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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
Cap. Flow
-$345M
Cap. Flow %
-4.65%
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
RGLD icon
Royal Gold
RGLD
+$23.1M

Top Sells

Rank Stock Value
1
FWONK icon
Liberty Media Series C
FWONK
+$125M
2
FWONA icon
Liberty Media Series A
FWONA
+$65.8M
3
JEF icon
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
RAI
376
DELISTED
Reynolds American Inc
RAI
$740K 0.01%
23,028
-400
-2% -$12.7K
SPSB icon
377
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$11.3B
$734K 0.01%
24,000
– –
TFX icon
378
Teleflex
TFX
$5.44B
$733K 0.01%
6,384
– –
ORCL icon
379
Oracle
ORCL
$404B
$731K 0.01%
16,260
-2,070
-11% -$84.2K
MHFI
380
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
$702K 0.01%
7,888
-20
-0.3% -$1.76K
TIME
381
DELISTED
Time Inc.
TIME
$701K 0.01%
28,470
-5,239
-16% -$119K
MCD icon
382
McDonald's
MCD
$179B
$695K 0.01%
7,413
– –
FCT
383
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
$680K 0.01%
52,300
– –
BWP
384
DELISTED
Boardwalk Pipeline Partners
BWP
$642K 0.01%
36,120
-2,401
-6% -$40.6K
WPC icon
385
W.P. Carey
WPC
$15.6B
$641K 0.01%
9,342
– –
EFA icon
386
iShares MSCI EAFE ETF
EFA
$77.9B
$627K 0.01%
+10,300
New +$643K
ADI icon
387
Analog Devices
ADI
$176B
$605K 0.01%
10,905
– –
IIJI
388
DELISTED
Internet Initiative Japan Inc
IIJI
$596K 0.01%
59,555
-10,861
-15% -$102K
FAM
389
DELISTED
First Trust/abrdn Global Opportunity Income Fund
FAM
$590K 0.01%
48,978
-7,081
-13% -$90.9K
POT
390
DELISTED
Potash Corp Of Saskatchewan
POT
$562K 0.01%
15,900
– –
CUB
391
DELISTED
Cubic Corporation
CUB
$556K 0.01%
10,569
-800
-7% -$39.3K
MUX icon
392
McEwen Inc
MUX
$1.14B
$555K 0.01%
49,956
-5,532
-10% -$77.5K
MINT icon
393
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.6B
$547K 0.01%
5,414
-527
-9% -$53.4K
HIO
394
Western Asset High Income Opportunity Fund
HIO
$323M
$535K 0.01%
99,645
-13,145
-12% -$73.5K
DIA icon
395
State Street SPDR Dow Jones Industrial Average ETF Trust
DIA
$45.4B
$534K 0.01%
+3,000
New +$520K
EVN
396
Eaton Vance Municipal Income Trust
EVN
$404M
$534K 0.01%
39,772
– –
NQM
397
DELISTED
NUVEEN INVESTMENT QLTY MUNI FD
NQM
$530K 0.01%
34,785
+8,310
+31% +$124K
KMB icon
398
Kimberly-Clark
KMB
$32.8B
$517K 0.01%
4,474
-323
-7% -$35.8K
DGX icon
399
Quest Diagnostics
DGX
$27.3B
$513K 0.01%
7,650
-100
-1% -$6.31K
PGNX
400
DELISTED
Progenics Pharmaceuticals Inc
PGNX
$508K 0.01%
67,200
– –
14 15
16
17 18

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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.