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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
JBGS
376
JBG SMITH
JBGS
$708M
$303K 0.01%
8,707
-2,314
-21% -$87K
SAM icon
377
Boston Beer
SAM
$1.88B
$303K 0.01%
1,259
-17
-1% -$4.75K
XRX icon
378
Xerox
XRX
$402M
$303K 0.01%
15,358
+931
+6% +$23.9K
PENN icon
379
PENN Entertainment
PENN
$2.33B
$302K 0.01%
16,057
+3,645
+29% +$86.7K
RES icon
380
RPC Inc
RES
$1.42B
$301K 0.01%
30,477
+3,303
+12% +$44.9K
SRG
381
Seritage Growth Properties
SRG
$119M
$301K 0.01%
9,303
+1,201
+15% +$46.5K
BBWI icon
382
Bath & Body Works
BBWI
$3.88B
$300K 0.01%
14,437
-3,182
-18% -$80.2K
IBRX icon
383
ImmunityBio
IBRX
$8.53B
$300K 0.01%
258,475
+119,476
+86% +$273K
EXTN
384
DELISTED
Exterran Corporation
EXTN
$300K 0.01%
16,919
+212
+1% +$4.75K
AL
385
DELISTED
Air Lease Corp
AL
$299K 0.01%
9,885
+998
+11% +$38.1K
CSX icon
386
CSX Corp
CSX
$95B
$298K 0.01%
14,415
+3,099
+27% +$71.3K
CVA
387
DELISTED
Covanta Holding Corporation
CVA
$298K 0.01%
22,187
-1,555
-7% -$24K
STZ icon
388
Constellation Brands
STZ
$22.3B
$297K 0.01%
+1,846
New +$367K
ABB
389
DELISTED
ABB Ltd
ABB
$293K 0.01%
15,400
+50
+0.3% +$1.01K
PGEN icon
390
Precigen
PGEN
$2.49B
$291K 0.01%
44,514
+15,524
+54% +$174K
WW
391
DELISTED
WW International
WW
$291K 0.01%
7,539
+1,777
+31% +$97.5K
HTZ
392
DELISTED
Hertz Global Holdings, Inc.
HTZ
$291K 0.01%
24,563
-9,603
-28% -$135K
WTI icon
393
W&T Offshore
WTI
$539M
$285K 0.01%
69,061
+10,417
+18% +$66.5K
MAV
394
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
$284K 0.01%
27,821
+4,331
+18% +$45.2K
NIQ
395
DELISTED
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
$282K 0.01%
22,872
-100
-0.4% -$1.22K
PGNX
396
DELISTED
Progenics Pharmaceuticals Inc
PGNX
$282K 0.01%
67,200
– –
AMP icon
397
Ameriprise Financial
AMP
$49.4B
$280K 0.01%
2,681
– –
HES
398
DELISTED
Hess
HES
$280K 0.01%
6,904
+839
+14% +$47.8K
AIG.WS
399
DELISTED
American International Group, Inc.
AIG.WS
$280K 0.01%
51,389
– –
ENX
400
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$279K 0.01%
25,352
+4,005
+19% +$44K
14 15
16
17 18

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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.