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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
+5.97%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.1B
AUM Growth
-$477M
Cap. Flow
-$634M
Cap. Flow %
-20.47%
Top 10 Hldgs %
54.11%
Holding
530
New
22
Increased
101
Reduced
304
Closed
23

Top Buys

Rank Stock Value
1
LGF.B
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
+$69.3M
2
AC
Associated Capital Group
AC
+$31.3M
3
AMCX icon
AMC Global Media
AMCX
+$11.1M
4
TPL icon
Texas Pacific Land
TPL
+$7.4M
5
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
+$4.12M

Top Sells

Rank Stock Value
1
STRZA
Starz - Series A
STRZA
+$145M
2
HHH icon
Howard Hughes
HHH
+$53.6M
3
WEN icon
Wendy's
WEN
+$34.5M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$30.3M
5
QVCGA
QVC Group Inc Series A
QVCGA
+$25.8M

Sector Composition

Rank Sector Weight
1 Energy 23.74%
2 Communication Services 16.45%
3 Real Estate 11.8%
4 Consumer Discretionary 11.19%
5 Financials 10.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBN icon
476
ICICI Bank
IBN
$107B
$168K 0.01%
+24,723
New +$176K
EIM
477
Eaton Vance Municipal Bond Fund
EIM
$494M
$152K ﹤0.01%
12,263
-145
-1% -$1.84K
LXU icon
478
LSB Industries
LXU
$824M
$149K ﹤0.01%
23,032
-926,470
-98% -$5.37M
NMZ icon
479
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.2B
$146K ﹤0.01%
11,372
+320
+3% +$4.23K
GCI
480
DELISTED
Gannett Co., Inc
GCI
$144K ﹤0.01%
14,864
+6
+0% +$59
MHN
481
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
$140K ﹤0.01%
10,440
– –
EMWP
482
DELISTED
Eros Media World PLC
EMWP
$138K ﹤0.01%
530
-122
-19% -$37.9K
PFO
483
Flaherty & Crumrine Preferred and Income Opportunity Fund
PFO
$119M
$137K ﹤0.01%
+12,290
New +$135K
FRO icon
484
Frontline
FRO
$8.71B
$134K ﹤0.01%
18,800
-900
-5% -$6.65K
RELY
485
DELISTED
Real Industry, Inc.
RELY
$131K ﹤0.01%
21,500
-1,000
-4% -$5.8K
CCA
486
DELISTED
MFS California Municipal Fund
CCA
$129K ﹤0.01%
11,415
– –
PWE
487
DELISTED
Penn West Energy Petroleum Ltd
PWE
$113K ﹤0.01%
63,562
+1,000
+2% +$1.72K
OSIR
488
DELISTED
Osiris Therapeutics, Inc. Common Stock
OSIR
$103K ﹤0.01%
21,000
– –
MACK
489
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$102K ﹤0.01%
3,178
– –
CLDX icon
490
Celldex Therapeutics
CLDX
$2.94B
$93K ﹤0.01%
1,756
– –
CXE
491
DELISTED
MFS High Income Municipal Trust
CXE
$82K ﹤0.01%
16,762
– –
ARNA
492
DELISTED
Arena Pharmaceuticals Inc
ARNA
$64K ﹤0.01%
4,500
– –
MFIC icon
493
MidCap Financial Investment
MFIC
$801M
$62K ﹤0.01%
3,546
– –
FENG
494
Phoenix New Media
FENG
$17.5M
$47K ﹤0.01%
+2,500
New +$55.2K
PACB icon
495
Pacific Biosciences
PACB
$435M
$46K ﹤0.01%
12,000
– –
LTS
496
DELISTED
Ladenburg Thalmann Financial Services Inc
LTS
$36K ﹤0.01%
14,700
– –
CIG icon
497
CEMIG Preferred Shares
CIG
$6.06B
$32K ﹤0.01%
+27,465
New +$34.9K
TMQ
498
Trilogy Metals
TMQ
$504M
$15K ﹤0.01%
30,781
-845
-3% -$432
GCVRZ
499
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$6K ﹤0.01%
15,940
– –
VXX
500
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$3K ﹤0.01%
+44
New +$5.28K
17 18 19
20
21

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Horizon Kinetics's Q4 2016 Portfolio in Review

As of Q4 2016, Horizon Kinetics held 530 positions worth $3.1B, down 13% from $3.57B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Horizon Kinetics withdrew a net $634M in Q4 2016, closing 23 positions and reducing 304 holdings. Its most notable exit was Starz - Series A, an estimated $145M position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 17% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lions Gate Entertainment Corp. Class B Non-Voting Shares worth $66.6M.

  • Horizon Kinetics's largest Q4 2016 buy was Lions Gate Entertainment Corp. Class B Non-Voting Shares: 2,714,405 shares worth $66.6M.
  • Horizon Kinetics added most to Associated Capital Group in Q4 2016, an estimated $31.3M increase.
  • Horizon Kinetics's biggest Q4 2016 reduction was Howard Hughes, cutting an estimated $53.6M.
  • Horizon Kinetics fully exited Starz - Series A in Q4 2016, selling an estimated $145M.
  • Horizon Kinetics's ten largest holdings make up 54% of its $3.1B portfolio in Q4 2016.
  • Horizon Kinetics opened 22 new positions and closed 23 in Q4 2016.
  • Horizon Kinetics's portfolio value fell 13% quarter-over-quarter to $3.1B.

Based on Horizon Kinetics's 13F filing for Q4 2016, filed 14 Feb 2017.