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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
L icon
76
Loews
L
$22.5B
$3.78M 0.11%
75,529
-7,123
-9% -$352K
ICE icon
77
Intercontinental Exchange
ICE
$90.5B
$3.6M 0.11%
51,050
+25
+0% +$1.72K
NWL icon
78
Newell Brands
NWL
$2.5B
$3.53M 0.1%
114,343
-310,407
-73% -$10.7M
PKO
79
DELISTED
Pimco Income Opportunity Fund
PKO
$3.52M 0.1%
135,749
-18,878
-12% -$493K
KHC icon
80
Kraft Heinz
KHC
$29.8B
$3.46M 0.1%
44,448
-2,802
-6% -$220K
JNJ icon
81
Johnson & Johnson
JNJ
$640B
$3.42M 0.1%
24,518
-100
-0.4% -$13.9K
TYG
82
Tortoise Energy Infrastructure Corp
TYG
$1.1B
$3.41M 0.1%
29,348
-5,752
-16% -$618K
PM icon
83
Philip Morris
PM
$297B
$3.33M 0.1%
31,509
+667
+2% +$71.1K
BRK.A icon
84
Berkshire Hathaway Class A
BRK.A
$1.08T
$3.27M 0.1%
11
-1
-8% -$285K
ABBV icon
85
AbbVie
ABBV
$456B
$3.2M 0.09%
33,049
-150
-0.5% -$14.1K
PCI
86
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$3.11M 0.09%
138,771
-9,475
-6% -$214K
CPRT icon
87
Copart
CPRT
$30.3B
$3.11M 0.09%
288,000
– –
NBD
88
DELISTED
Nuveen Build Am Bond Opp Fd
NBD
$3.02M 0.09%
130,828
+29,143
+29% +$658K
BMY icon
89
Bristol-Myers Squibb
BMY
$137B
$3M 0.09%
48,915
-100
-0.2% -$6.25K
PFL
90
PIMCO Income Strategy Fund
PFL
$378M
$2.97M 0.09%
254,594
-57,332
-18% -$678K
CXE
91
DELISTED
MFS High Income Municipal Trust
CXE
$2.93M 0.09%
559,361
– –
LBTYK icon
92
Liberty Global Class C
LBTYK
$3.51B
$2.9M 0.08%
85,574
+452
+0.5% +$13.9K
IGSB icon
93
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
$2.82M 0.08%
54,000
– –
TREE icon
94
LendingTree
TREE
$397M
$2.8M 0.08%
8,233
– –
PFE icon
95
Pfizer
PFE
$160B
$2.71M 0.08%
79,004
– –
GBL
96
DELISTED
GAMCO Investors, Inc.
GBL
$2.71M 0.08%
91,577
-1,661
-2% -$48.5K
SAND
97
DELISTED
Sandstorm Gold
SAND
$2.68M 0.08%
536,892
+19,856
+4% +$90K
MRK icon
98
Merck
MRK
$369B
$2.68M 0.08%
49,832
-1,383
-3% -$76.7K
LEXEA
99
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$2.61M 0.08%
58,965
-1,531
-3% -$73.5K
GLRE icon
100
Greenlight Captial
GLRE
$503M
$2.6M 0.08%
129,520
-819
-0.6% -$17.8K
2 3
4
5 6

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AC
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OA
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TGA
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PWM
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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.