HORIZON KINETICS ASSET MANAGEMENT LLC
Q3 2025 13F-HR Holdings
Net value change ($000)
-230,123
(-2.7%)
New positions
11
Sold out positions
26
Turnover %
4.6%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q2 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| WBI | 160,256 | NEW |
| VNOM | 65,812 | NEW |
| MIAX | 55,656 | NEW |
| FNV | 54,608 | 31.9% |
| WPM | 44,173 | 16.5% |
| HKHC | 39,838 | 5658.8% |
| CME | 39,667 | 113.0% |
| GBTC | 38,668 | 3.1% |
| PBT | 38,544 | 53.0% |
| HE | 28,490 | 16.5% |
Top Reduces (Value $000, Stocks/ETFs)
| TPL | -507,147 | -13.4% |
| LB | -71,144 | -19.1% |
| VNOM Sub, Inc. | -65,247 | -100.0% |
| Aris Water Solutions, Inc. | -44,076 | -88.9% |
| ADM | -22,680 | -84.9% |
| LYV | -18,943 | -40.2% |
| SAND | -18,298 | -53.4% |
| SB | -16,945 | -100.0% |
| MSTR | -14,193 | -24.1% |
| ICE | -12,586 | -8.2% |
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000):
1,296
(0.0% of total reported value)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|