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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
+4.25%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.41B
AUM Growth
+$6.08M
Cap. Flow
-$165M
Cap. Flow %
-4.84%
Top 10 Hldgs %
57.39%
Holding
510
New
18
Increased
90
Reduced
292
Closed
15

Top Buys

Rank Stock Value
1
CME icon
CME Group
CME
+$29.1M
2
CBOE icon
Cboe Global Markets
CBOE
+$18.2M
3
TPL icon
Texas Pacific Land
TPL
+$8.33M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$6.32M
5
RVT icon
Royce Value Trust
RVT
+$4.37M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$32.4M
2
WEN icon
Wendy's
WEN
+$11.3M
3
NWL icon
Newell Brands
NWL
+$10.7M
4
HHH icon
Howard Hughes
HHH
+$9.67M
5
PARA
Paramount Global Class B
PARA
+$6.75M

Sector Composition

Rank Sector Weight
1 Energy 30.01%
2 Communication Services 19.19%
3 Miscellaneous 11.69%
4 Financials 11.61%
5 Real Estate 10.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AN icon
251
AutoNation
AN
$6.57B
$569K 0.02%
11,075
-9,886
-47% -$502K
T icon
252
AT&T
T
$174B
$563K 0.02%
19,170
-56
-0.3% -$1.53K
SHOS
253
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$562K 0.02%
216,351
+41,151
+23% +$78.5K
BBWI icon
254
Bath & Body Works
BBWI
$3.76B
$554K 0.02%
11,385
-6,712
-37% -$271K
PAYX icon
255
Paychex
PAYX
$45B
$546K 0.02%
8,027
-913
-10% -$59.9K
CINF icon
256
Cincinnati Financial
CINF
$26.5B
$544K 0.02%
7,253
– –
WFC icon
257
Wells Fargo
WFC
$257B
$541K 0.02%
8,928
-282
-3% -$15.9K
BKI
258
DELISTED
Black Knight, Inc. Common Stock
BKI
$538K 0.02%
+12,196
New +$551K
EVV
259
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$533K 0.02%
39,082
-3,211
-8% -$44.1K
NID
260
DELISTED
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
$525K 0.02%
40,451
+15,860
+64% +$209K
LTRPA
261
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
$515K 0.02%
54,636
+13,646
+33% +$140K
IQI icon
262
Invesco Quality Municipal Securities
IQI
$537M
$507K 0.01%
40,549
+23,579
+139% +$295K
FDX icon
263
FedEx
FDX
$78.4B
$505K 0.01%
2,023
-79
-4% -$18.1K
DIS icon
264
Walt Disney
DIS
$184B
$499K 0.01%
4,645
+24
+0.5% +$2.47K
AVNS
265
DELISTED
Avanos Medical
AVNS
$493K 0.01%
10,656
-8,000
-43% -$368K
VMI icon
266
Valmont Industries
VMI
$9.28B
$493K 0.01%
2,975
– –
LNG icon
267
Cheniere Energy
LNG
$58B
$491K 0.01%
9,123
-407
-4% -$19.6K
MINT icon
268
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.4B
$489K 0.01%
4,816
– –
SPY icon
269
State Street SPDR S&P 500 ETF Trust
SPY
$827B
$487K 0.01%
+1,826
New +$475K
UPS icon
270
United Parcel Service
UPS
$89.9B
$486K 0.01%
4,078
– –
RIG icon
271
Transocean
RIG
$6.41B
$483K 0.01%
45,195
+1,386
+3% +$14.4K
LYB icon
272
LyondellBasell Industries
LYB
$20.4B
$479K 0.01%
4,335
-374
-8% -$38.8K
JPC icon
273
Nuveen Preferred & Income Opportunities Fund
JPC
$2.8B
$477K 0.01%
46,149
-7,699
-14% -$80.6K
XPO icon
274
XPO
XPO
$22.4B
$475K 0.01%
14,998
-3,012
-17% -$77K
CRR
275
DELISTED
Carbo Ceramics Inc.
CRR
$475K 0.01%
46,700
+3,600
+8% +$31.8K
9 10
11
12 13

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Horizon Kinetics's Q4 2017 Portfolio in Review

As of Q4 2017, Horizon Kinetics held 510 positions worth $3.41B, up 0.18% from $3.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Horizon Kinetics withdrew a net $165M in Q4 2017, closing 15 positions and reducing 292 holdings. Its most notable exit was Direxion Daily 20+ Year Treasury Bear 3X ETF, an estimated $1.41M position sold in full.

By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 28% a quarter earlier, followed by Communication Services and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $6.45M.

  • Horizon Kinetics's largest Q4 2017 buy was Vanguard Extended Market ETF: 57,686 shares worth $6.45M.
  • Horizon Kinetics added most to CME Group in Q4 2017, an estimated $29.1M increase.
  • Horizon Kinetics's biggest Q4 2017 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $32.4M.
  • Horizon Kinetics fully exited Direxion Daily 20+ Year Treasury Bear 3X ETF in Q4 2017, selling an estimated $1.41M.
  • Horizon Kinetics's ten largest holdings make up 57% of its $3.41B portfolio in Q4 2017.
  • Horizon Kinetics opened 18 new positions and closed 15 in Q4 2017.
  • Horizon Kinetics's portfolio value rose 0.18% quarter-over-quarter to $3.41B.

Based on Horizon Kinetics's 13F filing for Q4 2017, filed 14 Feb 2018.