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Horizon Kinetics Portfolio holdings

AUM $3.06B
1-Year Est. Return 5.37%
This Fund
S&P 500
This Quarter Est. Return
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$25.1B
$979M 31.97%
16,270,020
-194,688
-1% -$14M
HHH icon
2
Howard Hughes
HHH
$3.87B
$184M 6.01%
1,978,268
-178,264
-8% -$18.5M
IEP icon
3
Icahn Enterprises
IEP
$4.82B
$117M 3.81%
2,044,113
-111,022
-5% -$7.37M
VGSH icon
4
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$115M 3.76%
1,914,559
-444,825
-19% -$26.6M
LSXMK
5
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$97.9M 3.2%
3,477,326
-401,801
-10% -$12.2M
CBOE icon
6
Cboe Global Markets
CBOE
$32.4B
$62.5M 2.04%
638,784
-61,970
-9% -$6.45M
BN icon
7
Brookfield
BN
$92.3B
$59.5M 1.94%
4,347,465
-266,181
-6% -$3.97M
WPM icon
8
Wheaton Precious Metals
WPM
$69.6B
$58.7M 1.92%
3,006,426
+25,637
+0.9% +$437K
AC
9
DELISTED
Associated Capital Group
AC
$53.6M 1.75%
1,530,033
+37,487
+3% +$1.5M
WEN icon
10
Wendy's
WEN
$1.58B
$53.6M 1.75%
3,435,188
-438,303
-11% -$7.47M
FNV icon
11
Franco-Nevada
FNV
$51.3B
$53.3M 1.74%
758,875
+73,762
+11% +$4.93M
CVEO icon
12
Civeo
CVEO
$342M
$52.8M 1.73%
3,078,926
-399,288
-11% -$11.8M
LYV icon
13
Live Nation Entertainment
LYV
$42.3B
$51.7M 1.69%
1,048,932
-22,962
-2% -$1.21M
LBRDK
14
DELISTED
Liberty Broadband Class C
LBRDK
$44.3M 1.45%
614,998
-153,958
-20% -$12.3M
LSXMA
15
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$44.1M 1.44%
1,658,679
-119,403
-7% -$3.44M
CME icon
16
CME Group
CME
$103B
$42.5M 1.39%
226,031
+2,744
+1% +$507K
CACI icon
17
CACI
CACI
$13.9B
$37M 1.21%
256,646
+78,725
+44% +$13.4M
BRK.B icon
18
Berkshire Hathaway Class B
BRK.B
$1.08T
$27.7M 0.91%
135,761
-7,318
-5% -$1.53M
RGLD icon
19
Royal Gold
RGLD
$22.3B
$22.2M 0.72%
258,757
-20,282
-7% -$1.56M
MKL icon
20
Markel Group
MKL
$22.5B
$20.9M 0.68%
20,138
-546
-3% -$597K
RMT
21
Royce Micro-Cap Trust
RMT
$758M
$20.4M 0.67%
2,745,981
+262,634
+11% +$2.25M
AMCX icon
22
AMC Global Media
AMCX
$522M
$20.1M 0.66%
366,656
-36,749
-9% -$2.15M
MSGS icon
23
Madison Square Garden
MSGS
$9.38B
$18.2M 0.6%
95,494
-5,111
-5% -$994K
LGF.B
24
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$17.4M 0.57%
1,166,487
-336,129
-22% -$6.06M
LNG icon
25
Cheniere Energy
LNG
$58.3B
$14.9M 0.49%
252,073
+245,254
+3,597% +$15.1M
1
2 3 4 5

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.