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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
+2.59%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.4B
AUM Growth
-$352M
(-4.5%)
Cap. Flow
-$345M
Cap. Flow
% of AUM
-4.65%
Top 10 Holdings %
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$109M |
| 2 |
LBRDA
Liberty Broadband Class A
LBRDA
|
+$52.3M |
| 3 |
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
|
+$44.1M |
| 4 |
SRSC
SEARS Canada Inc.
SRSC
|
+$25.9M |
| 5 |
Royal Gold
RGLD
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Media Series C
FWONK
|
+$125M |
| 2 |
Liberty Media Series A
FWONA
|
+$65.8M |
| 3 |
Jefferies Financial Group
JEF
|
+$43.5M |
| 4 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$41.3M |
| 5 |
SHLD
Sears Holding Corporation
SHLD
|
+$31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 25.89% |
| 2 | Consumer Discretionary | 22.64% |
| 3 | Real Estate | 11.62% |
| 4 | Financials | 9.96% |
| 5 | Energy | 9.22% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
Cohen & Steers
CNS
$3.72B
| $836K | 0.01% |
+19,877
| New | +$831K |
|
352
Timken Company
TKR
$8.08B
| $836K | 0.01% |
19,580
+661
| +3% | +$27.8K |
|
|
SCTY
353
DELISTED
SolarCity Corporation
SCTY
| $836K | 0.01% |
+15,631
| New | +$839K |
|
354
Paychex
PAYX
$42.1B
| $835K | 0.01% |
18,085
-1,335
| -7% | -$61.7K |
|
355
Choice Hotels
CHH
$4.38B
| $834K | 0.01% |
14,888
-994
| -6% | -$53.4K |
|
356
Intuit
INTU
$88B
| $832K | 0.01% |
9,030
-620
| -6% | -$55.1K |
|
357
W&T Offshore
WTI
$623M
| $832K | 0.01% |
113,326
+45,370
| +67% | +$388K |
|
|
RAX
358
DELISTED
Rackspace Hosting Inc
RAX
| $832K | 0.01% |
17,780
-8,629
| -33% | -$356K |
|
359
LyondellBasell Industries
LYB
$21.1B
| $831K | 0.01% |
10,462
+2,994
| +40% | +$260K |
|
360
Monster Beverage
MNST
$87.4B
| $831K | 0.01% |
92,076
-17,016
| -16% | -$147K |
|
361
Illinois Tool Works
ITW
$76.5B
| $830K | 0.01% |
8,769
-736
| -8% | -$67K |
|
362
Transocean
RIG
$6.63B
| $826K | 0.01% |
45,082
+20,420
| +83% | +$510K |
|
363
MannKind Corp
MNKD
$1.14B
| $825K | 0.01% |
31,622
+4,168
| +15% | +$118K |
|
364
RPC Inc
RES
$1.37B
| $820K | 0.01% |
62,897
+24,363
| +63% | +$375K |
|
|
VMRK
365
Vivmark Residential
VMRK
$50.8B
| $819K | 0.01% |
11,401
-1,875
| -14% | -$130K |
|
|
ACAS
366
DELISTED
American Capital Ltd
ACAS
| $819K | 0.01% |
56,055
+27,474
| +96% | +$401K |
|
|
AKRX
367
DELISTED
Akorn Inc
AKRX
| $818K | 0.01% |
22,606
-405
| -2% | -$15.6K |
|
368
iShares Asia 50 ETF
AIA
$4.76B
| $817K | 0.01% |
+17,369
| New | +$817K |
|
369
Vodafone
VOD
$40.9B
| $813K | 0.01% |
23,782
-4,397
| -16% | -$148K |
|
|
PCYC
370
DELISTED
PHARMACYCLICS INC
PCYC
| $783K | 0.01% |
6,401
-602
| -9% | -$76.9K |
|
|
HK
371
DELISTED
Halcon Resources Corporation
HK
| $770K | 0.01% |
2,508
+1,367
| +120% | +$633K |
|
372
Baxter International
BAX
$12.3B
| $753K | 0.01% |
18,911
+1,013
| +6% | +$39.5K |
|
|
NBH
373
Neuberger Municipal Fund Inc
NBH
$283M
| $753K | 0.01% |
48,223
-900
| -2% | -$13.9K |
|
|
TEI
374
Templeton Emerging Markets Income Fund
TEI
$305M
| $751K | 0.01% |
66,238
| – | – |
|
375
SLB Ltd
SLB
$80.4B
| $741K | 0.01% |
8,679
-90
| -1% | -$8.28K |
|
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Horizon Kinetics's Q4 2014 Portfolio in Review
As of Q4 2014, Horizon Kinetics held 554 positions worth $7.4B, down 4.5% from $7.76B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Horizon Kinetics withdrew a net $345M in Q4 2014, closing 35 positions and reducing 296 holdings. Its most notable exit was BURGER KING WORLDWIDE, an estimated $13.8M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Real Estate.
Against the trend, Horizon Kinetics opened a new position in Liberty Broadband Class C worth $111M.
- Horizon Kinetics's largest Q4 2014 buy was Liberty Broadband Class C: 2,222,661 shares worth $111M.
- Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q4 2014, an estimated $44.1M increase.
- Horizon Kinetics's biggest Q4 2014 reduction was Liberty Media Series C, cutting an estimated $125M.
- Horizon Kinetics fully exited BURGER KING WORLDWIDE in Q4 2014, selling an estimated $13.8M.
- Horizon Kinetics's ten largest holdings make up 43% of its $7.4B portfolio in Q4 2014.
- Horizon Kinetics opened 37 new positions and closed 35 in Q4 2014.
- Horizon Kinetics's portfolio value fell 4.5% quarter-over-quarter to $7.4B.
Based on Horizon Kinetics's 13F filing for Q4 2014, filed 17 Feb 2015.