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
+5.1%
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
+76.3%
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. | ||||
18 positions ·
$164,466,487 total
· Technology only
· as of Sep 30, 2025
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| CACI |
Caci International Inc /De/
Technology
|
Reduced | 160,665 | $80,136,488 | 48.73% | |
| MSTR |
Strategy Inc
Technology
|
Reduced | 138,488 | $44,622,218 | 27.13% | |
| BKKT |
Bakkt, Inc.
Technology
|
Reduced | 328,529 | $11,055,000 | 6.72% | |
| SAIC |
Science Applications International Corp
Technology
|
Added | 53,138 | $5,280,323 | 3.21% | |
| MSFT |
Microsoft Corp
Technology
|
Reduced | 7,482 | $3,875,301 | 2.36% | |
| BR |
Broadridge Financial Solutions, Inc.
Technology
|
Added | 15,048 | $3,583,982 | 2.18% | |
| KLAC |
Kla Corp
Technology
|
Reduced | 3,251 | $3,506,528 | 2.13% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Reduced | 40,691 | $2,784,078 | 1.69% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 7,347 | $1,870,766 | 1.14% | |
| NVDA |
Nvidia Corp
Technology
|
Reduced | 8,610 | $1,606,453 | 0.98% | |
| FIS |
Fidelity National Information Services, Inc.
Technology
|
Reduced | 22,790 | $1,502,772 | 0.91% | |
| ADI |
Analog Devices Inc
Technology
|
Reduced | 4,701 | $1,155,035 | 0.70% | |
| IBM |
International Business Machines Corp
Technology
|
Added | 3,788 | $1,068,822 | 0.65% | |
| QCOM |
Qualcomm Inc/De
Technology
|
Reduced | 6,234 | $1,037,088 | 0.63% | |
| ADP |
Automatic Data Processing Inc
Technology
|
Reduced | 1,595 | $468,132 | 0.28% | |
| AEHR |
Aehr Test Systems
Technology
|
NEW | 15,400 | $463,694 | 0.28% | |
| AVGO |
Broadcom Inc.
Technology
|
Reduced | 1,207 | $398,201 | 0.24% | |
| KEEL |
Keel Infrastructure Corp.
Technology
|
Held | 18,300 | $51,606 | 0.03% |