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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
+11.53%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.3B
AUM Growth
+$469M
Cap. Flow
-$327M
Cap. Flow %
-4.48%
Top 10 Hldgs %
48.05%
Holding
574
New
118
Increased
114
Reduced
223
Closed
34

Top Buys

Rank Stock Value
1
QVCGA
QVC Group Inc Series A
QVCGA
+$14.9M
2
SHLD
Sears Holding Corporation
SHLD
+$14M
3
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$10.4M
4
VIAB
Viacom Inc. Class B
VIAB
+$9.77M
5
DSL
DoubleLine Income Solutions Fund
DSL
+$7.65M

Top Sells

Rank Stock Value
1
ELS icon
Equity Lifestyle Properties
ELS
+$87M
2
CBOE icon
Cboe Global Markets
CBOE
+$34.7M
3
JCP
J.C. Penney Company, Inc.
JCP
+$15.5M
4
HHH icon
Howard Hughes
HHH
+$14.9M
5
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$14.8M

Sector Composition

Rank Sector Weight
1 Communication Services 28.73%
2 Consumer Discretionary 20.62%
3 Financials 13.99%
4 Real Estate 13.82%
5 Energy 8.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PCN
251
PIMCO Corporate & Income Strategy Fund
PCN
$848M
$773K 0.01%
46,293
+1,012
+2% +$16.6K
BEAM
252
DELISTED
BEAM INC COM STK (DE)
BEAM
$758K 0.01%
11,718
+758
+7% +$48.7K
FCT
253
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
$756K 0.01%
52,800
– –
CEO
254
DELISTED
CNOOC Limited
CEO
$753K 0.01%
3,729
-1,240
-25% -$236K
VPHM
255
DELISTED
VIROPHARMA INC
VPHM
$746K 0.01%
19,000
– –
FXI icon
256
iShares China Large-Cap ETF
FXI
$4.1B
$742K 0.01%
20,014
– –
FHY
257
DELISTED
First Trust Strategic High
FHY
$742K 0.01%
46,612
+1,703
+4% +$26.4K
SPSB icon
258
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$11.3B
$738K 0.01%
24,000
– –
XAA
259
DELISTED
AMERICAN MUNI INCM PTFL INC
XAA
$723K 0.01%
51,207
-4,549
-8% -$62.3K
AMRI
260
DELISTED
Albany Molecular Research Inc
AMRI
$722K 0.01%
56,000
– –
SHPG
261
DELISTED
Shire pic
SHPG
$719K 0.01%
6,000
– –
PTY icon
262
PIMCO Corporate & Income Opportunity Fund
PTY
$2.45B
$717K 0.01%
39,715
-300
-0.7% -$5.34K
OPK icon
263
Opko Health
OPK
$1.17B
$698K 0.01%
79,305
+34,607
+77% +$278K
UBA
264
DELISTED
Urstadt Biddle Properties Inc. Class A
UBA
$693K 0.01%
34,864
+406
+1% +$8.31K
BBF
265
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$690K 0.01%
52,811
-9,284
-15% -$117K
KDP icon
266
Keurig Dr Pepper
KDP
$42.9B
$685K 0.01%
15,294
+1,203
+9% +$55.4K
ARK
267
DELISTED
BLACKROCK SR HIGH INCM FD INC
ARK
$685K 0.01%
173,757
-3,121
-2% -$12.4K
RTN
268
DELISTED
Raytheon Company
RTN
$682K 0.01%
8,850
-500
-5% -$37.1K
MYN icon
269
BlackRock MuniYield New York Quality Fund
MYN
$346M
$660K 0.01%
53,290
-5,385
-9% -$66.7K
NXZ
270
DELISTED
NUVEEN DIV ADV MUNI FD-2
NXZ
$658K 0.01%
50,731
+2,702
+6% +$34.7K
AFFX
271
DELISTED
Affymetrix Inc
AFFX
$644K 0.01%
104,000
– –
NMA
272
DELISTED
NUVEEN MUNI ADVANTAGE FUND
NMA
$639K 0.01%
51,111
-921
-2% -$11.5K
IONS icon
273
Ionis Pharmaceuticals
IONS
$7.85B
$638K 0.01%
17,000
– –
AZN icon
274
AstraZeneca
AZN
$251B
$624K 0.01%
12,020
+20
+0.2% +$1K
NMZ icon
275
Nuveen Municipal High Income Opportunity Fund
NMZ
$1.99B
$622K 0.01%
53,299
+42,799
+408% +$497K
9 10
11
12 13

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SA
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AC
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OA
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TGA
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PWM
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APFBOT
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RCM
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CFIC
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Horizon Kinetics's Q3 2013 Portfolio in Review

As of Q3 2013, Horizon Kinetics held 574 positions worth $7.3B, up 6.9% from $6.83B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $327M in Q3 2013, closing 34 positions and reducing 223 holdings. Its most notable exit was State Street SPDR Bloomberg High Yield Bond ETF, an estimated $3.36M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 27% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Horizon Kinetics opened a new position in HEICO Corp Class A worth $6.53M.

  • Horizon Kinetics's largest Q3 2013 buy was HEICO Corp Class A: 496,933 shares worth $6.53M.
  • Horizon Kinetics added most to QVC Group Inc Series A in Q3 2013, an estimated $14.9M increase.
  • Horizon Kinetics's biggest Q3 2013 reduction was Equity Lifestyle Properties, cutting an estimated $87M.
  • Horizon Kinetics fully exited State Street SPDR Bloomberg High Yield Bond ETF in Q3 2013, selling an estimated $3.36M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $7.3B portfolio in Q3 2013.
  • Horizon Kinetics opened 118 new positions and closed 34 in Q3 2013.
  • Horizon Kinetics's portfolio value rose 6.9% quarter-over-quarter to $7.3B.

Based on Horizon Kinetics's 13F filing for Q3 2013, filed 14 Nov 2013.