HK
Horizon Kinetics Portfolio holdings
AUM
$3.06B
Turnover
11.22%
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
(-25%)
Cap. Flow
-$179M
Cap. Flow
% of AUM
-5.84%
Top 10 Holdings %
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44
Avg Time Held Equity + Options
3.9
years
Top 10 Avg Time Held Equity + Options
2.2
years
Top 20 Avg Time Held Equity + Options
2.8
years
Avg Time Held Equity only
4
years
Top 10 Avg Time Held Equity only
2.8
years
Top 20 Avg Time Held Equity only
2.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$15.1M |
| 2 |
CACI
CACI
|
+$13.4M |
| 3 |
GE Aerospace
GE
|
+$13.4M |
| 4 |
Vanguard Extended Market ETF
VXF
|
+$5.8M |
| 5 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Treasury ETF
VGSH
|
+$26.6M |
| 2 |
Howard Hughes
HHH
|
+$18.5M |
| 3 |
Texas Pacific Land
TPL
|
+$14M |
| 4 |
Liberty Broadband Class C
LBRDK
|
+$12.3M |
| 5 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
226
PCM Fund
PCM
$60.5M
| $591K | 0.02% |
58,228
-7,517
| -11% | -$79K |
2013 Q2
22 quarters
|
|
|
DSE
227
DELISTED
Duff & Phelps Select MLP and Midstream Energy Fund Inc.
DSE
| $584K | 0.02% |
14,872
-4,367
| -23% | -$223K |
2016 Q1
11 quarters
|
|
228
Gilead Sciences
GILD
$190B
| $563K | 0.02% |
9,000
| – | – |
2015 Q1
15 quarters
|
|
|
PNF
229
DELISTED
PIMCO New York Municipal Income Fund
PNF
| $548K | 0.02% |
46,832
| – | – |
2013 Q2
22 quarters
|
|
230
Wynn Resorts
WYNN
$7.59B
| $547K | 0.02% |
5,534
-11,931
| -68% | -$1.29M |
2013 Q2
22 quarters
|
|
231
GDL Fund
GDL
$89.4M
| $545K | 0.02% |
59,485
-206
| -0.3% | -$1.85K |
2015 Q4
12 quarters
|
|
232
Expedia Group
EXPE
$33B
| $544K | 0.02% |
4,825
-379
| -7% | -$45.3K |
2013 Q2
22 quarters
|
|
233
Oracle
ORCL
$396B
| $542K | 0.02% |
11,999
-1,093
| -8% | -$52.4K |
2013 Q4
20 quarters
|
|
|
BKI
234
DELISTED
Black Knight, Inc. Common Stock
BKI
| $537K | 0.02% |
11,923
-324
| -3% | -$15.2K |
2017 Q4
4 quarters
|
|
|
JRO
235
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
| $536K | 0.02% |
59,424
-168
| -0.3% | -$1.65K |
2013 Q2
22 quarters
|
|
236
Liberty Latin America Class C
LILAK
$1.57B
| $535K | 0.02% |
42,838
+255
| +0.6% | +$3.93K |
2015 Q3
13 quarters
|
|
237
Federated Hermes Premier Municipal Income Fund
FMN
$78M
| $526K | 0.02% |
42,863
-823
| -2% | -$10.2K |
2017 Q4
4 quarters
|
|
238
BlackRock MuniYield Quality Fund III
MYI
$1.16B
| $518K | 0.02% |
42,975
| – | – |
2018 Q2
2 quarters
|
|
239
Brookfield Real Assets Income Fund
RA
$632M
| $514K | 0.02% |
26,978
-14,834
| -35% | -$308K |
2016 Q4
8 quarters
|
|
240
United Parcel Service
UPS
$81.5B
| $496K | 0.02% |
5,089
+700
| +16% | +$75.9K |
2013 Q2
22 quarters
|
|
241
Invesco Value Municipal Income Trust
IIM
$499M
| $492K | 0.02% |
36,403
| – | – |
2018 Q1
3 quarters
|
|
242
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$18.6B
| $486K | 0.02% |
4,816
| – | – |
2013 Q2
22 quarters
|
|
243
DELISTED
Avanos Medical
AVNS
| $478K | 0.02% |
10,658
+9
| +0.1% | +$472 |
2015 Q1
15 quarters
|
|
244
Fidelity National Information Services
FIS
$18.3B
| $476K | 0.02% |
4,641
+130
| +3% | +$13.5K |
2013 Q2
22 quarters
|
|
245
Rayonier Advanced Materials
RYAM
$477M
| $476K | 0.02% |
44,677
+465
| +1% | +$6.33K |
2015 Q1
15 quarters
|
|
246
BOK Financial
BOKF
$7.48B
| $466K | 0.02% |
6,354
+399
| +7% | +$33.8K |
2013 Q2
22 quarters
|
|
247
Paychex
PAYX
$38.6B
| $463K | 0.02% |
7,114
-370
| -5% | -$25.1K |
2013 Q3
21 quarters
|
|
248
White Mountains Insurance
WTM
$5.01B
| $456K | 0.01% |
532
| – | – |
2016 Q4
8 quarters
|
|
249
AT&T
T
$158B
| $451K | 0.01% |
20,902
+2,038
| +11% | +$47.4K |
2013 Q4
20 quarters
|
|
250
iShares Micro-Cap ETF
IWC
$1.26B
| $450K | 0.01% |
5,454
-184
| -3% | -$17.1K |
2016 Q2
10 quarters
|
|
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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.