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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
CHUBA
251
DELISTED
CommerceHub, Inc. Series A Common Stock
CHUBA
$605K 0.02%
40,293
-209
-0.5% -$3.15K
MTW icon
252
Manitowoc
MTW
$741M
$598K 0.02%
25,003
-5,908
-19% -$122K
TGNA
253
DELISTED
TEGNA Inc
TGNA
$595K 0.02%
43,438
– –
BWP
254
DELISTED
Boardwalk Pipeline Partners
BWP
$588K 0.02%
33,887
-250
-0.7% -$4.27K
IWC icon
255
iShares Micro-Cap ETF
IWC
$1.42B
$587K 0.02%
6,833
-75
-1% -$6.02K
SUN icon
256
Sunoco
SUN
$15.1B
$587K 0.02%
21,840
-3,535
-14% -$92.1K
CSW
257
CSW Industrials
CSW
$4.72B
$584K 0.02%
15,844
+44
+0.3% +$1.5K
PGNX
258
DELISTED
Progenics Pharmaceuticals Inc
PGNX
$581K 0.02%
67,200
– –
WTM icon
259
White Mountains Insurance
WTM
$4.88B
$576K 0.02%
+689
New +$577K
HRG
260
DELISTED
HRG Group, Inc.
HRG
$574K 0.02%
36,853
+651
+2% +$9.95K
GNTX icon
261
Gentex
GNTX
$4.72B
$570K 0.02%
28,961
-794
-3% -$14.5K
CINF icon
262
Cincinnati Financial
CINF
$26.3B
$568K 0.02%
7,503
-750
-9% -$55.8K
HRI icon
263
Herc Holdings
HRI
$4.65B
$568K 0.02%
14,124
-2,164
-13% -$78.1K
SPGI icon
264
S&P Global
SPGI
$122B
$566K 0.02%
5,261
-200
-4% -$23.9K
CMCSA icon
265
Comcast
CMCSA
$86.7B
$562K 0.02%
16,270
+52
+0.3% +$1.74K
FDML
266
DELISTED
Federal-Mogul Holdings Corporation
FDML
$562K 0.02%
54,534
-2,520
-4% -$24.5K
EPD icon
267
Enterprise Products Partners
EPD
$83.8B
$556K 0.02%
20,567
– –
IFF icon
268
International Flavors & Fragrances
IFF
$21.5B
$548K 0.02%
4,650
– –
OPK icon
269
Opko Health
OPK
$1.17B
$542K 0.02%
58,149
-2,030
-3% -$21K
BGT icon
270
BlackRock Floating Rate Income Trust
BGT
$320M
$537K 0.02%
38,139
-13,752
-27% -$188K
GS icon
271
Goldman Sachs
GS
$284B
$537K 0.02%
+2,242
New +$455K
FPT
272
DELISTED
Federated Premier Intermediate M
FPT
$537K 0.02%
42,435
-62,513
-60% -$822K
VTN icon
273
Invesco Trust for Investment Grade New York Municipals
VTN
$146M
$508K 0.02%
38,314
– –
T icon
274
AT&T
T
$183B
$500K 0.02%
15,572
+815
+6% +$24K
VAC icon
275
Marriott Vacations Worldwide
VAC
$3.48B
$494K 0.02%
5,820
-579
-9% -$43.6K
9 10
11
12 13

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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.