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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
+10.71%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.92B
AUM Growth
+$624M
Cap. Flow
-$1.66M
Cap. Flow %
-0.02%
Top 10 Hldgs %
47.13%
Holding
566
New
25
Increased
228
Reduced
180
Closed
29

Top Buys

Rank Stock Value
1
MA icon
Mastercard
MA
+$228M
2
SHLD
Sears Holding Corporation
SHLD
+$32.4M
3
XXV
IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN
XXV
+$13M
4
STRZA
Starz - Series A
STRZA
+$11.4M
5
TPL icon
Texas Pacific Land
TPL
+$10.3M

Top Sells

Rank Stock Value
1
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$25.6M
2
JEF icon
Jefferies Financial Group
JEF
+$24.2M
3
BN icon
Brookfield
BN
+$23.5M
4
AN icon
AutoNation
AN
+$23M
5
FWONA icon
Liberty Media Series A
FWONA
+$20.1M

Sector Composition

Rank Sector Weight
1 Communication Services 28.43%
2 Consumer Discretionary 20.01%
3 Financials 13.35%
4 Real Estate 12.65%
5 Energy 9.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BGC icon
401
BGC Group
BGC
$5.77B
$492K 0.01%
126,355
+17,311
+16% +$63K
CINF icon
402
Cincinnati Financial
CINF
$26.3B
$485K 0.01%
9,253
-292
-3% -$14.8K
EVY
403
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$484K 0.01%
38,950
+500
+1% +$6.11K
IQI icon
404
Invesco Quality Municipal Securities
IQI
$512M
$472K 0.01%
42,488
-746
-2% -$8.34K
BBF
405
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$471K 0.01%
37,704
-15,107
-29% -$189K
BABS
406
DELISTED
SPDR NUVEEN BARCLAYS BUILD AMERICA BOND ETF
BABS
$470K 0.01%
8,738
-803
-8% -$43.7K
HSA
407
DELISTED
HELIOS STRATEGIC INCOME FD, INC
HSA
$468K 0.01%
70,595
+9,213
+15% +$59.9K
BWXT icon
408
BWX Technologies
BWXT
$13.4B
$463K 0.01%
18,916
+6,457
+52% +$151K
ENX
409
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$463K 0.01%
40,890
+5,405
+15% +$61.2K
CXE
410
DELISTED
MFS High Income Municipal Trust
CXE
$457K 0.01%
102,175
– –
VMO icon
411
Invesco Municipal Opportunity Trust
VMO
$622M
$456K 0.01%
38,931
-4,412
-10% -$50.7K
TAL
412
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
$444K 0.01%
7,743
+187
+2% +$9.63K
NQM
413
DELISTED
NUVEEN INVESTMENT QLTY MUNI FD
NQM
$429K 0.01%
31,675
-800
-2% -$10.7K
UPS icon
414
United Parcel Service
UPS
$87.1B
$425K 0.01%
4,043
-24
-0.6% -$2.36K
EVN
415
Eaton Vance Municipal Income Trust
EVN
$404M
$418K 0.01%
39,772
– –
DMF
416
DELISTED
BNY Mellon Municipal Income
DMF
$417K 0.01%
49,307
-3,292
-6% -$27.6K
GPC icon
417
Genuine Parts
GPC
$18.1B
$403K 0.01%
4,845
– –
IFF icon
418
International Flavors & Fragrances
IFF
$21.5B
$400K 0.01%
4,650
– –
KMB icon
419
Kimberly-Clark
KMB
$32.8B
$400K 0.01%
3,999
-156
-4% -$15.6K
CPN
420
DELISTED
Calpine Corporation
CPN
$400K 0.01%
20,489
– –
DGX icon
421
Quest Diagnostics
DGX
$27.3B
$396K 0.01%
7,400
+750
+11% +$44.5K
PRB
422
DELISTED
VanEck Vectors Pre-Refunded Municipal Index ETF
PRB
$393K 0.01%
16,065
-1,419
-8% -$35K
NQI
423
DELISTED
NUVEEN QUALITY MUNICIPAL FUND INC
NQI
$390K ﹤0.01%
32,285
– –
MKTX icon
424
MarketAxess Holdings
MKTX
$5.75B
$381K ﹤0.01%
5,700
– –
IIM icon
425
Invesco Value Municipal Income Trust
IIM
$559M
$378K ﹤0.01%
27,977
-800
-3% -$11K
15 16
17
18 19

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Horizon Kinetics's Q4 2013 Portfolio in Review

As of Q4 2013, Horizon Kinetics held 566 positions worth $7.92B, up 8.6% from $7.3B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics's Q4 2013 filing shows 25 new, 228 increased, 180 reduced and 29 closed positions. Its largest new stake was IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN: 337,400 shares worth $14.4M. The largest sale was Forest City Realty Trust, Inc., an estimated $25.6M.

By sector, the portfolio is most concentrated in Communication Services at 28% of assets, down from 29% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Horizon Kinetics's largest Q4 2013 buy was IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN: 337,400 shares worth $14.4M.
  • Horizon Kinetics added most to Mastercard in Q4 2013, an estimated $228M increase.
  • Horizon Kinetics's biggest Q4 2013 reduction was Forest City Realty Trust, Inc., cutting an estimated $25.6M.
  • Horizon Kinetics fully exited NYSE EURONEXT INC in Q4 2013, selling an estimated $11.3M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $7.92B portfolio in Q4 2013.
  • Horizon Kinetics opened 25 new positions and closed 29 in Q4 2013.
  • Horizon Kinetics's portfolio value rose 8.6% quarter-over-quarter to $7.92B.

Based on Horizon Kinetics's 13F filing for Q4 2013, filed 13 Feb 2014.