HORIZON KINETICS ASSET MANAGEMENT LLC
Institutional investor · Portfolio as of Q3 2025
Top Holdings336 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORP | 3.5M | $3.3B | 39.9% | $168.06 | +82.27% | 16 qtrssince 2021-Q4 | Decreased 0 |
GRAYSCALE BITCOIN TRUST BTC | 14.2M | $1.3B | 15.5% | $8.36 | +973.57% | 12 qtrssince 2022-Q4 | Decreased 0 |
WHEATON PRECIOUS METALS CORP | 2.8M | $312.3M | 3.8% | $42.95 | +157.26% | 16 qtrssince 2021-Q4 | Decreased 0 |
LANDBRIDGE COMPANY LLC | 5.6M | $300.5M | 3.7% | $27.46 | +92.16% | 6 qtrssince 2024-Q2 | Increased 58 |
FRANCO-NEVADA CORP /CAD/ | 1M | $225.7M | 2.8% | $133.85 | +63.69% | 16 qtrssince 2021-Q4 | Decreased 0 |
HAWAIIAN ELEC INDS INC MTN B | 18.3M | $201.6M | 2.5% | $10.84 | +1.94% | 4 qtrssince 2024-Q4 | Increased 59 |
WATERBRIDGE INFRASTRUCTURE L | 6.4M | $160.3M | 2.0% | $24.52 | 0.00% | 1 qtr | New 69 |
GRAYSCALE BITCOIN MINI TRUST ETF | 3M | $151.9M | 1.9% | $41.77 | +21.30% | 4 qtrssince 2024-Q4 | Decreased 0 |
INTERCONTINENTALEXCHANGE GRO COM | 831,061 | $140M | 1.7% | $130.70 | +28.15% | 16 qtrssince 2021-Q4 | Decreased 0 |
PERMIAN BASIN RTY TR | 6.1M | $111.3M | 1.4% | $13.93 | +29.56% | 16 qtrssince 2021-Q4 | Increased 49 |
CHENIERE ENERGY INC | 472,959 | $111.1M | 1.4% | $113.27 | +105.42% | 16 qtrssince 2021-Q4 | Decreased 0 |
CBOE GLOBAL MARKETS INC | 409,459 | $100.4M | 1.2% | $126.67 | +94.39% | 16 qtrssince 2021-Q4 | Decreased 0 |
MESABI TR CTF BEN INT | 3M | $87.8M | 1.1% | $17.56 | +61.98% | 16 qtrssince 2021-Q4 | Increased 47 |
CACI INTL INC | 160,665 | $80.1M | 1.0% | $270.20 | +80.63% | 16 qtrssince 2021-Q4 | Decreased 0 |
BROOKFIELD CORP /CAD/ | 1.6M | $75.4M | 0.9% | $29.54 | +55.80% | 12 qtrssince 2022-Q4 | Increased 56 |
CME GROUP INC | 276,773 | $74.8M | 0.9% | $228.74 | +14.24% | 16 qtrssince 2021-Q4 | Increased 67 |
OR ROYALTIES INC. | 1.8M | $73.1M | 0.9% | $25.03 | +57.02% | 2 qtrssince 2025-Q2 | Increased 42 |
VIPER ENERGY INC | 1.7M | $65.8M | 0.8% | $36.09 | 0.00% | 1 qtr | New 58 |
CIVEO CORP CDA | 2.7M | $61.9M | 0.8% | $18.47 | +22.66% | 16 qtrssince 2021-Q4 | Decreased 0 |
AUTONATION INC | 259,335 | $56.7M | 0.7% | $115.98 | +87.47% | 16 qtrssince 2021-Q4 | Decreased 0 |
HORIZON KINETICS ASSET MANAGEMENT LLC manages $8.2B across 336 positions as of Q3 2025. Top holdings: TPL (39.9%), GBTC (15.5%), WPM (3.8%). Fund DNA: Concentrated Value. HoldingsIntel Rating: 4/5.0.
Active quarter - 11 new positions, 26 exits, 51 increased. Top move: WBI (NEW, conviction 69). Portfolio: $8.2B across 336 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
Top Winners
Top Losers
Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.
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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer