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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
GRC icon
451
Gorman-Rupp
GRC
$2.07B
$262K 0.01%
8,472
-200
-2% -$5.65K
BWXT icon
452
BWX Technologies
BWXT
$14.4B
$257K 0.01%
6,477
-106
-2% -$4.12K
MDY icon
453
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.4B
$251K 0.01%
833
+55
+7% +$15.9K
LLL
454
DELISTED
L3 Technologies, Inc.
LLL
$248K 0.01%
+1,631
New +$246K
ROCC
455
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
$247K 0.01%
+5,041
New +$244K
NUV icon
456
Nuveen Municipal Value Fund
NUV
$1.91B
$242K 0.01%
25,327
-43,475
-63% -$426K
EFT
457
Eaton Vance Floating-Rate Income Trust
EFT
$283M
$241K 0.01%
16,200
-800
-5% -$11.6K
AFL icon
458
Aflac
AFL
$65.5B
$240K 0.01%
6,892
– –
SYK icon
459
Stryker
SYK
$135B
$240K 0.01%
2,000
– –
NIQ
460
DELISTED
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
$238K 0.01%
19,362
-104,632
-84% -$1.33M
MPC icon
461
Marathon Petroleum
MPC
$90.1B
$234K 0.01%
+4,644
New +$211K
OII icon
462
Oceaneering
OII
$4.64B
$232K 0.01%
8,204
-833
-9% -$22.4K
NOC icon
463
Northrop Grumman
NOC
$76B
$229K 0.01%
984
– –
CRR
464
DELISTED
Carbo Ceramics Inc.
CRR
$228K 0.01%
21,838
+8,800
+67% +$78.4K
CVS icon
465
CVS Health
CVS
$135B
$218K 0.01%
2,767
-430
-13% -$34.8K
PCN
466
PIMCO Corporate & Income Strategy Fund
PCN
$864M
$218K 0.01%
14,747
-5,148
-26% -$76.1K
VTR icon
467
Ventas
VTR
$47.5B
$213K 0.01%
3,415
– –
CSX icon
468
CSX Corp
CSX
$94B
$212K 0.01%
+17,736
New +$199K
HIO
469
Western Asset High Income Opportunity Fund
HIO
$331M
$211K 0.01%
42,250
– –
IQI icon
470
Invesco Quality Municipal Securities
IQI
$526M
$210K 0.01%
16,970
– –
NIM icon
471
Nuveen Select Maturities Municipal Fund
NIM
$115M
$210K 0.01%
21,500
– –
PML
472
PIMCO Municipal Income Fund II
PML
$487M
$202K 0.01%
16,500
– –
DUC
473
DELISTED
Duff & Phelps Utility & Corporate Bond Trust
DUC
$195K 0.01%
20,700
-150
-0.7% -$1.4K
EVY
474
DELISTED
Eaton Vance New York Municipal Income Trust
EVY
$193K 0.01%
14,821
-500
-3% -$6.88K
PMO
475
Franklin Municipal Opportunities Trust
PMO
$282M
$170K 0.01%
14,197
-100
-0.7% -$1.23K
17 18
19
20 21

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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.