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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
-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

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
RCPT
526
DELISTED
RECEPTOS INC COM STK (DE)
RCPT
– –
-8,000
Closed -$1.52M
AYN
527
DELISTED
Alliance New York Income Fund
AYN
– –
-13,599
Closed -$191K
KRFT
528
DELISTED
KRAFT FOODS GROUP INC COM STK (VA)
KRFT
– –
-20,774
Closed -$1.77M
MWV
529
DELISTED
MEADWESTVACO CORP
MWV
– –
-12,000
Closed -$566K
MUS
530
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
– –
-10,415
Closed -$135K
HK
531
DELISTED
Halcon Resources Corporation
HK
– –
-4,488
Closed -$898K
18 19 20 21
22

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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.