HORIZON KINETICS ASSET MANAGEMENT LLC
Institutional investor · Portfolio as of Q4 2025
Top Holdings324 positions
Stock | Shares | Value | Weight | Avg Buy | Est. P&L | Held | Conviction |
|---|---|---|---|---|---|---|---|
TEXAS PACIFIC LAND CORP | 10.3M | $3B | 40.1% | $250.41 | +16.88% | 17 qtrssince 2021-Q4 | Increased 100 |
GRAYSCALE BITCOIN TRUST 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% | $42.95 | +176.80% | 17 qtrssince 2021-Q4 | Decreased 0 |
LANDBRIDGE COMPANY LLC | 5.6M | $276.4M | 3.7% | $27.50 | +82.59% | 7 qtrssince 2024-Q2 | Increased 56 |
HAWAIIAN ELEC INDS INC MTN B | 19.4M | $238.5M | 3.2% | $10.94 | +15.23% | 5 qtrssince 2024-Q4 | Increased 60 |
FRANCO-NEVADA CORP /CAD/ | 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% | $24.22 | -16.46% | 2 qtrssince 2025-Q3 | Increased 51 |
INTERCONTINENTALEXCHANGE GRO COM | 830,766 | $134.6M | 1.8% | $130.70 | +24.83% | 17 qtrssince 2021-Q4 | Decreased 0 |
MESABI TR CTF BEN INT | 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% | $41.77 | -6.95% | 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 MARKETS INC | 408,398 | $102.5M | 1.4% | $126.67 | +100.94% | 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% | $270.20 | +99.49% | 17 qtrssince 2021-Q4 | Decreased 0 |
Miami International Holdings, 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% | $236.80 | +16.48% | 17 qtrssince 2021-Q4 | Decreased 0 |
BROOKFIELD CORP /CAD/ | 1.6M | $72.7M | 1.0% | $29.54 | +56.68% | 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% | $25.03 | +43.72% | 3 qtrssince 2025-Q2 | Decreased 0 |
CAMECO CORP | 674,096 | $61.7M | 0.8% | $38.21 | +139.11% | 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 Rating: 4/5.0.
Active quarter - 4 new positions, 14 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
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