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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
CRR
451
DELISTED
Carbo Ceramics Inc.
CRR
$106K ﹤0.01%
30,500
-24,300
-44% -$121K
VVR icon
452
Invesco Senior Income Trust
VVR
$451M
$96K ﹤0.01%
24,628
-908
-4% -$3.75K
CLF icon
453
Cleveland-Cliffs
CLF
$6.63B
$91K ﹤0.01%
11,838
-23,617
-67% -$236K
PACB icon
454
Pacific Biosciences
PACB
$435M
$89K ﹤0.01%
12,000
– –
FRO icon
455
Frontline
FRO
$9.84B
$81K ﹤0.01%
14,700
-10,700
-42% -$69.9K
PGLC
456
DELISTED
Pershing Gold Corporation. Common Stock
PGLC
$74K ﹤0.01%
69,842
– –
RIBT
457
DELISTED
RiceBran Technologies
RIBT
$63K ﹤0.01%
2,095
-409
-16% -$11.8K
IMI
458
DELISTED
Intermolecular, Inc.
IMI
$57K ﹤0.01%
56,875
-10,772
-16% -$10.8K
ALSK
459
DELISTED
Alaska Communications Systems
ALSK
$54K ﹤0.01%
37,620
-68,414
-65% -$104K
STCN
460
DELISTED
Steel Connect, Inc. Common Stock
STCN
$49K ﹤0.01%
3,060
-733
-19% -$12.5K
TPHS
461
DELISTED
Trinity Place Holdings Inc.com
TPHS
$44K ﹤0.01%
10,156
– –
OHAI
462
DELISTED
OHA Investment Corporation
OHAI
$40K ﹤0.01%
40,019
-8,211
-17% -$10.7K
SANW
463
DELISTED
S&W Seed Co
SANW
$37K ﹤0.01%
1,082
-435
-29% -$22.8K
TMQ
464
Trilogy Metals
TMQ
$625M
$35K ﹤0.01%
20,337
-52,022
-72% -$105K
MUX icon
465
McEwen Inc
MUX
$1.25B
$31K ﹤0.01%
1,715
-132
-7% -$2.55K
VANI icon
466
Vivani Medical
VANI
$128M
$23K ﹤0.01%
1,090
– –
GCVRZ
467
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$7K ﹤0.01%
15,940
– –
ASCMA
468
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
$6K ﹤0.01%
16,111
-87,279
-84% -$84.8K
CLDX icon
469
Celldex Therapeutics
CLDX
$3.07B
$5K ﹤0.01%
1,756
– –
AMD icon
470
Advanced Micro Devices
AMD
$760B
– –
-8,992
Closed -$278K
ASPS icon
471
Altisource Portfolio Solutions
ASPS
$62.8M
– –
-1,475
Closed -$380K
BBU
472
DELISTED
Brookfield Business Partners
BBU
– –
-10,344
Closed -$304K
BTI icon
473
British American Tobacco
BTI
$121B
– –
-5,891
Closed -$275K
BWXT icon
474
BWX Technologies
BWXT
$14B
– –
-4,182
Closed -$262K
CL icon
475
Colgate-Palmolive
CL
$72.3B
– –
-3,074
Closed -$206K
17 18
19
20 21

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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.