HK

Horizon Kinetics Portfolio holdings

AUM $3.06B Turnover 11.22%
1-Year Est. Return 5.37%
This Fund
S&P 500
This Quarter Est. Return
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44
Avg Time Held Equity + Options
3.9 years
Top 10 Avg Time Held Equity + Options
2.2 years
Top 20 Avg Time Held Equity + Options
2.8 years
Avg Time Held Equity only
4 years
Top 10 Avg Time Held Equity only
2.8 years
Top 20 Avg Time Held Equity only
2.8 years

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK icon
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK icon
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
WWE
501
DELISTED
World Wrestling Entertainment
WWE
– –
-3,500
Closed -$339K –
ROCC
502
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
– –
-3,297
Closed -$266K –
ARNA
503
DELISTED
Arena Pharmaceuticals Inc
ARNA
– –
-4,500
Closed -$207K –
LORL
504
DELISTED
Loral Space and Communications, Inc.
LORL
– –
-8,805
Closed -$400K –
NAV
505
DELISTED
Navistar International
NAV
– –
-9,885
Closed -$381K –
ESRX
506
DELISTED
Express Scripts Holding Company
ESRX
– –
-2,284
Closed -$217K –
FCE.A
507
DELISTED
Forest City Realty Trust, Inc.
FCE.A
– –
-26,049
Closed -$654K –
ARII
508
DELISTED
American Railcar Industries, Inc.
ARII
– –
-48,238
Closed -$2.22M –
NBD
509
DELISTED
Nuveen Build Am Bond Opp Fd
NBD
– –
-150,855
Closed -$3.3M –
PX icon
510
DELISTED
Praxair Inc
PX
– –
-1,585
Closed -$255K –
SHLD icon
511
DELISTED
Sears Holding Corporation
SHLD
– –
-335,281
Closed -$325K –
SYNT
512
DELISTED
Syntel Inc
SYNT
– –
-9,879
Closed -$405K –
VXX icon
513
CALL
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
– –
-493,600
Closed -$31M –
17 18 19 20
21

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.