Horizon Kinetics 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Horizon Kinetics disclosed 322 US equity positions worth $7.4bn in its Q4 2025 13F filing. The largest position was TPL at 40.1% of the reported book, followed by GBTC and WPM. Against the Q3 2025 filing, it opened 0 new positions, added to 11 and reduced 15 among the top 50 holdings.
What did Horizon Kinetics own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | Energy | 40.1% | $3.0bn | 10,333,762 | 195% | added |
| 2 | GBTC GRAYSCALE BITCOIN TRUST ETF | 13.0% | $964.8m | 14,113,593 | -0% | held | |
| 3 | WPM WHEATON PRECIOUS METALS CORP | Basic Materials | 4.0% | $293.0m | 2,493,518 | -11% | reduced |
| 4 | LB LANDBRIDGE COMPANY LLC | 3.7% | $276.4m | 5,642,766 | 0% | held | |
| 5 | HE HAWAIIAN ELEC INDUSTRIES | Utilities | 3.2% | $238.5m | 19,392,363 | 6% | added |
| 6 | FNV FRANCO NEV CORP | Basic Materials | 2.7% | $200.7m | 968,101 | -4% | reduced |
| 7 | WATERBRIDGE INFRASTRUCTURE L | 1.9% | $136.8m | 6,837,520 | 8% | added | |
| 8 | ICE INTERCONTINENTAL EXCHANGE IN | Financial Services | 1.8% | $134.6m | 830,766 | -0% | held |
| 9 | MESABI TR | 1.6% | $116.6m | 3,027,698 | 1% | added | |
| 10 | GRAYSCALE BITCOIN MINI TR ET | 1.6% | $116.1m | 2,997,060 | -0% | held | |
| 11 | PERMIAN BASIN RTY TR | 1.4% | $105.1m | 6,187,800 | 1% | added | |
| 12 | CBOE CBOE GLOBAL MKTS INC | Financial Services | 1.4% | $102.5m | 408,398 | -0% | held |
| 13 | LNG CHENIERE ENERGY INC | Energy | 1.2% | $90.1m | 463,329 | -2% | reduced |
| 14 | CACI CACI INTL INC | Technology | 1.1% | $84.5m | 158,591 | -1% | reduced |
| 15 | MIAMI INTL HLDGS INC | 1.1% | $80.8m | 1,819,798 | 32% | added | |
| 16 | CME CME GROUP INC | Financial Services | 1.0% | $75.3m | 275,611 | -0% | held |
| 17 | BN BROOKFIELD CORP | Financial Services | 1.0% | $72.7m | 1,583,710 | -4% | reduced |
| 18 | VNOM VIPER ENERGY INC | Energy | 0.9% | $66.2m | 1,714,904 | -0% | held |
| 19 | OR OR ROYALTIES INC. | Basic Materials | 0.9% | $64.2m | 1,815,024 | -0% | held |
| 20 | CCJ CAMECO CORP | Energy | 0.8% | $61.7m | 674,096 | -0% | held |
| 21 | CVEO CIVEO CORP CDA | 0.8% | $56.0m | 2,449,487 | -9% | reduced | |
| 22 | AN AUTONATION INC | Consumer Cyclical | 0.7% | $53.0m | 256,479 | -1% | reduced |
| 23 | DBRG DIGITALBRIDGE GROUP INC | Financial Services | 0.6% | $46.7m | 3,046,533 | -7% | reduced |
| 24 | IBIT ISHARES BITCOIN TRUST ETF | 0.5% | $39.6m | 796,863 | -4% | reduced | |
| 25 | SAN JUAN BASIN RTY TR | 0.5% | $35.0m | 6,231,144 | 11% | added | |
| 26 | JOE ST JOE CO | Real Estate | 0.4% | $32.9m | 554,837 | -0% | held |
| 27 | BG BUNGE GLOBAL SA | Consumer Defensive | 0.4% | $31.1m | 348,994 | -0% | held |
| 28 | TRC TEJON RANCH CO | 0.4% | $30.2m | 1,912,573 | -0% | held | |
| 29 | CCL CARNIVAL CORP | Consumer Cyclical | 0.4% | $29.2m | 957,548 | -0% | held |
| 30 | MRSH MARSH & MCLENNAN COS INC | Financial Services | 0.4% | $29.1m | 156,685 | -0% | held |
| 31 | GLXY GALAXY DIGITAL INC. | Financial Services | 0.4% | $27.9m | 1,249,554 | -0% | held |
| 32 | WHITE MTNS INS GROUP LTD | 0.4% | $27.3m | 13,121 | 0% | held | |
| 33 | PAG PENSKE AUTOMOTIVE GRP INC | Consumer Cyclical | 0.4% | $26.9m | 169,874 | -0% | held |
| 34 | HORIZON KINETICS HLDG CORP | 0.3% | $25.3m | 1,075,313 | 0% | held | |
| 35 | LYV LIVE NATION ENTERTAINMENT IN | Communication Services | 0.3% | $24.2m | 169,884 | -1% | reduced |
| 36 | HHH HOWARD HUGHES HOLDINGS INC | Real Estate | 0.3% | $23.4m | 293,360 | -4% | reduced |
| 37 | MSTR STRATEGY INC | Technology | 0.3% | $21.2m | 139,377 | 1% | added |
| 38 | RGLD ROYAL GOLD INC | Basic Materials | 0.3% | $21.1m | 94,876 | 49% | added |
| 39 | SII SPROTT INC | Financial Services | 0.3% | $21.0m | 214,626 | -0% | held |
| 40 | DORCHESTER MINERALS LP | 0.3% | $19.6m | 875,662 | -1% | reduced | |
| 41 | BRK/B BERKSHIRE HATHAWAY INC DEL | 0.3% | $19.1m | 37,988 | -6% | reduced | |
| 42 | VUSB VANGUARD BD INDEX FDS | 0.2% | $17.1m | 342,542 | 30% | added | |
| 43 | RCL ROYAL CARIBBEAN GROUP | Consumer Cyclical | 0.2% | $14.7m | 52,758 | -2% | reduced |
| 44 | OSK OSHKOSH CORP | Industrials | 0.2% | $14.6m | 116,193 | -0% | held |
| 45 | TRIPLE FLAG PRECIOUS METAL | 0.2% | $14.1m | 425,303 | 1510% | added | |
| 46 | RPRX ROYALTY PHARMA PLC | Healthcare | 0.2% | $13.7m | 353,361 | -0% | held |
| 47 | IPAR INTERPARFUMS INC | Consumer Defensive | 0.2% | $11.8m | 138,558 | -0% | held |
| 48 | MA MASTERCARD INCORPORATED | Financial Services | 0.2% | $11.2m | 19,579 | -0% | held |
| 49 | RBA RB GLOBAL INC | Industrials | 0.1% | $11.1m | 107,627 | -2% | reduced |
| 50 | BAM BROOKFIELD ASSET MANAGMT LTD | Financial Services | 0.1% | $10.0m | 190,473 | -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.