— Know what they know.
Not Investment Advice
Asset Manager ← All Institutions

HORIZON KINETICS ASSET MANAGEMENT LLC

Q3 2025 · Filed 2025-11-14
Market Value
$8.1B
-1.2%
Holdings
343
+2
New Purchases
11
Added To
48
Closed
23
Reduced
225
Top 10 Concentration
76.3%
Turnover
9.9%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
WBI 1.99% 0.00% +1.99% $160M
VNOM 0.82% 0.00% +0.82% $66M
FNV 2.80% 2.10% +0.70% $226M
MIAX 0.69% 0.00% +0.69% $56M
GBTC 15.79% 15.12% +0.67% $1.3B
WPM 3.87% 3.28% +0.59% $312M
CME 0.93% 0.43% +0.50% $75M
HKHC 0.50% 0.01% +0.49% $41M
PBT 1.38% 0.89% +0.49% $111M
HE 2.50% 2.12% +0.38% $202M
OR 0.91% 0.57% +0.33% $73M
MSB 1.09% 0.87% +0.22% $88M
GLXY 0.53% 0.37% +0.16% $42M
CCJ 0.70% 0.61% +0.09% $57M
BTC 1.88% 1.80% +0.09% $152M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TPL 40.59% 46.30% -5.71% $3.3B
LB 3.73% 4.55% -0.83% $300M
ADM 0.05% 0.33% -0.28% $4M
LYV 0.35% 0.58% -0.23% $28M
SAND 0.20% 0.42% -0.22% $16M
MSTR 0.55% 0.72% -0.17% $45M
ICE 1.74% 1.87% -0.13% $140M
VGSH 0.09% 0.17% -0.08% $7M
LNG 1.38% 1.45% -0.07% $111M
AC 0.33% 0.40% -0.06% $27M
LBRDK 0.03% 0.09% -0.06% $2M
VUSB 0.16% 0.22% -0.06% $13M
IPAR 0.17% 0.22% -0.06% $14M
IBIT 0.67% 0.72% -0.05% $54M
SPAQ 0.10% 0.15% -0.05% $8M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 43 $95M 1.2%
Large Cap 131 $6.2B 76.8%
Mid Cap 65 $1.2B 14.5%
Small Cap 62 $527M 6.5%
Micro Cap 42 $83M 1.0%

Portfolio Analytics

Avg Market Cap
$158.3B
Median Market Cap
$11.7B
Avg P/E
31.8
Median P/E
23.1
Avg Dividend Yield
0.03%
Avg Beta
0.98
# Stocks
255
# ETFs / Funds
89

Top Holdings (343 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPL 40.59% 3,504,692 $3.3B $933.64 -$507M -72,839 -2.0%
2 GBTC 15.79% 14,181,200 $1.3B $89.77 $39M -369,991 -2.5%
3 WPM 3.87% 2,792,112 $312M $111.84 $44M -193,374 -6.5%
4 LB 3.73% 5,632,113 $300M $53.35 -$71M +133,188 +2.4%
5 FNV 2.80% 1,012,362 $226M $222.91 $55M -31,184 -3.0%
6 HE 2.50% 18,257,717 $202M $11.04 $28M +1,976,008 +12.1%
7 WBI 1.99% 6,354,306 $160M $25.22 +6,354,306 NEW
8 BTC 1.88% 3,000,467 $152M $50.63 $5M -71,902 -2.3%
9 ICE 1.74% 831,061 $140M $168.48 -$13M -697 -0.1%
10 PBT 1.38% 6,099,049 $111M $18.25 $39M +259,224 +4.4%
11 LNG 1.38% 472,959 $111M $234.98 -$7M -11,953 -2.5%
12 0HQN.L 1.25% 409,459 $100M $245.25 $4M -3,258 -0.8%
13 MSB 1.09% 2,999,326 $88M $29.27 $17M +38,736 +1.3%
14 CACI 0.99% 160,665 $80M $498.78 $3M -1,007 -0.6%
15 BN 0.94% 1,649,271 $75M $45.72 $3M +476,270 +40.6%
16 CME 0.93% 276,773 $75M $270.19 $40M +149,375 +117.2%
17 OR 0.91% 1,823,650 $73M $40.08 $26M +6,149 +0.3%
18 VNOM 0.82% 1,721,927 $66M $38.22 +1,721,927 NEW
19 AN 0.70% 259,335 $57M $218.77 $5M -2,439 -0.9%
20 CCJ 0.70% 676,032 $57M $83.86 $7M +332 +0.1%
21 MIAX 0.69% 1,382,403 $56M $40.26 +1,382,403 NEW
22 IBIT 0.67% 826,901 $54M $65.00 -$5M -135,026 -14.0%
23 MSTR 0.55% 138,488 $45M $322.21 -$14M -7,011 -4.8%
24 GLXY 0.53% 1,253,870 $42M $33.81 $13M -110,397 -8.1%
25 HKHC 0.50% 1,075,161 $41M $37.71 $40M +1,058,798 +6470.7%
26 0YY7.L 0.48% 3,286,397 $38M $11.70 $1M -331,568 -9.2%
27 SJT 0.42% 5,611,981 $34M $6.04 $6M +1,017,479 +22.1%
28 MMC 0.39% 157,219 $32M $201.53 -$3M +432 +0.3%
29 TRC 0.38% 1,913,978 $31M $15.98 $3M +266,481 +16.2%
30 PAG 0.37% 170,610 $30M $173.91 $235K -717 -0.4%
31 LYV 0.35% 172,112 $28M $163.40 -$19M -139,004 -44.7%
32 CCL 0.34% 961,734 $28M $28.91 $543K -7,694 -0.8%
33 JOE 0.34% 555,729 $27M $49.48 $981K -162 -0.0%
34 AC 0.33% 805,348 $27M $33.53 -$5M -61,031 -7.0%
35 HHH 0.31% 306,248 $25M $82.17 -$3M -110,125 -26.4%
36 DMLP 0.28% 885,615 $23M $25.89 -$3M -31,234 -3.4%
37 WTM 0.27% 13,084 $22M $1,671.52 $2M +2,113 +19.3%
38 BRK-B 0.25% 40,349 $20M $502.74 -$373K -2,177 -5.1%
39 WFG 0.25% 296,006 $20M $67.98 -$2M -8,832 -2.9%
40 SII 0.22% 214,814 $18M $83.19 $3M +1,916 +0.9%
41 RCL 0.22% 54,033 $17M $323.58 -$106K -2,139 -3.8%
42 SAND 0.20% 1,274,954 $16M $12.52 -$18M -2,369,697 -65.0%
43 OSK 0.19% 116,700 $15M $129.70 $1M -7,506 -6.0%
44 IPAR 0.17% 138,817 $14M $98.38 -$5M -963 -0.7%
45 VUSB 0.16% 263,822 $13M $50.00 -$5M -98,261 -27.1%
46 RGLD 0.16% 63,820 $13M $200.58 -$162K -9,072 -12.4%
47 RPRX 0.16% 354,685 $13M $35.28 -$222K +1,214 +0.3%
48 MA 0.14% 19,630 $11M $568.80 -$49K -327 -1.6%
49 BKKT 0.14% 328,529 $11M $33.65 $6M -6,750 -2.0%
50 WMB 0.11% 141,934 $9M $63.35 -$2M -29,981 -17.4%
51 SBR 0.11% 109,410 $9M $79.46 $1M -111 -0.1%
52 SPAQ 0.10% 76,904 $8M $104.13 -$4M -36,220 -32.0%
53 VGSH 0.09% 124,996 $7M $58.85 -$7M -112,392 -47.4%
54 AB 0.09% 188,256 $7M $38.22 $463K +23,364 +14.2%
55 BCHG 0.08% 1,487,494 $7M $4.45 $670K -53,770 -3.5%
56 ET 0.08% 369,535 $6M $17.16 -$2M -70,412 -16.0%
57 NDAQ 0.08% 69,970 $6M $88.45 -$26K +474 +0.7%
58 MSGS 0.07% 23,724 $5M $227.00 $195K -1,114 -4.5%
59 SAIC 0.07% 53,138 $5M $99.37 -$689K +133 +0.2%
60 XOM 0.06% 45,610 $5M $112.75 -$706K -8,643 -15.9%
61 ABBV 0.06% 20,353 $5M $231.54 $311K -3,357 -14.2%
62 BCDF 0.06% 148,241 $5M $31.54 -$25K -2,537 -1.7%
63 MKL 0.06% 2,407 $5M $1,910.97 -$225K -9 -0.4%
64 INFL 0.06% 101,299 $5M $44.69 $186K -1,657 -1.6%
65 LTCN 0.05% 497,743 $4M $8.79 $768K -44,735 -8.2%
66 EXP 0.05% 18,766 $4M $233.04 $298K -1,395 -6.9%
67 LBRT 0.05% 346,826 $4M $12.34 $3M +197,398 +132.1%
68 WEN 0.05% 466,421 $4M $9.16 -$4M -232,921 -33.3%
69 ADM 0.05% 67,383 $4M $59.74 -$23M -438,586 -86.7%
70 EPD 0.05% 127,373 $4M $31.27 -$1M -35,078 -21.6%
71 SPGI 0.05% 8,112 $4M $486.72 -$1M -2,074 -20.4%
72 MSFT 0.05% 7,482 $4M $517.93 -$2M -4,369 -36.9%
73 FCX 0.05% 97,381 $4M $39.22 -$2M -45,466 -31.8%
74 0JUJ.L 0.04% 37,756 $4M $95.22 -$226K -2,480 -6.2%
75 BR 0.04% 15,048 $4M $238.17 $2M +7,287 +93.9%
76 KLAC 0.04% 3,251 $4M $1,078.60 -$772K -1,525 -31.9%
77 PM 0.04% 21,014 $3M $162.20 -$3M -14,200 -40.3%
78 NEA 0.04% 297,264 $3M $11.39 -$321K -42,201 -12.4%
79 LLY 0.04% 4,247 $3M $763.00 $40K +141 +3.4%
80 FTLF 0.04% 154,456 $3M $19.89 $1M
81 SPHR 0.04% 49,391 $3M $62.12 $818K -4,434 -8.2%
82 NTR 0.04% 51,926 $3M $58.71 -$810K -14,319 -21.6%
83 JNJ 0.04% 16,180 $3M $185.42 $52K -3,122 -16.2%
84 LHX 0.04% 9,808 $3M $305.42 -$1M -6,242 -38.9%
85 TPH 0.04% 85,962 $3M $33.97 $167K -200 -0.2%
86 AMLP 0.03% 59,674 $3M $46.93 -$197K -1,683 -2.7%
87 WT 0.03% 201,038 $3M $13.90 $507K +2,266 +1.1%
88 CSCO 0.03% 40,691 $3M $68.42 -$1M -15,950 -28.2%
89 FNF 0.03% 45,221 $3M $60.49 -$542K -13,240 -22.6%
90 CMRE-PC 0.03% 227,100 $3M $11.91 -$312K -104,000 -31.4%
91 MO 0.03% 40,657 $3M $66.06 -$1M -22,490 -35.6%
92 SU 0.03% 61,944 $3M $41.81 -$329K -16,000 -20.5%
93 NRP 0.03% 24,580 $3M $105.00 $754K +5,457 +28.5%
94 MTA 0.03% 404,397 $3M $6.35 $1M -1,033 -0.2%
95 REZI 0.03% 59,196 $3M $43.18 $962K -13,066 -18.1%
96 ELS 0.03% 41,170 $2M $60.70 -$3M -55,958 -57.6%
97 CAT 0.03% 5,182 $2M $477.15 -$528K -2,547 -33.0%
98 MRK 0.03% 28,617 $2M $83.93 -$435K -7,218 -20.1%
99 LBRDK 0.03% 36,288 $2M $63.54 -$5M -38,325 -51.4%
100 GDLC 0.03% 41,029 $2M $55.90 $326K

New Positions

SymbolValue% Port
WBI $160M 1.99%
VNOM $66M 0.82%
MIAX $56M 0.69%
UNH $585K 0.01%
STZ $581K 0.01%
AEHR $464K 0.01%
PNI $262K —%
BEAM $233K —%
NOC $219K —%
NEE $216K —%
TMO $212K —%

Sold Out Positions

SymbolValue% Port
M —%
EVN —%
HIO —%
VVR —%
DOW —%
IFF —%
KVUE —%
CM —%
PWR —%
DAL —%
BIP —%
ENB —%
COST —%
COIN —%
HODL —%
View SEC EDGAR Filings for HORIZON KINETICS ASSET MANAGEMENT LLC →

Sign in to InsiderStreet

You'll also get our free weekly newsletter with
smart money signals, market insights, and alpha ideas.
Unsubscribe anytime.

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