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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
VCSH icon
76
Vanguard Short-Term Corporate Bond ETF
VCSH
$44.7B
$13.5M 0.18%
169,456
+46,254
+38% +$3.7M
ARII
77
DELISTED
American Railcar Industries, Inc.
ARII
$13.5M 0.18%
261,408
-15,840
-6% -$970K
DBL
78
DoubleLine Opportunistic Credit Fund
DBL
$278M
$13.4M 0.18%
546,030
+65,575
+14% +$1.59M
BAC icon
79
Bank of America
BAC
$429B
$13.4M 0.18%
746,935
+1,878
+0.3% +$32.1K
WMB icon
80
Williams Companies
WMB
$85.8B
$13.2M 0.18%
293,389
-14,357
-5% -$734K
VSAT icon
81
Viasat
VSAT
$9.67B
$13M 0.18%
206,302
-6,161
-3% -$377K
PCI
82
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$12.3M 0.17%
597,147
-470,545
-44% -$10.2M
SIAL
83
DELISTED
SIGMA - ALDRICH CORP
SIAL
$11.7M 0.16%
85,549
-86,349
-50% -$11.7M
LEN icon
84
Lennar Class A
LEN
$20.4B
$11.6M 0.16%
273,086
-17,468
-6% -$723K
TRCO
85
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$11.1M 0.15%
+185,228
New +$11.4M
VNO icon
86
Vornado Realty Trust
VNO
$7.65B
$10.7M 0.14%
124,128
-2,336
-2% -$187K
CRESY
87
Cresud
CRESY
$806M
$10.3M 0.14%
1,148,124
-5,257
-0.5% -$49.2K
EBAY icon
88
eBay
EBAY
$51.2B
$9.79M 0.13%
414,415
+201,934
+95% +$4.58M
NPP
89
DELISTED
NUVEEN PERFORMANCE+MUN FUND
NPP
$9.69M 0.13%
657,188
-106,586
-14% -$1.56M
HEI.A icon
90
HEICO Corp Class A
HEI.A
$36B
$9.62M 0.13%
396,920
-1,902
-0.5% -$43.3K
FDML
91
DELISTED
Federal-Mogul Holdings Corporation
FDML
$9.22M 0.12%
573,077
-5,802
-1% -$89.1K
IPAR icon
92
Interparfums
IPAR
$4.07B
$9.15M 0.12%
333,459
-15,181
-4% -$414K
IFT
93
DELISTED
IMPERIAL HLDGS INC COM STK (FL)
IFT
$8.94M 0.12%
1,370,897
+312,160
+29% +$1.97M
PFL
94
PIMCO Income Strategy Fund
PFL
$382M
$8.87M 0.12%
754,878
-13,599
-2% -$165K
BPY
95
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$7.98M 0.11%
348,768
-20,354
-6% -$459K
LBTYK icon
96
Liberty Global Class C
LBTYK
$3.5B
$7.85M 0.11%
200,942
-2,853
-1% -$104K
TLI
97
DELISTED
Western Asset Corporate Loan Fund Inc.
TLI
$7.73M 0.1%
700,440
-23,662
-3% -$268K
GRBK icon
98
Green Brick Partners
GRBK
$3.09B
$7.58M 0.1%
+924,986
New +$6.65M
SPE
99
Special Opportunities Fund
SPE
$139M
$7.4M 0.1%
504,234
-257,971
-34% -$4.06M
SAND
100
DELISTED
Sandstorm Gold
SAND
$6.98M 0.09%
+2,052,896
New +$6.81M
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 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.