Horizon Kinetics 13F holdings, Q2 2025
Holdings as of June 30, 2025 · filings on SEC EDGAR · latest filing →
Horizon Kinetics disclosed 349 US equity positions worth $8.4bn in its Q2 2025 13F filing. The largest position was TPL at 44.8% of the reported book, followed by GBTC and LB. Against the Q1 2025 filing, it opened 2 new positions, added to 20 and reduced 21 among the top 50 holdings.
What did Horizon Kinetics own in Q2 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q1 2025 |
|---|---|---|---|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | Energy | 44.8% | $3.8bn | 3,577,531 | -0% | held |
| 2 | GBTC GRAYSCALE BITCOIN TRUST ETF | 14.6% | $1.2bn | 14,551,191 | -1% | reduced | |
| 3 | LB LANDBRIDGE COMPANY LLC | 4.4% | $371.6m | 5,498,925 | 0% | held | |
| 4 | WPM WHEATON PRECIOUS METALS CORP | Basic Materials | 3.2% | $268.1m | 2,985,486 | 1% | added |
| 5 | HE HAWAIIAN ELEC INDUSTRIES | Utilities | 2.1% | $173.1m | 16,281,709 | 29% | added |
| 6 | FNV FRANCO NEV CORP | Basic Materials | 2.0% | $171.1m | 1,043,546 | 3% | added |
| 7 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 1.8% | $152.6m | 831,758 | 2% | added |
| 8 | GRAYSCALE BITCOIN MINI TR ET | 1.7% | $146.7m | 3,072,369 | 0% | held | |
| 9 | LNG CHENIERE ENERGY INC | Energy | 1.4% | $118.1m | 484,912 | 0% | held |
| 10 | CBOE CBOE GLOBAL MKTS INC | Financial Services | 1.1% | $96.2m | 412,717 | -1% | reduced |
| 11 | CACI CACI INTL INC | Technology | 0.9% | $77.1m | 161,672 | -15% | reduced |
| 12 | PERMIAN BASIN RTY TR | 0.9% | $72.8m | 5,839,825 | 41% | added | |
| 13 | BN BROOKFIELD CORP | Financial Services | 0.9% | $72.6m | 1,173,001 | -3% | reduced |
| 14 | MESABI TR | 0.8% | $70.9m | 2,960,590 | 2% | added | |
| 15 | CVEO CIVEO CORP CDA | 0.8% | $66.5m | 2,881,033 | -3% | reduced | |
| 16 | VNOM VIPER ENERGY INC | 0.8% | $65.2m | 1,711,181 | 6% | added | |
| 17 | IBIT ISHARES BITCOIN TRUST ETF | 0.7% | $58.9m | 961,927 | 11% | added | |
| 18 | MSTR MICROSTRATEGY INC | Technology | 0.7% | $58.8m | 145,499 | -10% | reduced |
| 19 | AN AUTONATION INC | Consumer Cyclical | 0.6% | $52.0m | 261,774 | -7% | reduced |
| 20 | CCJ CAMECO CORP | Energy | 0.6% | $50.2m | 675,700 | 7% | added |
| 21 | ARIS WATER SOLUTIONS INC | 0.6% | $49.6m | 2,095,604 | 43% | added | |
| 22 | LYV LIVE NATION ENTERTAINMENT IN | Communication Services | 0.6% | $47.1m | 311,116 | -5% | reduced |
| 23 | OR OR ROYALTIES INC. | Basic Materials | 0.6% | $46.7m | 1,817,501 | – | new |
| 24 | DBRG DIGITALBRIDGE GROUP INC | Financial Services | 0.4% | $37.4m | 3,617,965 | 5% | added |
| 25 | CME CME GROUP INC | Financial Services | 0.4% | $35.1m | 127,398 | -1% | reduced |
| 26 | MRSH MARSH & MCLENNAN COS INC | Financial Services | 0.4% | $34.3m | 156,787 | 6% | added |
| 27 | AYS1 SANDSTORM GOLD LTD | 0.4% | $34.3m | 3,644,651 | -1% | reduced | |
| 28 | ASSOCIATED CAP GROUP INC | 0.4% | $32.5m | 866,379 | -5% | reduced | |
| 29 | GLXY GALAXY DIGITAL INC. | Financial Services | 0.4% | $29.9m | 1,364,267 | – | new |
| 30 | PAG PENSKE AUTOMOTIVE GRP INC | Consumer Cyclical | 0.3% | $29.4m | 171,327 | -7% | reduced |
| 31 | BG BUNGE GLOBAL SA | Consumer Defensive | 0.3% | $28.2m | 351,309 | 7% | added |
| 32 | HHH HOWARD HUGHES HOLDINGS INC | Real Estate | 0.3% | $28.1m | 416,373 | -5% | reduced |
| 33 | TRC TEJON RANCH CO | 0.3% | $27.9m | 1,647,497 | 100% | added | |
| 34 | SAN JUAN BASIN RTY TR | 0.3% | $27.5m | 4,594,502 | 86% | added | |
| 35 | CCL CARNIVAL CORP | Consumer Cyclical | 0.3% | $27.3m | 969,428 | -11% | reduced |
| 36 | ADM ARCHER DANIELS MIDLAND CO | Consumer Defensive | 0.3% | $26.7m | 505,969 | -0% | held |
| 37 | JOE ST JOE CO | Real Estate | 0.3% | $26.5m | 555,891 | 1% | added |
| 38 | DORCHESTER MINERALS LP | 0.3% | $25.5m | 916,849 | 0% | held | |
| 39 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.3% | $22.3m | 304,838 | 6% | added |
| 40 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.2% | $20.7m | 42,526 | -1% | reduced | |
| 41 | WHITE MTNS INS GROUP LTD | 0.2% | $19.7m | 10,971 | -3% | reduced | |
| 42 | IPAR INTERPARFUMS INC | Consumer Defensive | 0.2% | $18.4m | 139,780 | -5% | reduced |
| 43 | VUSB VANGUARD BD INDEX FDS | 0.2% | $18.1m | 362,083 | -8% | reduced | |
| 44 | RCL ROYAL CARIBBEAN GROUP | Consumer Cyclical | 0.2% | $17.6m | 56,172 | -1% | reduced |
| 45 | SITIO ROYALTIES CORP | 0.2% | $16.9m | 921,938 | 4% | added | |
| 46 | SII SPROTT INC | Financial Services | 0.2% | $14.7m | 212,898 | 7% | added |
| 47 | OSK OSHKOSH CORP | Industrials | 0.2% | $14.1m | 124,206 | -11% | reduced |
| 48 | VGSH VANGUARD SCOTTSDALE FDS | 0.2% | $14.0m | 237,388 | -0% | held | |
| 49 | RGLD ROYAL GOLD INC | Basic Materials | 0.2% | $13.0m | 72,892 | -2% | reduced |
| 50 | RPRX ROYALTY PHARMA PLC | Healthcare | 0.2% | $12.7m | 353,471 | 7% | added |
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.