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.
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)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
V VXX | BARCLAYS BANK PLC | Bought | Call | $1.4M | 101 | $48.05 | $45.88 | +1 | +$314.0K |
V VIXY | PROSHARES TR II | Bought | Call | $457.5K | 61 | $46.88 | $45.23 | +4 | +$30.0K |
U UVXY | PROSHARES TR II | Bought | Call | $237.5K | 25 | $18.75 | $23.24 | +1 | +$103.1K |