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HORIZON KINETICS ASSET MANAGEMENT LLC

Q2 2025 · Filed 2025-08-12
Market Value
$8.2B
-4.0%
Holdings
341
+9
New Purchases
17
Added To
93
Closed
9
Reduced
135
Top 10 Concentration
79.8%
Turnover
7.6%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBTC 15.12% 11.26% +3.86% $1.2B
WPM 3.28% 2.70% +0.59% $268M
OR 0.57% 0.00% +0.57% $47M
HE 2.12% 1.63% +0.49% $173M
BTC 1.80% 1.31% +0.48% $147M
PBT 0.89% 0.48% +0.41% $73M
GLXY 0.37% 0.00% +0.37% $30M
CCJ 0.61% 0.31% +0.31% $50M
IBIT 0.72% 0.48% +0.24% $59M
FNV 2.10% 1.88% +0.21% $171M
ICE 1.87% 1.66% +0.21% $153M
TRC 0.34% 0.15% +0.19% $28M
SJT 0.34% 0.16% +0.18% $27M
MSTR 0.72% 0.55% +0.17% $59M
BN 0.89% 0.75% +0.14% $73M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TPL 46.30% 55.99% -9.70% $3.8B
LB 4.55% 4.64% -0.09% $372M
MSB 0.87% 0.93% -0.06% $71M
HHH 0.34% 0.38% -0.04% $28M
WEN 0.10% 0.13% -0.03% $8M
SPGI 0.07% 0.09% -0.03% $5M
CRL 0.04% 0.06% -0.02% $3M
BRK-B 0.25% 0.27% -0.02% $21M
NDAQ 0.08% 0.09% -0.02% $6M
WTM 0.24% 0.26% -0.02% $20M
TPH 0.03% 0.05% -0.01% $3M
KMI 0.02% 0.04% -0.01% $2M
AC 0.40% 0.41% -0.01% $32M
SPAQ 0.15% 0.16% -0.01% $12M
VUSB 0.22% 0.23% -0.01% $18M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 42 $109M 1.3%
Large Cap 131 $6.6B 80.4%
Mid Cap 64 $1.1B 13.9%
Small Cap 62 $283M 3.5%
Micro Cap 42 $73M 0.9%

Portfolio Analytics

Avg Market Cap
$157.8B
Median Market Cap
$11.0B
Avg P/E
31.6
Median P/E
23.0
Avg Dividend Yield
0.03%
Avg Beta
0.97
# Stocks
253
# ETFs / Funds
89

Top Holdings (341 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPL 46.30% 3,577,531 $3.8B $1,056.39 -$984M -17,559 -0.5%
2 GBTC 15.12% 14,551,191 $1.2B $84.83 $277M -145,322 -1.0%
3 LB 4.55% 5,498,925 $372M $67.58 -$23M +11,968 +0.2%
4 WPM 3.28% 2,985,486 $268M $89.80 $39M +28,792 +1.0%
5 HE 2.12% 16,281,709 $173M $10.63 $34M +3,624,709 +28.6%
6 FNV 2.10% 1,043,546 $171M $163.92 $11M +26,772 +2.6%
7 ICE 1.87% 831,758 $153M $183.47 $11M +13,497 +1.6%
8 BTC 1.80% 3,072,369 $147M $47.75 $35M +11,733 +0.4%
9 LNG 1.45% 484,912 $118M $243.52 $6M +816 +0.2%
10 0HQN.L 1.18% 412,717 $96M $233.21 $2M -5,539 -1.3%
11 CACI 0.94% 161,672 $77M $476.70 $7M -27,980 -14.8%
12 PBT 0.89% 5,839,825 $73M $12.46 $32M +1,705,498 +41.2%
13 BN 0.89% 1,173,001 $73M $61.85 $9M -37,884 -3.1%
14 MSB 0.87% 2,960,590 $71M $23.96 -$8M +58,895 +2.0%
15 IBIT 0.72% 961,927 $59M $61.21 $18M +91,607 +10.5%
16 MSTR 0.72% 145,499 $59M $404.23 $12M -15,996 -9.9%
17 AN 0.64% 261,774 $52M $198.65 $7M -18,719 -6.7%
18 CCJ 0.61% 675,700 $50M $74.23 $24M +42,993 +6.8%
19 LYV 0.58% 311,116 $47M $151.28 $4M -14,860 -4.6%
20 OR 0.57% 1,817,501 $47M $25.71 +1,817,501 NEW
21 0YY7.L 0.46% 3,617,965 $37M $10.35 $7M +171,988 +5.0%
22 CME 0.43% 127,398 $35M $275.62 $1M -855 -0.7%
23 MMC 0.42% 156,787 $34M $218.64 -$2M +8,194 +5.5%
24 SAND 0.42% 3,644,651 $34M $9.40 $7M -28,145 -0.8%
25 AC 0.40% 866,379 $32M $37.50 -$2M -41,566 -4.6%
26 GLXY 0.37% 1,364,267 $30M $21.90 +1,364,267 NEW
27 PAG 0.36% 171,327 $29M $171.81 $3M -13,536 -7.3%
28 HHH 0.34% 416,373 $28M $67.50 -$4M -20,633 -4.7%
29 TRC 0.34% 1,647,497 $28M $16.96 $15M +823,435 +99.9%
30 SJT 0.34% 4,594,502 $27M $5.98 $14M +2,124,370 +86.0%
31 CCL 0.33% 969,428 $27M $28.12 $6M -115,620 -10.7%
32 ADM 0.33% 505,969 $27M $52.78 $2M -479 -0.1%
33 JOE 0.32% 555,891 $27M $47.70 $678K +5,552 +1.0%
34 DMLP 0.31% 916,849 $26M $27.86 -$2M +4,386 +0.5%
35 WFG 0.27% 304,838 $22M $73.30 $137K +16,206 +5.6%
36 BRK-B 0.25% 42,526 $21M $485.77 -$2M -595 -1.4%
37 WTM 0.24% 10,971 $20M $1,795.72 -$2M -374 -3.3%
38 IPAR 0.22% 139,780 $18M $131.31 $2M -7,341 -5.0%
39 VUSB 0.22% 362,083 $18M $49.87 -$2M -33,258 -8.4%
40 RCL 0.22% 56,172 $18M $313.14 $6M -389 -0.7%
41 SII 0.18% 212,898 $15M $69.09 $6M +13,983 +7.0%
42 OSK 0.17% 124,206 $14M $113.54 $1M -14,767 -10.6%
43 VGSH 0.17% 237,388 $14M $58.78 -$7K -476 -0.2%
44 RGLD 0.16% 72,892 $13M $177.84 $761K -1,736 -2.3%
45 RPRX 0.16% 353,471 $13M $36.03 $2M +23,901 +7.2%
46 SPAQ 0.15% 113,124 $12M $104.76 -$1M -18,473 -14.0%
47 MA 0.14% 19,957 $11M $561.93 $455K +327 +1.7%
48 WMB 0.13% 171,915 $11M $62.81 $480K -750 -0.4%
49 WEN 0.10% 699,342 $8M $11.42 -$3M -62,832 -8.2%
50 ET 0.10% 439,947 $8M $18.13 $370K +30,781 +7.5%
51 LBRDK 0.09% 74,613 $7M $98.38 $49K -11,119 -13.0%
52 SBR 0.09% 109,521 $7M $66.68 -$704K -8,760 -7.4%
53 AB 0.08% 164,892 $7M $40.83 $2M +48,906 +42.2%
54 PM 0.08% 35,214 $6M $182.13 $335K -3,080 -8.0%
55 NDAQ 0.08% 69,496 $6M $89.42 -$2M -33,847 -32.8%
56 FCX 0.08% 142,847 $6M $43.35 $797K +350 +0.2%
57 ELS 0.07% 97,128 $6M $61.67 -$715K -3,400 -3.4%
58 SAIC 0.07% 53,005 $6M $112.61 $140K +1,083 +2.1%
59 BCHG 0.07% 1,541,264 $6M $3.86 $2M +34,535 +2.3%
60 MSFT 0.07% 11,851 $6M $497.39 $1M -746 -5.9%
61 XOM 0.07% 54,253 $6M $107.80 -$628K -206 -0.4%
62 SPGI 0.07% 10,186 $5M $527.29 -$3M -5,384 -34.6%
63 MSGS 0.06% 24,838 $5M $208.95 -$687K -5,345 -17.7%
64 EPD 0.06% 162,451 $5M $31.01 $528K +30,364 +23.0%
65 MKL 0.06% 2,416 $5M $1,996.95 $159K -80 -3.2%
66 BCDF 0.06% 150,778 $5M $31.17 $1M +18,839 +14.3%
67 BKKT 0.06% 335,279 $5M $13.95 $2M -473 -0.1%
68 BX 0.05% 29,999 $4M $149.58 $266K -201 -0.7%
69 ABBV 0.05% 23,710 $4M $185.62 -$660K -447 -1.9%
70 INFL 0.05% 102,956 $4M $42.17 $344K +4,610 +4.7%
71 KLAC 0.05% 4,776 $4M $895.74 $1M -11 -0.2%
72 EXP 0.05% 20,161 $4M $202.11 -$901K -2,261 -10.1%
73 LHX 0.05% 16,050 $4M $250.85 $667K
74 CSCO 0.05% 56,641 $4M $69.38 $434K
75 NTR 0.05% 66,245 $4M $58.24 $601K +670 +1.0%
76 0JUJ.L 0.05% 40,236 $4M $94.96 $491K -634 -1.6%
77 NEA 0.05% 339,465 $4M $10.92 -$142K -4,167 -1.2%
78 MO 0.05% 63,147 $4M $58.63 -$91K -50 -0.1%
79 LTCN 0.04% 542,478 $4M $6.65 $217K +27,260 +5.3%
80 BSM 0.04% 268,638 $4M $13.08 -$588K
81 CRL 0.04% 22,260 $3M $151.73 -$2M -12,026 -35.1%
82 IRM 0.04% 32,455 $3M $102.57 $536K
83 FNF 0.04% 58,461 $3M $56.06 -$502K +390 +0.7%
84 NVDA 0.04% 20,710 $3M $157.99 $881K -1,350 -6.1%
85 LLY 0.04% 4,106 $3M $779.53 -$315K -151 -3.5%
86 EMR 0.04% 23,692 $3M $133.33 $586K +230 +1.0%
87 BUR 0.04% 212,489 $3M $14.26 -$485K -53,617 -20.1%
88 CMRE-PC 0.04% 331,100 $3M $9.11 -$149K +9,460 +2.9%
89 CAT 0.04% 7,729 $3M $388.21 $389K -189 -2.4%
90 AMLP 0.04% 61,357 $3M $48.86 -$188K +27 +0.0%
91 JNJ 0.04% 19,302 $3M $152.75 -$304K -310 -1.6%
92 RTX 0.04% 20,099 $3M $146.02 $217K -420 -2.0%
93 SU 0.04% 77,944 $3M $37.45 -$99K
94 CVX 0.03% 19,867 $3M $143.19 -$542K -379 -1.9%
95 BMY 0.03% 61,317 $3M $46.29 -$810K +1,504 +2.5%
96 MRK 0.03% 35,835 $3M $79.16 -$222K +1,761 +5.2%
97 TPH 0.03% 86,162 $3M $31.95 -$1M -37,850 -30.5%
98 LVS 0.03% 61,993 $3M $43.51 $311K +213 +0.3%
99 PFE 0.03% 103,183 $3M $24.24 -$34K +3,157 +3.2%
100 OPLN 0.03% 101,857 $2M $24.45 $430K -5,000 -4.7%

New Positions

SymbolValue% Port
OR $47M 0.57%
GLXY $30M 0.37%
MVF $612K 0.01%
CMDB $548K 0.01%
AVGO $399K —%
MOD $387K —%
ERII $363K —%
CTAS $333K —%
COIN $251K —%
LOW $237K —%
B $221K —%
LMT $214K —%
BA $211K —%
AXP $209K —%
COST $203K —%

Sold Out Positions

SymbolValue% Port
NEE —%
PBH —%
OIS —%
KYN —%
EXE —%
KHC —%
IWM —%
WYNN —%
TSVT —%
View SEC EDGAR Filings for HORIZON KINETICS ASSET MANAGEMENT LLC →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms