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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
+2.05%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.99B
AUM Growth
+$70.2M
Cap. Flow
-$281M
Cap. Flow %
-3.52%
Top 10 Hldgs %
46.14%
Holding
560
New
27
Increased
223
Reduced
183
Closed
26

Top Buys

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$123M
2
ESI icon
Element Solutions
ESI
+$64.4M
3
WEN icon
Wendy's
WEN
+$43.8M
4
SHLD
Sears Holding Corporation
SHLD
+$43.3M
5
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$17.4M

Top Sells

Rank Stock Value
1
MA icon
Mastercard
MA
+$242M
2
JEF icon
Jefferies Financial Group
JEF
+$45.7M
3
AN icon
AutoNation
AN
+$32.5M
4
FDO
FAMILY DOLLAR STORES
FDO
+$24.4M
5
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$24.4M

Sector Composition

Rank Sector Weight
1 Communication Services 25.97%
2 Consumer Discretionary 21.04%
3 Real Estate 13.27%
4 Financials 12.47%
5 Energy 9.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CXE
401
DELISTED
MFS High Income Municipal Trust
CXE
$481K 0.01%
101,275
-900
-0.9% -$4.21K
EVG
402
Eaton Vance Short Duration Diversified Income Fund
EVG
$138M
$478K 0.01%
31,458
-1,418
-4% -$21.8K
EVN
403
Eaton Vance Municipal Income Trust
EVN
$404M
$475K 0.01%
39,772
– –
BBF
404
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$466K 0.01%
34,979
-2,725
-7% -$35.5K
CLDX icon
405
Celldex Therapeutics
CLDX
$3.02B
$465K 0.01%
1,756
– –
VMO icon
406
Invesco Municipal Opportunity Trust
VMO
$622M
$465K 0.01%
38,106
-825
-2% -$9.99K
SMB icon
407
VanEck Short Muni ETF
SMB
$315M
$462K 0.01%
26,240
-1,853
-7% -$32.7K
VRSK icon
408
Verisk Analytics
VRSK
$23.4B
$462K 0.01%
7,700
– –
DGX icon
409
Quest Diagnostics
DGX
$27.3B
$455K 0.01%
7,850
+450
+6% +$24.1K
BWXT icon
410
BWX Technologies
BWXT
$13.4B
$454K 0.01%
19,119
+203
+1% +$4.9K
CINF icon
411
Cincinnati Financial
CINF
$26.3B
$450K 0.01%
9,253
– –
NQM
412
DELISTED
NUVEEN INVESTMENT QLTY MUNI FD
NQM
$447K 0.01%
31,675
– –
DMF
413
DELISTED
BNY Mellon Municipal Income
DMF
$445K 0.01%
49,307
– –
IFF icon
414
International Flavors & Fragrances
IFF
$21.5B
$445K 0.01%
4,650
– –
GPC icon
415
Genuine Parts
GPC
$18.1B
$426K 0.01%
4,907
+62
+1% +$5.23K
KMB icon
416
Kimberly-Clark
KMB
$32.8B
$423K 0.01%
4,001
+2
+0.1% +$207
BABS
417
DELISTED
SPDR NUVEEN BARCLAYS BUILD AMERICA BOND ETF
BABS
$417K 0.01%
7,247
-1,491
-17% -$84.2K
PRIS
418
DELISTED
PROMOTORA DE INFORMACIONES SA ADR REPSTG 4 CL A SHS
PRIS
$417K 0.01%
184,339
+18,715
+11% +$40.6K
SAN icon
419
Banco Santander
SAN
$213B
$406K 0.01%
46,603
+12,080
+35% +$98.7K
CPN
420
DELISTED
Calpine Corporation
CPN
$406K 0.01%
19,427
-1,062
-5% -$20.8K
PWE
421
DELISTED
Penn West Energy Petroleum Ltd
PWE
$405K 0.01%
48,408
+5,666
+13% +$45.8K
TROW icon
422
T. Rowe Price
TROW
$22.2B
$404K 0.01%
4,906
-2,294
-32% -$186K
VECO icon
423
Veeco
VECO
$2.5B
$398K 0.01%
9,500
-200
-2% -$7.73K
IIM icon
424
Invesco Value Municipal Income Trust
IIM
$559M
$393K ﹤0.01%
27,265
-712
-3% -$10.1K
CRR
425
DELISTED
Carbo Ceramics Inc.
CRR
$392K ﹤0.01%
2,838
+100
+4% +$11.8K
15 16
17
18 19

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Horizon Kinetics's Q1 2014 Portfolio in Review

As of Q1 2014, Horizon Kinetics held 560 positions worth $7.99B, up 0.89% from $7.92B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Horizon Kinetics withdrew a net $281M in Q1 2014, closing 26 positions and reducing 183 holdings. Its most notable exit was IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN, an estimated $14.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Element Solutions worth $67.7M.

  • Horizon Kinetics's largest Q1 2014 buy was Element Solutions: 3,553,037 shares worth $67.7M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q1 2014, an estimated $123M increase.
  • Horizon Kinetics's biggest Q1 2014 reduction was Mastercard, cutting an estimated $242M.
  • Horizon Kinetics fully exited IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN in Q1 2014, selling an estimated $14.4M.
  • Horizon Kinetics's ten largest holdings make up 46% of its $7.99B portfolio in Q1 2014.
  • Horizon Kinetics opened 27 new positions and closed 26 in Q1 2014.
  • Horizon Kinetics's portfolio value rose 0.89% quarter-over-quarter to $7.99B.

Based on Horizon Kinetics's 13F filing for Q1 2014, filed 14 May 2014.