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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
IQI icon
451
Invesco Quality Municipal Securities
IQI
$514M
$269K ﹤0.01%
21,503
-18,939
-47% -$234K
TCOM icon
452
Trip.com Group
TCOM
$24.7B
$264K ﹤0.01%
11,600
– –
SHY icon
453
iShares 1-3 Year Treasury Bond ETF
SHY
$26B
$263K ﹤0.01%
3,120
-167
-5% -$14.1K
FXI icon
454
iShares China Large-Cap ETF
FXI
$4.1B
$257K ﹤0.01%
6,184
– –
GRC icon
455
Gorman-Rupp
GRC
$1.88B
$257K ﹤0.01%
7,997
– –
CSWC icon
456
Capital Southwest
CSWC
$1.52B
$254K ﹤0.01%
+18,251
New +$249K
EVG
457
Eaton Vance Short Duration Diversified Income Fund
EVG
$138M
$254K ﹤0.01%
17,970
-8,799
-33% -$127K
APC
458
DELISTED
Anadarko Petroleum
APC
$248K ﹤0.01%
3,000
– –
LTS
459
DELISTED
Ladenburg Thalmann Financial Services Inc
LTS
$247K ﹤0.01%
62,700
– –
NBO
460
DELISTED
Neuberger Berman New York Municipal Fund Inc.
NBO
$244K ﹤0.01%
17,777
– –
MMM icon
461
3M
MMM
$85.2B
$240K ﹤0.01%
+1,745
New +$224K
COP icon
462
ConocoPhillips
COP
$169B
$239K ﹤0.01%
3,454
+3
+0.1% +$209
KTF
463
DWS Municipal Income Trust
KTF
$329M
$239K ﹤0.01%
17,880
-4,880
-21% -$65.2K
T icon
464
AT&T
T
$183B
$235K ﹤0.01%
9,272
+463
+5% +$12K
NQU
465
DELISTED
NUVEEN QUALITY INCOME MUNI FD
NQU
$235K ﹤0.01%
16,826
-34,535
-67% -$479K
CVE icon
466
Cenovus Energy
CVE
$62.4B
$233K ﹤0.01%
11,310
+2,800
+33% +$64.5K
EOG icon
467
EOG Resources
EOG
$80.4B
$233K ﹤0.01%
2,534
-153
-6% -$14.2K
MHN
468
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$229K ﹤0.01%
16,390
– –
NIM icon
469
Nuveen Select Maturities Municipal Fund
NIM
$112M
$229K ﹤0.01%
21,500
– –
NMZ icon
470
Nuveen Municipal High Income Opportunity Fund
NMZ
$1.99B
$227K ﹤0.01%
16,911
-26,699
-61% -$354K
JTP
471
DELISTED
NUVEEN QUALITY PFD INCOME FD
JTP
$224K ﹤0.01%
27,763
-5,290
-16% -$43.8K
BIE
472
DELISTED
BLACKROCK MUNICIPAL BOND INVESTMENT TRUST
BIE
$223K ﹤0.01%
15,044
-130
-0.9% -$1.93K
NRK icon
473
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$850M
$222K ﹤0.01%
17,187
-29,577
-63% -$383K
MFIC icon
474
MidCap Financial Investment
MFIC
$741M
$221K ﹤0.01%
9,909
+372
+4% +$8.91K
JMT
475
DELISTED
Nuveen Mortgage Opportunity Term Fund 2
JMT
$217K ﹤0.01%
9,355
-470
-5% -$10.7K
17 18
19
20 21

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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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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.