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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
PARA
76
DELISTED
Paramount Global Class B
PARA
$3.33M 0.11%
76,178
-7,786
-9% -$414K
JNJ icon
77
Johnson & Johnson
JNJ
$646B
$3.23M 0.11%
25,004
+1,203
+5% +$168K
NBB icon
78
Nuveen Taxable Municipal Income Fund
NBB
$454M
$3.17M 0.1%
163,678
+44,582
+37% +$856K
JMF
79
DELISTED
NUVEEN ENERGY MLP TOTAL RETURN FUND
JMF
$3.13M 0.1%
385,003
-121,645
-24% -$1.16M
PRFZ icon
80
Invesco FTSE RAFI US 1500 Small-Mid ETF
PRFZ
$2.83B
$3.1M 0.1%
+136,500
New +$3.47M
CLR
81
DELISTED
CONTINENTAL RESOURCES INC.
CLR
$3.06M 0.1%
76,057
-4,535
-6% -$232K
PFE icon
82
Pfizer
PFE
$159B
$2.91M 0.09%
70,206
+681
+1% +$28.3K
PKO
83
DELISTED
Pimco Income Opportunity Fund
PKO
$2.89M 0.09%
113,766
-1,247
-1% -$31.7K
BIP icon
84
Brookfield Infrastructure Partners
BIP
$17.5B
$2.84M 0.09%
137,978
-26,667
-16% -$608K
IGSB icon
85
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
$2.79M 0.09%
54,000
– –
PBT
86
Permian Basin Royalty Trust
PBT
$1.58B
$2.77M 0.09%
469,435
-17,690
-4% -$125K
ABBV icon
87
AbbVie
ABBV
$451B
$2.73M 0.09%
29,609
+266
+0.9% +$23.4K
ENOV icon
88
Enovis
ENOV
$1.44B
$2.7M 0.09%
74,976
-27,912
-27% -$1.3M
GBL
89
DELISTED
GAMCO Investors, Inc.
GBL
$2.67M 0.09%
157,980
+75,559
+92% +$1.55M
CEM
90
DELISTED
ClearBridge MLP and Midstream Fund Inc.
CEM
$2.67M 0.09%
51,264
-2,305
-4% -$144K
L icon
91
Loews
L
$22.4B
$2.61M 0.09%
57,334
-8,517
-13% -$401K
PFL
92
PIMCO Income Strategy Fund
PFL
$379M
$2.58M 0.08%
237,540
-4,658
-2% -$51.3K
CXE
93
DELISTED
MFS High Income Municipal Trust
CXE
$2.56M 0.08%
553,199
– –
DISCK
94
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$2.52M 0.08%
109,095
-4,237
-4% -$118K
NVDA icon
95
PUT
NVIDIA
NVDA
$5.25T
$2.5M 0.08%
1,820,000
-2,876,000
-61% -$13.8M
BA icon
96
Boeing
BA
$166B
$2.49M 0.08%
7,724
+37
+0.5% +$12.8K
BMY icon
97
Bristol-Myers Squibb
BMY
$136B
$2.35M 0.08%
45,199
+234
+0.5% +$12.6K
LLY icon
98
Eli Lilly
LLY
$1.05T
$2.23M 0.07%
19,254
-2,000
-9% -$223K
NVS icon
99
Novartis
NVS
$292B
$2.22M 0.07%
28,885
-229
-0.8% -$17.8K
DORM icon
100
Dorman Products
DORM
$3.84B
$2.15M 0.07%
23,906
-10,000
-29% -$799K
2 3
4
5 6

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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.