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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
+11.53%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.3B
AUM Growth
+$469M
Cap. Flow
-$327M
Cap. Flow %
-4.48%
Top 10 Hldgs %
48.05%
Holding
574
New
118
Increased
114
Reduced
223
Closed
34

Top Buys

Rank Stock Value
1
QVCGA
QVC Group Inc Series A
QVCGA
+$14.9M
2
SHLD
Sears Holding Corporation
SHLD
+$14M
3
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$10.4M
4
VIAB
Viacom Inc. Class B
VIAB
+$9.77M
5
DSL
DoubleLine Income Solutions Fund
DSL
+$7.65M

Top Sells

Rank Stock Value
1
ELS icon
Equity Lifestyle Properties
ELS
+$87M
2
CBOE icon
Cboe Global Markets
CBOE
+$34.7M
3
JCP
J.C. Penney Company, Inc.
JCP
+$15.5M
4
HHH icon
Howard Hughes
HHH
+$14.9M
5
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$14.8M

Sector Composition

Rank Sector Weight
1 Communication Services 28.73%
2 Consumer Discretionary 20.62%
3 Financials 13.99%
4 Real Estate 13.82%
5 Energy 8.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CINF icon
301
Cincinnati Financial
CINF
$26.3B
$450K 0.01%
9,545
-108
-1% -$5.16K
LBTYA icon
302
Liberty Global Class A
LBTYA
$3.58B
$450K 0.01%
+13,754
New +$444K
NQM
303
DELISTED
NUVEEN INVESTMENT QLTY MUNI FD
NQM
$448K 0.01%
32,475
-100
-0.3% -$1.35K
EVN
304
Eaton Vance Municipal Income Trust
EVN
$404M
$439K 0.01%
39,772
-10,000
-20% -$110K
PRB
305
DELISTED
VanEck Vectors Pre-Refunded Municipal Index ETF
PRB
$430K 0.01%
17,484
-5,800
-25% -$142K
DST
306
DELISTED
DST Systems Inc.
DST
$413K 0.01%
+10,958
New +$395K
DGX icon
307
Quest Diagnostics
DGX
$27.3B
$411K 0.01%
6,650
+50
+0.8% +$2.99K
ENX
308
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$409K 0.01%
35,485
-736
-2% -$8.38K
VXX
309
CALL
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$409K 0.01%
434
-14,868
-97% -$14.9M
VECO icon
310
Veeco
VECO
$2.5B
$408K 0.01%
10,950
-100
-0.9% -$3.5K
MHN
311
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$401K 0.01%
31,125
-5,990
-16% -$77.1K
CPN
312
DELISTED
Calpine Corporation
CPN
$398K 0.01%
20,489
-7,962
-28% -$158K
NQI
313
DELISTED
NUVEEN QUALITY MUNICIPAL FUND INC
NQI
$397K 0.01%
32,285
-786
-2% -$9.52K
BGC icon
314
BGC Group
BGC
$5.77B
$396K 0.01%
+109,044
New +$419K
GPC icon
315
Genuine Parts
GPC
$18.1B
$392K 0.01%
4,845
+125
+3% +$10.1K
IIM icon
316
Invesco Value Municipal Income Trust
IIM
$559M
$390K 0.01%
28,777
-3,490
-11% -$47.2K
TFCFA
317
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$390K 0.01%
+11,641
New +$367K
HSA
318
DELISTED
HELIOS STRATEGIC INCOME FD, INC
HSA
$390K 0.01%
61,382
-60,765
-50% -$367K
FAST icon
319
Fastenal
FAST
$56.7B
$389K 0.01%
+30,960
New +$367K
VAC icon
320
Marriott Vacations Worldwide
VAC
$3.48B
$387K 0.01%
+8,788
New +$392K
PCYC
321
DELISTED
PHARMACYCLICS INC
PCYC
$387K 0.01%
+2,801
New +$311K
DOLE
322
DELISTED
DOLE FOOD CO INC NEW CMN STK (DE)
DOLE
$386K 0.01%
+28,350
New +$376K
NKE icon
323
Nike
NKE
$53.7B
$384K 0.01%
+10,584
New +$346K
IFF icon
324
International Flavors & Fragrances
IFF
$21.5B
$383K 0.01%
4,650
– –
HALO icon
325
Halozyme
HALO
$12.1B
$381K 0.01%
+34,555
New +$288K
11 12
13
14 15

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Horizon Kinetics's Q3 2013 Portfolio in Review

As of Q3 2013, Horizon Kinetics held 574 positions worth $7.3B, up 6.9% from $6.83B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $327M in Q3 2013, closing 34 positions and reducing 223 holdings. Its most notable exit was State Street SPDR Bloomberg High Yield Bond ETF, an estimated $3.36M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 27% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Horizon Kinetics opened a new position in HEICO Corp Class A worth $6.53M.

  • Horizon Kinetics's largest Q3 2013 buy was HEICO Corp Class A: 496,933 shares worth $6.53M.
  • Horizon Kinetics added most to QVC Group Inc Series A in Q3 2013, an estimated $14.9M increase.
  • Horizon Kinetics's biggest Q3 2013 reduction was Equity Lifestyle Properties, cutting an estimated $87M.
  • Horizon Kinetics fully exited State Street SPDR Bloomberg High Yield Bond ETF in Q3 2013, selling an estimated $3.36M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $7.3B portfolio in Q3 2013.
  • Horizon Kinetics opened 118 new positions and closed 34 in Q3 2013.
  • Horizon Kinetics's portfolio value rose 6.9% quarter-over-quarter to $7.3B.

Based on Horizon Kinetics's 13F filing for Q3 2013, filed 14 Nov 2013.