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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
DSM
501
BNY Mellon Strategic Municipal Bond Fund
DSM
$269M
$88K ﹤0.01%
11,074
-3,700
-25% -$29.6K
CXE
502
DELISTED
MFS High Income Municipal Trust
CXE
$79K ﹤0.01%
16,279
-24,146
-60% -$116K
CASC
503
DELISTED
Cascadian Therapeutics, Inc.
CASC
$61K ﹤0.01%
5,389
– –
TRAW icon
504
Traws Pharma
TRAW
$8.13M
– –
0
– –
PWE
505
DELISTED
Penn West Energy Petroleum Ltd
PWE
$57K ﹤0.01%
27,606
-8,100
-23% -$31.9K
MDR
506
DELISTED
McDermott International
MDR
$43K ﹤0.01%
4,904
-2,960
-38% -$33.2K
MDGL icon
507
Madrigal Pharmaceuticals
MDGL
$12.1B
$29K ﹤0.01%
314
– –
TMQ
508
Trilogy Metals
TMQ
$551M
$25K ﹤0.01%
50,625
-37,710
-43% -$25.8K
GCVRZ
509
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$13K ﹤0.01%
15,940
– –
BAH icon
510
Booz Allen Hamilton
BAH
$9.63B
– –
-73,303
Closed -$1.72M
BOND icon
511
PIMCO Active Bond Exchange-Traded Fund
BOND
$8.53B
– –
-13,133
Closed -$1.43M
CMU
512
DELISTED
MFS High Yield Municipal Trust
CMU
– –
-10,600
Closed -$46K
DMF
513
DELISTED
BNY Mellon Municipal Income
DMF
– –
-40,588
Closed -$369K
FTF
514
Franklin Limited Duration Income Trust
FTF
$228M
– –
-12,261
Closed -$152K
HYD icon
515
VanEck High Yield Muni ETF
HYD
$4.08B
– –
-3,647
Closed -$224K
HYT icon
516
BlackRock Corporate High Yield Fund
HYT
$1.56B
– –
-19,965
Closed -$236K
IIM icon
517
Invesco Value Municipal Income Trust
IIM
$559M
– –
-18,445
Closed -$280K
MFM
518
Aberdeen Municipal Income Fund
MFM
$210M
– –
-14,211
Closed -$93K
MHI
519
DELISTED
Pioneer Municipal High Income Fund
MHI
– –
-11,700
Closed -$178K
NAN icon
520
Nuveen New York Quality Municipal Income Fund
NAN
$340M
– –
-99,872
Closed -$1.33M
NVG icon
521
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.43B
– –
-17,110
Closed -$241K
PCF
522
High Income Securities Fund
PCF
$98.8M
– –
-10,960
Closed -$91K
PMM
523
Franklin Managed Municipal Income Trust
PMM
$248M
– –
-16,910
Closed -$120K
PYN
524
DELISTED
PIMCO New York Municipal Income Fund III
PYN
– –
-14,800
Closed -$140K
RFI
525
Cohen & Steers Total Return Realty Fund
RFI
$291M
– –
-15,145
Closed -$181K
18 19 20
21
22

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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 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.