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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
LBRDA
26
DELISTED
Liberty Broadband Class A
LBRDA
$18.8M 0.55%
220,940
-21,731
-9% -$1.91M
DSL
27
DoubleLine Income Solutions Fund
DSL
$1.22B
$16.8M 0.49%
833,992
+6,114
+0.7% +$126K
MSGS icon
28
Madison Square Garden
MSGS
$9.48B
$14.9M 0.44%
98,761
-7,328
-7% -$1.13M
WYNN icon
29
Wynn Resorts
WYNN
$9.64B
$14.6M 0.43%
86,871
-3,335
-4% -$514K
OAK
30
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
$14.4M 0.42%
342,440
-54,345
-14% -$2.4M
ELS icon
31
Equity Lifestyle Properties
ELS
$12.4B
$12.4M 0.36%
278,904
-4,438
-2% -$197K
NVGS icon
32
Navigator Holdings
NVGS
$1.35B
$12.1M 0.36%
1,233,025
-177,054
-13% -$1.84M
LVS icon
33
Las Vegas Sands
LVS
$28.7B
$11.7M 0.34%
168,853
-7,583
-4% -$506K
PTEN icon
34
Patterson-UTI
PTEN
$4.68B
$11.3M 0.33%
489,105
-4,637
-0.9% -$96.1K
BGC icon
35
BGC Group
BGC
$5.75B
$11.1M 0.33%
1,140,530
-12,204
-1% -$123K
MA icon
36
Mastercard
MA
$518B
$10.6M 0.31%
70,152
-2,719
-4% -$404K
CLR
37
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$10.5M 0.31%
197,913
-38,485
-16% -$1.69M
LVNTA
38
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$10M 0.29%
185,267
-3,627
-2% -$207K
FWONA icon
39
Liberty Media Series A
FWONA
$23.6B
$9.9M 0.29%
316,180
-4,262
-1% -$146K
XOM icon
40
ExxonMobil
XOM
$643B
$9.79M 0.29%
117,097
-127
-0.1% -$10.5K
VIAB
41
DELISTED
Viacom Inc. Class B
VIAB
$9.31M 0.27%
302,105
-215,457
-42% -$5.85M
IPAR icon
42
Interparfums
IPAR
$3.76B
$9.13M 0.27%
210,017
-194
-0.1% -$8.43K
JEF icon
43
Jefferies Financial Group
JEF
$12.2B
$8.89M 0.26%
374,865
-50,121
-12% -$1.16M
GOOG icon
44
Alphabet (Google) Class C
GOOG
$4.13T
$8.73M 0.26%
166,960
-3,040
-2% -$155K
PDI icon
45
PIMCO Dynamic Income Fund
PDI
$7.15B
$8.63M 0.25%
287,335
-30,836
-10% -$934K
GOOGL icon
46
Alphabet (Google) Class A
GOOGL
$4.17T
$8.56M 0.25%
162,480
+680
+0.4% +$35.1K
DBL
47
DoubleLine Opportunistic Credit Fund
DBL
$280M
$8.45M 0.25%
380,733
-39,459
-9% -$899K
NTG
48
DELISTED
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
$8.24M 0.24%
46,938
-6,255
-12% -$1.05M
BSM icon
49
Black Stone Minerals
BSM
$3.18B
$7.8M 0.23%
434,669
+6,636
+2% +$117K
QVCGA
50
DELISTED
QVC Group Inc Series A
QVCGA
$7.6M 0.22%
6,413
-198
-3% -$230K
1
2
3 4 5

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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.