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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
PTY icon
401
PIMCO Corporate & Income Opportunity Fund
PTY
$2.46B
$507K 0.01%
31,914
-2,400
-7% -$42.6K
GPC icon
402
Genuine Parts
GPC
$17.9B
$506K 0.01%
4,745
-200
-4% -$19.6K
MQT
403
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$493K 0.01%
37,346
-6,000
-14% -$78.6K
VRSK icon
404
Verisk Analytics
VRSK
$23.6B
$493K 0.01%
7,700
– –
NXZ
405
DELISTED
NUVEEN DIV ADV MUNI FD-2
NXZ
$486K 0.01%
34,444
-11,115
-24% -$156K
CLDX icon
406
Celldex Therapeutics
CLDX
$3.01B
$481K 0.01%
1,756
– –
CINF icon
407
Cincinnati Financial
CINF
$26.3B
$480K 0.01%
9,253
– –
AB icon
408
AllianceBernstein
AB
$3.36B
$475K 0.01%
18,387
-1,167
-6% -$29.9K
TREE icon
409
LendingTree
TREE
$373M
$475K 0.01%
9,833
– –
IFF icon
410
International Flavors & Fragrances
IFF
$21.5B
$471K 0.01%
4,650
– –
OIA icon
411
Invesco Municipal Income Opportunities Trust
OIA
$274M
$467K 0.01%
66,783
-56,280
-46% -$384K
WTM icon
412
White Mountains Insurance
WTM
$4.88B
$459K 0.01%
728
-356
-33% -$226K
PCN
413
PIMCO Corporate & Income Strategy Fund
PCN
$846M
$455K 0.01%
30,125
-10,980
-27% -$177K
GM icon
414
General Motors
GM
$74.7B
$445K 0.01%
12,750
+1,255
+11% +$40.1K
UPS icon
415
United Parcel Service
UPS
$87.2B
$438K 0.01%
3,938
-50
-1% -$5.28K
VMI icon
416
Valmont Industries
VMI
$9.12B
$438K 0.01%
3,450
-50
-1% -$6.67K
BSE
417
DELISTED
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
BSE
$438K 0.01%
33,057
-17,900
-35% -$235K
RSP icon
418
Invesco S&P 500 Equal Weight ETF
RSP
$98.3B
$427K 0.01%
5,338
+554
+12% +$43.1K
PGR icon
419
Progressive
PGR
$128B
$422K 0.01%
15,645
-2,900
-16% -$76.5K
CRR
420
DELISTED
Carbo Ceramics Inc.
CRR
$422K 0.01%
10,538
+7,100
+207% +$331K
AAPL icon
421
Apple
AAPL
$4.82T
$411K 0.01%
14,880
+2,728
+22% +$74.2K
MKTX icon
422
MarketAxess Holdings
MKTX
$5.75B
$409K 0.01%
5,700
– –
VB icon
423
Vanguard Morningstar Small-Cap ETF
VB
$78.5B
$407K 0.01%
+3,486
New +$397K
TROW icon
424
T. Rowe Price
TROW
$22.3B
$398K 0.01%
4,640
+140
+3% +$11.4K
FIS icon
425
Fidelity National Information Services
FIS
$19.3B
$396K 0.01%
6,361
– –
15 16
17
18 19

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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.