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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
VIXM icon
51
CALL
ProShares VIX Mid-Term Futures ETF
VIXM
$56.8M
$27M 0.36%
+1,074,300
New +$68M
SRSC
52
DELISTED
SEARS Canada Inc.
SRSC
$26.2M 0.35%
+2,721,693
New +$25.9M
CSX icon
53
CSX Corp
CSX
$94B
$24.9M 0.34%
2,062,299
-2,085
-0.1% -$24.4K
UNP icon
54
Union Pacific
UNP
$174B
$23.1M 0.31%
193,985
-194
-0.1% -$22.3K
SHLDW
55
DELISTED
Sears Holdings Corporation - Warrant
SHLDW
$22.1M 0.3%
+1,056,483
New +$21.3M
V icon
56
Visa
V
$677B
$22M 0.3%
335,616
+192
+0.1% +$11.6K
BRK.A icon
57
Berkshire Hathaway Class A
BRK.A
$1.1T
$21.9M 0.3%
97
– –
SHOS
58
DELISTED
Sears Hometown and Outlet Stores, Inc.
SHOS
$21.8M 0.29%
1,657,084
-153,879
-8% -$2.13M
AFSI
59
DELISTED
AmTrust Financial Services, Inc.
AFSI
$21.5M 0.29%
765,546
-72,308
-9% -$1.82M
PARR icon
60
Par Pacific Holdings
PARR
$4.17B
$20.7M 0.28%
1,271,704
-38,613
-3% -$592K
MKL icon
61
Markel Group
MKL
$25.2B
$20.5M 0.28%
30,083
-90
-0.3% -$61K
WT icon
62
WisdomTree
WT
$2.79B
$20.5M 0.28%
1,307,164
-238,101
-15% -$3.31M
PDI icon
63
PIMCO Dynamic Income Fund
PDI
$7.35B
$19.6M 0.26%
637,537
+30,961
+5% +$989K
MGM icon
64
MGM Resorts International
MGM
$11.7B
$19.2M 0.26%
896,448
-238,280
-21% -$5.18M
QSR icon
65
Restaurant Brands International
QSR
$26.2B
$17.8M 0.24%
+457,106
New +$17.6M
VXF icon
66
Vanguard Extended Market ETF
VXF
$30B
$17.6M 0.24%
200,840
+197,420
+5,773% +$16.9M
PFN
67
PIMCO Income Strategy Fund II
PFN
$695M
$16.9M 0.23%
1,727,363
-2,455
-0.1% -$25.7K
SPY icon
68
State Street SPDR S&P 500 ETF Trust
SPY
$771B
$16.8M 0.23%
81,645
+52,659
+182% +$10.6M
MA icon
69
Mastercard
MA
$498B
$16.5M 0.22%
191,386
-1,148
-0.6% -$93.7K
SNI
70
DELISTED
Scripps Networks Interactive, Inc Common Class A
SNI
$16.2M 0.22%
214,953
-634
-0.3% -$48.4K
GGP
71
DELISTED
GGP Inc.
GGP
$15.3M 0.21%
542,744
-132,550
-20% -$3.44M
ONIT
72
Onity Group
ONIT
$342M
$15M 0.2%
66,027
+1,150
+2% +$375K
PKO
73
DELISTED
Pimco Income Opportunity Fund
PKO
$14.8M 0.2%
590,857
-72
-0% -$1.94K
DSL
74
DoubleLine Income Solutions Fund
DSL
$1.22B
$13.9M 0.19%
700,465
-101,111
-13% -$2.11M
NSC icon
75
Norfolk Southern
NSC
$75.4B
$13.6M 0.18%
124,457
-384
-0.3% -$42.1K
1 2
3
4 5

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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.