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Horizon Kinetics Asset Management LLC
Horizon Kinetics Asset Management LLC is an independently owned, SEC-registered investment adviser headquartered in New York, NY. Founded originally via predecessor firms in 1994 and consolidated under the Horizon Kinetics name in 2011, it serves a diverse clientele including individuals, institutions, and mutual funds. The firm is recognized for its rigorous, contrarian and value-oriented investment approach, with a strong emphasis on independent research, long-term client relationships, and alignment of interests through principal investment. Horizon Kinetics and its subsidiaries employ a multidisciplinary team of analysts, portfolio managers, and support staff; the precise employee count is not publicly confirmed, but sources suggest approximately 100-120 employees.
Investment Strategy
Horizon Kinetics Asset Management LLC employs a long-horizon, value-driven investment strategy rooted in independent, fundamental research. The firm applies contrarian principles, seeking opportunities where the market consensus is misguided and aiming to generate absolute returns with a strong focus on long-term capital preservation and compounding. Its approach is opportunistic, unconstrained by asset-gathering capacity, and prioritizes investments that managers themselves hold ('skin in the game') to ensure alignment of interests with clients. The firm offers a mix of separate accounts, mutual funds, ETFs, and private investment vehicles, and is known for thematic strategies such as spin-offs, special situations, inflation beneficiaries, and blockchain-related assets.
Latest 13F Filing Activity
Horizon Kinetics Asset Management LLC filed their most recent 13F report on Jun 30, 2025 disclosing 339 equity positions and 3 options positions with a total 13F market value of $8B. The fund increased holdings in Grayscale Bitcoin Trust Etf, Or Royalties Inc., Wheaton Precious Metals Corp. among other positions. Horizon Kinetics Asset Management LLC reduced exposure to Texas Pacific Land Corporati, Osisko Gold Royalties LTD, Landbridge Company LLC among others.
Top Holdings
Equity Positions (339)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
T TPL | TEXAS PACIFIC LAND CORPORATI | 44.81% | $3.78B | 3,577,531 | $529.81 | $1056.39 | -$984.2M |
G GBTC | GRAYSCALE BITCOIN TRUST ETF | 14.64% | $1.23B | 14,551,191 | $9.11 | $84.83 | +$276.6M |
L LB | LANDBRIDGE COMPANY LLC | 4.41% | $371.6M | 5,498,925 | $27.00 | $67.58 | -$23.1M |
W WPM | WHEATON PRECIOUS METALS CORP | 3.18% | $268.1M | 2,985,486 | $33.08 | $89.80 | +$38.6M |
H HE | HAWAIIAN ELEC INDUSTRIES | 2.05% | $173.1M | 16,281,709 | $10.70 | $10.63 | +$34.5M |
Options Positions (3)
Industry Allocation
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