HORIZON KINETICS ASSET MANAGEMENT LLC
Institutional investor · Portfolio as of Q4 2025
Top Holdings324 positions
TEXAS PACIFIC LAND CORPORATI | 10.3M | $3B | 40.1% | $131.03 | +118.27% | 17 qtrssince 2021-Q4 | Increased 100 |
GRAYSCALE BITCOIN TR BTC | 14.1M | $964.8M | 13.0% | $8.36 | +720.88% | 13 qtrssince 2022-Q4 | Decreased 0 |
WHEATON PRECIOUS METALS CORP | 2.5M | $293M | 4.0% | $42.84 | +173.12% | 17 qtrssince 2021-Q4 | Decreased 0 |
LANDBRIDGE COMPANY LLC | 5.6M | $276.4M | 3.7% | $27.34 | +78.36% | 7 qtrssince 2024-Q2 | Increased 56 |
HAWAIIAN ELEC INDUSTRIES | 19.4M | $238.5M | 3.2% | $10.83 | +13.59% | 5 qtrssince 2024-Q4 | Increased 60 |
FRANCO NEV CORP | 968,101 | $200.7M | 2.7% | $133.85 | +55.61% | 17 qtrssince 2021-Q4 | Decreased 0 |
WATERBRIDGE INFRASTRUCTURE L | 6.8M | $136.8M | 1.9% | $24.72 | -19.48% | 2 qtrssince 2025-Q3 | Increased 51 |
INTERCONTINENTAL EXCHANGE IN | 830,766 | $134.6M | 1.8% | $128.99 | +24.28% | 17 qtrssince 2021-Q4 | Decreased 0 |
MESABI TR | 3M | $116.6M | 1.6% | $17.75 | +112.93% | 17 qtrssince 2021-Q4 | Increased 48 |
GRAYSCALE BITCOIN MINI TRUST ETF | 3M | $116.1M | 1.6% | $41.89 | -7.55% | 5 qtrssince 2024-Q4 | Decreased 0 |
PERMIAN BASIN RTY TR | 6.2M | $105.1M | 1.4% | $13.97 | +20.54% | 17 qtrssince 2021-Q4 | Increased 48 |
CBOE GLOBAL MKTS INC | 408,398 | $102.5M | 1.4% | $127.24 | +96.37% | 17 qtrssince 2021-Q4 | Decreased 0 |
CHENIERE ENERGY INC | 463,329 | $90.1M | 1.2% | $113.27 | +70.39% | 17 qtrssince 2021-Q4 | Decreased 0 |
CACI INTL INC | 158,591 | $84.5M | 1.1% | $270.12 | +97.25% | 17 qtrssince 2021-Q4 | Decreased 0 |
MIAMI INTL HLDGS INC | 1.8M | $80.8M | 1.1% | $41.95 | +8.89% | 2 qtrssince 2025-Q3 | Increased 60 |
CME GROUP INC | 275,611 | $75.3M | 1.0% | $228.74 | +15.99% | 17 qtrssince 2021-Q4 | Decreased 0 |
BROOKFIELD CORP | 1.6M | $72.7M | 1.0% | $29.29 | +55.85% | 13 qtrssince 2022-Q4 | Decreased 0 |
VIPER ENERGY INC | 1.7M | $66.2M | 0.9% | $36.09 | +2.65% | 2 qtrssince 2025-Q3 | Decreased 0 |
OR ROYALTIES INC. | 1.8M | $64.2M | 0.9% | $25.62 | +37.39% | 3 qtrssince 2025-Q2 | Decreased 0 |
CAMECO CORP | 674,096 | $61.7M | 0.8% | $38.57 | +137.19% | 11 qtrssince 2023-Q2 | Decreased 0 |
HORIZON KINETICS ASSET MANAGEMENT LLC manages $7.4B across 324 positions as of Q4 2025. Top holdings: TPL (40.1%), GBTC (13.0%), WPM (4.0%). Fund DNA: Concentrated Value. HoldingsIntel Score: 5/5.0.
Active quarter - 4 new positions, 16 exits, 47 increased. Top move: TPL (INCREASED, conviction 100). Portfolio: $7.4B across 324 positions.
Top holdings by portfolio weight
Portfolio allocation by GICS sector
Behavioral investing profile
Position Outcomes
Best and worst performing positions by estimated return
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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
Verify source filings on SEC EDGAR