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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
+11.53%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.3B
AUM Growth
+$469M
Cap. Flow
-$333M
Cap. Flow %
-4.57%
Top 10 Hldgs %
48.05%
Holding
574
New
118
Increased
114
Reduced
223
Closed
34

Top Buys

Rank Stock Value
1
QVCGA
QVC Group Inc Series A
QVCGA
+$14.9M
2
SHLD
Sears Holding Corporation
SHLD
+$14M
3
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$10.4M
4
VIAB
Viacom Inc. Class B
VIAB
+$9.77M
5
DSL
DoubleLine Income Solutions Fund
DSL
+$7.65M

Top Sells

Rank Stock Value
1
ELS icon
Equity Lifestyle Properties
ELS
+$87M
2
CBOE icon
Cboe Global Markets
CBOE
+$34.7M
3
JCP
J.C. Penney Company, Inc.
JCP
+$15.5M
4
HHH icon
Howard Hughes
HHH
+$14.9M
5
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$14.8M

Sector Composition

Rank Sector Weight
1 Communication Services 28.72%
2 Consumer Discretionary 19.44%
3 Real Estate 13.82%
4 Financials 12.64%
5 Energy 7.13%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FUR
76
DELISTED
WINTHROP REALTY TRUST SHS BENE INT (NEW)
FUR
$9.4M 0.13%
843,015
-451,245
-35% -$5.59M
PCI
77
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$9.1M 0.12%
409,011
+84,504
+26% +$1.84M
CRESY
78
Cresud
CRESY
$806M
$8.88M 0.12%
1,155,789
-84
-0% -$596
GENZ
79
VanEck Digital Native Economy ETF
GENZ
$17.4M
$8.85M 0.12%
186,612
-16,433
-8% -$714K
SUSS
80
DELISTED
SUSSER HOLDINGS CORPORATION COMMON STOCK
SUSS
$8.78M 0.12%
165,198
+51,276
+45% +$2.56M
DSL
81
DoubleLine Income Solutions Fund
DSL
$1.22B
$8.72M 0.12%
397,130
+356,588
+880% +$7.65M
WTM icon
82
White Mountains Insurance
WTM
$5.33B
$8.42M 0.12%
14,827
-1,072
-7% -$623K
VRTS icon
83
Virtus Investment Partners
VRTS
$1.12B
$8.1M 0.11%
49,790
-46,106
-48% -$8.33M
AFSI
84
DELISTED
AmTrust Financial Services, Inc.
AFSI
$8.01M 0.11%
410,552
-94,121
-19% -$1.75M
BPY
85
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$7.95M 0.11%
410,049
-7,122
-2% -$143K
EVV
86
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$6.91M 0.09%
441,878
-70,088
-14% -$1.06M
VHI icon
87
Valhi
VHI
$389M
$6.82M 0.09%
28,485
-4,685
-14% -$997K
HEI.A icon
88
HEICO Corp Class A
HEI.A
$36B
$6.53M 0.09%
+397,546
New +$7.07M
BIP icon
89
Brookfield Infrastructure Partners
BIP
$19.6B
$6.33M 0.09%
419,557
-1,961
-0.5% -$28.5K
PFL
90
PUT
PIMCO Income Strategy Fund
PFL
$382M
$6.21M 0.09%
+536,413
New +$6.18M
CME icon
91
CME Group
CME
$95.4B
$5.87M 0.08%
79,486
-2,447
-3% -$180K
LORL
92
DELISTED
Loral Space and Communications, Inc.
LORL
$5.86M 0.08%
86,505
-16,367
-16% -$1.06M
MTB icon
93
M&T Bank
MTB
$36.3B
$5.76M 0.08%
51,507
-444
-0.9% -$51.4K
LBTYK icon
94
Liberty Global Class C
LBTYK
$3.5B
$5.58M 0.08%
183,041
-54,289
-23% -$1.63M
ICE icon
95
Intercontinental Exchange
ICE
$87.2B
$5.55M 0.08%
152,905
-6,170
-4% -$223K
MOV icon
96
Movado Group
MOV
$840M
$5.34M 0.07%
122,170
-19,783
-14% -$775K
TLI
97
DELISTED
Western Asset Corporate Loan Fund Inc.
TLI
$5.29M 0.07%
426,388
+84,239
+25% +$1.05M
PCM
98
PCM Fund
PCM
$68.7M
$5.24M 0.07%
457,908
+65,990
+17% +$750K
XXV
99
CALL
DELISTED
IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN
XXV
$4.88M 0.07%
+127,100
New +$4.88M
EBAY icon
100
eBay
EBAY
$51.2B
$4.68M 0.06%
199,510
+6,365
+3% +$143K
2 3
4
5 6

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AC
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MFG
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OA
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PWM
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APFBOT
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RCM
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CFIC
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Horizon Kinetics's Q3 2013 Portfolio in Review

As of Q3 2013, Horizon Kinetics held 574 positions worth $7.3B, up 6.9% from $6.83B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $333M in Q3 2013, closing 34 positions and reducing 223 holdings. Its most notable exit was State Street SPDR Bloomberg High Yield Bond ETF, an estimated $3.36M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 29% of assets, up from 27% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in HEICO Corp Class A worth $6.53M.

  • Horizon Kinetics's largest Q3 2013 buy was HEICO Corp Class A: 397,546 shares worth $6.53M.
  • Horizon Kinetics added most to QVC Group Inc Series A in Q3 2013, an estimated $14.9M increase.
  • Horizon Kinetics's biggest Q3 2013 reduction was Equity Lifestyle Properties, cutting an estimated $87M.
  • Horizon Kinetics fully exited State Street SPDR Bloomberg High Yield Bond ETF in Q3 2013, selling an estimated $3.36M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $7.3B portfolio in Q3 2013.
  • Horizon Kinetics opened 118 new positions and closed 34 in Q3 2013.
  • Horizon Kinetics's portfolio value rose 6.9% quarter-over-quarter to $7.3B.

Based on Horizon Kinetics's 13F filing for Q3 2013, filed 14 Nov 2013.