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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
SAN icon
426
Banco Santander
SAN
$212B
$389K 0.01%
50,309
-942
-2% -$7.57K
PMO
427
Franklin Municipal Opportunities Trust
PMO
$263M
$378K 0.01%
31,502
-17,364
-36% -$206K
ROX
428
DELISTED
Castle Brands, Inc.
ROX
$371K 0.01%
229,000
– –
CL icon
429
Colgate-Palmolive
CL
$69.5B
$370K 0.01%
5,344
– –
ENX
430
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$368K 0.01%
29,294
-8,100
-22% -$101K
CSGP icon
431
CoStar Group
CSGP
$12.8B
$367K 0.01%
20,000
– –
TAL
432
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
$367K 0.01%
8,419
-3
-0% -$126
JQC icon
433
Nuveen Credit Strategies Income Fund
JQC
$692M
$365K ﹤0.01%
41,642
-4,519
-10% -$39.6K
NPI
434
DELISTED
NUVEEN PREMIUN INC MUN FUND
NPI
$350K ﹤0.01%
25,266
-7,843
-24% -$108K
IMO icon
435
Imperial Oil
IMO
$65.4B
$349K ﹤0.01%
8,121
-207
-2% -$9.42K
NZF icon
436
Nuveen Municipal Credit Income Fund
NZF
$2.21B
$348K ﹤0.01%
25,290
-854
-3% -$11.7K
VO icon
437
Vanguard Morningstar Mid-Cap ETF
VO
$105B
$340K ﹤0.01%
+11,004
New +$332K
VECO icon
438
Veeco
VECO
$2.48B
$338K ﹤0.01%
9,700
– –
NVO
439
Novo Nordisk
NVO
$188B
$335K ﹤0.01%
15,814
+334
+2% +$7.46K
BBF
440
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$330K ﹤0.01%
23,600
-9,628
-29% -$134K
MYN icon
441
BlackRock MuniYield New York Quality Fund
MYN
$345M
$329K ﹤0.01%
25,286
-15,998
-39% -$207K
NEA icon
442
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.18B
$327K ﹤0.01%
23,683
-32,264
-58% -$441K
NPF
443
DELISTED
NUVEEN PREMIER MUNI INCOME FD
NPF
$318K ﹤0.01%
22,749
-17,974
-44% -$247K
PML
444
PIMCO Municipal Income Fund II
PML
$453M
$310K ﹤0.01%
26,075
-5,050
-16% -$59.6K
BWXT icon
445
BWX Technologies
BWXT
$13.5B
$307K ﹤0.01%
14,180
-5,440
-28% -$114K
FHY
446
DELISTED
First Trust Strategic High
FHY
$306K ﹤0.01%
21,102
-16,595
-44% -$249K
EVY
447
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$296K ﹤0.01%
21,370
-17,430
-45% -$240K
OSIR
448
DELISTED
Osiris Therapeutics, Inc. Common Stock
OSIR
$288K ﹤0.01%
18,000
– –
CPN
449
DELISTED
Calpine Corporation
CPN
$283K ﹤0.01%
12,783
– –
IWB icon
450
iShares Russell 1000 ETF
IWB
$48.4B
$275K ﹤0.01%
+2,400
New +$269K
16 17
18
19 20

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PWM
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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.