MRM-Horizon Advisors LLC

Fund of Funds

MRM-Horizon Advisors LLC is a Fund of Funds based in Boston, MA led by Richard William Silver, reporting $338.3M in AUM as of Q3 2025 with 45% Energy concentration, 87% concentrated in top 10 holdings, and 38% allocation to TPL.

Managing PartnerRichard William Silver

Portfolio Value: $233.4M
Positions: 37
Top Holding: TPL at 37.91%
Last Reported: Q3 2025

Address84 State Street, Suite 1060, Boston, MA, 02109, United States

Top Holdings

Largest long holdings in MRM-Horizon Advisors LLC's portfolio (86.8% 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	$88.5M	37.91%	-$225.0K Sold	0.41% 94.8K shares	≤ Q2 2013 Held for 12y 5m+
2 GBTC Grayscale Bitcoin Trust GBTC	Unknown Unknown	$32.4M	13.88%	-$1.0M Sold	— 361.0K shares	Q1 2024 Held for 1y 8m
3 Permian Basin Royalty Trust PBT	Oil & Gas Midstream Energy	$16.8M	7.21%	+$699.2K Bought	1.98% 922.2K shares	Q2 2025 Held for 5 months
4 Hawaiian Electric Industries HE	Diversified Utilities Utilities	$13.6M	5.82%	+$48.0K Bought	0.71% 1.2M shares	Q4 2024 Held for 11 months
5 LandBridge Company LB	Unknown Unknown	$12.9M	5.51%	+$336.2K Bought	0.95% 241.1K shares	Q3 2024 Held for 1y 2m
6 Wheaton Precious Metals WPM	Gold Basic Materials	$11.0M	4.69%	-$2.0M Sold	0.02% 97.9K shares	Q4 2015 Held for 9y 11m
7 Mesabi Trust MSB	Steel Basic Materials	$8.6M	3.71%	+$3.2K Bought	2.25% 295.5K shares	Q3 2020 Held for 5y 2m
8 Fidelity Wise Origin Bitcoin Fund FBTC	ETF ETF	$7.2M	3.07%	-$145.4K Sold	— 71.8K shares	Q1 2024 Held for 1y 8m
9 WBI WaterBridge Infrastructure LLC WBI	Unknown Unknown	$6.3M	2.72%	+$6.3M New	0.58% 251.7K shares	Q3 2025 Held for 2 months
10 Franco-Nevada FNV	Gold Basic Materials	$5.3M	2.25%	-$105.7K Sold	0.01% 23.6K shares	Q1 2019 Held for 6y 8m

See all holdings

GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in MRM-Horizon Advisors LLC's latest filing

See all changes

GthenC

Market Value

$233.4M

Prior: $223.2M

Q/Q Change

+4.57%

+$10.2M

Net Flows % of MV

+4.34%

Turnover Ratio

6.25%

New Purchases

15 stocks

$18.0M

Added To

6 stocks

+$1.3M

Sold Out Of

3 stocks

$3.9M

Reduced Holdings

10 stocks

-$5.2M

Increased Positions

Position	Shares Δ	Change
1 WBI WaterBridge Infrastructure LLC WBI	New	0 → 251.7K +$6.3M
2 MIAX Miami International Holdings, Inc. MIAX	New	0 → 74.6K +$3.0M
3 Oracle ORCL	New	0 → 8.1K +$2.3M
4 Apple AAPL	New	0 → 5.0K +$1.3M
5 Palo Alto Networks, Inc. PANW	New	0 → 5.5K +$1.1M

Decreased Positions

Position	Shares Δ	Change
1 Aris Water Solutions ARIS	Sold	88.5K → 0 −$2.1M
2 Civeo CVEO	Sold	67.9K → 0 −$1.6M
3 Eagle Materials EXP	Sold	1.2K → 0 −$248.7K
4 Vanguard Dividend Appreciation VIG	-58.06%	6.2K → 2.6K −$776.8K
5 Wheaton Precious Metals WPM	-15.53%	115.9K → 97.9K −$2.0M

See all changes

GthenC

Analytics

Portfolio insights and performance metrics for MRM-Horizon Advisors LLC

View analytics

GthenA

Sector Allocation

Energy

45.10%

Basic Materials

10.90%

Utilities

5.90%

ETF

4.90%

Technology

2.40%

Financial Services

2.30%

Consumer Cyclical

2.20%

Healthcare

0.30%

Industrials

0.20%

Consumer Defensive

0.10%

Real Estate

0.10%

Market Cap Distribution

Mega Cap (> $200B)

2.89%

Large Cap ($10B - $200B)

49.61%

Mid Cap ($2B - $10B)

1.72%

Small Cap ($300M - $2B)

24.97%

N/A (ETF or Unknown)

20.81%

Portfolio Concentration

Top 10 Holdings %

86.78%

Top 20 Holdings %

97.05%

Top 50 Holdings %

100.0%

Top 100 Holdings %