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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
+11.53%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.3B
AUM Growth
+$469M
Cap. Flow
-$327M
Cap. Flow %
-4.48%
Top 10 Hldgs %
48.05%
Holding
574
New
118
Increased
114
Reduced
223
Closed
34

Top Buys

Rank Stock Value
1
QVCGA
QVC Group Inc Series A
QVCGA
+$14.9M
2
SHLD
Sears Holding Corporation
SHLD
+$14M
3
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$10.4M
4
VIAB
Viacom Inc. Class B
VIAB
+$9.77M
5
DSL
DoubleLine Income Solutions Fund
DSL
+$7.65M

Top Sells

Rank Stock Value
1
ELS icon
Equity Lifestyle Properties
ELS
+$87M
2
CBOE icon
Cboe Global Markets
CBOE
+$34.7M
3
JCP
J.C. Penney Company, Inc.
JCP
+$15.5M
4
HHH icon
Howard Hughes
HHH
+$14.9M
5
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$14.8M

Sector Composition

Rank Sector Weight
1 Communication Services 28.73%
2 Consumer Discretionary 20.62%
3 Financials 13.99%
4 Real Estate 13.82%
5 Energy 8.48%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ITM icon
526
VanEck Intermediate Muni ETF
ITM
$2.02B
– –
-5,099
Closed -$225K
JNK icon
527
State Street SPDR Bloomberg High Yield Bond ETF
JNK
$6.78B
– –
-28,376
Closed -$3.36M
MIY icon
528
BlackRock MuniYield Michigan Quality Fund
MIY
$350M
– –
-3,263
Closed -$45K
MQY icon
529
BlackRock MuniYield Quality Fund
MQY
$741M
– –
-15,924
Closed -$246K
NIM icon
530
Nuveen Select Maturities Municipal Fund
NIM
$112M
– –
-21,500
Closed -$208K
NTES icon
531
NetEase
NTES
$76.6B
– –
-35,000
Closed -$442K
NUV icon
532
Nuveen Municipal Value Fund
NUV
$1.79B
– –
-12,000
Closed -$115K
QQQ icon
533
PUT
Invesco QQQ Trust
QQQ
$474B
– –
-25,000
Closed -$1.78M
SIRI icon
534
SiriusXM
SIRI
$9.99B
– –
-4,600
Closed -$154K
SOHU
535
Sohu.com
SOHU
$355M
– –
-18,000
Closed -$1.11M
SPG icon
536
PUT
Simon Property Group
SPG
$66B
– –
-7,122
Closed -$1.06M
TV icon
537
Televisa
TV
$1.2B
– –
-8,966
Closed -$223K
MTT
538
DELISTED
Western Asset Municipal Defined Opportunity Trust Inc.
MTT
– –
-12,080
Closed -$262K
SINA
539
DELISTED
Sina Corp
SINA
– –
-30,000
Closed -$1.67M
BQH
540
DELISTED
BlackRock New York Municipal Bond Trust
BQH
– –
-12,897
Closed -$180K
NFO
541
DELISTED
Invesco Insider Sentiment ETF
NFO
– –
-5,067
Closed -$202K
ACTA
542
DELISTED
Actua Corp
ACTA
– –
-15,000
Closed -$171K
MYM
543
DELISTED
BLACKROCK MUNIYIELD MICHIGAN QUALITY FND II COM STK (USA)
MYM
– –
-7,770
Closed -$99K
JGT
544
DELISTED
NUVEEN DIVERSIFIED CURRENCY OPPORTUNIES FUND(USA)
JGT
– –
-54,394
Closed -$610K
MRF
545
DELISTED
AMERICAN INCOME FUND
MRF
– –
-12,199
Closed -$95K
BSP
546
DELISTED
AMERN STRATEGIC INCM PORTF II
BSP
– –
-12,102
Closed -$99K
LIFE
547
DELISTED
LIFE TECHNOLOGIES CORP COM STK (DE)
LIFE
– –
-18,000
Closed -$1.33M
CHC.WS
548
DELISTED
CHINA HYDROELECTRIC CORP WARRANTS EXP 01/25/2014
CHC.WS
$0 ﹤0.01%
40,000
– –
LPS
549
DELISTED
LENDER PROCESSING SERVICES INC
LPS
– –
-29,466
Closed -$953K
MAXY
550
DELISTED
MAXYGEN INC
MAXY
– –
-41,000
Closed -$102K
19 20 21
22
23

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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 Q3 2013 Portfolio in Review

As of Q3 2013, Horizon Kinetics held 574 positions worth $7.3B, up 6.9% from $6.83B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $327M in Q3 2013, closing 34 positions and reducing 223 holdings. Its most notable exit was State Street SPDR Bloomberg High Yield Bond ETF, an estimated $3.36M position sold in full.

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

Against the trend, Horizon Kinetics opened a new position in HEICO Corp Class A worth $6.53M.

  • Horizon Kinetics's largest Q3 2013 buy was HEICO Corp Class A: 496,933 shares worth $6.53M.
  • Horizon Kinetics added most to QVC Group Inc Series A in Q3 2013, an estimated $14.9M increase.
  • Horizon Kinetics's biggest Q3 2013 reduction was Equity Lifestyle Properties, cutting an estimated $87M.
  • Horizon Kinetics fully exited State Street SPDR Bloomberg High Yield Bond ETF in Q3 2013, selling an estimated $3.36M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $7.3B portfolio in Q3 2013.
  • Horizon Kinetics opened 118 new positions and closed 34 in Q3 2013.
  • Horizon Kinetics's portfolio value rose 6.9% quarter-over-quarter to $7.3B.

Based on Horizon Kinetics's 13F filing for Q3 2013, filed 14 Nov 2013.