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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
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WBD icon
51
Warner Bros
WBD
$72.1B
$6.12M 0.2%
247,242
-2,537
-1% -$77.2K
GLIBA
52
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
$5.31M 0.17%
129,099
-20,368
-14% -$945K
VXF icon
53
Vanguard Extended Market ETF
VXF
$31.3B
$5.28M 0.17%
+52,921
New +$5.8M
BATRK icon
54
Atlanta Braves Holdings Series B
BATRK
$3.24B
$5.16M 0.17%
207,343
-15,033
-7% -$380K
PTEN icon
55
Patterson-UTI
PTEN
$4.74B
$5.05M 0.17%
488,263
-140
-0% -$2.06K
SPY icon
56
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$4.96M 0.16%
19,830
+18,556
+1,457% +$5M
PFN
57
PIMCO Income Strategy Fund II
PFN
$689M
$4.89M 0.16%
513,559
-6,626
-1% -$65.8K
QVCGA
58
DELISTED
QVC Group Inc Series A
QVCGA
$4.83M 0.16%
5,101
-681
-12% -$716K
VOO icon
59
Vanguard S&P 500 ETF
VOO
$1.03T
$4.79M 0.16%
20,833
+5,200
+33% +$1.29M
JPST icon
60
JPMorgan Ultra-Short Income ETF
JPST
$40.8B
$4.68M 0.15%
93,288
+81,562
+696% +$4.09M
NTG
61
DELISTED
Tortoise Midstream Energy Fund, Inc. Common Stock
NTG
$4.55M 0.15%
37,142
-3,455
-9% -$488K
V icon
62
Visa
V
$712B
$4.49M 0.15%
34,058
+804
+2% +$111K
KYN icon
63
Kayne Anderson Energy Infrastructure Fund
KYN
$2.51B
$4.36M 0.14%
316,561
-28,855
-8% -$462K
BCPC
64
Balchem Corp
BCPC
$5.69B
$4.29M 0.14%
54,704
– –
MSGN
65
DELISTED
MSG Networks Inc.
MSGN
$4.28M 0.14%
181,493
-12,375
-6% -$316K
ICE icon
66
Intercontinental Exchange
ICE
$91.1B
$4.26M 0.14%
56,540
+6,490
+13% +$497K
Y
67
DELISTED
Alleghany Corp
Y
$4.11M 0.13%
+6,600
New +$4.07M
APYX icon
68
Apyx Medical
APYX
$130M
$3.98M 0.13%
615,000
– –
MSB
69
Mesabi Trust
MSB
$314M
$3.94M 0.13%
166,508
+116,083
+230% +$3.18M
ESI icon
70
Element Solutions
ESI
$8.51B
$3.82M 0.12%
369,980
-90,411
-20% -$996K
WMB icon
71
Williams Companies
WMB
$90.2B
$3.68M 0.12%
166,734
-7,036
-4% -$176K
BRK.A icon
72
Berkshire Hathaway Class A
BRK.A
$1.08T
$3.67M 0.12%
12
– –
VNOM icon
73
Viper Energy
VNOM
$15.9B
$3.66M 0.12%
140,402
+28,218
+25% +$924K
MRK icon
74
Merck
MRK
$366B
$3.56M 0.12%
48,900
-703
-1% -$49.6K
CTR
75
DELISTED
ClearBridge MLP and Midstream Total Return Fund Inc.
CTR
$3.38M 0.11%
86,786
-14,968
-15% -$730K
1 2
3
4 5

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.