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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
-$282M
Cap. Flow %
-3.81%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK icon
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA icon
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 25.5%
2 Consumer Discretionary 21.31%
3 Real Estate 11.61%
4 Financials 9%
5 Energy 8.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TECL icon
526
PUT
Direxion Daily Technology Bull 3x ETF
TECL
$4.39B
– –
-1,900,000
Closed -$2.41M
VVR icon
527
Invesco Senior Income Trust
VVR
$456M
– –
-500,784
Closed -$2.38M
SVVC
528
DELISTED
Firsthand Technology Value Fund, Inc. Common Stock
SVVC
– –
-375,525
Closed -$9.02M
MEN
529
DELISTED
Blackrock Muni Enhanced Fund, Inc.
MEN
– –
-10,198
Closed -$114K
BHL
530
DELISTED
Blackrock Defined Opp Crt Tr
BHL
– –
-20,826
Closed -$280K
NZH
531
DELISTED
Nuveen Calif Div
NZH
– –
-13,767
Closed -$176K
UCD
532
PUT
DELISTED
PROSHARES ULTRA BLOOMBERG COMMODITY
UCD
– –
-116,725
Closed -$13.8M
NIO
533
DELISTED
NUVEEN MUNICIPAL OPPORTUNITY FUND INC
NIO
– –
-19,927
Closed -$284K
NQI
534
DELISTED
NUVEEN QUALITY MUNICIPAL FUND INC
NQI
– –
-16,375
Closed -$212K
NMA
535
DELISTED
NUVEEN MUNI ADVANTAGE FUND
NMA
– –
-39,106
Closed -$528K
BKW
536
DELISTED
BURGER KING WORLDWIDE
BKW
– –
-466,511
Closed -$13.8M
BCF
537
DELISTED
BLACKROCK REAL ASSET EQUITY TRUST
BCF
– –
-26,804
Closed -$227K
DNDN
538
DELISTED
DENDREON CORPORATION
DNDN
– –
-34,000
Closed -$49K
XAA
539
DELISTED
AMERICAN MUNI INCM PTFL INC
XAA
– –
-41,083
Closed -$606K
ASCMA
540
DELISTED
Ascent Capital Group, Inc. Series A
ASCMA
– –
-23,564
Closed -$1.42M
CEO
541
DELISTED
CNOOC Limited
CEO
– –
-1,179
Closed -$203K
DLBL
542
CALL
DELISTED
iPath US Treasury Long Bond Bull ETN
DLBL
– –
-3,934,200
Closed -$123M
DLBL
543
PUT
DELISTED
iPath US Treasury Long Bond Bull ETN
DLBL
– –
-1,229,000
Closed -$38.3M
18 19 20 21
22

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PWM
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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 $282M 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 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 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.