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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
+4.89%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$4.64B
AUM Growth
-$872M
Cap. Flow
-$516M
Cap. Flow %
-11.12%
Top 10 Hldgs %
47.49%
Holding
528
New
25
Increased
72
Reduced
320
Closed
20

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$22.8M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$15.9M
3
VOO icon
Vanguard S&P 500 ETF
VOO
+$14.5M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$8.96M
5
FHI icon
Federated Hermes
FHI
+$7.12M

Top Sells

Rank Stock Value
1
JAH
JARDEN CORPORATION
JAH
+$44.2M
2
MSGS icon
Madison Square Garden
MSGS
+$37.1M
3
CBOE icon
Cboe Global Markets
CBOE
+$31.2M
4
TPH
Tri Pointe Homes
TPH
+$29.5M
5
SHLD
Sears Holding Corporation
SHLD
+$29.2M

Sector Composition

Rank Sector Weight
1 Communication Services 28.96%
2 Consumer Discretionary 20.09%
3 Real Estate 11.93%
4 Energy 10.58%
5 Financials 8.96%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MPC icon
451
Marathon Petroleum
MPC
$102B
$250K 0.01%
+4,823
New +$252K
LAND
452
Gladstone Land Corp
LAND
$383M
$249K 0.01%
+28,787
New +$262K
RELY
453
DELISTED
Real Industry, Inc.
RELY
$235K 0.01%
29,287
– –
VO icon
454
Vanguard Morningstar Mid-Cap ETF
VO
$109B
$234K 0.01%
7,804
– –
GRC icon
455
Gorman-Rupp
GRC
$2.05B
$232K 0.01%
8,672
-200
-2% -$5.55K
WFC icon
456
Wells Fargo
WFC
$257B
$229K ﹤0.01%
+4,210
New +$229K
IQI icon
457
Invesco Quality Municipal Securities
IQI
$537M
$227K ﹤0.01%
17,905
-2,604
-13% -$32.1K
TRS icon
458
TriMas Corp
TRS
$1.42B
$224K ﹤0.01%
12,000
– –
MMM icon
459
3M
MMM
$92.2B
$223K ﹤0.01%
1,772
– –
DWA
460
PUT
DELISTED
DREAMWORKS ANIMATION SKG INC CL-A
DWA
$223K ﹤0.01%
25,200
– –
NIM icon
461
Nuveen Select Maturities Municipal Fund
NIM
$115M
$220K ﹤0.01%
21,500
– –
NQU
462
DELISTED
NUVEEN QUALITY INCOME MUNI FD
NQU
$218K ﹤0.01%
15,400
– –
OSIR
463
DELISTED
Osiris Therapeutics, Inc. Common Stock
OSIR
$218K ﹤0.01%
21,000
– –
EVY
464
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$217K ﹤0.01%
15,321
– –
GIS icon
465
General Mills
GIS
$21.6B
$215K ﹤0.01%
3,727
-207
-5% -$11.9K
IEFA icon
466
iShares Core MSCI EAFE ETF
IEFA
$195B
$205K ﹤0.01%
3,774
-1,946
-34% -$108K
PML
467
PIMCO Municipal Income Fund II
PML
$489M
$203K ﹤0.01%
16,200
– –
CVRR
468
DELISTED
CVR Refining, LP
CVRR
$200K ﹤0.01%
10,548
-300
-3% -$6.17K
PMO
469
Franklin Municipal Opportunities Trust
PMO
$280M
$199K ﹤0.01%
16,234
– –
OIA icon
470
Invesco Municipal Income Opportunities Trust
OIA
$290M
$198K ﹤0.01%
27,218
-18,000
-40% -$126K
MACK
471
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$198K ﹤0.01%
3,178
– –
BBF
472
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$183K ﹤0.01%
12,521
– –
DUC
473
DELISTED
Duff & Phelps Utility & Corporate Bond Trust
DUC
$179K ﹤0.01%
+19,500
New +$182K
ARCC icon
474
Ares Capital
ARCC
$14.3B
$172K ﹤0.01%
12,070
-4,105
-25% -$62.3K
CPN
475
DELISTED
Calpine Corporation
CPN
$171K ﹤0.01%
11,799
– –
17 18
19
20 21

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Horizon Kinetics's Q4 2015 Portfolio in Review

As of Q4 2015, Horizon Kinetics held 528 positions worth $4.64B, down 16% from $5.51B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics withdrew a net $516M in Q4 2015, closing 20 positions and reducing 320 holdings. Its most notable exit was SIGMA - ALDRICH CORP, an estimated $2.94M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 25% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Alphabet (Google) Class A worth $23.9M.

  • Horizon Kinetics's largest Q4 2015 buy was Alphabet (Google) Class A: 615,580 shares worth $23.9M.
  • Horizon Kinetics added most to Vanguard Morningstar Total Stock Market ETF in Q4 2015, an estimated $15.9M increase.
  • Horizon Kinetics's biggest Q4 2015 reduction was JARDEN CORPORATION, cutting an estimated $44.2M.
  • Horizon Kinetics fully exited SIGMA - ALDRICH CORP in Q4 2015, selling an estimated $2.94M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $4.64B portfolio in Q4 2015.
  • Horizon Kinetics opened 25 new positions and closed 20 in Q4 2015.
  • Horizon Kinetics's portfolio value fell 16% quarter-over-quarter to $4.64B.

Based on Horizon Kinetics's 13F filing for Q4 2015, filed 12 Feb 2016.