Institutional Manager · CIK 0001056823
HORIZON KINETICS ASSET MANAGEMENT LLC
NEW YORK, NY · File #028-06986
Latest AUM
$7.39B
Positions
324
Top-10 Concentration
77.7%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| ADD | TEXAS PACIFIC LAND CORPORATI | TPL | +6,829,070 | +$1.96B | -$2.27B |
| REDUCE | WHEATON PRECIOUS METALS CORP | WPM | -298,594 | -$35.1M | +$15.9M |
| EXITED | ASSOCIATED CAP GROUP INC | 045528106 | -805,348 | -$27.0M | $0 |
| EXITED | WEST FRASER TIMBER CO LTD | 952845105 | -296,006 | -$20.1M | $0 |
| ADD | MIAMI INTL HLDGS INC | 59356Q108 | +437,395 | +$19.4M | +$5.7M |
| EXITED | SANDSTORM GOLD LTD | 80013R206 | -1,274,954 | -$16.0M | $0 |
| ADD | HAWAIIAN ELEC INDUSTRIES | 419870100 | +1,134,646 | +$14.0M | +$23.0M |
| ADD | TRIPLE FLAG PRECIOUS METAL | TFPM | +398,890 | +$13.3M | +$104,590 |
| ADD | WATERBRIDGE INFRASTRUCTURE L | WBI | +483,214 | +$9.7M | -$33.1M |
| REDUCE | FRANCO NEV CORP | FNV | -44,261 | -$9.2M | -$15.8M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025324 pos · $7.39B
- 13F HOLDINGS REPORTQ/E Sep 2025336 pos · $8.20B
- 13F HOLDINGS REPORTQ/E Jun 2025352 pos · $8.43B
- 13F HOLDINGS REPORTQ/E Mar 2025347 pos · $8.81B
- 13F HOLDINGS REPORTQ/E Dec 2024349 pos · $8.03B
- 13F HOLDINGS REPORTQ/E Sep 2024346 pos · $6.68B
- 13F HOLDINGS REPORTQ/E Jun 2024324 pos · $5.72B
- 13F HOLDINGS REPORTQ/E Mar 2024323 pos · $5.29B
- 13F HOLDINGS REPORTQ/E Dec 2023331 pos · $5.05B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 10,333,762 | $2.97B | 42.36% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 14,113,593 | $964.8M | 13.77% |
| 3 | WHEATON PRECIOUS METALS CORP | WPM | 2,493,518 | $293.0M | 4.18% |
| 4 | LANDBRIDGE COMPANY LLC | LB | 5,642,766 | $276.4M | 3.95% |
| 5 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 19,392,363 | $238.5M | 3.40% |
| 6 | FRANCO NEV CORP | FNV | 968,101 | $200.7M | 2.86% |
| 7 | WATERBRIDGE INFRASTRUCTURE L | WBI | 6,837,520 | $136.8M | 1.95% |
| 8 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 830,766 | $134.6M | 1.92% |
| 9 | MESABI TR | MSB | 3,027,698 | $116.6M | 1.66% |
| 10 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 2,997,060 | $116.1M | 1.66% |
| 11 | PERMIAN BASIN RTY TR | 714236106 | 6,187,800 | $105.1M | 1.50% |
| 12 | CBOE GLOBAL MKTS INC | 12503M108 | 408,398 | $102.5M | 1.46% |
| 13 | CHENIERE ENERGY INC | LNG | 463,329 | $90.1M | 1.29% |
| 14 | CACI INTL INC | 127190304 | 158,591 | $84.5M | 1.21% |
| 15 | MIAMI INTL HLDGS INC | 59356Q108 | 1,819,798 | $80.8M | 1.15% |
| 16 | CME GROUP INC | CME | 275,611 | $75.3M | 1.07% |
| 17 | BROOKFIELD CORP | 11271J107 | 1,583,710 | $72.7M | 1.04% |
| 18 | VIPER ENERGY INC | VNOM | 1,714,904 | $66.2M | 0.95% |
| 19 | OR ROYALTIES INC. | OR | 1,815,024 | $64.2M | 0.92% |
| 20 | CAMECO CORP | CCJ | 674,096 | $61.7M | 0.88% |