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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
+0.65%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$4.03B
AUM Growth
-$613M
Cap. Flow
-$544M
Cap. Flow %
-13.5%
Top 10 Hldgs %
47.09%
Holding
548
New
39
Increased
118
Reduced
299
Closed
19

Top Buys

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$20.3M
2
FNV icon
Franco-Nevada
FNV
+$16.4M
3
TPL icon
Texas Pacific Land
TPL
+$4.02M
4
DSL
DoubleLine Income Solutions Fund
DSL
+$3.98M
5
XOM icon
ExxonMobil
XOM
+$1.7M

Top Sells

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$57.4M
2
HHH icon
Howard Hughes
HHH
+$46.6M
3
QVCGA
QVC Group Inc Series A
QVCGA
+$41.1M
4
JAH
JARDEN CORPORATION
JAH
+$32.8M
5
AN icon
AutoNation
AN
+$23.4M

Sector Composition

Rank Sector Weight
1 Communication Services 26.84%
2 Consumer Discretionary 16.19%
3 Energy 12.39%
4 Real Estate 11.67%
5 Financials 8.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PGLC
501
DELISTED
Pershing Gold Corporation. Common Stock
PGLC
$114K ﹤0.01%
28,810
– –
BRW
502
Saba Capital Income & Opportunities Fund
BRW
$336M
$103K ﹤0.01%
10,214
-23,454
-70% -$226K
JTP
503
DELISTED
NUVEEN QUALITY PFD INCOME FD
JTP
$103K ﹤0.01%
12,321
+400
+3% +$3.27K
PACB icon
504
Pacific Biosciences
PACB
$435M
$102K ﹤0.01%
12,000
– –
ROX
505
DELISTED
Castle Brands, Inc.
ROX
$100K ﹤0.01%
106,000
– –
CLDX icon
506
Celldex Therapeutics
CLDX
$2.94B
$99K ﹤0.01%
1,756
– –
NZF icon
507
Nuveen Municipal Credit Income Fund
NZF
$2.41B
$92K ﹤0.01%
+6,154
New +$89.9K
ARNA
508
DELISTED
Arena Pharmaceuticals Inc
ARNA
$89K ﹤0.01%
4,500
– –
CXE
509
DELISTED
MFS High Income Municipal Trust
CXE
$86K ﹤0.01%
16,762
+800
+5% +$4.03K
MFIC icon
510
MidCap Financial Investment
MFIC
$801M
$79K ﹤0.01%
4,750
-3,339
-41% -$51.5K
MHY
511
DELISTED
WESTERN ASSET MANAGED HIGH INCOM FD INC. COM
MHY
$64K ﹤0.01%
14,400
+200
+1% +$867
DSU icon
512
BlackRock Debt Strategies Fund
DSU
$592M
$62K ﹤0.01%
5,987
– –
PWE
513
DELISTED
Penn West Energy Petroleum Ltd
PWE
$58K ﹤0.01%
62,462
– –
MDR
514
DELISTED
McDermott International
MDR
$42K ﹤0.01%
3,388
-273
-7% -$2.59K
LTS
515
DELISTED
Ladenburg Thalmann Financial Services Inc
LTS
$37K ﹤0.01%
14,700
-40,000
-73% -$94.1K
VYX icon
516
NCR Voyix
VYX
$1.19B
$16K ﹤0.01%
+890
New +$12.8K
TRAW icon
517
Traws Pharma
TRAW
$7.34M
– –
0
– –
TMQ
518
Trilogy Metals
TMQ
$504M
$12K ﹤0.01%
33,078
-1,372
-4% -$421
NJV
519
DELISTED
Nuveen New Jersey Municipal Value Fund Common shares of beneficial interest
NJV
$9K ﹤0.01%
+600
New +$9K
MDGL icon
520
Madrigal Pharmaceuticals
MDGL
$12.6B
$4K ﹤0.01%
514
– –
VNQ icon
521
Vanguard Real Estate ETF
VNQ
$39.9B
$2K ﹤0.01%
+23
New +$1.79K
GCVRZ
522
DELISTED
Sanofi Contingent Value Rights
GCVRZ
$2K ﹤0.01%
15,940
– –
AGQ icon
523
ProShares Ultra Silver
AGQ
$1.13B
– –
-29,650
Closed -$803K
DGP icon
524
DB Gold Double Long ETN due February 15, 2038
DGP
$216M
– –
-21,375
Closed -$388K
HEI.A icon
525
HEICO Corp Class A
HEI.A
$36B
– –
-119,857
Closed -$3.02M
18 19 20
21
22

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Horizon Kinetics's Q1 2016 Portfolio in Review

As of Q1 2016, Horizon Kinetics held 548 positions worth $4.03B, down 13% from $4.64B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics withdrew a net $544M in Q1 2016, closing 19 positions and reducing 299 holdings. Its most notable exit was Vanguard Extended Market ETF, an estimated $14.5M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 27% of assets, down from 29% a quarter earlier, followed by Consumer Discretionary and Energy.

Against the trend, Horizon Kinetics opened a new position in Tortoise Midstream Energy Fund, Inc. Common Stock worth $1.78M.

  • Horizon Kinetics's largest Q1 2016 buy was Tortoise Midstream Energy Fund, Inc. Common Stock: 10,900 shares worth $1.78M.
  • Horizon Kinetics added most to Wheaton Precious Metals in Q1 2016, an estimated $20.3M increase.
  • Horizon Kinetics's biggest Q1 2016 reduction was Liberty Interactive Corporation Series A Liberty Ventures, cutting an estimated $57.4M.
  • Horizon Kinetics fully exited Vanguard Extended Market ETF in Q1 2016, selling an estimated $14.5M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $4.03B portfolio in Q1 2016.
  • Horizon Kinetics opened 39 new positions and closed 19 in Q1 2016.
  • Horizon Kinetics's portfolio value fell 13% quarter-over-quarter to $4.03B.

Based on Horizon Kinetics's 13F filing for Q1 2016, filed 15 Apr 2016.