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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
+4.25%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.41B
AUM Growth
+$6.08M
Cap. Flow
-$165M
Cap. Flow %
-4.84%
Top 10 Hldgs %
57.39%
Holding
510
New
18
Increased
90
Reduced
292
Closed
15

Top Buys

Rank Stock Value
1
CME icon
CME Group
CME
+$29.1M
2
CBOE icon
Cboe Global Markets
CBOE
+$18.2M
3
TPL icon
Texas Pacific Land
TPL
+$8.33M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$6.32M
5
RVT icon
Royce Value Trust
RVT
+$4.37M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$32.4M
2
WEN icon
Wendy's
WEN
+$11.3M
3
NWL icon
Newell Brands
NWL
+$10.7M
4
HHH icon
Howard Hughes
HHH
+$9.67M
5
PARA
Paramount Global Class B
PARA
+$6.75M

Sector Composition

Rank Sector Weight
1 Energy 30.01%
2 Communication Services 19.19%
3 Miscellaneous 11.69%
4 Financials 11.61%
5 Real Estate 10.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ARCC icon
451
Ares Capital
ARCC
$14.3B
$228K 0.01%
14,485
– –
HPF
452
John Hancock Preferred Income Fund II
HPF
$338M
$228K 0.01%
10,589
-3,389
-24% -$72.9K
BSE
453
DELISTED
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
BSE
$223K 0.01%
16,967
– –
SCHV
454
Schwab US Large-Cap Value ETF
SCHV
$15.8B
$217K 0.01%
11,922
– –
GRBK icon
455
Green Brick Partners
GRBK
$3.13B
$214K 0.01%
18,963
-5,500
-22% -$60.4K
NIM icon
456
Nuveen Select Maturities Municipal Fund
NIM
$115M
$214K 0.01%
21,500
– –
GIS icon
457
General Mills
GIS
$21.6B
$213K 0.01%
+3,599
New +$195K
BGT icon
458
BlackRock Floating Rate Income Trust
BGT
$330M
$210K 0.01%
15,099
-117
-0.8% -$1.63K
BXMT icon
459
Blackstone Mortgage Trust
BXMT
$2.33B
$209K 0.01%
6,500
– –
AIG icon
460
American International
AIG
$40.1B
$208K 0.01%
3,481
-7,631
-69% -$469K
NVDA icon
461
NVIDIA
NVDA
$5.51T
$206K 0.01%
+42,600
New +$212K
VTR icon
462
Ventas
VTR
$47.6B
$205K 0.01%
3,415
– –
ABB
463
DELISTED
ABB Ltd
ABB
$204K 0.01%
+7,600
New +$195K
AMT icon
464
American Tower
AMT
$81.2B
$203K 0.01%
+1,425
New +$203K
PML
465
PIMCO Municipal Income Fund II
PML
$489M
$203K 0.01%
15,400
– –
NRK icon
466
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$895M
$196K 0.01%
+15,129
New +$197K
DUC
467
DELISTED
Duff & Phelps Utility & Corporate Bond Trust
DUC
$182K 0.01%
20,525
– –
PCN
468
PIMCO Corporate & Income Strategy Fund
PCN
$880M
$176K 0.01%
10,241
– –
VTN icon
469
Invesco Trust for Investment Grade New York Municipals
VTN
$158M
$174K 0.01%
12,714
– –
MZF
470
DELISTED
Managed Duration Inv Grd Muni Fd
MZF
$172K 0.01%
12,779
– –
EVF
471
Eaton Vance Senior Income Trust
EVF
$90.1M
$170K 0.01%
26,019
– –
NBO
472
DELISTED
Neuberger Berman New York Municipal Fund Inc.
NBO
$168K ﹤0.01%
13,777
+600
+5% +$7.44K
TGNA
473
DELISTED
TEGNA Inc
TGNA
$163K ﹤0.01%
11,600
-16,200
-58% -$212K
VTA
474
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$163K ﹤0.01%
13,948
-690
-5% -$8.06K
VVR icon
475
Invesco Senior Income Trust
VVR
$448M
$158K ﹤0.01%
35,944
-1,531
-4% -$6.75K
17 18
19
20 21

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Horizon Kinetics's Q4 2017 Portfolio in Review

As of Q4 2017, Horizon Kinetics held 510 positions worth $3.41B, up 0.18% from $3.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Horizon Kinetics withdrew a net $165M in Q4 2017, closing 15 positions and reducing 292 holdings. Its most notable exit was Direxion Daily 20+ Year Treasury Bear 3X ETF, an estimated $1.41M position sold in full.

By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 28% a quarter earlier, followed by Communication Services and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $6.45M.

  • Horizon Kinetics's largest Q4 2017 buy was Vanguard Extended Market ETF: 57,686 shares worth $6.45M.
  • Horizon Kinetics added most to CME Group in Q4 2017, an estimated $29.1M increase.
  • Horizon Kinetics's biggest Q4 2017 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $32.4M.
  • Horizon Kinetics fully exited Direxion Daily 20+ Year Treasury Bear 3X ETF in Q4 2017, selling an estimated $1.41M.
  • Horizon Kinetics's ten largest holdings make up 57% of its $3.41B portfolio in Q4 2017.
  • Horizon Kinetics opened 18 new positions and closed 15 in Q4 2017.
  • Horizon Kinetics's portfolio value rose 0.18% quarter-over-quarter to $3.41B.

Based on Horizon Kinetics's 13F filing for Q4 2017, filed 14 Feb 2018.