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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
-$345M
Cap. Flow %
-4.65%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA
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 25.89%
2 Consumer Discretionary 22.64%
3 Real Estate 11.62%
4 Financials 9.96%
5 Energy 9.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRO
476
DELISTED
Marathon Oil Corporation
MRO
$215K ﹤0.01%
7,600
+300
+4% +$9.54K
VYM icon
477
Vanguard High Dividend Yield ETF
VYM
$81.9B
$206K ﹤0.01%
+2,992
New +$203K
MPC icon
478
Marathon Petroleum
MPC
$115B
$201K ﹤0.01%
+4,446
New +$196K
AYN
479
DELISTED
Alliance New York Income Fund
AYN
$184K ﹤0.01%
13,679
-3,877
-22% -$49.6K
CVRR
480
DELISTED
CVR Refining, LP
CVRR
$180K ﹤0.01%
10,742
-1,126
-9% -$24.6K
OSGB
481
DELISTED
OVERSEAS SHIPHOLDING GROUP, INC. COM CL B
OSGB
$179K ﹤0.01%
+35,786
New +$177K
VMO icon
482
Invesco Municipal Opportunity Trust
VMO
$622M
$174K ﹤0.01%
13,563
-17,007
-56% -$216K
BCX icon
483
BlackRock Resources & Commodities Strategy Trust
BCX
$971M
$166K ﹤0.01%
+17,094
New +$179K
NXK
484
DELISTED
NUVEEN N.Y. DIV ADV MUNI FD
NXK
$166K ﹤0.01%
12,532
-4,428
-26% -$58.3K
EIM
485
Eaton Vance Municipal Bond Fund
EIM
$464M
$165K ﹤0.01%
12,840
– –
FNFV
486
DELISTED
Fidelity Natl Financial, Inc.
FNFV
$158K ﹤0.01%
13,159
-10,191
-44% -$109K
ARNA
487
DELISTED
Arena Pharmaceuticals Inc
ARNA
$156K ﹤0.01%
4,500
– –
PIR
488
DELISTED
Pier 1 Imports, Inc.
PIR
$154K ﹤0.01%
+500
New +$133K
MUI
489
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
$148K ﹤0.01%
10,308
– –
CCA
490
DELISTED
MFS California Municipal Fund
CCA
$148K ﹤0.01%
13,543
-905
-6% -$9.87K
MUS
491
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
$147K ﹤0.01%
11,014
-252
-2% -$3.34K
EVM
492
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
$140K ﹤0.01%
11,729
-3,549
-23% -$41.4K
MACK
493
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$136K ﹤0.01%
1,525
– –
SCU
494
DELISTED
Sculptor Capital Management, Inc. Class A Common Stock
SCU
$131K ﹤0.01%
1,120
– –
PZC
495
DELISTED
PIMCO California Municipal Income Fund III
PZC
$128K ﹤0.01%
11,931
– –
JPS
496
DELISTED
Nuveen Preferred & Income Securities Fund
JPS
$113K ﹤0.01%
12,733
-1,200
-9% -$10.8K
MHY
497
DELISTED
WESTERN ASSET MANAGED HIGH INCOM FD INC. COM
MHY
$113K ﹤0.01%
22,200
-3,400
-13% -$18.1K
VHI icon
498
Valhi
VHI
$500M
$108K ﹤0.01%
1,400
-14,390
-91% -$1M
PACB icon
499
Pacific Biosciences
PACB
$417M
$94K ﹤0.01%
12,000
– –
FRTX
500
DELISTED
Fresh Tracks Therapeutics, Inc. Common Stock
FRTX
$89K ﹤0.01%
27
– –
18 19
20
21 22

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AC
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OA
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TGA
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PWM
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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 $345M 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 26% of assets, down from 27% 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.