Horizon Kinetics 13F holdings, Q1 2025
Holdings as of March 31, 2025 · filings on SEC EDGAR · latest filing →
Horizon Kinetics disclosed 342 US equity positions worth $8.8bn in its Q1 2025 13F filing. The largest position was TPL at 54.1% of the reported book, followed by GBTC and LB. Against the Q4 2024 filing, it opened 0 new positions, added to 24 and reduced 19 among the top 50 holdings.
What did Horizon Kinetics own in Q1 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q4 2024 |
|---|---|---|---|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORP | Energy | 54.1% | $4.8bn | 3,595,090 | -0% | held |
| 2 | GBTC GRAYSCALE BITCOIN | 10.9% | $957.8m | 14,696,513 | -3% | reduced | |
| 3 | LB LANDBRIDGE COMPANY LLC | 4.5% | $394.7m | 5,486,957 | 2% | added | |
| 4 | WPM WHEATON PRECIOUS METALS CORP | Basic Materials | 2.6% | $229.5m | 2,956,694 | 1% | added |
| 5 | FNV FRANCO NEVADA CORP | Basic Materials | 1.8% | $160.2m | 1,016,774 | 3% | added |
| 6 | ICE INTERCONTINENTAL EXCHANGE INC | Financial Services | 1.6% | $141.2m | 818,261 | 2% | added |
| 7 | HE HAWAIIAN ELEC INDUSTRIES | Utilities | 1.6% | $138.6m | 12,657,000 | 432% | added |
| 8 | LNG CHENIERE ENERGY INC | Energy | 1.3% | $112.0m | 484,096 | -1% | reduced |
| 9 | GRAYSCALE BITCOIN MINI TR ET | 1.3% | $111.7m | 3,060,636 | -0% | held | |
| 10 | CBOE CBOE GLOBAL MARKETS INC | Financial Services | 1.1% | $94.6m | 418,256 | 1% | added |
| 11 | MESABI TR | 0.9% | $78.9m | 2,901,695 | 2% | added | |
| 12 | VNOM VIPER ENERGY INC | 0.8% | $72.8m | 1,612,439 | 1% | added | |
| 13 | CACI CACI INTL INC | Technology | 0.8% | $69.6m | 189,652 | -47% | reduced |
| 14 | CVEO CIVEO CORP | 0.8% | $68.3m | 2,971,543 | -3% | reduced | |
| 15 | BN BROOKFIELD CORP | Financial Services | 0.7% | $63.5m | 1,210,885 | -1% | reduced |
| 16 | ARIS WATER SOLUTIONS INC | 0.5% | $46.9m | 1,464,286 | 539% | added | |
| 17 | MSTR MICROSTRATEGY INC | Technology | 0.5% | $46.6m | 161,495 | -2% | reduced |
| 18 | AN AUTONATION INC | Consumer Cyclical | 0.5% | $45.4m | 280,493 | -1% | reduced |
| 19 | LYV LIVE NATION ENTERTAINMENT INC | Communication Services | 0.5% | $42.6m | 325,976 | -1% | reduced |
| 20 | PERMIAN BASIN RTY TR | 0.5% | $41.0m | 4,134,327 | 5% | added | |
| 21 | IBIT ISHARES BITCOIN TRUST | 0.5% | $40.7m | 870,320 | 1% | added | |
| 22 | MRSH MARSH & MCLENNAN COS INC | Financial Services | 0.4% | $36.3m | 148,593 | 3% | added |
| 23 | OSISKO GOLD ROYALTIES LTD | 0.4% | $36.0m | 1,703,037 | 3% | added | |
| 24 | ASSOCIATED CAP GROUP INC | 0.4% | $34.8m | 907,945 | -1% | reduced | |
| 25 | CME CME GROUP INC | Financial Services | 0.4% | $34.0m | 128,253 | 2% | added |
| 26 | HHH HOWARD HUGHES HOLDINGS INC | Real Estate | 0.4% | $32.4m | 437,006 | -5% | reduced |
| 27 | DBRG DIGITALBRIDGE GROUP INC | Financial Services | 0.3% | $30.4m | 3,445,977 | -23% | reduced |
| 28 | AYS1 SANDSTORM GOLD LTD | 0.3% | $27.7m | 3,672,796 | -3% | reduced | |
| 29 | DORCHESTER MINERALS LP | 0.3% | $27.4m | 912,463 | 0% | held | |
| 30 | PAG PENSKE AUTOMOTIVE GRP INC | Consumer Cyclical | 0.3% | $26.6m | 184,863 | 1% | added |
| 31 | CCJ CAMECO CORP | Energy | 0.3% | $26.0m | 632,707 | 3% | added |
| 32 | JOE THE SAINT JOE CO | Real Estate | 0.3% | $25.8m | 550,339 | -2% | reduced |
| 33 | BG BUNGE GLOBAL SA | Consumer Defensive | 0.3% | $25.1m | 328,171 | 3% | added |
| 34 | ADM ARCHER DANIELS MIDLAND CO | Consumer Defensive | 0.3% | $24.3m | 506,448 | -7% | reduced |
| 35 | BRK/B BERKSHIRE HATHAWAY INC DEL CL B NEW | 0.3% | $23.0m | 43,121 | -1% | reduced | |
| 36 | WFG WEST FRASER TIMBER LTD | Basic Materials | 0.3% | $22.2m | 288,632 | 3% | added |
| 37 | WHITE MTNS INS GROUP LTD | 0.2% | $21.8m | 11,345 | 12% | added | |
| 38 | CCL CARNIVAL CORP | Consumer Cyclical | 0.2% | $21.2m | 1,085,048 | 0% | held |
| 39 | VUSB VANGUARD BD INDEX FDS | 0.2% | $19.7m | 395,341 | 132% | added | |
| 40 | SITIO ROYALTIES CORP | 0.2% | $17.6m | 885,494 | 3% | added | |
| 41 | IPAR INTER PARFUMS INC | Consumer Defensive | 0.2% | $16.8m | 147,121 | 0% | held |
| 42 | VGSH VANGUARD SCOTTSDALE FDS | 0.2% | $14.0m | 237,864 | 11% | added | |
| 43 | SAN JUAN BASIN RTY TR | 0.2% | $13.7m | 2,470,132 | 36% | added | |
| 44 | LISTED FD TR | 0.2% | $13.3m | 131,597 | 5% | added | |
| 45 | OSK OSHKOSH CORP | Industrials | 0.1% | $13.1m | 138,973 | -1% | reduced |
| 46 | TRC TEJON RANCH CO | 0.1% | $13.1m | 824,062 | -3% | reduced | |
| 47 | RGLD ROYAL GOLD INC | Basic Materials | 0.1% | $12.2m | 74,628 | -0% | held |
| 48 | RCL ROYAL CARIBBEAN GROUP | Consumer Cyclical | 0.1% | $11.6m | 56,561 | -1% | reduced |
| 49 | WEN WENDYS COMPANY | Consumer Cyclical | 0.1% | $11.2m | 762,174 | -3% | reduced |
| 50 | RBA RB GLOBAL INC | Industrials | 0.1% | $11.1m | 110,839 | 0% | held |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.