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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
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PFO
426
Flaherty & Crumrine Preferred and Income Opportunity Fund
PFO
$115M
$213K 0.01%
20,228
-6,292
-24% -$70K
ET icon
427
Energy Transfer Partners
ET
$73.4B
$212K 0.01%
+16,036
New +$244K
MHN
428
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$210K 0.01%
17,545
+6,705
+62% +$79.4K
VB icon
429
Vanguard Morningstar Small-Cap ETF
VB
$78.5B
$209K 0.01%
1,581
-1,472
-48% -$214K
UNH icon
430
UnitedHealth
UNH
$337B
$208K 0.01%
+836
New +$221K
BXMT icon
431
Blackstone Mortgage Trust
BXMT
$2.24B
$207K 0.01%
6,500
– –
NIM icon
432
Nuveen Select Maturities Municipal Fund
NIM
$112M
$206K 0.01%
21,500
– –
PML
433
PIMCO Municipal Income Fund II
PML
$453M
$205K 0.01%
15,400
– –
NMZ icon
434
Nuveen Municipal High Income Opportunity Fund
NMZ
$1.99B
$188K 0.01%
16,191
-1,276
-7% -$15.1K
FFC
435
Flaherty & Crumrine Preferred and Income Securities Fund
FFC
$739M
$173K 0.01%
+10,333
New +$176K
ARCC icon
436
Ares Capital
ARCC
$13.9B
$166K 0.01%
10,675
-11,510
-52% -$190K
RFL icon
437
Rafael Holdings
RFL
$111M
$161K 0.01%
20,590
– –
EVF
438
Eaton Vance Senior Income Trust
EVF
$88.5M
$155K 0.01%
25,848
– –
VTN icon
439
Invesco Trust for Investment Grade New York Municipals
VTN
$146M
$152K 0.01%
12,714
– –
TDAY
440
USA Today Co
TDAY
$966M
$148K ﹤0.01%
12,859
-5,850
-31% -$81.7K
BGT icon
441
BlackRock Floating Rate Income Trust
BGT
$320M
$146K ﹤0.01%
12,678
-1,504
-11% -$18.8K
WIA
442
Western Asset Inflation-Linked Income Fund
WIA
$182M
$146K ﹤0.01%
13,830
-4,493
-25% -$48.5K
NUV icon
443
Nuveen Municipal Value Fund
NUV
$1.79B
$143K ﹤0.01%
15,378
-310
-2% -$2.87K
EIM
444
Eaton Vance Municipal Bond Fund
EIM
$464M
$141K ﹤0.01%
12,459
+196
+2% +$2.18K
BBF
445
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$132K ﹤0.01%
11,019
– –
GRBK icon
446
Green Brick Partners
GRBK
$2.89B
$130K ﹤0.01%
18,000
– –
TGNA
447
DELISTED
TEGNA Inc
TGNA
$130K ﹤0.01%
11,950
– –
EFT
448
Eaton Vance Floating-Rate Income Trust
EFT
$278M
$129K ﹤0.01%
10,200
– –
KDMN
449
DELISTED
Kadmon Holdings, Inc.
KDMN
$126K ﹤0.01%
60,689
– –
DUC
450
DELISTED
Duff & Phelps Utility & Corporate Bond Trust
DUC
$110K ﹤0.01%
13,375
-950
-7% -$7.78K
16 17
18
19 20

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.