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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
-12.27%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$5.51B
AUM Growth
-$1.44B
Cap. Flow
-$1.12B
Cap. Flow %
-20.39%
Top 10 Hldgs %
47.53%
Holding
537
New
22
Increased
90
Reduced
325
Closed
33

Top Buys

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$24.5M
2
EMG
Emergent Capital, Inc.
EMG
+$11.7M
3
PYPL icon
PayPal
PYPL
+$7.36M
4
LXU icon
LSB Industries
LXU
+$7.07M
5
TPL icon
Texas Pacific Land
TPL
+$6.76M

Top Sells

Rank Stock Value
1
JAH
JARDEN CORPORATION
JAH
+$165M
2
WEN icon
Wendy's
WEN
+$110M
3
AN icon
AutoNation
AN
+$64.5M
4
BN icon
Brookfield
BN
+$59.7M
5
HHH icon
Howard Hughes
HHH
+$42.2M

Sector Composition

Rank Sector Weight
1 Communication Services 24.89%
2 Consumer Discretionary 18.26%
3 Miscellaneous 15.56%
4 Real Estate 10.95%
5 Energy 9.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IPAR icon
76
Interparfums
IPAR
$3.76B
$5.99M 0.11%
241,317
-100,314
-29% -$2.85M
TLI
77
DELISTED
Western Asset Corporate Loan Fund Inc.
TLI
$5.92M 0.11%
575,470
-47,557
-8% -$510K
ARII
78
DELISTED
American Railcar Industries, Inc.
ARII
$5.88M 0.11%
162,545
-18,111
-10% -$744K
VXF icon
79
Vanguard Extended Market ETF
VXF
$31.7B
$5.61M 0.1%
68,763
+65,793
+2,215% +$5.83M
CME icon
80
CME Group
CME
$101B
$5.53M 0.1%
59,636
-11,990
-17% -$1.14M
SAND
81
DELISTED
Sandstorm Gold
SAND
$5.27M 0.1%
1,973,935
-152,407
-7% -$417K
LEN icon
82
Lennar Class A
LEN
$20.5B
$5.26M 0.1%
114,771
-154,195
-57% -$7.57M
EBAY icon
83
eBay
EBAY
$45.5B
$5.18M 0.09%
211,973
-268,587
-56% -$7.22M
PAG icon
84
Penske Automotive Group
PAG
$14.3B
$4.97M 0.09%
102,575
-10,350
-9% -$530K
LBTYK icon
85
Liberty Global Class C
LBTYK
$3.51B
$4.78M 0.09%
134,351
-55,057
-29% -$2.22M
DHR icon
86
Danaher
DHR
$152B
$4.36M 0.08%
76,055
-12,690
-14% -$750K
KHC icon
87
Kraft Heinz
KHC
$29.8B
$4.28M 0.08%
+60,613
New +$4.58M
NPP
88
DELISTED
NUVEEN PERFORMANCE+MUN FUND
NPP
$4.2M 0.08%
296,062
-160,063
-35% -$2.25M
GLRE icon
89
Greenlight Captial
GLRE
$503M
$4.1M 0.07%
184,169
-28,281
-13% -$740K
GGP
90
DELISTED
GGP Inc.
GGP
$4M 0.07%
154,140
-70,135
-31% -$1.84M
LE icon
91
Lands' End
LE
$366M
$3.96M 0.07%
146,408
-144,955
-50% -$3.63M
XOM icon
92
ExxonMobil
XOM
$643B
$3.95M 0.07%
53,106
+3,145
+6% +$242K
CVI icon
93
CVR Energy
CVI
$4B
$3.67M 0.07%
89,370
-22,978
-20% -$912K
IGSB icon
94
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
$3.61M 0.07%
68,600
– –
GRBK icon
95
Green Brick Partners
GRBK
$3.13B
$3.58M 0.06%
330,507
-595,804
-64% -$7.17M
BPY
96
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
$3.53M 0.06%
164,488
-120,819
-42% -$2.59M
TRCO
97
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$3.48M 0.06%
97,891
-94,015
-49% -$4.18M
BMY icon
98
Bristol-Myers Squibb
BMY
$137B
$3.46M 0.06%
58,442
+2,575
+5% +$163K
SSP icon
99
E.W. Scripps
SSP
$296M
$3.36M 0.06%
190,006
-3,323
-2% -$64.5K
EVV
100
Eaton Vance Limited Duration Income Fund
EVV
$1.06B
$3.25M 0.06%
256,013
-61,487
-19% -$819K
2 3
4
5 6

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OA
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TGA
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PWM
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Horizon Kinetics's Q3 2015 Portfolio in Review

As of Q3 2015, Horizon Kinetics held 537 positions worth $5.51B, down 21% from $6.95B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Horizon Kinetics withdrew a net $1.12B in Q3 2015, closing 33 positions and reducing 325 holdings. Its most notable exit was CSX Corp, an estimated $22.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Emergent Capital, Inc. worth $12M.

  • Horizon Kinetics's largest Q3 2015 buy was Emergent Capital, Inc.: 2,199,813 shares worth $12M.
  • Horizon Kinetics added most to Wheaton Precious Metals in Q3 2015, an estimated $24.5M increase.
  • Horizon Kinetics's biggest Q3 2015 reduction was JARDEN CORPORATION, cutting an estimated $165M.
  • Horizon Kinetics fully exited CSX Corp in Q3 2015, selling an estimated $22.4M.
  • Horizon Kinetics's ten largest holdings make up 48% of its $5.51B portfolio in Q3 2015.
  • Horizon Kinetics opened 22 new positions and closed 33 in Q3 2015.
  • Horizon Kinetics's portfolio value fell 21% quarter-over-quarter to $5.51B.

Based on Horizon Kinetics's 13F filing for Q3 2015, filed 13 Nov 2015.