HORIZON KINETICS ASSET MANAGEMENT LLC
•CIK: 1056823•Filing: Q4 2025
Horizon Kinetics Asset Management LLC, with $7.4 billion in assets under management, is known for its concentrated, high-conviction strategy, currently holding 324 positions. The fund, led by a team with a reputation for aggressive bets, recently made notable moves by adding Wesco Financial (WES), First Trust Mortgage Income Fund (FRMI), and LLYVK, while exiting BlackRock (BLK) and Western Alliance (WFG), and significantly increasing positions in VXF and RGLD.
Total AUM
$7.4B
+ $1.1M in options
QoQ Performance
-9.9%
Positions
308
+ 2 options
Top 10 Concentration
74.0%
Latest Filing
Q4 2025
Top Holdings Allocation
TPL
GBTC
TPL40.1%
GBTC13.0%
WPM4.0%
LB3.7%
HE3.2%
FNV2.7%
WBI1.9%
ICE1.8%
📈 Biggest Buys
📉 Biggest Sells
Sector Breakdown
Other97.0%
Financial1.5%
Real Estate0.3%
Healthcare0.3%
Consumer0.2%
Technology0.2%
Communication0.2%
Industrial0.1%
🚪 Exited Positionssold since Q3 2025
—
ASSOCIATED CAP GROUP INC
SOLD
$27.0M
+133 more exited positions
Changes from Q3 2025
NEW2 new positions
↑33 increased
↓142 decreased
Historical Filings
Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023