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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
+4.39%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$8B
AUM Growth
+$3.92M
Cap. Flow
-$424M
Cap. Flow %
-5.3%
Top 10 Hldgs %
46.74%
Holding
554
New
21
Increased
146
Reduced
266
Closed
24

Top Buys

Rank Stock Value
1
ESI icon
Element Solutions
ESI
+$46.1M
2
LE icon
Lands' End
LE
+$38.8M
3
TPH
Tri Pointe Homes
TPH
+$33.3M
4
IEP icon
Icahn Enterprises
IEP
+$10.2M
5
BRP
BROOKFIELD RESIDENTIAL PROPERTIES INC
BRP
+$5.78M

Top Sells

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$128M
2
JEF icon
Jefferies Financial Group
JEF
+$42.3M
3
SHLD
Sears Holding Corporation
SHLD
+$21.3M
4
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$21.3M
5
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$20.7M

Sector Composition

Rank Sector Weight
1 Communication Services 25.48%
2 Consumer Discretionary 21.59%
3 Real Estate 13.75%
4 Financials 10.84%
5 Energy 10.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
INTU icon
301
Intuit
INTU
$88B
$796K 0.01%
9,883
-26
-0.3% -$2.01K
HTH icon
302
Hilltop Holdings
HTH
$2.23B
$795K 0.01%
37,397
+4,128
+12% +$90.4K
WERN icon
303
Werner Enterprises
WERN
$2.25B
$794K 0.01%
29,953
-1,139
-4% -$29.5K
WRB icon
304
W.R. Berkley
WRB
$26.5B
$793K 0.01%
57,780
-6,527
-10% -$84.9K
AMKR icon
305
Amkor Technology
AMKR
$11.5B
$792K 0.01%
70,810
-50,636
-42% -$467K
CTAS icon
306
Cintas
CTAS
$79.6B
$792K 0.01%
49,844
-2,940
-6% -$44.5K
H icon
307
Hyatt Hotels
H
$15.1B
$791K 0.01%
12,977
-1,435
-10% -$82.8K
HES
308
DELISTED
Hess
HES
$791K 0.01%
8,003
-1,559
-16% -$141K
NRK icon
309
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$846M
$791K 0.01%
60,323
-1,375
-2% -$18K
SAM icon
310
Boston Beer
SAM
$1.76B
$791K 0.01%
3,541
+367
+12% +$83.6K
TKR icon
311
Timken Company
TKR
$8.08B
$791K 0.01%
16,295
-1,941
-11% -$88K
AXE
312
DELISTED
Anixter International Inc
AXE
$791K 0.01%
7,904
+194
+3% +$19.1K
CHH icon
313
Choice Hotels
CHH
$4.38B
$790K 0.01%
16,767
-61
-0.4% -$2.75K
JWN
314
DELISTED
Nordstrom
JWN
$790K 0.01%
11,635
-978
-8% -$63.4K
RES icon
315
RPC Inc
RES
$1.37B
$790K 0.01%
33,634
-6,024
-15% -$132K
ARG
316
DELISTED
Airgas Inc
ARG
$790K 0.01%
7,255
-46
-0.6% -$4.91K
BRO icon
317
Brown & Brown
BRO
$22.5B
$789K 0.01%
51,372
+604
+1% +$9.08K
AFG icon
318
American Financial Group
AFG
$11.9B
$788K 0.01%
13,236
-481
-4% -$28K
CRM icon
319
Salesforce
CRM
$210B
$788K 0.01%
13,569
-302
-2% -$16.3K
PCYC
320
DELISTED
PHARMACYCLICS INC
PCYC
$788K 0.01%
8,783
+1,919
+28% +$180K
PAYX icon
321
Paychex
PAYX
$42.1B
$787K 0.01%
18,940
+521
+3% +$21.4K
PZZA icon
322
Papa John's
PZZA
$682M
$787K 0.01%
18,566
+3,814
+26% +$170K
DDS icon
323
Dillards
DDS
$10B
$786K 0.01%
6,740
-2,075
-24% -$217K
RJF icon
324
Raymond James Financial
RJF
$32.5B
$786K 0.01%
23,240
+1,580
+7% +$52.7K
CERN
325
DELISTED
Cerner Corp
CERN
$786K 0.01%
15,237
+1,651
+12% +$86.8K
11 12
13
14 15

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Horizon Kinetics's Q2 2014 Portfolio in Review

As of Q2 2014, Horizon Kinetics held 554 positions worth $8B, up 0.05% from $7.99B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics withdrew a net $424M in Q2 2014, closing 24 positions and reducing 266 holdings. Its most notable exit was Tata Motors Limited, an estimated $19.2M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lands' End worth $45.9M.

  • Horizon Kinetics's largest Q2 2014 buy was Lands' End: 1,367,129 shares worth $45.9M.
  • Horizon Kinetics added most to Element Solutions in Q2 2014, an estimated $46.1M increase.
  • Horizon Kinetics's biggest Q2 2014 reduction was Liberty Interactive Corporation Series A Liberty Ventures, cutting an estimated $128M.
  • Horizon Kinetics fully exited Tata Motors Limited in Q2 2014, selling an estimated $19.2M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $8B portfolio in Q2 2014.
  • Horizon Kinetics opened 21 new positions and closed 24 in Q2 2014.
  • Horizon Kinetics's portfolio value rose 0.05% quarter-over-quarter to $8B.

Based on Horizon Kinetics's 13F filing for Q2 2014, filed 14 Aug 2014.