
Basic Materials
|
Reduced | 63,820 | $12,801,015 | 0.22% | |
| RPRX |
Royalty Pharma plc
Healthcare
|
Added | 354,685 | $12,513,286 | 0.21% | |
| RBA |
Rb Global Inc.
Industrials
|
Reduced | 109,696 | $11,886,658 | 0.20% | |
| MA |
Mastercard Inc
Financial Services
|
Reduced | 19,630 | $11,165,740 | 0.19% | |
| BKKT |
Bakkt, Inc.
Technology
|
Reduced | 328,529 | $11,055,000 | 0.19% | |
| BAM |
Brookfield Asset Management Ltd.
Financial Services
|
Reduced | 190,647 | $10,855,440 | 0.18% | |
| WMB |
Williams Companies, Inc.
Energy
|
Reduced | 141,934 | $8,991,518 | 0.15% |