Managers / Q4 2025 · view latest →
HORIZON KINETICS ASSET MANAGEMENT LLC
CIK 0001056823 · 470 PARK AVENUE SOUTH, 4TH FLOOR SOUTH, NEW YORK, NY, 10016 · 646-495-7347
Reported Value
$7.4B
Q4 2025
Positions
324
Filings on Record
16
2019–present window
Filed
Feb 11, 2026
original filing
Summary
Horizon Kinetics Asset Management Llc reported $7.4B in U.S.-listed holdings across 324 positions for Q4 2025.
The portfolio is heavily concentrated: TPL alone accounts for 40.1% of reported value.
Compared with Q3 2025, the fund opened 4 new positions and exited 16.
Reported Value by Quarter
13F Reported Value
Portfolio Composition
By security type
- Common Stock · 77.6% · $5.7B
- ETP · 16.1% · $1.2B
- Royalty Trst · 3.6% · $264M
- Other · 1.3% · $98M
- MLP · 0.7% · $48M
- Other · 0.8% · $61M
Quarter-over-Quarter Changes full breakdown →
Holdings — Q4 2025
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $9.2B | 353 | May 15, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $7.4B | 324 | Feb 11, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $8.2B | 336 | Nov 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $8.4B | 352 | Aug 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $8.8B | 347 | May 15, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $8.0B | 349 | Feb 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $6.7B | 346 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $5.7B | 324 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $5.3B | 323 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $4.8B | 325 | Feb 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $5.0B | 331 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $4.6B | 334 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $5.2B | 334 | May 12, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $6.06T | 324 | Feb 9, 2023 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2022 | $5.0B | 329 | Nov 15, 2022 | 13F-HR | changes · EDGAR ↗ |
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.