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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
+5.97%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.1B
AUM Growth
-$477M
Cap. Flow
-$634M
Cap. Flow %
-20.47%
Top 10 Hldgs %
54.11%
Holding
530
New
22
Increased
101
Reduced
304
Closed
23

Top Buys

Rank Stock Value
1
LGF.B
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
+$69.3M
2
AC
Associated Capital Group
AC
+$31.3M
3
AMCX icon
AMC Global Media
AMCX
+$11.1M
4
TPL icon
Texas Pacific Land
TPL
+$7.4M
5
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
+$4.12M

Top Sells

Rank Stock Value
1
STRZA
Starz - Series A
STRZA
+$145M
2
HHH icon
Howard Hughes
HHH
+$53.6M
3
WEN icon
Wendy's
WEN
+$34.5M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$30.3M
5
QVCGA
QVC Group Inc Series A
QVCGA
+$25.8M

Sector Composition

Rank Sector Weight
1 Energy 23.74%
2 Communication Services 16.45%
3 Real Estate 11.8%
4 Consumer Discretionary 11.19%
5 Financials 10.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EFR
426
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$326K 0.01%
22,129
– –
DAL icon
427
Delta Air Lines
DAL
$56.7B
$322K 0.01%
6,550
– –
JPC icon
428
Nuveen Preferred & Income Opportunities Fund
JPC
$2.88B
$320K 0.01%
32,532
-14,000
-30% -$134K
PHD
429
DELISTED
Pioneer Floating Rate Fund
PHD
$316K 0.01%
26,588
-1,160
-4% -$13.6K
SHY icon
430
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
$314K 0.01%
3,720
-960
-21% -$81.3K
TROW icon
431
T. Rowe Price
TROW
$25.5B
$313K 0.01%
4,155
– –
ACAS
432
DELISTED
American Capital Ltd
ACAS
$311K 0.01%
17,364
-5,000
-22% -$86.1K
NID
433
DELISTED
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
$308K 0.01%
24,239
-85,930
-78% -$1.13M
HPF
434
John Hancock Preferred Income Fund II
HPF
$340M
$306K 0.01%
15,108
-18,933
-56% -$389K
AMP icon
435
Ameriprise Financial
AMP
$47.8B
$297K 0.01%
2,681
– –
RVTY icon
436
Revvity
RVTY
$12.6B
$297K 0.01%
+5,700
New +$298K
SBI
437
Western Asset Intermediate Muni Fund
SBI
$107M
$292K 0.01%
30,689
-47,775
-61% -$473K
EVF
438
Eaton Vance Senior Income Trust
EVF
$89.9M
$288K 0.01%
43,163
-35,567
-45% -$230K
CSWC icon
439
Capital Southwest
CSWC
$1.47B
$286K 0.01%
17,700
– –
BBF
440
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$286K 0.01%
20,426
-109
-0.5% -$1.55K
PTY icon
441
PIMCO Corporate & Income Opportunity Fund
PTY
$2.46B
$283K 0.01%
19,800
-147
-0.7% -$2.12K
NVO
442
Novo Nordisk
NVO
$228B
$279K 0.01%
15,574
– –
APC
443
DELISTED
Anadarko Petroleum
APC
$274K 0.01%
3,932
+366
+10% +$23.8K
MYN icon
444
BlackRock MuniYield New York Quality Fund
MYN
$376M
$270K 0.01%
21,306
– –
TIME
445
DELISTED
Time Inc.
TIME
$270K 0.01%
15,110
-565
-4% -$8.38K
CL icon
446
Colgate-Palmolive
CL
$74.8B
$267K 0.01%
4,074
-265
-6% -$18.2K
ENX
447
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$266K 0.01%
21,647
– –
GIS icon
448
General Mills
GIS
$20.2B
$265K 0.01%
4,298
– –
HEI.A icon
449
HEICO Corp Class A
HEI.A
$36B
$265K 0.01%
7,637
-207
-3% -$6.72K
CVRR
450
DELISTED
CVR Refining, LP
CVRR
$265K 0.01%
25,481
+15,370
+152% +$134K
16 17
18
19 20

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Horizon Kinetics's Q4 2016 Portfolio in Review

As of Q4 2016, Horizon Kinetics held 530 positions worth $3.1B, down 13% from $3.57B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Horizon Kinetics withdrew a net $634M in Q4 2016, closing 23 positions and reducing 304 holdings. Its most notable exit was Starz - Series A, an estimated $145M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 17% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lions Gate Entertainment Corp. Class B Non-Voting Shares worth $66.6M.

  • Horizon Kinetics's largest Q4 2016 buy was Lions Gate Entertainment Corp. Class B Non-Voting Shares: 2,714,405 shares worth $66.6M.
  • Horizon Kinetics added most to Associated Capital Group in Q4 2016, an estimated $31.3M increase.
  • Horizon Kinetics's biggest Q4 2016 reduction was Howard Hughes, cutting an estimated $53.6M.
  • Horizon Kinetics fully exited Starz - Series A in Q4 2016, selling an estimated $145M.
  • Horizon Kinetics's ten largest holdings make up 54% of its $3.1B portfolio in Q4 2016.
  • Horizon Kinetics opened 22 new positions and closed 23 in Q4 2016.
  • Horizon Kinetics's portfolio value fell 13% quarter-over-quarter to $3.1B.

Based on Horizon Kinetics's 13F filing for Q4 2016, filed 14 Feb 2017.