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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
ORCL icon
401
Oracle
ORCL
$404B
$558K 0.01%
13,761
-1,286
-9% -$52.9K
MQT
402
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$554K 0.01%
43,346
-9,695
-18% -$125K
IQI icon
403
Invesco Quality Municipal Securities
IQI
$512M
$519K 0.01%
42,244
+41
+0.1% +$496
VMI icon
404
Valmont Industries
VMI
$9.14B
$517K 0.01%
3,400
– –
ENX
405
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$516K 0.01%
41,290
+400
+1% +$4.93K
BBF
406
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$512K 0.01%
36,625
+1,646
+5% +$22.6K
EVN
407
Eaton Vance Municipal Income Trust
EVN
$404M
$507K 0.01%
39,772
– –
AB icon
408
AllianceBernstein
AB
$3.36B
$503K 0.01%
+19,422
New +$485K
IFF icon
409
International Flavors & Fragrances
IFF
$21.5B
$485K 0.01%
4,650
– –
VMO icon
410
Invesco Municipal Opportunity Trust
VMO
$622M
$480K 0.01%
38,106
– –
JQC icon
411
Nuveen Credit Strategies Income Fund
JQC
$687M
$478K 0.01%
51,111
-72,881
-59% -$682K
SAN icon
412
Banco Santander
SAN
$213B
$475K 0.01%
50,231
+3,628
+8% +$33.3K
PWE
413
DELISTED
Penn West Energy Petroleum Ltd
PWE
$473K 0.01%
48,413
+5
+0% +$46
HSA
414
DELISTED
HELIOS STRATEGIC INCOME FD, INC
HSA
$473K 0.01%
68,605
-671
-1% -$4.63K
VRSK icon
415
Verisk Analytics
VRSK
$23.4B
$462K 0.01%
7,700
– –
DMF
416
DELISTED
BNY Mellon Municipal Income
DMF
$456K 0.01%
48,907
-400
-0.8% -$3.69K
IMO icon
417
Imperial Oil
IMO
$65.5B
$453K 0.01%
8,603
-16,699
-66% -$822K
CUB
418
DELISTED
Cubic Corporation
CUB
$450K 0.01%
10,119
+100
+1% +$4.78K
BWXT icon
419
BWX Technologies
BWXT
$13.4B
$448K 0.01%
19,290
+171
+0.9% +$4.06K
SMB icon
420
VanEck Short Muni ETF
SMB
$315M
$447K 0.01%
25,391
-849
-3% -$14.9K
CINF icon
421
Cincinnati Financial
CINF
$26.3B
$445K 0.01%
9,253
– –
EVG
422
Eaton Vance Short Duration Diversified Income Fund
EVG
$138M
$443K 0.01%
28,869
-2,589
-8% -$39.5K
GPC icon
423
Genuine Parts
GPC
$18.1B
$434K 0.01%
4,945
+38
+0.8% +$3.27K
KMB icon
424
Kimberly-Clark
KMB
$32.8B
$434K 0.01%
4,067
+66
+2% +$7.01K
CLDX icon
425
Celldex Therapeutics
CLDX
$3.02B
$430K 0.01%
1,756
– –
15 16
17
18 19

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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.