Horizon Kinetics Asset Management LLC
Annual return '25
+18.2%
SPY '25
+17.7%
Alpha
+0.5ptsvs SPY
Invested
$18.5B
Holdings
352
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 98%. 3 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR
Carry-forward filing.
Latest filing (2026-03-31) contained only unmappable securities. Holdings shown are carried forward from Q4 2025.
01
$TPL
TEXAS PACIFIC LAND CORPORATI
Q4 2025: Increased +194.9% (3.50M → 10.33M shares)
51.8%
02
$GBTC
GRAYSCALE BITCOIN TRUST ETF
Q3 2025: Sold 2.5% (14.55M → 14.18M shares)
8.1%
03
$LB
LANDBRIDGE COMPANY LLC
Q3 2025: Increased +2.4% (5.50M → 5.63M shares)
4.3%
04
$HE
HAWAIIAN ELEC INDS INC MTN B
Q4 2025: Increased +6.2% (18.26M → 19.39M shares)
3.5%
05
$WPM
WHEATON PRECIOUS METALS CORP
Q4 2025: Sold 10.7% (2.79M → 2.49M shares)
2.5%
06
$WBI
WATERBRIDGE INFRASTRUCTURE L
Q4 2025: Increased +7.6% (6.35M → 6.84M shares)
2.1%
07
$FNV
FRANCO NEV CORP
Q4 2025: Sold 4.4% (1.01M → 968.1k shares)
2.0%
08
$PBT
PERMIAN BASIN RTY TR
Q4 2025: Increased +1.5% (6.10M → 6.19M shares)
1.5%
09
$MIAX
MIAMI INTL HLDGS INC
Q4 2025: Increased +31.6% (1.38M → 1.82M shares)
1.5%
10
$ICE
INTERCONTINENTAL EXCHANGE IN
Q2 2025: Increased +1.6% (818.3k → 831.8k shares)
1.4%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 08:08 UTC.