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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
NVO
326
Novo Nordisk
NVO
$205B
$415K 0.01%
15,480
– –
SBUX icon
327
Starbucks
SBUX
$122B
$415K 0.01%
7,231
-419
-5% -$23.7K
TR icon
328
Tootsie Roll Industries
TR
$3.07B
$415K 0.01%
14,908
+503
+3% +$14.1K
ERIE icon
329
Erie Indemnity
ERIE
$13.6B
$414K 0.01%
3,400
+108
+3% +$13.1K
CNDT icon
330
Conduent
CNDT
$271M
$413K 0.01%
25,543
+128
+0.5% +$2K
DDS icon
331
Dillards
DDS
$9.85B
$413K 0.01%
6,885
-211
-3% -$11.7K
GLPI icon
332
Gaming and Leisure Properties
GLPI
$12.3B
$413K 0.01%
11,156
+557
+5% +$20.3K
SAM icon
333
Boston Beer
SAM
$1.88B
$413K 0.01%
2,161
-419
-16% -$74.8K
HTLD icon
334
Heartland Express
HTLD
$955M
$412K 0.01%
17,645
+505
+3% +$11.4K
NEU icon
335
NewMarket
NEU
$8.49B
$412K 0.01%
1,036
+114
+12% +$46.2K
TWNK
336
DELISTED
Hostess Brands, Inc. Class A Common Stock
TWNK
$412K 0.01%
+27,847
New +$367K
ASPS icon
337
Altisource Portfolio Solutions
ASPS
$63.7M
$411K 0.01%
1,834
-129
-7% -$27.6K
VAC icon
338
Marriott Vacations Worldwide
VAC
$3.83B
$411K 0.01%
3,037
-436
-13% -$57.5K
VIRT icon
339
Virtu Financial
VIRT
$5.92B
$411K 0.01%
22,434
-250
-1% -$4.05K
TCO
340
DELISTED
Taubman Centers Inc.
TCO
$411K 0.01%
6,289
-1,666
-21% -$91.5K
DHI icon
341
D.R. Horton
DHI
$40.6B
$410K 0.01%
8,035
-2,589
-24% -$121K
JWN
342
DELISTED
Nordstrom
JWN
$410K 0.01%
8,646
+120
+1% +$5.17K
MMI icon
343
Marcus & Millichap
MMI
$1.2B
$410K 0.01%
12,584
-3,251
-21% -$96.8K
CHH icon
344
Choice Hotels
CHH
$4.89B
$409K 0.01%
5,270
-1,056
-17% -$77.1K
NOMD icon
345
Nomad Foods
NOMD
$1.68B
$408K 0.01%
24,122
-2,122
-8% -$33K
TROW icon
346
T. Rowe Price
TROW
$24B
$408K 0.01%
3,891
-109
-3% -$10.6K
RJF icon
347
Raymond James Financial
RJF
$33.9B
$407K 0.01%
6,834
-341
-5% -$19.6K
SLGN icon
348
Silgan Holdings
SLGN
$4.42B
$407K 0.01%
13,832
+303
+2% +$8.77K
WRB icon
349
W.R. Berkley
WRB
$25.4B
$407K 0.01%
19,177
-1,184
-6% -$24.2K
ROL icon
350
Rollins
ROL
$17.3B
$406K 0.01%
19,640
-311
-2% -$6.35K
12 13
14
15 16

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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.