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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
PCM
226
PCM Fund
PCM
$66.7M
$591K 0.02%
58,228
-7,517
-11% -$79K
DSE
227
DELISTED
Duff & Phelps Select MLP and Midstream Energy Fund Inc.
DSE
$584K 0.02%
14,872
-4,367
-23% -$223K
GILD icon
228
Gilead Sciences
GILD
$181B
$563K 0.02%
9,000
– –
PNF
229
DELISTED
PIMCO New York Municipal Income Fund
PNF
$548K 0.02%
46,832
– –
WYNN icon
230
Wynn Resorts
WYNN
$9.81B
$547K 0.02%
5,534
-11,931
-68% -$1.29M
GDL
231
GDL Fund
GDL
$91.9M
$545K 0.02%
59,485
-206
-0.3% -$1.85K
EXPE icon
232
Expedia Group
EXPE
$39.5B
$544K 0.02%
4,825
-379
-7% -$45.3K
ORCL icon
233
Oracle
ORCL
$435B
$542K 0.02%
11,999
-1,093
-8% -$52.4K
BKI
234
DELISTED
Black Knight, Inc. Common Stock
BKI
$537K 0.02%
11,923
-324
-3% -$15.2K
JRO
235
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$536K 0.02%
59,424
-168
-0.3% -$1.65K
LILAK icon
236
Liberty Latin America Class C
LILAK
$1.66B
$535K 0.02%
42,838
+255
+0.6% +$3.93K
FMN
237
Federated Hermes Premier Municipal Income Fund
FMN
$86.6M
$526K 0.02%
42,863
-823
-2% -$10.2K
MYI icon
238
BlackRock MuniYield Quality Fund III
MYI
$714M
$518K 0.02%
42,975
– –
RA
239
Brookfield Real Assets Income Fund
RA
$697M
$514K 0.02%
26,978
-14,834
-35% -$308K
UPS icon
240
United Parcel Service
UPS
$89.6B
$496K 0.02%
5,089
+700
+16% +$75.9K
IIM icon
241
Invesco Value Municipal Income Trust
IIM
$601M
$492K 0.02%
36,403
– –
MINT icon
242
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.4B
$486K 0.02%
4,816
– –
AVNS
243
DELISTED
Avanos Medical
AVNS
$478K 0.02%
10,658
+9
+0.1% +$472
FIS icon
244
Fidelity National Information Services
FIS
$21.4B
$476K 0.02%
4,641
+130
+3% +$13.5K
RYAM icon
245
Rayonier Advanced Materials
RYAM
$582M
$476K 0.02%
44,677
+465
+1% +$6.33K
BOKF icon
246
BOK Financial
BOKF
$8.35B
$466K 0.02%
6,354
+399
+7% +$33.8K
PAYX icon
247
Paychex
PAYX
$45.2B
$463K 0.02%
7,114
-370
-5% -$25.1K
WTM icon
248
White Mountains Insurance
WTM
$5.1B
$456K 0.01%
532
– –
T icon
249
AT&T
T
$178B
$451K 0.01%
20,902
+2,038
+11% +$47.4K
IWC icon
250
iShares Micro-Cap ETF
IWC
$1.5B
$450K 0.01%
5,454
-184
-3% -$17.1K
8 9
10
11 12

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PWM
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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.