HORIZON KINETICS ASSET MANAGEMENT LLC

View all activity View 13F on SEC

Data as of Q4 2025

Institutional investor tracked via SEC 13F filings. Portfolio snapshot as of 2025-12-31.SEC EDGAR Source

Assets Under Management

$7.4B

Total Positions

322

New This Quarter

Filing Period

2025-12-31

Portfolio Allocation

Top holdings by portfolio weight

TPL40.14%

GBTC13.05%

WPM3.96%

LB3.74%

HE3.23%

FNV2.71%

WBI1.85%

ICE1.82%

MSB1.58%

BTC1.57%

Other13.97%

Position Outcomes

Best and worst performing positions by estimated return

Top Winners

ZCSH13Q held

GRAYSCALE ZCASH

Avg $1.76 · $480,074 est. P&L

Est. P&L

+1797.73%

GDLC13Q held

GRAYSCALE COINDESK CRYPTO

Avg $3.83 · $1.5M est. P&L

Est. P&L

+983.03%

GBTC13Q held

GRAYSCALE BITCOIN TRUST ETF S

Avg $8.36 · $850.4M est. P&L

Est. P&L

+720.88%

Top Losers

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View plans

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Top Holdings(Showing 25 of 322 — sorted by value)

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Activity:

Stock	Shares	Value	Weight	Price Trend	Avg Buy	Est. P&L	Held	Conviction
TPL Texas Pacific Land Corp	10.3M	$3B	40.1%	—	$250.41	+16.88%	17 qtrs	Increased 100
GBTC GRAYSCALE BITCOIN TRUST ETF S	14.1M	$964.8M	13.0%	—	$8.36	+720.88%	13 qtrs	Decreased 0
WPM WHEATON PRECIOUS METALS CORP	2.5M	$293M	4.0%	—	$42.95	+176.80%	17 qtrs	Decreased 0
LB LANDBRIDGE COMPANY LLC	5.6M	$276.4M	3.7%	—	$27.50	+82.59%	7 qtrs	Increased 56
HE HAWAIIAN ELEC INDUSTRIES	19.4M	$238.5M	3.2%	—	$10.94	+15.23%	5 qtrs	Increased 60
FNV FRANCO NEV CORP	968,101	$200.7M	2.7%	—	$133.85	+55.61%	17 qtrs	Decreased 0
WBI WATERBRIDGE INFRASTRUCTURE L	6.8M	$136.8M	1.9%	—	$24.22	-16.46%	2 qtrs	Increased 51
ICE Intercontinental Exchange Inc	830,766	$134.6M	1.8%	—	$130.70	+24.83%	17 qtrs	Decreased 0
MSB MESABI TR	3M	$116.6M	1.6%	—	$17.93	+111.60%	17 qtrs	Increased 48
BTC GRAYSCALE BITCOIN MINI TR ET SHS NE	3M	$116.1M	1.6%	—	$41.77	-6.95%	5 qtrs	Decreased 0
PBT PERMIAN BASIN RTY TR	6.2M	$105.1M	1.4%	—	$14.12	+20.01%	17 qtrs	Increased 48
CBOE Cboe Global Markets Inc	408,398	$102.5M	1.4%	—	$126.67	+100.94%	17 qtrs	Decreased 0
LNG Cheniere Energy Inc	463,329	$90.1M	1.2%	—	$114.15	+69.02%	17 qtrs	Decreased 0
CACI CACI International Inc	158,591	$84.5M	1.1%	—	$270.20	+99.49%	17 qtrs	Decreased 0
MIAX MIAMI INTL HLDGS INC	1.8M	$80.8M	1.1%	—	$41.95	+8.89%	2 qtrs	Increased 60
CME CME Group Inc	275,611	$75.3M	1.0%	—	$236.80	+16.48%	17 qtrs	Decreased 0
BN BROOKFIELD CORP	1.6M	$72.7M	1.0%	—	$29.54	+56.68%	13 qtrs	Decreased 0
VNOM Viper Energy Inc	1.7M	$66.2M	0.9%	—	$37.89	+2.88%	2 qtrs	Decreased 0
OR OR ROYALTIES INC.	1.8M	$64.2M	0.9%	—	$25.03	+43.72%	3 qtrs	Decreased 0
CCJ CAMECO CORP	674,096	$61.7M	0.8%	—	$38.21	+139.11%	11 qtrs	Decreased 0
CVEO CIVEO CORP CDA	2.4M	$56M	0.8%	—	$18.47	+25.10%	17 qtrs	Decreased 0
AN AutoNation Inc	256,479	$53M	0.7%	—	$115.98	+80.45%	17 qtrs	Decreased 0
DBRG DigitalBridge Group Inc	3M	$46.7M	0.6%	—	$11.41	+33.83%	6 qtrs	Decreased 0
IBIT ISHARES BITCOIN TRUST ETF S	796,863	$39.6M	0.5%	—	$42.94	+16.04%	8 qtrs	Decreased 0
SJT SAN JUAN BASIN RTY TR	6.2M	$35M	0.5%	—	$5.46	+0.83%	13 qtrs	Increased 38
Showing 25 of 322 results.PROUpgrade to see all →

Accumulation Streaks

Positions with 2+ consecutive quarters of increases — persistent directional conviction.

Security

SJTSAN JUAN BASIN RTY TR

Q1 2024 → Q4 2025+6.1M shares+$34.4M

MSBMESABI TR

Q2 2024 → Q4 2025+426,700 shares+$70.6M

PBTPERMIAN BASIN RTY TR

Q2 2024 → Q4 2025+2.6M shares+$62.2M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer