Horizon Kinetics 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Horizon Kinetics disclosed 334 US equity positions worth $8.2bn in its Q3 2025 13F filing. The largest position was TPL at 39.9% of the reported book, followed by GBTC and WPM. Against the Q2 2025 filing, it opened 3 new positions, added to 11 and reduced 27 among the top 50 holdings.
What did Horizon Kinetics own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | Energy | 39.9% | $3.3bn | 3,504,692 | -2% | reduced |
| 2 | GBTC GRAYSCALE BITCOIN TRUST ETF | 15.5% | $1.3bn | 14,181,200 | -3% | reduced | |
| 3 | WPM WHEATON PRECIOUS METALS CORP | Basic Materials | 3.8% | $312.3m | 2,792,112 | -6% | reduced |
| 4 | LB LANDBRIDGE COMPANY LLC | 3.7% | $300.5m | 5,632,113 | 2% | added | |
| 5 | FNV FRANCO NEV CORP | Basic Materials | 2.8% | $225.7m | 1,012,362 | -3% | reduced |
| 6 | HE HAWAIIAN ELEC INDUSTRIES | Utilities | 2.5% | $201.6m | 18,257,717 | 12% | added |
| 7 | WATERBRIDGE INFRASTRUCTURE L | 2.0% | $160.3m | 6,354,306 | – | new | |
| 8 | GRAYSCALE BITCOIN MINI TR ET | 1.9% | $151.9m | 3,000,467 | -2% | reduced | |
| 9 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 1.7% | $140.0m | 831,061 | -0% | held |
| 10 | PERMIAN BASIN RTY TR | 1.4% | $111.3m | 6,099,049 | 4% | added | |
| 11 | LNG CHENIERE ENERGY INC | Energy | 1.4% | $111.1m | 472,959 | -2% | reduced |
| 12 | CBOE CBOE GLOBAL MKTS INC | Financial Services | 1.2% | $100.4m | 409,459 | -1% | reduced |
| 13 | MESABI TR | 1.1% | $87.8m | 2,999,326 | 1% | added | |
| 14 | CACI CACI INTL INC | Technology | 1.0% | $80.1m | 160,665 | -1% | reduced |
| 15 | BN BROOKFIELD CORP | Financial Services | 0.9% | $75.4m | 1,649,271 | 41% | added |
| 16 | CME CME GROUP INC | Financial Services | 0.9% | $74.8m | 276,773 | 117% | added |
| 17 | OR OR ROYALTIES INC. | Basic Materials | 0.9% | $73.1m | 1,823,650 | 0% | held |
| 18 | VNOM VIPER ENERGY INC | Energy | 0.8% | $65.8m | 1,721,927 | – | new |
| 19 | CVEO CIVEO CORP CDA | 0.8% | $61.9m | 2,690,466 | -7% | reduced | |
| 20 | AN AUTONATION INC | Consumer Cyclical | 0.7% | $56.7m | 259,335 | -1% | reduced |
| 21 | CCJ CAMECO CORP | Energy | 0.7% | $56.7m | 676,032 | 0% | held |
| 22 | MIAMI INTL HLDGS INC | 0.7% | $55.7m | 1,382,403 | – | new | |
| 23 | IBIT ISHARES BITCOIN TRUST ETF | 0.7% | $53.7m | 826,901 | -14% | reduced | |
| 24 | MSTR STRATEGY INC | Technology | 0.5% | $44.6m | 138,488 | -5% | reduced |
| 25 | GLXY GALAXY DIGITAL INC. | Financial Services | 0.5% | $42.4m | 1,253,870 | -8% | reduced |
| 26 | HORIZON KINETICS HLDG CORP | 0.5% | $40.5m | 1,075,161 | 6471% | added | |
| 27 | DBRG DIGITALBRIDGE GROUP INC | Financial Services | 0.5% | $38.5m | 3,286,397 | -9% | reduced |
| 28 | SAN JUAN BASIN RTY TR | 0.4% | $33.9m | 5,611,981 | 22% | added | |
| 29 | MRSH MARSH & MCLENNAN COS INC | Financial Services | 0.4% | $31.7m | 157,219 | 0% | held |
| 30 | TRC TEJON RANCH CO | 0.4% | $30.6m | 1,913,978 | 16% | added | |
| 31 | PAG PENSKE AUTOMOTIVE GRP INC | Consumer Cyclical | 0.4% | $29.7m | 170,610 | -0% | held |
| 32 | BG BUNGE GLOBAL SA | Consumer Defensive | 0.3% | $28.4m | 350,083 | -0% | held |
| 33 | LYV LIVE NATION ENTERTAINMENT IN | Communication Services | 0.3% | $28.1m | 172,112 | -45% | reduced |
| 34 | CCL CARNIVAL CORP | Consumer Cyclical | 0.3% | $27.8m | 961,734 | -1% | reduced |
| 35 | JOE ST JOE CO | Real Estate | 0.3% | $27.5m | 555,729 | -0% | held |
| 36 | ASSOCIATED CAP GROUP INC | 0.3% | $27.0m | 805,348 | -7% | reduced | |
| 37 | HHH HOWARD HUGHES HOLDINGS INC | Real Estate | 0.3% | $25.2m | 306,248 | -26% | reduced |
| 38 | DORCHESTER MINERALS LP | 0.3% | $22.9m | 885,615 | -3% | reduced | |
| 39 | WHITE MTNS INS GROUP LTD | 0.3% | $21.9m | 13,084 | 19% | added | |
| 40 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.2% | $20.3m | 40,349 | -5% | reduced | |
| 41 | WFG WEST FRASER TIMBER CO LTD | Basic Materials | 0.2% | $20.1m | 296,006 | -3% | reduced |
| 42 | SII SPROTT INC | Financial Services | 0.2% | $17.9m | 214,814 | 1% | added |
| 43 | RCL ROYAL CARIBBEAN GROUP | Consumer Cyclical | 0.2% | $17.5m | 54,033 | -4% | reduced |
| 44 | AYS1 SANDSTORM GOLD LTD | 0.2% | $16.0m | 1,274,954 | -65% | reduced | |
| 45 | OSK OSHKOSH CORP | Industrials | 0.2% | $15.1m | 116,700 | -6% | reduced |
| 46 | IPAR INTERPARFUMS INC | Consumer Defensive | 0.2% | $13.7m | 138,817 | -1% | reduced |
| 47 | VUSB VANGUARD BD INDEX FDS | 0.2% | $13.2m | 263,822 | -27% | reduced | |
| 48 | RGLD ROYAL GOLD INC | Basic Materials | 0.2% | $12.8m | 63,820 | -12% | reduced |
| 49 | RPRX ROYALTY PHARMA PLC | Healthcare | 0.2% | $12.5m | 354,685 | 0% | held |
| 50 | RBA RB GLOBAL INC | Industrials | 0.1% | $11.9m | 109,696 | -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.