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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
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VAC icon
301
Marriott Vacations Worldwide
VAC
$3.79B
$333K 0.01%
4,723
+1,129
+31% +$94.1K
ERIE icon
302
Erie Indemnity
ERIE
$13.6B
$332K 0.01%
2,490
-647
-21% -$83.9K
RJF icon
303
Raymond James Financial
RJF
$34.5B
$331K 0.01%
6,671
+20
+0.3% +$1.06K
AQB icon
304
AquaBounty Technologies
AQB
$6.43M
$330K 0.01%
8,042
-279
-3% -$14.4K
BEN icon
305
Franklin Templeton
BEN
$17.6B
$330K 0.01%
11,111
-1,675
-13% -$51.5K
MMI icon
306
Marcus & Millichap
MMI
$1.23B
$330K 0.01%
9,621
-1,920
-17% -$65.8K
ISCA
307
DELISTED
International Speedway Corp
ISCA
$330K 0.01%
7,504
-1,857
-20% -$74.9K
NBO
308
DELISTED
Neuberger Berman New York Municipal Fund Inc.
NBO
$329K 0.01%
29,549
-167
-0.6% -$1.87K
MTZ icon
309
MasTec
MTZ
$19.4B
$328K 0.01%
8,077
-1,316
-14% -$56.7K
NGHC
310
DELISTED
National General Holdings Corp
NGHC
$328K 0.01%
13,540
-2,205
-14% -$56.1K
DBI icon
311
Designer Brands
DBI
$279M
$327K 0.01%
13,223
+73
+0.6% +$1.96K
PEGA icon
312
Pegasystems
PEGA
$5.95B
$326K 0.01%
13,652
+1,314
+11% +$34.5K
TKR icon
313
Timken Company
TKR
$8.37B
$326K 0.01%
8,747
+441
+5% +$17.8K
EBAY icon
314
eBay
EBAY
$47B
$325K 0.01%
11,560
-53,815
-82% -$1.58M
RL icon
315
Ralph Lauren
RL
$21.1B
$325K 0.01%
3,142
+66
+2% +$7.78K
ROL icon
316
Rollins
ROL
$17.5B
$325K 0.01%
13,499
-897
-6% -$23.2K
GAP
317
The Gap Inc
GAP
$8.45B
$325K 0.01%
12,631
-2,336
-16% -$62.4K
BKE icon
318
Buckle
BKE
$2.24B
$324K 0.01%
16,738
-526
-3% -$10.7K
CHH icon
319
Choice Hotels
CHH
$4.9B
$324K 0.01%
4,520
-465
-9% -$34.9K
GRMN
320
Garmin
GRMN
$55B
$324K 0.01%
5,109
-816
-14% -$52.8K
TR icon
321
Tootsie Roll Industries
TR
$3.1B
$324K 0.01%
12,293
-6,136
-33% -$157K
BRO icon
322
Brown & Brown
BRO
$24.5B
$323K 0.01%
11,736
-1,482
-11% -$41.9K
CTAS icon
323
Cintas
CTAS
$81.7B
$323K 0.01%
7,696
+76
+1% +$3.4K
H icon
324
Hyatt Hotels
H
$16.2B
$323K 0.01%
4,772
-507
-10% -$35.5K
RP
325
DELISTED
RealPage, Inc.
RP
$323K 0.01%
6,699
+224
+3% +$11.7K
11 12
13
14 15

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.