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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
+4.39%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$8B
AUM Growth
+$3.92M
Cap. Flow
-$424M
Cap. Flow %
-5.3%
Top 10 Hldgs %
46.74%
Holding
554
New
21
Increased
146
Reduced
266
Closed
24

Top Buys

Rank Stock Value
1
ESI icon
Element Solutions
ESI
+$46.1M
2
LE icon
Lands' End
LE
+$38.8M
3
TPH
Tri Pointe Homes
TPH
+$33.3M
4
IEP icon
Icahn Enterprises
IEP
+$10.2M
5
BRP
BROOKFIELD RESIDENTIAL PROPERTIES INC
BRP
+$5.78M

Top Sells

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$128M
2
JEF icon
Jefferies Financial Group
JEF
+$42.3M
3
SHLD
Sears Holding Corporation
SHLD
+$21.3M
4
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$21.3M
5
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$20.7M

Sector Composition

Rank Sector Weight
1 Communication Services 25.48%
2 Consumer Discretionary 21.59%
3 Real Estate 13.75%
4 Financials 10.84%
5 Energy 10.28%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PMM
501
Franklin Managed Municipal Income Trust
PMM
$248M
$123K ﹤0.01%
17,110
-17,070
-50% -$122K
SEA
502
DELISTED
Invesco Shipping ETF
SEA
$123K ﹤0.01%
+5,353
New +$119K
MEN
503
DELISTED
Blackrock Muni Enhanced Fund, Inc.
MEN
$114K ﹤0.01%
10,198
– –
CASC
504
DELISTED
Cascadian Therapeutics, Inc.
CASC
$105K ﹤0.01%
5,389
– –
FRTX
505
DELISTED
Fresh Tracks Therapeutics, Inc. Common Stock
FRTX
$103K ﹤0.01%
27
– –
TRAW icon
506
Traws Pharma
TRAW
$8.12M
– –
0
– –
TMQ
507
Trilogy Metals
TMQ
$548M
$97K ﹤0.01%
89,011
-6,236
-7% -$6.87K
PCF
508
High Income Securities Fund
PCF
$99.6M
$96K ﹤0.01%
11,013
– –
MACK
509
DELISTED
Merrimack Pharmaceuticals, Inc.
MACK
$87K ﹤0.01%
1,525
– –
CMU
510
DELISTED
MFS High Yield Municipal Trust
CMU
$78K ﹤0.01%
18,050
-39,304
-69% -$174K
DNDN
511
DELISTED
DENDREON CORPORATION
DNDN
$78K ﹤0.01%
34,000
– –
PACB icon
512
Pacific Biosciences
PACB
$417M
$74K ﹤0.01%
12,000
– –
MDGL icon
513
Madrigal Pharmaceuticals
MDGL
$12.1B
$45K ﹤0.01%
314
– –
GCVRZ
514
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$8K ﹤0.01%
15,940
– –
BNY
515
CALL
Bank of New York Mellon
BNY
$105B
– –
-38,417
Closed -$1.36M
FE icon
516
FirstEnergy
FE
$26.3B
– –
-21,891
Closed -$745K
IBKR icon
517
Interactive Brokers
IBKR
$39.9B
– –
-400
Closed -$2K
IDT icon
518
IDT Corp
IDT
$1.78B
– –
-9,221
Closed -$108K
IWN icon
519
iShares Russell 2000 Value ETF
IWN
$14.2B
– –
-126,410
Closed -$12.7M
NKX icon
520
Nuveen California AMT-Free Quality Municipal Income Fund
NKX
$606M
– –
-15,067
Closed -$200K
PPT
521
Franklin Premier Income Trust
PPT
$316M
– –
-17,088
Closed -$94K
TIP icon
522
iShares TIPS Bond ETF
TIP
$14.7B
– –
-23,515
Closed -$2.64M
UVXY icon
523
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$303M
– –
0
– -$24.1M
TTM
524
DELISTED
Tata Motors Limited
TTM
– –
-541,525
Closed -$19.2M
JCP
525
DELISTED
J.C. Penney Company, Inc.
JCP
– –
-10,724
Closed -$92K
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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RCM
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CFIC
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Horizon Kinetics's Q2 2014 Portfolio in Review

As of Q2 2014, Horizon Kinetics held 554 positions worth $8B, up 0.05% from $7.99B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics withdrew a net $424M in Q2 2014, closing 24 positions and reducing 266 holdings. Its most notable exit was Tata Motors Limited, an estimated $19.2M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lands' End worth $45.9M.

  • Horizon Kinetics's largest Q2 2014 buy was Lands' End: 1,367,129 shares worth $45.9M.
  • Horizon Kinetics added most to Element Solutions in Q2 2014, an estimated $46.1M increase.
  • Horizon Kinetics's biggest Q2 2014 reduction was Liberty Interactive Corporation Series A Liberty Ventures, cutting an estimated $128M.
  • Horizon Kinetics fully exited Tata Motors Limited in Q2 2014, selling an estimated $19.2M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $8B portfolio in Q2 2014.
  • Horizon Kinetics opened 21 new positions and closed 24 in Q2 2014.
  • Horizon Kinetics's portfolio value rose 0.05% quarter-over-quarter to $8B.

Based on Horizon Kinetics's 13F filing for Q2 2014, filed 14 Aug 2014.