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HORIZON KINETICS ASSET MANAGEMENT LLC

Q4 2025 · Filed 2026-02-11
Market Value
$7.3B
-9.9%
Holdings
323
-20
New Purchases
3
Added To
46
Closed
13
Reduced
184
Top 10 Concentration
75.0%
Turnover
5.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
HE 3.28% 2.50% +0.78% $239M
MSB 1.61% 1.09% +0.52% $117M
MIAX 1.11% 0.69% +0.42% $81M
TPL 40.86% 40.59% +0.27% $3.0B
TFPM.TO 0.19% 0.01% +0.18% $14M
CACI 1.16% 0.99% +0.17% $84M
0YY7.L 0.64% 0.48% +0.17% $47M
0HQN.L 1.41% 1.25% +0.17% $103M
WPM 4.03% 3.87% +0.16% $293M
CCJ 0.85% 0.70% +0.15% $62M
RGLD 0.29% 0.16% +0.13% $21M
ICE 1.85% 1.74% +0.12% $135M
JOE 0.45% 0.34% +0.11% $33M
CME 1.04% 0.93% +0.11% $75M
WTM 0.38% 0.27% +0.10% $27M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBTC 13.28% 15.79% -2.51% $965M
AC 0.00% 0.33% -0.33% $0
BTC 1.60% 1.88% -0.29% $116M
MSTR 0.29% 0.55% -0.26% $21M
WFG 0.00% 0.25% -0.25% $0
SAND 0.00% 0.20% -0.20% $0
HKHC 0.35% 0.50% -0.16% $25M
GLXY 0.38% 0.53% -0.14% $28M
LNG 1.24% 1.38% -0.14% $90M
IBIT 0.54% 0.67% -0.12% $40M
WBI 1.88% 1.99% -0.10% $137M
BKKT 0.04% 0.14% -0.09% $3M
FNV 2.76% 2.80% -0.04% $201M
LBRDK 0.00% 0.03% -0.03% $202K
OR 0.88% 0.91% -0.02% $64M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 43 $96M 1.3%
Large Cap 123 $5.5B 75.4%
Mid Cap 65 $1.1B 15.7%
Small Cap 57 $476M 6.6%
Micro Cap 35 $74M 1.0%

Portfolio Analytics

Avg Market Cap
$166.0B
Median Market Cap
$12.6B
Avg P/E
31.6
Median P/E
22.7
Avg Dividend Yield
0.03%
Avg Beta
0.98
# Stocks
245
# ETFs / Funds
79

Top Holdings (323 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPL 40.86% 10,333,762 $3.0B $287.22 -$304M +6,829,070 +194.9%
2 GBTC 13.28% 14,113,593 $965M $68.36 -$308M -67,607 -0.5%
3 WPM 4.03% 2,493,518 $293M $117.52 -$19M -298,594 -10.7%
4 LB 3.81% 5,642,766 $276M $48.99 -$24M +10,653 +0.2%
5 HE 3.28% 19,392,363 $239M $12.30 $37M +1,134,646 +6.2%
6 FNV 2.76% 968,101 $201M $207.28 -$25M -44,261 -4.4%
7 WBI 1.88% 6,837,520 $137M $20.01 -$23M +483,214 +7.6%
8 ICE 1.85% 830,766 $135M $161.96 -$5M -295 -0.0%
9 MSB 1.61% 3,027,698 $117M $38.52 $29M +28,372 +0.9%
10 BTC 1.60% 2,997,060 $116M $38.73 -$36M -3,407 -0.1%
11 PBT 1.45% 6,187,800 $105M $16.98 -$6M +88,751 +1.5%
12 0HQN.L 1.41% 408,398 $103M $251.00 $2M -1,061 -0.3%
13 LNG 1.24% 463,329 $90M $194.39 -$21M -9,630 -2.0%
14 CACI 1.16% 158,591 $84M $532.81 $4M -2,074 -1.3%
15 MIAX 1.11% 1,819,798 $81M $44.38 $25M +437,395 +31.6%
16 CME 1.04% 275,611 $75M $273.08 $483K -1,162 -0.4%
17 BN 1.00% 1,583,710 $73M $45.89 -$3M -65,561 -4.0%
18 VNOM 0.91% 1,714,904 $66M $38.63 $435K -7,023 -0.4%
19 OR 0.88% 1,815,024 $64M $35.39 -$9M -8,626 -0.5%
20 CCJ 0.85% 674,096 $62M $91.49 $5M -1,936 -0.3%
21 AN 0.73% 256,479 $53M $206.48 -$4M -2,856 -1.1%
22 0YY7.L 0.64% 3,046,533 $47M $15.34 $8M -239,864 -7.3%
23 IBIT 0.54% 796,863 $40M $49.65 -$14M -30,038 -3.6%
24 SJT 0.48% 6,231,144 $35M $5.62 $1M +619,163 +11.0%
25 JOE 0.45% 554,837 $33M $59.37 $5M -892 -0.2%
26 TRC 0.42% 1,912,573 $30M $15.77 -$424K -1,405 -0.1%
27 CCL 0.40% 957,548 $29M $30.54 $1M -4,186 -0.4%
28 MMC 0.40% 156,685 $29M $185.52 -$3M -534 -0.3%
29 GLXY 0.38% 1,249,554 $28M $22.36 -$14M -4,316 -0.3%
30 WTM 0.38% 13,121 $27M $2,078.03 $5M +37 +0.3%
31 PAG 0.37% 169,874 $27M $158.29 -$3M -736 -0.4%
32 HKHC 0.35% 1,075,313 $25M $23.50 -$15M +152 +0.0%
33 LYV 0.33% 169,884 $24M $142.50 -$4M -2,228 -1.3%
34 HHH 0.32% 293,360 $23M $79.77 -$2M -12,888 -4.2%
35 MSTR 0.29% 139,377 $21M $151.95 -$23M +889 +0.6%
36 RGLD 0.29% 94,876 $21M $222.29 $8M +31,056 +48.7%
37 SII 0.29% 214,626 $21M $97.92 $3M -188 -0.1%
38 DMLP 0.27% 875,662 $20M $22.36 -$3M -9,953 -1.1%
39 BRK-B 0.26% 37,988 $19M $502.65 -$1M -2,361 -5.8%
40 VUSB 0.23% 342,542 $17M $49.84 $4M +78,720 +29.8%
41 RCL 0.20% 52,758 $15M $278.92 -$3M -1,275 -2.4%
42 OSK 0.20% 116,193 $15M $125.63 -$539K -507 -0.4%
43 TFPM.TO 0.19% 425,303 $14M $33.22 $13M +398,890 +1510.2%
44 RPRX 0.19% 353,361 $14M $38.64 $1M -1,324 -0.4%
45 IPAR 0.16% 138,558 $12M $84.83 -$2M -259 -0.2%
46 MA 0.15% 19,579 $11M $570.87 $12K -51 -0.3%
47 WMB 0.11% 137,321 $8M $60.11 -$737K -4,613 -3.2%
48 SBR 0.10% 109,487 $8M $68.57 -$1M +77 +0.1%
49 AB 0.10% 193,741 $7M $38.48 $260K +5,485 +2.9%
50 NDAQ 0.09% 70,822 $7M $97.13 $690K +852 +1.2%
51 SPAQ 0.09% 71,954 $7M $90.67 -$1M -4,950 -6.4%
52 VGSH 0.09% 110,086 $6M $58.73 -$891K -14,910 -11.9%
53 BCHG 0.09% 1,486,851 $6M $4.32 -$196K -643 -0.0%
54 LBRT 0.09% 342,711 $6M $18.46 $2M -4,115 -1.2%
55 MSGS 0.08% 23,344 $6M $258.65 $653K -380 -1.6%
56 ET 0.08% 359,648 $6M $16.49 -$411K -9,887 -2.7%
57 VXF 0.07% 25,889 $5M $209.12 $4M +20,277 +361.3%
58 SAIC 0.07% 52,662 $5M $100.66 $21K -476 -0.9%
59 WES 0.07% 134,085 $5M $39.50 +134,085 NEW
60 FCX 0.07% 93,114 $5M $50.79 $910K -4,267 -4.4%
61 BCDF 0.06% 156,000 $5M $30.22 $39K +7,759 +5.2%
62 XOM 0.06% 38,580 $5M $120.34 -$500K -7,030 -15.4%
63 BR 0.06% 20,423 $5M $223.17 $974K +5,375 +35.7%
64 MKL 0.06% 2,102 $5M $2,149.14 -$82K -305 -12.7%
65 SPHR 0.06% 47,463 $5M $95.08 $1M -1,928 -3.9%
66 ABBV 0.06% 19,541 $4M $228.49 -$248K -812 -4.0%
67 LLY 0.06% 4,106 $4M $1,074.68 $1M -141 -3.3%
68 INFL 0.06% 98,980 $4M $44.46 -$127K -2,319 -2.3%
69 EPD 0.05% 112,063 $4M $32.06 -$390K -15,310 -12.0%
70 CMRE-PC 0.05% 221,950 $4M $15.79 $800K -5,150 -2.3%
71 MSFT 0.05% 7,208 $3M $483.65 -$389K -274 -3.7%
72 ADM 0.05% 60,202 $3M $57.49 -$564K -7,181 -10.7%
73 EXP 0.05% 16,743 $3M $206.69 -$913K -2,023 -10.8%
74 KLAC 0.05% 2,845 $3M $1,215.08 -$50K -406 -12.5%
75 NEA 0.05% 295,249 $3M $11.63 $48K -2,015 -0.7%
76 JNJ 0.05% 15,949 $3M $206.95 $301K -231 -1.4%
77 BKKT 0.04% 324,706 $3M $10.04 -$8M -3,823 -1.2%
78 0JUJ.L 0.04% 36,018 $3M $89.38 -$376K -1,738 -4.6%
79 NTR 0.04% 51,872 $3M $61.72 $153K -54 -0.1%
80 PM 0.04% 19,851 $3M $160.40 -$224K -1,163 -5.5%
81 MTA 0.04% 404,397 $3M $7.78 $578K
82 CSCO 0.04% 38,941 $3M $77.03 $216K -1,750 -4.3%
83 WEN 0.04% 359,896 $3M $8.33 -$1M -106,525 -22.8%
84 MRK 0.04% 28,147 $3M $105.26 $561K -470 -1.6%
85 LTCN 0.04% 503,902 $3M $5.84 -$1M +6,159 +1.2%
86 AMLP 0.04% 60,307 $3M $47.02 $35K +633 +1.1%
87 LHX 0.04% 9,388 $3M $293.57 -$240K -420 -4.3%
88 TPH 0.04% 85,962 $3M $31.47 -$215K
89 CAT 0.04% 4,617 $3M $572.87 $172K -565 -10.9%
90 NRP 0.04% 24,865 $3M $104.40 $15K +285 +1.2%
91 LVS 0.04% 39,260 $3M $65.09 $306K -2,560 -6.1%
92 FTLF 0.03% 154,456 $3M $16.27 -$559K
93 CRL 0.03% 12,580 $3M $199.48 $490K -329 -2.5%
94 BMY 0.03% 45,110 $2M $53.94 $408K +197 +0.4%
95 SU 0.03% 54,777 $2M $44.36 -$160K -7,167 -11.6%
96 WT 0.03% 198,477 $2M $12.19 -$375K -2,561 -1.3%
97 FNF 0.03% 43,740 $2M $54.59 -$348K -1,481 -3.3%
98 RTX 0.03% 12,731 $2M $183.40 $93K -664 -5.0%
99 SPGI 0.03% 4,278 $2M $522.60 -$2M -3,834 -47.3%
100 MO 0.03% 38,607 $2M $57.66 -$460K -2,050 -5.0%

New Positions

SymbolValue% Port
WES $5M 0.07%
FRMI $870K 0.01%
VEA $257K —%

Sold Out Positions

SymbolValue% Port
LMT —%
SYK —%
NMZ —%
PNI —%
SMR —%
WFG —%
MOD —%
LLYVK —%
TQQQ —%
KRBN —%
SAND —%
CSWI —%
AC —%
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