HORIZON KINETICS ASSET MANAGEMENT LLC

Long Only Manager • Value

HORIZON KINETICS ASSET MANAGEMENT LLC is a Value-focused institution based in Lake Forest, IL led by Murray Stahl, reporting $9.8B in AUM as of Q3 2025 with 46% Energy concentration, 75% concentrated in top 10 holdings, 40% allocation to TPL, and minimal technology exposure.

CEOMurray Stahl

Portfolio Value: $8.1B
Positions: 326
Top Holding: TPL at 40.18%
Last Reported: Q3 2025

AddressOne Westminster Place, Suite 100a, Lake Forest, IL, 60045, United States

Top Holdings

Largest long holdings in HORIZON KINETICS ASSET MANAGEMENT LLC's portfolio (75.5% of total portfolio)

See all holdings

GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Texas Pacific Land TPL	Oil & Gas Exploration & Production Energy	$3.3B	40.18%	-$68.0M Sold	15.25% 3.5M shares	Q1 2019 Held for 6y 8m
2 GBTC Grayscale Bitcoin Trust GBTC	Unknown Unknown	$1.3B	15.63%	-$33.2M Sold	— 14.2M shares	Q4 2022 Held for 2y 11m
3 Wheaton Precious Metals WPM	Gold Basic Materials	$312.3M	3.83%	-$21.6M Sold	0.62% 2.8M shares	Q1 2019 Held for 6y 8m
4 LandBridge Company LB	Unknown Unknown	$300.5M	3.69%	+$7.1M Bought	22.23% 5.6M shares	Q2 2024 Held for 1y 5m
5 Franco-Nevada FNV	Gold Basic Materials	$225.7M	2.77%	-$7.0M Sold	0.53% 1.0M shares	Q1 2019 Held for 6y 8m
6 Hawaiian Electric Industries HE	Diversified Utilities Utilities	$201.6M	2.47%	+$21.8M Bought	10.58% 18.3M shares	Q4 2024 Held for 11 months
7 WBI WaterBridge Infrastructure LLC WBI	Unknown Unknown	$160.3M	1.97%	+$160.3M New	14.69% 6.4M shares	Q3 2025 Held for 2 months
8 BTC Grayscale Bitcoin Mini Trust BTC	Unknown Unknown	$151.9M	1.87%	-$3.6M Sold	— 3.0M shares	Q3 2024 Held for 1y 2m
9 Intercontinental Exchange ICE	Financial - Data & Stock Exchanges Financial Services	$140.0M	1.72%	-$117.4K Sold	0.15% 831.1K shares	Q1 2019 Held for 6y 8m
10 Permian Basin Royalty Trust PBT	Oil & Gas Midstream Energy	$111.3M	1.37%	+$4.7M Bought	13.09% 6.1M shares	Q1 2019 Held for 6y 8m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in HORIZON KINETICS ASSET MANAGEMENT LLC's latest filing

See all changes

GthenC

Market Value

$8.1B

Prior: $8.4B

Q/Q Change

-3.24%

-$273.1M

Net Flows % of MV

-1.14%

Turnover Ratio

4.73%

New Purchases

6 stocks

$219.1M

Added To

49 stocks

+$119.0M

Sold Out Of

25 stocks

$24.6M

Reduced Holdings

234 stocks

-$406.3M

Increased Positions

Position	Shares Δ	Change
1 WBI WaterBridge Infrastructure LLC WBI	New	0 → 6.4M +$160.3M
2 MIAX Miami International Holdings, Inc. MIAX	New	0 → 1.4M +$55.7M
3 GDLC Grayscale Digital Large Cap Fund GDLC	New	0 → 41.0K +$2.3M
4 Aehr Test Systems AEHR	New	0 → 15.4K +$463.7K
5 PNI PIMCO New York Municipal Income Fund II PNI	New	0 → 37.6K +$261.6K

Decreased Positions

Position	Shares Δ	Change
1 Sitio Royalties STR	Sold	921.9K → 0 −$16.9M
2 VanEck Bitcoin Trust HODL	Sold	30.5K → 0 −$929.9K
3 Brookfield Infrastructure Partners BIP	Sold	27.2K → 0 −$910.2K
4 Canadian Imperial Bank of Commerce CM	Sold	10.5K → 0 −$743.7K
5 Dow DOW	Sold	27.2K → 0 −$719.3K

See all changes

GthenC

Analytics

Portfolio insights and performance metrics for HORIZON KINETICS ASSET MANAGEMENT LLC

View analytics

GthenA

Sector Allocation

Energy

45.80%

Basic Materials

9.40%

Financial Services

7.10%

Utilities

2.60%

Technology

2.00%

Industrials

1.90%

Consumer Cyclical

1.80%

Real Estate

1.20%

ETF

1.20%

Communication Services

0.80%

Consumer Defensive

0.70%

Healthcare

0.50%

Market Cap Distribution

Mega Cap (> $200B)

1.06%

Large Cap ($10B - $200B)

59.40%

Mid Cap ($2B - $10B)

6.48%

Small Cap ($300M - $2B)

11.83%

Micro Cap ($50M - $300M)

1.26%

Nano Cap (< $50M)

0.68%

N/A (ETF or Unknown)

19.29%

Portfolio Concentration

Top 10 Holdings %

75.49%

Top 20 Holdings %

85.16%

Top 50 Holdings %

95.08%

Top 100 Holdings %

97.86%