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Horizon Kinetics

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
-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
Avg Time Held Equity + Options
1.8 years
Top 10 Avg Time Held Equity + Options
1.5 years
Top 20 Avg Time Held Equity + Options
1.6 years
Avg Time Held Equity only
1.8 years
Top 10 Avg Time Held Equity only
1.7 years
Top 20 Avg Time Held Equity only
1.7 years

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 Held Since
COP icon
501
ConocoPhillips
COP
$170B
– –
-3,584
Closed -$220K –
CSX icon
502
CSX Corp
CSX
$90.2B
– –
-2,055,126
Closed -$22.4M –
DIS icon
503
Walt Disney
DIS
$191B
– –
-35,280
Closed -$4.03M –
EOG icon
504
EOG Resources
EOG
$80.1B
– –
-2,717
Closed -$238K –
EVG icon
505
Eaton Vance Short Duration Diversified Income Fund
EVG
$137M
– –
-14,745
Closed -$204K –
FCT
506
DELISTED
First Trust Senior Floating Rate Income Fund II
FCT
– –
-49,800
Closed -$655K –
GS icon
507
Goldman Sachs
GS
$260B
– –
-967
Closed -$202K –
IMO icon
508
Imperial Oil
IMO
$62.7B
– –
-7,557
Closed -$291K –
KDP icon
509
Keurig Dr Pepper
KDP
$46.5B
– –
-21,185
Closed -$1.54M –
KKR icon
510
KKR & Co
KKR
$78.7B
– –
-43,705
Closed -$999K –
NZF icon
511
Nuveen Municipal Credit Income Fund
NZF
$2.15B
– –
-12,132
Closed -$162K –
PZC
512
DELISTED
PIMCO California Municipal Income Fund III
PZC
– –
-11,931
Closed -$123K –
QCOM icon
513
Qualcomm
QCOM
$191B
– –
-6,350
Closed -$397K –
SPY icon
514
State Street SPDR S&P 500 ETF Trust
SPY
$815B
– –
-3,855
Closed -$782K –
VECO icon
515
Veeco
VECO
$2.76B
– –
-8,100
Closed -$233K –
VHI icon
516
Valhi
VHI
$415M
– –
-1,200
Closed -$82K –
VRTS icon
517
Virtus Investment Partners
VRTS
$814M
– –
-19,365
Closed -$2.56M –
MRO icon
518
DELISTED
Marathon Oil Corporation
MRO
– –
-9,000
Closed -$239K –
JPS
519
DELISTED
Nuveen Preferred & Income Securities Fund
JPS
– –
-10,105
Closed -$86K –
BID
520
DELISTED
Sotheby's
BID
– –
-49,200
Closed -$2.23M –
HSNI
521
DELISTED
HSN, Inc.
HSNI
– –
-42,738
Closed -$3M –
TAL icon
522
DELISTED
TAL INTERNATIONAL GROUP, INC.
TAL
– –
-8,300
Closed -$262K –
BRCM
523
DELISTED
BROADCOM CORP CL-A
BRCM
– –
-17,216
Closed -$886K –
PLL icon
524
DELISTED
PALL CORP
PLL
– –
-22,919
Closed -$2.85M –
IFT
525
DELISTED
IMPERIAL HLDGS INC COM STK (FL)
IFT
– –
-2,193,589
Closed -$12.7M –
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.