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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
-12.27%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$5.51B
AUM Growth
-$1.44B
Cap. Flow
-$1.12B
Cap. Flow %
-20.39%
Top 10 Hldgs %
47.53%
Holding
537
New
22
Increased
90
Reduced
325
Closed
33

Top Buys

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$24.5M
2
EMG
Emergent Capital, Inc.
EMG
+$11.7M
3
PYPL icon
PayPal
PYPL
+$7.36M
4
LXU icon
LSB Industries
LXU
+$7.07M
5
TPL icon
Texas Pacific Land
TPL
+$6.76M

Top Sells

Rank Stock Value
1
JAH
JARDEN CORPORATION
JAH
+$165M
2
WEN icon
Wendy's
WEN
+$110M
3
AN icon
AutoNation
AN
+$64.5M
4
BN icon
Brookfield
BN
+$59.7M
5
HHH icon
Howard Hughes
HHH
+$42.2M

Sector Composition

Rank Sector Weight
1 Communication Services 24.89%
2 Consumer Discretionary 18.26%
3 Miscellaneous 15.56%
4 Real Estate 10.95%
5 Energy 9.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CCA
476
DELISTED
MFS California Municipal Fund
CCA
$134K ﹤0.01%
12,215
– –
JQC icon
477
Nuveen Credit Strategies Income Fund
JQC
$702M
$129K ﹤0.01%
16,211
-22,393
-58% -$189K
RYAM icon
478
Rayonier Advanced Materials
RYAM
$570M
$127K ﹤0.01%
20,700
+609
+3% +$6.16K
MFIC icon
479
MidCap Financial Investment
MFIC
$799M
$126K ﹤0.01%
7,643
– –
LTS
480
DELISTED
Ladenburg Thalmann Financial Services Inc
LTS
$116K ﹤0.01%
54,700
-8,000
-13% -$22K
PGLC
481
DELISTED
Pershing Gold Corporation. Common Stock
PGLC
$110K ﹤0.01%
+28,810
New +$139K
PIR
482
DELISTED
Pier 1 Imports, Inc.
PIR
$100K ﹤0.01%
725
– –
OSGB
483
DELISTED
OVERSEAS SHIPHOLDING GROUP, INC. COM CL B
OSGB
$99K ﹤0.01%
32,228
-1,256
-4% -$4.13K
MHY
484
DELISTED
WESTERN ASSET MANAGED HIGH INCOM FD INC. COM
MHY
$99K ﹤0.01%
22,200
– –
JTP
485
DELISTED
NUVEEN QUALITY PFD INCOME FD
JTP
$94K ﹤0.01%
11,921
– –
CASC
486
DELISTED
Cascadian Therapeutics, Inc.
CASC
$91K ﹤0.01%
5,556
– –
ARNA
487
DELISTED
Arena Pharmaceuticals Inc
ARNA
$86K ﹤0.01%
4,500
– –
CXE
488
DELISTED
MFS High Income Municipal Trust
CXE
$76K ﹤0.01%
15,962
-317
-2% -$1.47K
DSU icon
489
BlackRock Debt Strategies Fund
DSU
$592M
$60K ﹤0.01%
5,987
-1,173
-16% -$12.4K
MDR
490
DELISTED
McDermott International
MDR
$56K ﹤0.01%
4,372
-128
-3% -$1.76K
PACB icon
491
Pacific Biosciences
PACB
$482M
$44K ﹤0.01%
12,000
– –
FRTX
492
DELISTED
Fresh Tracks Therapeutics, Inc. Common Stock
FRTX
$39K ﹤0.01%
27
– –
TRAW icon
493
Traws Pharma
TRAW
$9M
– –
0
– –
MDGL icon
494
Madrigal Pharmaceuticals
MDGL
$12.6B
$31K ﹤0.01%
514
+57
+12% +$4.11K
PWE
495
DELISTED
Penn West Energy Petroleum Ltd
PWE
$28K ﹤0.01%
62,462
-10,494
-14% -$10.3K
ATNY
496
DELISTED
API TECHNOLOGIES CORP. COMMON STOCK
ATNY
$23K ﹤0.01%
10,700
– –
TMQ
497
Trilogy Metals
TMQ
$653M
$14K ﹤0.01%
38,476
-1,002
-3% -$439
GCVRZ
498
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$3K ﹤0.01%
15,940
– –
AB icon
499
AllianceBernstein
AB
$3.41B
– –
-19,712
Closed -$582K
APO icon
500
Apollo Global Management
APO
$78.8B
– –
-70,816
Closed -$1.57M
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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APFBOT
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RCM
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CFIC
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Horizon Kinetics's Q3 2015 Portfolio in Review

As of Q3 2015, Horizon Kinetics held 537 positions worth $5.51B, down 21% from $6.95B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $1.12B in Q3 2015, closing 33 positions and reducing 325 holdings. Its most notable exit was CSX Corp, an estimated $22.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Emergent Capital, Inc. worth $12M.

  • Horizon Kinetics's largest Q3 2015 buy was Emergent Capital, Inc.: 2,199,813 shares worth $12M.
  • Horizon Kinetics added most to Wheaton Precious Metals in Q3 2015, an estimated $24.5M increase.
  • Horizon Kinetics's biggest Q3 2015 reduction was JARDEN CORPORATION, cutting an estimated $165M.
  • Horizon Kinetics fully exited CSX Corp in Q3 2015, selling an estimated $22.4M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $5.51B portfolio in Q3 2015.
  • Horizon Kinetics opened 22 new positions and closed 33 in Q3 2015.
  • Horizon Kinetics's portfolio value fell 21% quarter-over-quarter to $5.51B.

Based on Horizon Kinetics's 13F filing for Q3 2015, filed 13 Nov 2015.