HORIZON KINETICS ASSET MANAGEMENT LLC
CIK: 0001056823SEC EDGAR →
Portfolio Value
$7.4B
Holdings
324
As of
Q4 2025
New Positions
10
Closed Positions
25
Top 10 Holdings
| Rank | Stock | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | 10,333,762 | $3.0B | 40.14% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | 14,113,593 | $964.8M | 13.05% |
| 3 | WHEATON PRECIOUS METALS CORP | 2,493,518 | $293.0M | 3.96% |
| 4 | LANDBRIDGE COMPANY LLC | 5,642,766 | $276.4M | 3.74% |
| 5 | HAWAIIAN ELEC INDUSTRIES | 19,392,363 | $238.5M | 3.23% |
| 6 | FRANCO NEV CORP | 968,101 | $200.7M | 2.71% |
| 7 | WATERBRIDGE INFRASTRUCTURE L | 6,837,520 | $136.8M | 1.85% |
| 8 | INTERCONTINENTAL EXCHANGE IN | 830,766 | $134.6M | 1.82% |
| 9 | MESABI TR | 3,027,698 | $116.6M | 1.58% |
| 10 | GRAYSCALE BITCOIN MINI TR ET | 2,997,060 | $116.1M | 1.57% |
Quarterly Changes
Top Buys
New Positions (4)
Closed Positions (16)
$27.0M · 805K shares
$20.1M · 296K shares
$16.0M · 1.3M shares
$5.5M · 222K shares
$739K · 2K shares
$565K · 6K shares
$498K · 5K shares
$493K · 32K shares
$340K · 1K shares
$262K · 38K shares
$232K · 2K shares
$221K · 7K shares
$210K · 1K shares
$207K · 6K shares
$203K · 407 shares
$110K · 10K shares
Sector Breakdown
| Sector | # Holdings | Value | % |
|---|---|---|---|
| Energy | 30 | $3.8B | 51.9% |
| Technology | 46 | $1.2B | 16.0% |
| Basic Materials | 15 | $728.0M | 10.1% |
| Financial Services | 83 | $698.2M | 9.7% |
| Utilities | 8 | $242.6M | 3.4% |
| Industrials | 31 | $142.0M | 2.0% |
| Consumer Cyclical | 18 | $140.2M | 1.9% |
| Communication Services | 18 | $117.0M | 1.6% |
| Real Estate | 11 | $109.6M | 1.5% |
| Consumer Defensive | 9 | $52.7M | 0.7% |
| Healthcare | 34 | $45.1M | 0.6% |
| Unknown | 21 | $42.7M | 0.6% |