Horizon Kinetics Asset Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 10, 2025), Horizon Kinetics Asset Management LLC reported 344 stock positions worth $7.9 billion. Its top holding was Texas Pacific Land (TPL) at 50.3% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 14.2%) and Landbridge Co. LLC-A (LB, 4.4%). Compared with Q3 2024, it opened 13 new positions, sold out of 12, added to 106 and reduced 131. The biggest buy was Landbridge Co. LLC-A (LB, shares +4%) and the biggest sale Caci International Class A (CACI, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001056823
- Portfolio Value
- $7.9B (Q4 2024)
- SEC Filing
- 0001056823-25-000001 ↗ filed Feb 10, 2025
Holdings Value
Holdings 344 stocks · $7.9B
| TPL Texas Pacific Land Corp. | 50.33% | 3,606,579 | $4.0B | Reduce -2.4% |
| GBTC Grayscale Bitcoin Trust ETF | 14.17% | 15,168,163 | $1.1B | Reduce -0.3% |
| LB Landbridge Co. LLC-A | 4.40% | 5,399,275 | $348.8M | Add +4.0% |
| WPM Wheaton Precious Metals Corp. | 2.08% | 2,931,246 | $164.9M | Add +6.4% |
| CACI Caci International Inc. Class A | 1.83% | 359,495 | $145.3M | Reduce -2.3% |
| BTC Grayscale Bitcoin Mini ETF | 1.62% | 3,064,302 | $128.3M | Add +0.3% |
| ICE Intercontinental Exchange Inc. | 1.51% | 804,581 | $119.9M | Add +7.9% |
| FNV Franco-Nevada Corp. | 1.47% | 988,033 | $116.2M | Add +5.6% |
| CBOE Cboe Global Markets Inc. | 1.02% | 414,474 | $81.0M | Reduce -0.8% |
| MSB Mesabi Trust | 1.01% | 2,843,010 | $79.9M | Add +6.9% |
| VNOM Viper Energy Inc. | 0.98% | 1,589,404 | $78.0M | Add +20.4% |
| BN Brookfield Corp. | 0.88% | 1,218,597 | $70.0M | Add +15.3% |
| CVEO Civeo Corp. | 0.88% | 3,064,019 | $69.6M | Reduce -5.8% |
| DBRG Digitalbridge Group Inc. | 0.64% | 4,483,340 | $50.6M | Add +868.9% |
| AN Autonation Inc. | 0.60% | 282,198 | $47.9M | Reduce -1.6% |
| MSTR Strategy Inc. filed as MICROSTRATEGY INC | 0.60% | 165,315 | $47.9M | Reduce -14.3% |
| IBIT iShares Bitcoin Trust ETF | 0.58% | 864,272 | $45.8M | Add +7.3% |
| SAIC Science Applications Inte | 0.57% | 406,695 | $45.5M | Add +0.9% |
| PBT Permian Basin Royalty Trust | 0.55% | 3,946,083 | $43.7M | Add +7.1% |
| LYV Live Nation Entertainment Inc. | 0.54% | 329,735 | $42.7M | Reduce -7.5% |
| HHH Howard Hughes Holdings Inc. | 0.45% | 458,597 | $35.3M | Reduce -7.5% |
| CCJ Cameco Corp. | 0.40% | 616,951 | $31.7M | Add +19.1% |
| ACGP Associated Capital Group - A | 0.40% | 917,630 | $31.4M | Reduce -5.9% |
| MRSH Marsh & McLennan Cos | 0.39% | 144,628 | $30.7M | Add +21.5% |
| DMLP Dorchester Minerals LP | 0.38% | 908,646 | $30.3M | Add +1.3% |
| OR Osisko Gold Royalties Ltd. | 0.38% | 1,659,922 | $30.0M | Add +19.2% |
| CME Cme Group Inc. | 0.37% | 125,853 | $29.2M | Reduce -2.2% |
| PAG Penske Automotive Group Inc. | 0.35% | 182,966 | $27.9M | Add +0.8% |
| ADM Archer-Daniels-Midland Co. | 0.35% | 545,719 | $27.6M | Reduce -16.5% |
| CCL Carnival Corp. | 0.34% | 1,084,131 | $27.0M | Add +0.1% |
| JOE The St Joe Co. | 0.32% | 564,202 | $25.3M | Add +7.7% |
| BG Bunge Global SA | 0.31% | 319,121 | $24.8M | Add +18.2% |
| WFG West Fraser Timber Co. Ltd. | 0.31% | 281,367 | $24.4M | Add +18.8% |
| HE Hawaiian Electric Inds | 0.29% | 2,379,498 | $23.2M | New |
| SAND Sandstorm Gold Ltd. | 0.27% | 3,788,672 | $21.1M | Reduce -2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.25% | 43,600 | $19.8M | Reduce -3.1% |
| WTM White Mountains Insurance GP | 0.25% | 10,089 | $19.6M | Add +41.3% |
| IPAR Interparfums Inc. | 0.24% | 147,120 | $19.3M | Reduce -3.1% |
| STR Sitio Royalties Corp. Class A | 0.21% | 862,426 | $16.5M | Add +11.9% |
| TRC Tejon Ranch Co. | 0.17% | 851,294 | $13.5M | Reduce -5.3% |
| OSK Oshkosh Corp. | 0.17% | 140,119 | $13.3M | Reduce -0.7% |
| RCL Royal Caribbean Cruises Ltd. | 0.17% | 57,153 | $13.2M | Reduce -1.3% |
| WEN The Wendy's Co. | 0.16% | 782,621 | $12.8M | Reduce -7.7% |
| BAM Brookfield Asset Mgmt-A | 0.16% | 234,360 | $12.7M | Reduce -2.6% |
| VGSH Vanguard Short-Term Treasury | 0.16% | 215,098 | $12.5M | Reduce -3.8% |
| SPAQ Horizon Kinetics Spac Active | 0.16% | 125,435 | $12.3M | Reduce -2.5% |
| CRL Charles River Laboratories | 0.14% | 59,840 | $11.0M | Reduce -47.9% |
| MA Mastercard Inc. Class A | 0.13% | 19,291 | $10.2M | Reduce -1.8% |
| RBA RB Global Inc. | 0.13% | 110,630 | $10.0M | Reduce -6.3% |
| RGLD Royal Gold Inc. | 0.12% | 74,792 | $9.9M | Reduce -2.1% |
| WMB Williams Cos Inc. | 0.12% | 172,890 | $9.4M | Reduce -2.5% |
| FWONK Liberty Media Corp. Class C | 0.12% | 99,173 | $9.2M | Reduce -1.5% |
| BKKT Bakkt Inc. filed as BAKKT HOLDINGS INC | 0.12% | 367,927 | $9.1M | Reduce -8.1% |
| SPGI S&P Global Inc. | 0.11% | 17,994 | $9.0M | Reduce -2.5% |
| VUSB Vanguard Ultra Short Bond Et | 0.11% | 170,200 | $8.4M | Reduce -2.3% |
| RPRX Royalty Pharma PLC Class A | 0.10% | 319,176 | $8.1M | Add +39.5% |
| SII Sprott Inc. | 0.10% | 192,466 | $8.1M | Add +18.9% |
| NDAQ Nasdaq Inc. | 0.10% | 103,246 | $8.0M | Add +0.3% |
| BCHG Grayscale Bitcoin Cash Trust filed as BCHG | 0.10% | 1,455,288 | $7.6M | Add +47.7% |
| EXP Eagle Materials Inc. | 0.09% | 29,949 | $7.4M | Reduce -5.2% |
| SBR Sabine Royalty Trust | 0.09% | 109,921 | $7.1M | Add +9.5% |
| ELS Equity Lifestyle Properties | 0.09% | 104,935 | $7.0M | Reduce -6.8% |
| SJT San Juan Basin Royalty TR | 0.09% | 1,814,214 | $6.9M | Add +40.4% |
| MSGS Madison Square Garden Sports | 0.09% | 30,261 | $6.8M | Reduce -0.8% |
| LTCN Grayscale Litecoin Trust | 0.08% | 516,894 | $6.6M | Add +57.7% |
| LBRDK Liberty Broadband-C | 0.08% | 87,086 | $6.5M | Reduce -2.7% |
| ET Energy Transfer LP | 0.08% | 311,724 | $6.1M | Add +3.5% |
| XOM Exxon Mobil Corp. | 0.07% | 54,429 | $5.9M | Reduce -0.9% |
| ARIS WATER SOLUTIONS INC-A | 0.07% | 229,308 | $5.5M | New |
| FCX Freeport-McMoran Inc. | 0.07% | 141,597 | $5.4M | Reduce -0.1% |
| MSFT Microsoft Corp. | 0.07% | 12,773 | $5.4M | Reduce -1.8% |
| BX Blackstone Inc. | 0.07% | 30,200 | $5.2M | Reduce -8.8% |
| ABBV Abbvie Inc. | 0.06% | 26,048 | $4.6M | Add +0.8% |
| PM Philip Morris International | 0.06% | 38,294 | $4.6M | Reduce -0.1% |
| TPH Tri Pointe Homes Inc. | 0.06% | 124,012 | $4.5M | Reduce -11.4% |
| LBRT Liberty Energy Inc. | 0.06% | 224,849 | $4.5M | Reduce -13.7% |
| MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC | 0.06% | 141,374 | $4.4M | New |
| BUR Burford Capital Ltd. | 0.06% | 342,950 | $4.4M | Reduce -2.9% |
| MKL Markel Group Inc. | 0.05% | 2,505 | $4.3M | Reduce -0.4% |
| CMRE Costamare Inc. | 0.05% | 321,600 | $4.1M | Reduce -0.4% |
| EPD Enterprise Products Partners | 0.05% | 130,752 | $4.1M | Add +0.5% |
| BSM Black Stone Minerals LP | 0.05% | 275,638 | $4.0M | No change |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 0.05% | 343,633 | $3.9M | Reduce -9.5% |
| FWONA Liberty Media Corp. Class A | 0.05% | 44,818 | $3.8M | Reduce -1.0% |
| INFL Horizon Kinetics Infl Benef | 0.05% | 95,267 | $3.6M | Add +4.2% |
| LHX L3HARRIS Technologies Inc. | 0.04% | 16,455 | $3.5M | Reduce -0.9% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.04% | 32,900 | $3.5M | Reduce -4.5% |
| BMY Bristol-Myers Squibb Co. | 0.04% | 60,476 | $3.4M | Add +1.8% |
| BCDF Horizon Kin Blockchain Dev | 0.04% | 122,143 | $3.4M | Add +8.1% |
| CSCO Cisco Systems Inc. | 0.04% | 56,641 | $3.4M | Add +0.1% |
| MRK Merck & Co. Inc. | 0.04% | 33,574 | $3.3M | Add +1.1% |
| MO Altria Group Inc. | 0.04% | 63,197 | $3.3M | Reduce -0.7% |
| LLY Eli Lilly & Co. | 0.04% | 4,257 | $3.3M | Add +3.4% |
| FNF Fidelity National Financial | 0.04% | 58,066 | $3.3M | Reduce -0.0% |
| NVDA Nvidia Corp. | 0.04% | 24,160 | $3.2M | Reduce -7.3% |
| LVS Las Vegas Sands Corp. | 0.04% | 60,395 | $3.1M | Add +0.2% |
| KLAC KLA Corp. | 0.04% | 4,824 | $3.0M | Reduce -0.5% |
| NTR Nutrien Ltd. | 0.04% | 67,026 | $3.0M | Reduce -78.9% |
| AMLP Alerian MLP ETF | 0.04% | 61,057 | $2.9M | Add +5.8% |
| EMR Emerson Electric Co. | 0.04% | 23,662 | $2.9M | Reduce -2.6% |
Options reported separately and not counted above: VXX calls ($1.1M), DIREXION SHS ETF TR calls ($336K), VIXY calls ($297K), DIREXION SHS ETF TR calls ($256K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $105.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LNG Cheniere Energy Inc. | COM NEW · principal | 489,305 | $105.1M | Add +4.4% |
Total filed on the 13F, all lines: $8.0B.
Portfolio Sells Q3 2024 → Q4 2024
| CACI Caci International Inc. Class A | Reduce -2.3% | 1.83% | −0.98 |
| CVEO Civeo Corp. | Reduce -5.8% | 0.88% | −0.47 |
| CBOE Cboe Global Markets Inc. | Reduce -0.8% | 1.02% | −0.28 |
| ADM Archer-Daniels-Midland Co. | Reduce -16.5% | 0.35% | −0.24 |
| CRL Charles River Laboratories | Reduce -47.9% | 0.14% | −0.20 |
| NTR Nutrien Ltd. | Reduce -78.9% | 0.04% | −0.19 |
| AN Autonation Inc. | Reduce -1.6% | 0.60% | −0.17 |
| HHH Howard Hughes Holdings Inc. | Reduce -7.5% | 0.45% | −0.14 |
| ACGP Associated Capital Group - A | Reduce -5.9% | 0.40% | −0.13 |
| SAND Sandstorm Gold Ltd. | Reduce -2.9% | 0.27% | −0.09 |
| TRC Tejon Ranch Co. | Reduce -5.3% | 0.17% | −0.07 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.1% | 0.25% | −0.06 |
| WEN The Wendy's Co. | Reduce -7.7% | 0.16% | −0.06 |
| CME Cme Group Inc. | Reduce -2.2% | 0.37% | −0.06 |
| IPAR Interparfums Inc. | Reduce -3.1% | 0.24% | −0.05 |
| LYV Live Nation Entertainment Inc. | Reduce -7.5% | 0.54% | −0.05 |
| OSK Oshkosh Corp. | Reduce -0.7% | 0.17% | −0.05 |
| EXP Eagle Materials Inc. | Reduce -5.2% | 0.09% | −0.04 |
| VGSH Vanguard Short-Term Treasury | Reduce -3.8% | 0.16% | −0.04 |
| TPH Tri Pointe Homes Inc. | Reduce -11.4% | 0.06% | −0.04 |
| FCX Freeport-McMoran Inc. | Reduce -0.1% | 0.07% | −0.04 |
| RGLD Royal Gold Inc. | Reduce -2.1% | 0.12% | −0.04 |
| SPAQ Horizon Kinetics Spac Active | Reduce -2.5% | 0.16% | −0.04 |
| ELS Equity Lifestyle Properties | Reduce -6.8% | 0.09% | −0.03 |
| SPGI S&P Global Inc. | Reduce -2.5% | 0.11% | −0.03 |
| VUSB Vanguard Ultra Short Bond Et | Reduce -2.3% | 0.11% | −0.03 |
| CMRE Costamare Inc. | Reduce -0.4% | 0.05% | −0.02 |
| MHD BlackRock Muniholdings Fund | Reduce -88.2% | 0.00% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.9% | 0.07% | −0.02 |
| LBRDK Liberty Broadband-C | Reduce -2.7% | 0.08% | −0.02 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Reduce -9.5% | 0.05% | −0.02 |
| LBRT Liberty Energy Inc. | Reduce -13.7% | 0.06% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -1.8% | 0.13% | −0.02 |
| KLAC KLA Corp. | Reduce -0.5% | 0.04% | −0.02 |
| IRM Iron Mountain Inc. | Reduce -4.5% | 0.04% | −0.02 |
| RBA RB Global Inc. | Reduce -6.3% | 0.13% | −0.02 |
| DHR Danaher Corp. | Reduce -24.7% | 0.02% | −0.02 |
| MSFT Microsoft Corp. | Reduce -1.8% | 0.07% | −0.02 |
| LHX L3HARRIS Technologies Inc. | Reduce -0.9% | 0.04% | −0.02 |
| BUR Burford Capital Ltd. | Reduce -2.9% | 0.06% | −0.02 |
| PCH Potlatchdeltic Corp. | Reduce -15.6% | 0.02% | −0.01 |
| FNF Fidelity National Financial | Reduce -0.0% | 0.04% | −0.01 |
| PFN PIMCO Income Strategy FD II | Reduce -21.0% | 0.02% | −0.01 |
| CAT Caterpillar Inc. | Reduce -3.3% | 0.04% | −0.01 |
| PM Philip Morris International | Reduce -0.1% | 0.06% | −0.01 |
| BAM Brookfield Asset Mgmt-A | Reduce -2.6% | 0.16% | −0.01 |
| CVS CVS Health Corp. | Sold out | 0.00% | −0.01 |
| RYN Rayonier Inc. | Reduce -8.7% | 0.02% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -0.0% | 0.02% | −0.01 |
| BX Blackstone Inc. | Reduce -8.8% | 0.07% | −0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| LB Landbridge Co. LLC-A | Add +4.0% | 4.40% | +1.32 |
| DBRG Digitalbridge Group Inc. | Add +868.9% | 0.64% | +0.54 |
| BTC Grayscale Bitcoin Mini ETF | Add +0.3% | 1.62% | +0.31 |
| HE Hawaiian Electric Inds | New | 0.29% | +0.29 |
| IBIT iShares Bitcoin Trust ETF | Add +7.3% | 0.58% | +0.14 |
| MSB Mesabi Trust | Add +6.9% | 1.01% | +0.10 |
| VNOM Viper Energy Inc. | Add +20.4% | 0.98% | +0.08 |
| ARIS WATER SOLUTIONS INC-A | New | 0.07% | +0.07 |
| WTM White Mountains Insurance GP | Add +41.3% | 0.25% | +0.06 |
| MRX Marex UK Holdings Ltd. | New | 0.06% | +0.06 |
| CCL Carnival Corp. | Add +0.1% | 0.34% | +0.04 |
| BN Brookfield Corp. | Add +15.3% | 0.88% | +0.03 |
| CCJ Cameco Corp. | Add +19.1% | 0.40% | +0.03 |
| AB Alliancebernstein Holding LP | Add +175.5% | 0.03% | +0.02 |
| ARLP Alliance Resource Partners | New | 0.02% | +0.02 |
| SJT San Juan Basin Royalty TR | Add +40.4% | 0.09% | +0.02 |
| BAH Booz Allen Hamilton Holdings | Add +204.7% | 0.02% | +0.01 |
| LTCN Grayscale Litecoin Trust | Add +57.7% | 0.08% | +0.01 |
| VXF Vanguard Extended Market ETF | Add +76.1% | 0.03% | +0.01 |
| HKHC Horizon Kinetics Holding Cor | New | 0.01% | +0.01 |
| XMVTX BlackRock Munivest Fund II | New | 0.01% | +0.01 |
| XBKNX BlackRock Invest QLTY Muni | New | 0.01% | +0.01 |
| LADR Ladder Capital Corp.-REIT | New | 0.01% | +0.01 |
| RPRX Royalty Pharma PLC Class A | Add +39.5% | 0.10% | +0.00 |
| ET Energy Transfer LP | Add +3.5% | 0.08% | +0.00 |
| SMR Nuscale Power Corp. | New | 0.00% | +0.00 |
| T AT&T Inc. | New | 0.00% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +64.8% | 0.01% | +0.00 |
| EXE Expand Energy Corp. | New | 0.00% | +0.00 |
| CQP Cheniere Energy Partners LP | New | 0.00% | +0.00 |
| AXP American Express Co. | New | 0.00% | +0.00 |
| DOW Dow Inc. | Add +101.9% | 0.01% | +0.00 |
| KMI Kinder Morgan Inc. | Add +0.0% | 0.04% | +0.00 |
| AMG Affiliated Managers Group | Add +31.3% | 0.00% | +0.00 |
| RIO Rio Tinto PLC-Spon ADR | Add +49.8% | 0.02% | +0.00 |
| NFLX Netflix Inc. | Add +2.9% | 0.00% | +0.00 |
| D Dominion Energy Inc. | Add +30.3% | 0.01% | +0.00 |
| AMZN Amazon.com Inc. | Add +2.7% | 0.00% | 0.00 |
| PACB Pacific Biosciences of Calif | Add +4.4% | 0.00% | 0.00 |
| REPL Replimune Group Inc. | Add +4.4% | 0.00% | −0.00 |
| TW Tradeweb Markets Inc. Class A | Add +11.8% | 0.01% | −0.00 |
| VNDA Vanda Pharmaceuticals Inc. | Add +4.4% | 0.00% | −0.00 |
| VZ Verizon Communications Inc. | Add +24.7% | 0.00% | −0.00 |
| ALLO Allogene Therapeutics Inc. | Add +4.4% | 0.00% | −0.00 |
| DIS The Walt Disney Co. | Add +0.0% | 0.01% | −0.00 |
| KVUE Kenvue Inc. | Add +23.6% | 0.01% | −0.00 |
| NVIR Horizon Kin Enrg & Remed ETF | Add +7.3% | 0.00% | −0.00 |
| BEAM Beam Therapeutics Inc. | Add +4.4% | 0.00% | −0.00 |
| LTRN Lantern Pharma Inc. | Add +4.4% | 0.00% | −0.00 |
| HLN Haleon PLC-ADR | Add +4.4% | 0.00% | −0.00 |
Options Activity Q3 2024 → Q4 2024
| VXX Ipath Series B S&P 500 Vix | call | New | 9,900 | $1.1M |
| DIREXION SHS ETF TR | call | New | 6,100 | $336K |
| DIREXION SHS ETF TR | call | Sold out | 26,300 | $316Kbefore exit |
| VIXY Proshares Vix Short-Term Fut | call | Reduce -2.6% | 5,600 | $297K |
| DIREXION SHS ETF TR | call | New | 3,500 | $256K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024
| LNG Cheniere Energy Inc. | COM NEW · principal | Add +4.4% | 489,305 | $105.1M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 348 | $8.8B | TPL, GBTC, LB, HE, MIAX |
| Q1 2026 | 350 | $9.2B | TPL, GBTC, LB, HE, WPM |
| Q4 2025 | 322 | $7.4B | TPL, GBTC, WPM, LB, HE |
| Q3 2025 | 334 | $8.2B | TPL, GBTC, WPM, LB, FNV |
| Q2 2025 | 349 | $8.4B | TPL, GBTC, LB, WPM, HE |
| Q1 2025 | 341 | $8.7B | TPL, GBTC, LB, WPM, FNV |
| Q4 2024 | 344 | $7.9B | TPL, GBTC, LB, WPM, CACI |
| Q3 2024 | 343 | $6.6B | TPL, GBTC, LB, CACI, WPM |
| Q2 2024 | 319 | $5.6B | TPL, GBTC, CACI, WPM, LB |
| Q1 2024 | 316 | $5.2B | TPL, GBTC, CACI, WPM, FNV |