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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
+5.97%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.1B
AUM Growth
-$477M
Cap. Flow
-$640M
Cap. Flow %
-20.66%
Top 10 Hldgs %
54.11%
Holding
530
New
22
Increased
101
Reduced
304
Closed
23

Top Buys

Rank Stock Value
1
LGF.B
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
+$69.3M
2
AC
Associated Capital Group
AC
+$31.3M
3
AMCX icon
AMC Global Media
AMCX
+$11.1M
4
TPL icon
Texas Pacific Land
TPL
+$7.4M
5
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
+$4.12M

Top Sells

Rank Stock Value
1
STRZA
Starz - Series A
STRZA
+$145M
2
HHH icon
Howard Hughes
HHH
+$53.6M
3
WEN icon
Wendy's
WEN
+$34.5M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$30.3M
5
QVCGA
QVC Group Inc Series A
QVCGA
+$25.8M

Sector Composition

Rank Sector Weight
1 Energy 24.45%
2 Communication Services 22.92%
3 Real Estate 11.82%
4 Consumer Discretionary 11.19%
5 Financials 10.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPSB icon
226
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$11.3B
$733K 0.02%
24,000
– –
TRCO
227
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$733K 0.02%
20,957
-50,900
-71% -$1.74M
AVNS
228
DELISTED
Avanos Medical
AVNS
$727K 0.02%
19,658
-35
-0.2% -$1.25K
RYAM icon
229
Rayonier Advanced Materials
RYAM
$558M
$718K 0.02%
46,430
-270
-0.6% -$3.77K
ADI icon
230
Analog Devices
ADI
$175B
$716K 0.02%
9,855
-300
-3% -$20.4K
JPS
231
DELISTED
Nuveen Preferred & Income Securities Fund
JPS
$705K 0.02%
75,742
-64,485
-46% -$584K
AAPL icon
232
Apple
AAPL
$4.84T
$701K 0.02%
24,196
-132
-0.5% -$3.74K
SVXY icon
233
PUT
ProShares Short VIX Short-Term Futures ETF
SVXY
$258M
$700K 0.02%
+70,000
New +$5.68M
TDAY
234
USA Today Co
TDAY
$966M
$692K 0.02%
43,300
-16
-0% -$247
NBH
235
Neuberger Municipal Fund Inc
NBH
$283M
$692K 0.02%
42,565
– –
TFX icon
236
Teleflex
TFX
$5.47B
$690K 0.02%
4,285
-100
-2% -$15.6K
NSC icon
237
Norfolk Southern
NSC
$71.9B
$688K 0.02%
6,365
-20
-0.3% -$2.02K
JPM icon
238
JPMorgan Chase
JPM
$937B
$685K 0.02%
7,938
+2,213
+39% +$169K
CUB
239
DELISTED
Cubic Corporation
CUB
$684K 0.02%
14,269
-1,150
-7% -$52.7K
SEB icon
240
Seaboard Corp
SEB
$4.11B
$672K 0.02%
170
– –
PNF
241
DELISTED
PIMCO New York Municipal Income Fund
PNF
$671K 0.02%
56,232
-687
-1% -$8.45K
HTZ
242
DELISTED
Hertz Global Holdings, Inc.
HTZ
$657K 0.02%
35,066
+12,067
+52% +$302K
LTRPA
243
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
$656K 0.02%
43,596
-6,809
-14% -$126K
VOD icon
244
Vodafone
VOD
$40.9B
$638K 0.02%
26,126
-5,254
-17% -$138K
DGX icon
245
Quest Diagnostics
DGX
$27.3B
$634K 0.02%
6,900
-350
-5% -$30.2K
VNO icon
246
Vornado Realty Trust
VNO
$6.45B
$631K 0.02%
7,475
+52
+0.7% +$4.09K
WPC icon
247
W.P. Carey
WPC
$15.6B
$620K 0.02%
10,712
– –
BAX icon
248
Baxter International
BAX
$12.3B
$617K 0.02%
13,922
-200
-1% -$9.25K
VRSK icon
249
Verisk Analytics
VRSK
$23.4B
$617K 0.02%
7,600
– –
BBU
250
DELISTED
Brookfield Business Partners
BBU
$615K 0.02%
39,810
-48,792
-55% -$768K
8 9
10
11 12

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OA
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PWM
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Horizon Kinetics's Q4 2016 Portfolio in Review

As of Q4 2016, Horizon Kinetics held 530 positions worth $3.1B, down 13% from $3.57B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Horizon Kinetics withdrew a net $640M in Q4 2016, closing 23 positions and reducing 304 holdings. Its most notable exit was Starz - Series A, an estimated $145M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 18% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lions Gate Entertainment Corp. Class B Non-Voting Shares worth $66.6M.

  • Horizon Kinetics's largest Q4 2016 buy was Lions Gate Entertainment Corp. Class B Non-Voting Shares: 2,714,405 shares worth $66.6M.
  • Horizon Kinetics added most to Associated Capital Group in Q4 2016, an estimated $31.3M increase.
  • Horizon Kinetics's biggest Q4 2016 reduction was Howard Hughes, cutting an estimated $53.6M.
  • Horizon Kinetics fully exited Starz - Series A in Q4 2016, selling an estimated $145M.
  • Horizon Kinetics's ten largest holdings make up 54% of its $3.1B portfolio in Q4 2016.
  • Horizon Kinetics opened 22 new positions and closed 23 in Q4 2016.
  • Horizon Kinetics's portfolio value fell 13% quarter-over-quarter to $3.1B.

Based on Horizon Kinetics's 13F filing for Q4 2016, filed 14 Feb 2017.