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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
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MA icon
26
Mastercard
MA
$521B
$14.2M 0.46%
75,468
-1,338
-2% -$266K
SAIC icon
27
Saic
SAIC
$5.33B
$14.2M 0.46%
223,157
+2,085
+0.9% +$145K
OAK
28
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
$14.1M 0.46%
354,607
+46,765
+15% +$1.92M
NVGS icon
29
Navigator Holdings
NVGS
$1.36B
$14M 0.46%
1,488,287
-169,021
-10% -$1.95M
DSL
30
DoubleLine Income Solutions Fund
DSL
$1.22B
$13.7M 0.45%
790,143
-92,963
-11% -$1.73M
DISH
31
DELISTED
DISH Network Corp.
DISH
$13.7M 0.45%
547,131
-106,700
-16% -$3.35M
IPAR icon
32
Interparfums
IPAR
$3.77B
$13.5M 0.44%
206,061
-1,341
-0.6% -$80.5K
ECHO
33
EchoStar
ECHO
$25.2B
$13.5M 0.44%
454,068
-71,517
-14% -$2.36M
ELS icon
34
Equity Lifestyle Properties
ELS
$12.4B
$12.6M 0.41%
260,074
-4,102
-2% -$198K
FWONK icon
35
Liberty Media Series C
FWONK
$25.5B
$12.4M 0.4%
417,374
-15,840
-4% -$492K
GE icon
36
GE Aerospace
GE
$355B
$11.5M 0.38%
317,516
+296,375
+1,402% +$13.4M
SLV icon
37
CALL
iShares Silver Trust
SLV
$32.3B
$10.4M 0.34%
465,500
– –
SAND
38
DELISTED
Sandstorm Gold
SAND
$10.1M 0.33%
2,189,507
-13,603
-0.6% -$55.3K
LBRDA
39
DELISTED
Liberty Broadband Class A
LBRDA
$8.65M 0.28%
120,534
-31,217
-21% -$2.51M
DBL
40
DoubleLine Opportunistic Credit Fund
DBL
$280M
$8.53M 0.28%
450,177
+40,026
+10% +$776K
FWONA icon
41
Liberty Media Series A
FWONA
$23.4B
$8.31M 0.27%
292,014
-7,456
-2% -$220K
GOOGL icon
42
Alphabet (Google) Class A
GOOGL
$4.24T
$7.58M 0.25%
145,120
+340
+0.2% +$18.4K
PDI icon
43
PIMCO Dynamic Income Fund
PDI
$7.08B
$7.5M 0.24%
256,997
-5,707
-2% -$177K
GOOG icon
44
Alphabet (Google) Class C
GOOG
$4.19T
$7.44M 0.24%
143,720
-5,520
-4% -$295K
PYPL icon
45
PayPal
PYPL
$45.9B
$7.35M 0.24%
87,363
-1,589
-2% -$132K
NEA icon
46
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
$7.04M 0.23%
571,514
-463
-0.1% -$5.68K
BSM icon
47
Black Stone Minerals
BSM
$3.14B
$7.03M 0.23%
453,978
-20,651
-4% -$349K
XOM icon
48
ExxonMobil
XOM
$644B
$6.84M 0.22%
100,315
-907
-0.9% -$71.2K
VTI icon
49
Vanguard Morningstar Total Stock Market ETF
VTI
$687B
$6.53M 0.21%
51,159
+18,476
+57% +$2.55M
LVS icon
50
Las Vegas Sands
LVS
$29.2B
$6.43M 0.21%
123,544
-28,283
-19% -$1.53M
1
2
3 4 5

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.