Horizon Kinetics’s IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN XXV Stock Holding History

Horizon Kinetics’s Portfolio XXV Stock Details XXV Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-3,353,500	Closed	-$67.3M	–	545
2014 Q4	$67.3M	Buy	+3,353,500	New	+$129M	0.91%	26
2014 Q3	–	Sell	-3,331,000	Closed	-$95.3M	–	542
2014 Q2	$95.3M	Buy	+3,331,000	New	+$128M	1.19%	21
2013 Q4	–	Sell	-127,100	Closed	-$4.88M	–	566
2013 Q3	$4.88M	Buy	+127,100	New	+$4.88M	0.07%	105

Other funds holding XXV

Virtu Financial New York $2.41B AUM 48.35% 1-Year Est. Return

UBS Group Zurich, Switzerland $666B AUM 30.12% 1-Year Est. Return

Horizon Kinetics's XXV Position: Q1 2014 in Review

Horizon Kinetics sold out of IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN (XXV) in Q1 2014, closing a stake of 337,400 shares — an estimated $14.4M sold.

Horizon Kinetics first reported a position in XXV in Q4 2013 and held it in 1 quarter. The position peaked at $14.4M in Q4 2013. 4 funds tracked by Wall St. Rank hold XXV as of Q1 2014.

Horizon Kinetics reported no remaining IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN position as of Q1 2014 after selling out during the quarter.
Horizon Kinetics sold 337,400 IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN shares in Q1 2014, an estimated $14.4M.
Horizon Kinetics first reported a position in IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN in Q4 2013 and held it in 1 quarter.
Horizon Kinetics's IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN position peaked at $14.4M in Q4 2013.
4 funds tracked by Wall St. Rank held IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN as of Q1 2014.

Based on Horizon Kinetics's 13F filing for Q1 2014, filed 14 May 2014.