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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
+2.59%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.4B
AUM Growth
-$352M
Cap. Flow
-$282M
Cap. Flow %
-3.81%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK icon
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA icon
Liberty Broadband Class A
LBRDA
+$52.3M
3
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$44.1M
4
SRSC
SEARS Canada Inc.
SRSC
+$25.9M
5
RGLD icon
Royal Gold
RGLD
+$23.1M

Top Sells

Rank Stock Value
1
FWONK icon
Liberty Media Series C
FWONK
+$125M
2
FWONA icon
Liberty Media Series A
FWONA
+$65.8M
3
JEF icon
Jefferies Financial Group
JEF
+$43.5M
4
QVCGA
QVC Group Inc Series A
QVCGA
+$41.3M
5
SHLD
Sears Holding Corporation
SHLD
+$31M

Sector Composition

Rank Sector Weight
1 Communication Services 25.5%
2 Consumer Discretionary 21.31%
3 Real Estate 11.61%
4 Financials 9%
5 Energy 8.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XXV
26
CALL
DELISTED
IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN
XXV
$67.3M 0.91%
+3,353,500
New +$129M
PPLI
27
People Inc
PPLI
$3.12B
$61.6M 0.83%
5,674,387
-760,572
-12% -$8.61M
ENOV icon
28
Enovis
ENOV
$1.74B
$56.9M 0.77%
640,651
-13,782
-2% -$1.25M
BRK.B icon
29
Berkshire Hathaway Class B
BRK.B
$1.1T
$55.8M 0.75%
371,459
-44,948
-11% -$6.49M
LBRDA icon
30
Liberty Broadband Class A
LBRDA
$4.89B
$53M 0.72%
+1,058,465
New +$52.3M
LE icon
31
Lands' End
LE
$378M
$50.6M 0.68%
938,275
-285,137
-23% -$13.4M
LVS icon
32
Las Vegas Sands
LVS
$31.4B
$47.8M 0.65%
822,599
-143,218
-15% -$8.63M
WYNN icon
33
Wynn Resorts
WYNN
$10.3B
$45.9M 0.62%
308,256
-86,861
-22% -$14.9M
PARA
34
DELISTED
Paramount Global Class B
PARA
$42.6M 0.58%
769,616
-314,175
-29% -$16.7M
FCE.A
35
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$42.4M 0.57%
1,990,402
-233,537
-11% -$4.85M
WBD icon
36
Warner Bros
WBD
$64.3B
$42.3M 0.57%
1,226,924
+213,260
+21% +$7.39M
GOOG icon
37
Alphabet (Google) Class C
GOOG
$4.11T
$42M 0.57%
1,593,583
+38,605
+2% +$1.04M
LTRPA
38
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
$40M 0.54%
1,487,154
-427,619
-22% -$11.9M
JEF icon
39
Jefferies Financial Group
JEF
$12.7B
$38.4M 0.52%
1,912,635
-2,106,071
-52% -$43.5M
CLR
40
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$37.3M 0.5%
972,076
-12,657
-1% -$623K
WPM icon
41
Wheaton Precious Metals
WPM
$49.7B
$37M 0.5%
1,820,442
+838,867
+85% +$16.7M
UVXY icon
42
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$259M
– –
0
– –
ELS icon
43
Equity Lifestyle Properties
ELS
$13.1B
$35.9M 0.48%
1,393,102
-1,258,550
-47% -$30.3M
FNV icon
44
Franco-Nevada
FNV
$41.3B
$31.4M 0.42%
638,610
-11,512
-2% -$585K
MSGS icon
45
Madison Square Garden
MSGS
$9.59B
$28.7M 0.39%
535,065
-39,728
-7% -$2M
OAK
46
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
$28.7M 0.39%
554,149
-308,691
-36% -$14.9M
RGLD icon
47
Royal Gold
RGLD
$16.6B
$28.4M 0.38%
452,213
+352,875
+355% +$23.1M
DISCK
48
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$27.5M 0.37%
816,864
-32,030
-4% -$1.09M
XXV
49
PUT
DELISTED
IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN
XXV
$27.2M 0.37%
+1,119,000
New +$42.9M
TWX
50
DELISTED
Time Warner Inc
TWX
$27.1M 0.37%
317,352
-35,288
-10% -$2.81M
1
2
3 4 5

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Horizon Kinetics's Q4 2014 Portfolio in Review

As of Q4 2014, Horizon Kinetics held 554 positions worth $7.4B, down 4.5% from $7.76B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Horizon Kinetics withdrew a net $282M in Q4 2014, closing 35 positions and reducing 296 holdings. Its most notable exit was BURGER KING WORLDWIDE, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Liberty Broadband Class C worth $111M.

  • Horizon Kinetics's largest Q4 2014 buy was Liberty Broadband Class C: 2,222,661 shares worth $111M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q4 2014, an estimated $44.1M increase.
  • Horizon Kinetics's biggest Q4 2014 reduction was Liberty Media Series C, cutting an estimated $125M.
  • Horizon Kinetics fully exited BURGER KING WORLDWIDE in Q4 2014, selling an estimated $13.8M.
  • Horizon Kinetics's ten largest holdings make up 43% of its $7.4B portfolio in Q4 2014.
  • Horizon Kinetics opened 37 new positions and closed 35 in Q4 2014.
  • Horizon Kinetics's portfolio value fell 4.5% quarter-over-quarter to $7.4B.

Based on Horizon Kinetics's 13F filing for Q4 2014, filed 17 Feb 2015.