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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
+2.05%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.99B
AUM Growth
+$70.2M
Cap. Flow
-$281M
Cap. Flow %
-3.52%
Top 10 Hldgs %
46.14%
Holding
560
New
27
Increased
223
Reduced
183
Closed
26

Top Buys

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$123M
2
ESI icon
Element Solutions
ESI
+$64.4M
3
WEN icon
Wendy's
WEN
+$43.8M
4
SHLD
Sears Holding Corporation
SHLD
+$43.3M
5
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$17.4M

Top Sells

Rank Stock Value
1
MA icon
Mastercard
MA
+$242M
2
JEF icon
Jefferies Financial Group
JEF
+$45.7M
3
AN icon
AutoNation
AN
+$32.5M
4
FDO
FAMILY DOLLAR STORES
FDO
+$24.4M
5
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$24.4M

Sector Composition

Rank Sector Weight
1 Communication Services 25.97%
2 Consumer Discretionary 21.04%
3 Real Estate 13.27%
4 Financials 12.47%
5 Energy 9.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HIO
251
Western Asset High Income Opportunity Fund
HIO
$323M
$887K 0.01%
146,690
-10,534
-7% -$63.1K
RTN
252
DELISTED
Raytheon Company
RTN
$884K 0.01%
8,944
+94
+1% +$8.92K
TEVA icon
253
Teva Pharmaceuticals
TEVA
$45.7B
$875K 0.01%
16,553
+2,651
+19% +$123K
PGR icon
254
Progressive
PGR
$129B
$862K 0.01%
35,600
-17,800
-33% -$432K
XPO icon
255
XPO
XPO
$20.9B
$858K 0.01%
+84,330
New +$841K
VAC icon
256
Marriott Vacations Worldwide
VAC
$3.48B
$857K 0.01%
15,336
+4,301
+39% +$222K
CVA
257
DELISTED
Covanta Holding Corporation
CVA
$855K 0.01%
47,389
+17,561
+59% +$310K
DST
258
DELISTED
DST Systems Inc.
DST
$852K 0.01%
17,968
+4,144
+30% +$193K
AZN icon
259
AstraZeneca
AZN
$251B
$850K 0.01%
13,106
+1,086
+9% +$70.1K
SPG icon
260
Simon Property Group
SPG
$66B
$846K 0.01%
5,483
-1,639
-23% -$244K
DSU icon
261
BlackRock Debt Strategies Fund
DSU
$589M
$840K 0.01%
68,278
-470
-0.7% -$5.72K
MZTI
262
The Marzetti Company
MZTI
$2.77B
$840K 0.01%
+8,450
New +$759K
SLB icon
263
SLB Ltd
SLB
$80.4B
$839K 0.01%
8,606
-451
-5% -$40.8K
ONIT
264
Onity Group
ONIT
$290M
$838K 0.01%
1,426
+685
+92% +$444K
BXP icon
265
Boston Properties
BXP
$10.2B
$835K 0.01%
7,292
+1,804
+33% +$197K
AMKR icon
266
Amkor Technology
AMKR
$11.5B
$833K 0.01%
121,446
+30,110
+33% +$176K
RIG icon
267
Transocean
RIG
$6.63B
$830K 0.01%
20,084
+8,394
+72% +$365K
PMO
268
Franklin Municipal Opportunities Trust
PMO
$264M
$828K 0.01%
72,839
+353
+0.5% +$3.98K
NEA icon
269
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.18B
$827K 0.01%
63,900
-726
-1% -$9.34K
GLPI icon
270
Gaming and Leisure Properties
GLPI
$11.8B
$826K 0.01%
22,658
+11,323
+100% +$429K
ASPS icon
271
Altisource Portfolio Solutions
ASPS
$65.2M
$821K 0.01%
844
+432
+105% +$439K
TFCFA
272
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$818K 0.01%
25,592
-2,132
-8% -$69.7K
DDS icon
273
Dillards
DDS
$10B
$815K 0.01%
8,815
+3,297
+60% +$298K
CHK
274
DELISTED
Chesapeake Energy Corporation
CHK
$815K 0.01%
168
+65
+63% +$317K
HUN icon
275
Huntsman Corp
HUN
$1.62B
$814K 0.01%
33,335
+11,152
+50% +$259K
9 10
11
12 13

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AC
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OA
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TGA
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PWM
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CFIC
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Horizon Kinetics's Q1 2014 Portfolio in Review

As of Q1 2014, Horizon Kinetics held 560 positions worth $7.99B, up 0.89% from $7.92B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Horizon Kinetics withdrew a net $281M in Q1 2014, closing 26 positions and reducing 183 holdings. Its most notable exit was IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN, an estimated $14.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Element Solutions worth $67.7M.

  • Horizon Kinetics's largest Q1 2014 buy was Element Solutions: 3,553,037 shares worth $67.7M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q1 2014, an estimated $123M increase.
  • Horizon Kinetics's biggest Q1 2014 reduction was Mastercard, cutting an estimated $242M.
  • Horizon Kinetics fully exited IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN in Q1 2014, selling an estimated $14.4M.
  • Horizon Kinetics's ten largest holdings make up 46% of its $7.99B portfolio in Q1 2014.
  • Horizon Kinetics opened 27 new positions and closed 26 in Q1 2014.
  • Horizon Kinetics's portfolio value rose 0.89% quarter-over-quarter to $7.99B.

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