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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
EWJ icon
451
iShares MSCI Japan ETF
EWJ
$22.7B
$216K ﹤0.01%
+4,725
New +$233K
NIM icon
452
Nuveen Select Maturities Municipal Fund
NIM
$115M
$216K ﹤0.01%
21,500
– –
GRC icon
453
Gorman-Rupp
GRC
$2.05B
$213K ﹤0.01%
8,872
+475
+6% +$11.8K
MACK
454
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$213K ﹤0.01%
3,178
+763
+32% +$62.3K
MMM icon
455
3M
MMM
$92.2B
$210K ﹤0.01%
+1,772
New +$218K
NQU
456
DELISTED
NUVEEN QUALITY INCOME MUNI FD
NQU
$208K ﹤0.01%
15,400
– –
CVRR
457
DELISTED
CVR Refining, LP
CVRR
$207K ﹤0.01%
10,848
-221
-2% -$4.26K
EVY
458
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$205K ﹤0.01%
15,321
-1,919
-11% -$25.8K
MHN
459
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$199K ﹤0.01%
14,590
– –
TRS icon
460
TriMas Corp
TRS
$1.42B
$196K ﹤0.01%
12,000
-3,060
-20% -$59.8K
PML
461
PIMCO Municipal Income Fund II
PML
$489M
$195K ﹤0.01%
16,200
-122
-0.7% -$1.45K
PMO
462
Franklin Municipal Opportunities Trust
PMO
$280M
$194K ﹤0.01%
+16,234
New +$192K
CPN
463
DELISTED
Calpine Corporation
CPN
$172K ﹤0.01%
11,799
– –
BBF
464
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$170K ﹤0.01%
12,521
-1,000
-7% -$13.4K
NEA icon
465
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.41B
$169K ﹤0.01%
12,954
-4,689
-27% -$60.5K
NPF
466
DELISTED
NUVEEN PREMIER MUNI INCOME FD
NPF
$165K ﹤0.01%
12,643
-430
-3% -$5.6K
EIM
467
Eaton Vance Municipal Bond Fund
EIM
$498M
$161K ﹤0.01%
12,840
– –
BIE
468
DELISTED
BLACKROCK MUNICIPAL BOND INVESTMENT TRUST
BIE
$159K ﹤0.01%
11,073
-3,561
-24% -$50.5K
ROX
469
DELISTED
Castle Brands, Inc.
ROX
$151K ﹤0.01%
115,000
-108,000
-48% -$136K
NXZ
470
DELISTED
NUVEEN DIV ADV MUNI FD-2
NXZ
$150K ﹤0.01%
11,033
-5,135
-32% -$69.2K
FHY
471
DELISTED
First Trust Strategic High
FHY
$149K ﹤0.01%
12,947
-1,017
-7% -$12.6K
MUI
472
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
$143K ﹤0.01%
10,308
– –
FAM
473
DELISTED
First Trust/abrdn Global Opportunity Income Fund
FAM
$141K ﹤0.01%
14,584
-4,939
-25% -$50.6K
NRK icon
474
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$895M
$140K ﹤0.01%
11,154
-633
-5% -$7.98K
MQT
475
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$135K ﹤0.01%
10,561
-7,632
-42% -$96.7K
17 18
19
20 21

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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 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.