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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
CERN
276
DELISTED
Cerner Corp
CERN
$493K 0.02%
10,397
+2,220
+27% +$118K
MINT icon
277
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.6B
$488K 0.02%
4,816
– –
UPS icon
278
United Parcel Service
UPS
$84.7B
$486K 0.02%
4,238
– –
BPY
279
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$479K 0.02%
21,767
-127,715
-85% -$2.78M
SPG icon
280
Simon Property Group
SPG
$66.1B
$474K 0.02%
2,666
+440
+20% +$81.7K
BXP icon
281
Boston Properties
BXP
$10.3B
$471K 0.02%
3,743
+386
+11% +$48K
NVG icon
282
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.45B
$471K 0.02%
32,587
-18,554
-36% -$272K
RIG icon
283
Transocean
RIG
$6.32B
$464K 0.02%
31,451
-18,259
-37% -$216K
VB icon
284
Vanguard Morningstar Small-Cap ETF
VB
$78.8B
$463K 0.02%
3,590
-288
-7% -$35.7K
DIS icon
285
Walt Disney
DIS
$186B
$462K 0.01%
4,435
+150
+4% +$14.6K
MCD icon
286
McDonald's
MCD
$178B
$457K 0.01%
3,757
– –
UE icon
287
Urban Edge Properties
UE
$2.57B
$454K 0.01%
16,482
+1,047
+7% +$27.8K
NKE icon
288
Nike
NKE
$53.9B
$451K 0.01%
8,858
+665
+8% +$34.1K
CVI icon
289
CVR Energy
CVI
$5.34B
$450K 0.01%
17,727
-9,694
-35% -$168K
WFC icon
290
Wells Fargo
WFC
$267B
$450K 0.01%
8,160
+2,940
+56% +$148K
SCHW
291
Charles Schwab
SCHW
$183B
$449K 0.01%
11,368
-2,604
-19% -$93K
PAYX icon
292
Paychex
PAYX
$41.8B
$448K 0.01%
7,372
-28
-0.4% -$1.61K
LNG icon
293
Cheniere Energy
LNG
$55.7B
$446K 0.01%
10,756
+924
+9% +$37.3K
PJT icon
294
PJT Partners
PJT
$4.05B
$442K 0.01%
14,344
-2,401
-14% -$69K
VVR icon
295
Invesco Senior Income Trust
VVR
$446M
$442K 0.01%
95,344
-21,849
-19% -$96.8K
FDX icon
296
FedEx
FDX
$71.9B
$440K 0.01%
2,363
-153
-6% -$28.1K
FIS icon
297
Fidelity National Information Services
FIS
$19.3B
$440K 0.01%
5,811
-210
-3% -$16K
PG icon
298
Procter & Gamble
PG
$343B
$436K 0.01%
5,187
-848
-14% -$72.3K
AKRX
299
DELISTED
Akorn Inc
AKRX
$435K 0.01%
19,927
+5,161
+35% +$119K
COLM icon
300
Columbia Sportswear
COLM
$2.94B
$434K 0.01%
7,442
+318
+4% +$18.7K
10 11
12
13 14

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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 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.