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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
-12.27%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$5.51B
AUM Growth
-$1.44B
Cap. Flow
-$1.12B
Cap. Flow %
-20.39%
Top 10 Hldgs %
47.53%
Holding
537
New
22
Increased
90
Reduced
325
Closed
33

Top Buys

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$24.5M
2
EMG
Emergent Capital, Inc.
EMG
+$11.7M
3
PYPL icon
PayPal
PYPL
+$7.36M
4
LXU icon
LSB Industries
LXU
+$7.07M
5
TPL icon
Texas Pacific Land
TPL
+$6.76M

Top Sells

Rank Stock Value
1
JAH
JARDEN CORPORATION
JAH
+$165M
2
WEN icon
Wendy's
WEN
+$110M
3
AN icon
AutoNation
AN
+$64.5M
4
BN icon
Brookfield
BN
+$59.7M
5
HHH icon
Howard Hughes
HHH
+$42.2M

Sector Composition

Rank Sector Weight
1 Communication Services 24.89%
2 Consumer Discretionary 18.26%
3 Miscellaneous 15.56%
4 Real Estate 10.95%
5 Energy 9.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PTY icon
426
PIMCO Corporate & Income Opportunity Fund
PTY
$2.5B
$316K 0.01%
23,806
-508
-2% -$7.05K
NPM
427
DELISTED
NUVEEN PREMIUM INCM MUNI FD II
NPM
$316K 0.01%
23,118
-18,491
-44% -$249K
CRR
428
DELISTED
Carbo Ceramics Inc.
CRR
$309K 0.01%
16,288
+2,450
+18% +$71.3K
OIA icon
429
Invesco Municipal Income Opportunities Trust
OIA
$290M
$306K 0.01%
45,218
-2,210
-5% -$14.8K
IEFA icon
430
iShares Core MSCI EAFE ETF
IEFA
$195B
$302K 0.01%
5,720
-2,488
-30% -$141K
MAS icon
431
Masco
MAS
$14.4B
$302K 0.01%
12,000
-1,656
-12% -$42.5K
TROW icon
432
T. Rowe Price
TROW
$24B
$299K 0.01%
4,300
– –
MYN icon
433
BlackRock MuniYield New York Quality Fund
MYN
$373M
$297K 0.01%
22,706
-1,700
-7% -$22.2K
NPI
434
DELISTED
NUVEEN PREMIUN INC MUN FUND
NPI
$295K 0.01%
22,038
-2,463
-10% -$32.6K
VMI icon
435
Valmont Industries
VMI
$9.28B
$292K 0.01%
3,075
+25
+0.8% +$2.73K
CLDX icon
436
Celldex Therapeutics
CLDX
$3.18B
$277K 0.01%
1,756
– –
ENX
437
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$274K 0.01%
21,747
-5,047
-19% -$62.9K
SHY icon
438
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$265K ﹤0.01%
3,120
– –
RELY
439
DELISTED
Real Industry, Inc.
RELY
$258K ﹤0.01%
29,287
– –
IQI icon
440
Invesco Quality Municipal Securities
IQI
$537M
$249K ﹤0.01%
20,509
-661
-3% -$7.88K
CSD icon
441
Invesco S&P Spin-Off ETF
CSD
$225M
$245K ﹤0.01%
6,414
-11
-0.2% -$471
T icon
442
AT&T
T
$174B
$241K ﹤0.01%
9,807
+343
+4% +$8.75K
ARCC icon
443
Ares Capital
ARCC
$14.3B
$234K ﹤0.01%
16,175
-1,896
-10% -$29.8K
DAL icon
444
Delta Air Lines
DAL
$53.4B
$233K ﹤0.01%
5,200
– –
NBO
445
DELISTED
Neuberger Berman New York Municipal Fund Inc.
NBO
$233K ﹤0.01%
17,065
– –
BWXT icon
446
BWX Technologies
BWXT
$14.3B
$231K ﹤0.01%
+8,764
New +$224K
VO icon
447
Vanguard Morningstar Mid-Cap ETF
VO
$109B
$228K ﹤0.01%
7,804
– –
DWA
448
PUT
DELISTED
DREAMWORKS ANIMATION SKG INC CL-A
DWA
$223K ﹤0.01%
25,200
– –
GIS icon
449
General Mills
GIS
$21.6B
$221K ﹤0.01%
3,934
-824
-17% -$47.2K
NMZ icon
450
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.16B
$221K ﹤0.01%
16,669
-242
-1% -$3.23K
16 17
18
19 20

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AC
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OA
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TGA
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PWM
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APFBOT
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RCM
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CFIC
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Horizon Kinetics's Q3 2015 Portfolio in Review

As of Q3 2015, Horizon Kinetics held 537 positions worth $5.51B, down 21% from $6.95B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $1.12B in Q3 2015, closing 33 positions and reducing 325 holdings. Its most notable exit was CSX Corp, an estimated $22.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Emergent Capital, Inc. worth $12M.

  • Horizon Kinetics's largest Q3 2015 buy was Emergent Capital, Inc.: 2,199,813 shares worth $12M.
  • Horizon Kinetics added most to Wheaton Precious Metals in Q3 2015, an estimated $24.5M increase.
  • Horizon Kinetics's biggest Q3 2015 reduction was JARDEN CORPORATION, cutting an estimated $165M.
  • Horizon Kinetics fully exited CSX Corp in Q3 2015, selling an estimated $22.4M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $5.51B portfolio in Q3 2015.
  • Horizon Kinetics opened 22 new positions and closed 33 in Q3 2015.
  • Horizon Kinetics's portfolio value fell 21% quarter-over-quarter to $5.51B.

Based on Horizon Kinetics's 13F filing for Q3 2015, filed 13 Nov 2015.