Horizon Kinetics Asset Management LLC Top Holdings and 13F Report (2025) About Horizon Kinetics Asset Management LLCInvestment ActivityHorizon Kinetics Asset Management LLC has $8.03 billion in total holdings as of December 31, 2024.Horizon Kinetics Asset Management LLC owns shares of 349 different stocks, but just 12 companies or ETFs make up 80% of its holdings.Approximately 4.26% of the portfolio was purchased this quarter.About 3.28% of the portfolio was sold this quarter.This quarter, Horizon Kinetics Asset Management LLC has purchased 346 new stocks and bought additional shares in 106 stocks.Horizon Kinetics Asset Management LLC sold shares of 130 stocks and completely divested from 16 stocks this quarter.Largest Holdings Texas Pacific Land $3,988,731,718GRAYSCALE BITCOIN $1,122,747,425LANDBRIDGE COMPANY LLC $348,793,194Wheaton Precious Metals $164,853,262CACI International $145,257,550 Largest New Holdings this Quarter GRAYSCALE BITCOIN MINI TR ET $128,302,326 HoldingHawaiian Electric Industries $23,152,516 HoldingAris Water Solutions $5,491,927 HoldingMAREX GROUP PLC $4,406,628 HoldingAlliance Resource Partners $1,439,667 Holding Largest Purchases this Quarter GRAYSCALE BITCOIN MINI TR ET 3,064,302 shares (about $128.30M)DigitalBridge Group 4,020,627 shares (about $45.35M)Hawaiian Electric Industries 2,379,498 shares (about $23.15M)LANDBRIDGE COMPANY LLC 208,408 shares (about $13.46M)VIPER ENERGY INC 268,959 shares (about $13.20M) Largest Sales this Quarter Texas Pacific Land 87,786 shares (about $97.09M)Nutrien 250,607 shares (about $11.21M)Charles River Laboratories International 54,922 shares (about $10.14M)MicroStrategy 27,590 shares (about $7.99M)Archer-Daniels-Midland 108,092 shares (about $5.46M) Sector Allocation Over TimeMap of 500 Largest Holdings ofHorizon Kinetics Asset Management LLC Selling Neutral Buying Latest 13F Holdings and Changes Since Previous Quarterly FilingIssuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSectorTPLTexas Pacific Land$3,988,731,718$97,087,795 ▼-2.4%3,606,57949.7%Oils/EnergyGRAYSCALE BITCOIN$1,122,747,425$2,953,176 ▼-0.3%15,168,16314.0%TRUST BTCLANDBRIDGE COMPANY LLC$348,793,194$13,463,158 ▲4.0%5,399,2754.3%CL AWPMWheaton Precious Metals$164,853,262$9,958,472 ▲6.4%2,931,2462.1%Basic MaterialsCACICACI International$145,257,550$3,464,006 ▼-2.3%359,4951.8%Computer and TechnologyGRAYSCALE BITCOIN MINI TR ET$128,302,326$128,302,326 ▲New Holding3,064,3021.6%SHS NEWICEIntercontinental Exchange$119,890,659$8,799,789 ▲7.9%804,5811.5%FinanceFNVFranco-Nevada$116,182,800$6,138,080 ▲5.6%988,0331.4%Basic MaterialsCHENIERE ENERGY INC$105,137,050$4,413,648 ▲4.4%489,3051.3%COM NEWCBOECboe Global Markets$80,988,273$623,326 ▼-0.8%414,4741.0%Financial ServicesMSBMesabi Trust$79,917,010$5,155,008 ▲6.9%2,843,0101.0%Basic MaterialsVIPER ENERGY INC$77,992,061$13,197,819 ▲20.4%1,589,4041.0%CL ABNBrookfield$70,008,426$9,300,642 ▲15.3%1,218,5970.9%FinanceCVEOCiveo$69,614,502$4,262,044 ▼-5.8%3,064,0190.9%Consumer DiscretionaryDBRGDigitalBridge Group$50,572,070$45,352,668 ▲868.9%4,483,3400.6%FinanceANAutoNation$47,928,535$775,320 ▼-1.6%282,1980.6%Retail/WholesaleMSTRMicroStrategy$47,878,530$7,990,616 ▼-14.3%165,3150.6%Computer and TechnologyISHARES BITCOIN TRUST$45,849,630$3,101,780 ▲7.3%864,2720.6%SHSSAICScience Applications International$45,460,324$416,939 ▲0.9%406,6950.6%Computer and TechnologyPBTPermian Basin Royalty Trust$43,722,598$2,900,954 ▲7.1%3,946,0830.5%Oils/EnergyLYVLive Nation Entertainment$42,700,682$3,441,333 ▼-7.5%329,7350.5%Consumer DiscretionaryHOWARD HUGHES HOLDINGS INC$35,275,281$2,862,501 ▼-7.5%458,5970.4%COMCCJCameco$31,705,111$5,093,931 ▲19.1%616,9510.4%Basic MaterialsACAssociated Capital Group$31,437,540$1,969,852 ▼-5.9%917,6300.4%FinanceMMCMarsh & McLennan Companies$30,720,497$5,427,936 ▲21.5%144,6280.4%FinanceDMLPDorchester Minerals$30,285,187$391,728 ▲1.3%908,6460.4%Oils/EnergyOROsisko Gold Royalties$30,044,591$4,846,764 ▲19.2%1,659,9220.4%Basic MaterialsCMECME Group$29,226,727$664,175 ▼-2.2%125,8530.4%FinancePAGPenske Automotive Group$27,891,369$226,526 ▲0.8%182,9660.3%Retail/WholesaleADMArcher-Daniels-Midland$27,569,737$5,460,810 ▼-16.5%545,7190.3%Consumer StaplesCCLCarnival Co. &$27,016,545$29,455 ▲0.1%1,084,1310.3%Consumer DiscretionaryJOESt. Joe$25,349,586$1,813,105 ▲7.7%564,2020.3%FinanceBUNGE GLOBAL SA$24,814,853$3,813,818 ▲18.2%319,1210.3%COM SHSWFGWest Fraser Timber$24,352,314$3,844,897 ▲18.7%281,3670.3%Basic MaterialsHEHawaiian Electric Industries$23,152,516$23,152,516 ▲New Holding2,379,4980.3%UtilitiesSANDSandstorm Gold$21,140,791$630,802 ▼-2.9%3,788,6720.3%Basic MaterialsBRK.BBerkshire Hathaway$19,763,008$624,620 ▼-3.1%43,6000.2%FinanceWTMWhite Mountains Insurance Group$19,623,710$5,739,872 ▲41.3%10,0890.2%FinanceIPARInter Parfums$19,347,787$617,441 ▼-3.1%147,1200.2%Consumer DiscretionarySTRSitio Royalties$16,541,332$1,758,518 ▲11.9%862,4260.2%Oils/EnergyTRCTejon Ranch$13,535,575$760,211 ▼-5.3%851,2940.2%FinanceOSKOshkosh$13,321,129$97,067 ▼-0.7%140,1190.2%Auto/Tires/TrucksRCLRoyal Caribbean Cruises$13,184,659$167,943 ▼-1.3%57,1530.2%Consumer DiscretionaryWENWendy's$12,756,722$1,057,788 ▼-7.7%782,6210.2%Retail/WholesaleBAMBrookfield Asset Management$12,699,987$337,062 ▼-2.6%234,3600.2%FinanceVGSHVanguard Short-Term Treasury Index ETF$12,514,421$488,771 ▼-3.8%215,0980.2%ETFSPAQHorizon Kinetics SPAC Active ETF$12,343,710$320,414 ▼-2.5%125,4350.2%ETFCRLCharles River Laboratories International$11,046,372$10,138,517 ▼-47.9%59,8400.1%MedicalMAMastercard$10,157,821$182,715 ▼-1.8%19,2910.1%Business ServicesRBARB Global$9,979,970$665,662 ▼-6.3%110,6300.1%Business ServicesRGLDRoyal Gold$9,861,346$207,664 ▼-2.1%74,7920.1%Basic MaterialsWMBWilliams Companies$9,356,807$237,857 ▼-2.5%172,8900.1%Oils/EnergyFWONKFormula One Group$9,189,370$138,156 ▼-1.5%99,1730.1%Consumer DiscretionaryBAKKT HOLDINGS INC$9,113,552$799,823 ▼-8.1%367,9270.1%COM CL A NEWSPGIS&P Global$8,961,543$234,572 ▼-2.6%17,9940.1%Business ServicesVUSBVanguard Ultra-Short Bond ETF$8,445,324$195,155 ▼-2.3%170,2000.1%ETFRPRXRoyalty Pharma$8,142,169$2,305,591 ▲39.5%319,1760.1%FinanceSIISprott$8,116,279$1,291,328 ▲18.9%192,4660.1%FinanceNDAQNasdaq$7,981,911$25,358 ▲0.3%103,2460.1%FinanceGRAYSCALE BITCOIN CASH$7,640,262$2,466,944 ▲47.7%1,455,2880.1%TRUST BCHEXPEagle Materials$7,390,285$408,638 ▼-5.2%29,9490.1%ConstructionSBRSabine Royalty Trust$7,123,977$619,130 ▲9.5%109,9210.1%Oils/EnergyELSEquity LifeStyle Properties$6,988,662$514,285 ▼-6.9%104,9350.1%FinanceSJTSan Juan Basin Royalty Trust$6,948,440$2,000,363 ▲40.4%1,814,2140.1%Oils/EnergyMSGSMadison Square Garden Sports$6,829,302$51,906 ▼-0.8%30,2610.1%Consumer DiscretionaryGRAYSCALE LITECOIN TRUST$6,611,074$2,418,308 ▲57.7%516,8940.1%LTC SHSLBRDKLiberty Broadband$6,510,549$178,975 ▼-2.7%87,0860.1%Consumer DiscretionaryETEnergy Transfer$6,106,673$204,813 ▲3.5%311,7240.1%Oils/EnergyXOMExxon Mobil$5,854,928$50,773 ▼-0.9%54,4290.1%Oils/EnergyARISAris Water Solutions$5,491,927$5,491,927 ▲New Holding229,3080.1%Business ServicesFCXFreeport-McMoRan$5,392,014$7,806 ▼-0.1%141,5970.1%Basic MaterialsMSFTMicrosoft$5,384,026$99,899 ▼-1.8%12,7730.1%Computer and TechnologyBXBlackstone$5,207,084$500,018 ▼-8.8%30,2000.1%FinanceABBVAbbVie$4,628,730$36,073 ▲0.8%26,0480.1%MedicalPMPhilip Morris International$4,608,683$6,018 ▼-0.1%38,2940.1%Consumer StaplesTPHTri Pointe Homes$4,496,675$580,160 ▼-11.4%124,0120.1%ConstructionLBRTLiberty Energy$4,472,247$711,227 ▼-13.7%224,8490.1%Oils/EnergyMAREX GROUP PLC$4,406,628$4,406,628 ▲New Holding141,3740.1%ORDBURBurford Capital$4,372,606$132,154 ▼-2.9%342,9500.1%FinanceMKLMarkel Group$4,324,213$15,536 ▼-0.4%2,5050.1%Multi-Sector ConglomeratesCMRECostamare$4,132,560$17,990 ▼-0.4%321,6000.1%TransportationEPDEnterprise Products Partners$4,100,383$18,189 ▲0.4%130,7520.1%Oils/EnergyBSMBlack Stone Minerals$4,024,3150.0%275,6380.1%Oils/EnergyNEANuveen AMT-Free Quality Municipal Income Fund$3,876,180$404,997 ▼-9.5%343,6330.0%Financial ServicesFWONAFormula One Group$3,766,505$37,566 ▼-1.0%44,8180.0%Consumer DiscretionaryINFLHorizon Kinetics Inflation Beneficiaries ETF$3,627,765$144,818 ▲4.2%95,2670.0%ETFLHXL3Harris Technologies$3,460,230$31,543 ▼-0.9%16,4550.0%AerospaceIRMIron Mountain$3,458,119$162,921 ▼-4.5%32,9000.0%Business ServicesBMYBristol-Myers Squibb$3,420,523$61,877 ▲1.8%60,4760.0%MedicalBCDFHorizon Kinetics Blockchain Development ETF$3,389,497$253,054 ▲8.1%122,1430.0%ETFCSCOCisco Systems$3,353,147$2,960 ▲0.1%56,6410.0%Computer and TechnologyMRKMerck & Co., Inc.$3,339,940$38,001 ▲1.2%33,5740.0%MedicalMOAltria Group$3,304,571$24,576 ▼-0.7%63,1970.0%Consumer StaplesLLYEli Lilly and Company$3,286,404$108,852 ▲3.4%4,2570.0%MedicalFNFFidelity National Financial$3,259,825$281 ▼0.0%58,0660.0%FinanceNVDANVIDIA$3,244,446$255,151 ▼-7.3%24,1600.0%Computer and TechnologyLVSLas Vegas Sands$3,101,887$5,136 ▲0.2%60,3950.0%Consumer DiscretionaryKLACKLA$3,039,699$15,753 ▼-0.5%4,8240.0%Computer and TechnologyNTRNutrien$2,999,417$11,214,676 ▼-78.9%67,0260.0%Basic MaterialsAMLPAlerian MLP ETF$2,940,505$160,373 ▲5.8%61,0570.0%ETFShowing largest 100 holdings. View all holdings. More Institutional Buying and Selling Information SEC Filings and Trading Data SEC Filings 13F Filings Top 13F Buys Top 13F Sells Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. 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