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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
RAX
376
DELISTED
Rackspace Hosting Inc
RAX
$714K 0.01%
21,208
-2,646
-11% -$87.8K
WNR
377
DELISTED
Western Refining Inc
WNR
$708K 0.01%
18,856
-773
-4% -$31.2K
MCD icon
378
McDonald's
MCD
$179B
$706K 0.01%
7,013
– –
TFX icon
379
Teleflex
TFX
$5.47B
$705K 0.01%
6,679
– –
NXZ
380
DELISTED
NUVEEN DIV ADV MUNI FD-2
NXZ
$705K 0.01%
50,725
-721
-1% -$10K
MINT icon
381
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.6B
$704K 0.01%
6,941
-42
-0.6% -$4.26K
BAX icon
382
Baxter International
BAX
$12.3B
$703K 0.01%
17,898
+10,033
+128% +$401K
PCN
383
PIMCO Corporate & Income Strategy Fund
PCN
$848M
$701K 0.01%
41,330
-1,526
-4% -$25.7K
SEB icon
384
Seaboard Corp
SEB
$4.11B
$694K 0.01%
230
+100
+77% +$268K
FHY
385
DELISTED
First Trust Strategic High
FHY
$681K 0.01%
41,669
-4,177
-9% -$67.2K
PMO
386
Franklin Municipal Opportunities Trust
PMO
$264M
$679K 0.01%
57,782
-15,057
-21% -$175K
MHFI
387
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
$667K 0.01%
8,031
-266
-3% -$21K
WTM icon
388
White Mountains Insurance
WTM
$4.88B
$660K 0.01%
1,084
-940
-46% -$560K
PTY icon
389
PIMCO Corporate & Income Opportunity Fund
PTY
$2.45B
$651K 0.01%
34,524
-450
-1% -$8.33K
PGR icon
390
Progressive
PGR
$129B
$632K 0.01%
24,928
-10,672
-30% -$264K
XAA
391
DELISTED
AMERICAN MUNI INCM PTFL INC
XAA
$631K 0.01%
43,438
-6,041
-12% -$86.5K
NMA
392
DELISTED
NUVEEN MUNI ADVANTAGE FUND
NMA
$626K 0.01%
46,576
-3,375
-7% -$44.9K
MYN icon
393
BlackRock MuniYield New York Quality Fund
MYN
$346M
$621K 0.01%
47,084
-6,081
-11% -$80.3K
POT
394
DELISTED
Potash Corp Of Saskatchewan
POT
$594K 0.01%
15,650
– –
BGC icon
395
BGC Group
BGC
$5.77B
$590K 0.01%
123,327
+6,971
+6% +$32K
ADI icon
396
Analog Devices
ADI
$175B
$587K 0.01%
10,855
+450
+4% +$23.8K
IONS icon
397
Ionis Pharmaceuticals
IONS
$7.85B
$586K 0.01%
17,000
– –
WPC icon
398
W.P. Carey
WPC
$15.6B
$583K 0.01%
9,240
+3,420
+59% +$209K
EVY
399
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$576K 0.01%
40,000
+1,050
+3% +$14.9K
PRIS
400
DELISTED
PROMOTORA DE INFORMACIONES SA ADR REPSTG 4 CL A SHS
PRIS
$571K 0.01%
303,891
+119,552
+65% +$246K
14 15
16
17 18

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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.