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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
+4.25%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.41B
AUM Growth
+$6.08M
Cap. Flow
-$165M
Cap. Flow %
-4.84%
Top 10 Hldgs %
57.39%
Holding
510
New
18
Increased
90
Reduced
292
Closed
15

Top Buys

Rank Stock Value
1
CME icon
CME Group
CME
+$29.1M
2
CBOE icon
Cboe Global Markets
CBOE
+$18.2M
3
TPL icon
Texas Pacific Land
TPL
+$8.33M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$6.32M
5
RVT icon
Royce Value Trust
RVT
+$4.37M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$32.4M
2
WEN icon
Wendy's
WEN
+$11.3M
3
NWL icon
Newell Brands
NWL
+$10.7M
4
HHH icon
Howard Hughes
HHH
+$9.67M
5
PARA
Paramount Global Class B
PARA
+$6.75M

Sector Composition

Rank Sector Weight
1 Energy 30.01%
2 Communication Services 19.19%
3 Miscellaneous 11.69%
4 Financials 11.61%
5 Real Estate 10.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ENOV icon
51
Enovis
ENOV
$1.43B
$7.35M 0.22%
107,748
-98,029
-48% -$6.6M
FCE.A
52
DELISTED
Forest City Realty Trust, Inc.
FCE.A
$7.24M 0.21%
300,447
-6,313
-2% -$156K
RVT icon
53
Royce Value Trust
RVT
$2.34B
$7.07M 0.21%
437,436
+275,267
+170% +$4.37M
PYPL icon
54
PayPal
PYPL
$52.6B
$6.96M 0.2%
94,584
-2,612
-3% -$189K
JMF
55
DELISTED
NUVEEN ENERGY MLP TOTAL RETURN FUND
JMF
$6.63M 0.19%
582,123
-56,459
-9% -$621K
NEA icon
56
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.41B
$6.47M 0.19%
470,759
+47,158
+11% +$647K
VXF icon
57
Vanguard Extended Market ETF
VXF
$31.7B
$6.45M 0.19%
+57,686
New +$6.32M
PFN
58
PIMCO Income Strategy Fund II
PFN
$689M
$6.02M 0.18%
577,511
-6,423
-1% -$67.6K
WMB icon
59
Williams Companies
WMB
$90.7B
$5.99M 0.18%
196,466
-7,352
-4% -$214K
VTI icon
60
Vanguard Morningstar Total Stock Market ETF
VTI
$689B
$5.94M 0.17%
43,263
-1,408
-3% -$188K
KED
61
DELISTED
Kayne Anderson Energy
KED
$5.82M 0.17%
334,243
-17,136
-5% -$273K
WBD icon
62
Warner Bros
WBD
$72.4B
$5.77M 0.17%
257,641
-99,148
-28% -$1.94M
PARA
63
DELISTED
Paramount Global Class B
PARA
$5.76M 0.17%
97,711
-117,425
-55% -$6.75M
CTR
64
DELISTED
ClearBridge MLP and Midstream Total Return Fund Inc.
CTR
$5.28M 0.15%
90,923
-6,615
-7% -$385K
ESI icon
65
Element Solutions
ESI
$8.9B
$4.88M 0.14%
491,508
-95,649
-16% -$993K
BIP icon
66
Brookfield Infrastructure Partners
BIP
$17.9B
$4.8M 0.14%
180,051
-2,688
-1% -$69.6K
TPH
67
DELISTED
Tri Pointe Homes
TPH
$4.65M 0.14%
259,640
-732
-0.3% -$12.3K
BATRK icon
68
Atlanta Braves Holdings Series B
BATRK
$3.26B
$4.49M 0.13%
202,184
-53,836
-21% -$1.26M
MSGN
69
DELISTED
MSG Networks Inc.
MSGN
$4.45M 0.13%
219,582
-16,427
-7% -$316K
PBT
70
Permian Basin Royalty Trust
PBT
$1.57B
$4.38M 0.13%
493,553
+11
+0% +$101
CEM
71
DELISTED
ClearBridge MLP and Midstream Fund Inc.
CEM
$4.35M 0.13%
56,978
-6,514
-10% -$448K
PARR icon
72
Par Pacific Holdings
PARR
$3.86B
$4.1M 0.12%
212,870
-15,358
-7% -$311K
V icon
73
Visa
V
$709B
$4.1M 0.12%
35,988
-3,030
-8% -$335K
VOO icon
74
Vanguard S&P 500 ETF
VOO
$1.03T
$4.04M 0.12%
16,478
-203
-1% -$48.5K
CACI icon
75
CACI
CACI
$14B
$3.87M 0.11%
29,200
– –
1 2
3
4 5

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Horizon Kinetics's Q4 2017 Portfolio in Review

As of Q4 2017, Horizon Kinetics held 510 positions worth $3.41B, up 0.18% from $3.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Horizon Kinetics withdrew a net $165M in Q4 2017, closing 15 positions and reducing 292 holdings. Its most notable exit was Direxion Daily 20+ Year Treasury Bear 3X ETF, an estimated $1.41M position sold in full.

By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 28% a quarter earlier, followed by Communication Services and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $6.45M.

  • Horizon Kinetics's largest Q4 2017 buy was Vanguard Extended Market ETF: 57,686 shares worth $6.45M.
  • Horizon Kinetics added most to CME Group in Q4 2017, an estimated $29.1M increase.
  • Horizon Kinetics's biggest Q4 2017 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $32.4M.
  • Horizon Kinetics fully exited Direxion Daily 20+ Year Treasury Bear 3X ETF in Q4 2017, selling an estimated $1.41M.
  • Horizon Kinetics's ten largest holdings make up 57% of its $3.41B portfolio in Q4 2017.
  • Horizon Kinetics opened 18 new positions and closed 15 in Q4 2017.
  • Horizon Kinetics's portfolio value rose 0.18% quarter-over-quarter to $3.41B.

Based on Horizon Kinetics's 13F filing for Q4 2017, filed 14 Feb 2018.