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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
Avg Time Held
13.4 quarters
Top 10 Avg Time Held
7.4 quarters
Top 20 Avg Time Held
9.2 quarters

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 icon
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 Held Since
L icon
76
Loews
L
$22B
$3.78M 0.11%
75,529
-7,123
-9% -$352K
2013 Q2
18 quarters
ICE icon
77
Intercontinental Exchange
ICE
$88.2B
$3.6M 0.11%
51,050
+25
+0% +$1.72K
2013 Q2
18 quarters
NWL icon
78
Newell Brands
NWL
$2.39B
$3.53M 0.1%
114,343
-310,407
-73% -$10.7M
2016 Q2
6 quarters
PKO
79
DELISTED
Pimco Income Opportunity Fund
PKO
$3.52M 0.1%
135,749
-18,878
-12% -$493K
2013 Q2
18 quarters
KHC icon
80
The Kraft Heinz Company
KHC
$26.7B
$3.46M 0.1%
44,448
-2,802
-6% -$220K
2015 Q3
9 quarters
JNJ icon
81
Johnson & Johnson
JNJ
$634B
$3.42M 0.1%
24,518
-100
-0.4% -$13.9K
2013 Q2
18 quarters
TYG icon
82
Tortoise Energy Infrastructure Corp
TYG
$1.01B
$3.41M 0.1%
29,348
-5,752
-16% -$618K
2016 Q2
6 quarters
PM icon
83
Philip Morris
PM
$315B
$3.33M 0.1%
31,509
+667
+2% +$71.1K
2013 Q2
18 quarters
BRK.A icon
84
Berkshire Hathaway Class A
BRK.A
$1.11T
$3.27M 0.1%
11
-1
-8% -$285K
2013 Q2
18 quarters
ABBV icon
85
AbbVie
ABBV
$495B
$3.2M 0.09%
33,049
-150
-0.5% -$14.1K
2013 Q2
18 quarters
PCI icon
86
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$3.11M 0.09%
138,771
-9,475
-6% -$214K
2013 Q2
18 quarters
CPRT icon
87
Copart
CPRT
$24.6B
$3.11M 0.09%
288,000
– –
2013 Q2
18 quarters
NBD
88
DELISTED
Nuveen Build Am Bond Opp Fd
NBD
$3.02M 0.09%
130,828
+29,143
+29% +$658K
2017 Q1
3 quarters
BMY icon
89
Bristol-Myers Squibb
BMY
$117B
$3M 0.09%
48,915
-100
-0.2% -$6.25K
2013 Q2
18 quarters
PFL icon
90
PIMCO Income Strategy Fund
PFL
$346M
$2.97M 0.09%
254,594
-57,332
-18% -$678K
2013 Q2
18 quarters
CXE
91
DELISTED
MFS High Income Municipal Trust
CXE
$2.93M 0.09%
559,361
– –
2013 Q2
18 quarters
LBTYK icon
92
Liberty Global Class C
LBTYK
$2.88B
$2.9M 0.08%
85,574
+452
+0.5% +$13.9K
2013 Q2
18 quarters
IGSB icon
93
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.3B
$2.82M 0.08%
54,000
– –
2013 Q2
18 quarters
TREE icon
94
LendingTree
TREE
$350M
$2.8M 0.08%
8,233
– –
2013 Q2
18 quarters
PFE icon
95
Pfizer
PFE
$162B
$2.71M 0.08%
79,004
– –
2013 Q2
18 quarters
GBL
96
DELISTED
GAMCO Investors, Inc.
GBL
$2.71M 0.08%
91,577
-1,661
-2% -$48.5K
2014 Q4
12 quarters
SAND icon
97
DELISTED
Sandstorm Gold
SAND
$2.68M 0.08%
536,892
+19,856
+4% +$90K
2014 Q4
12 quarters
MRK icon
98
Merck
MRK
$359B
$2.68M 0.08%
49,832
-1,383
-3% -$76.7K
2013 Q2
18 quarters
LEXEA
99
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$2.61M 0.08%
58,965
-1,531
-3% -$73.5K
2016 Q4
4 quarters
GLRE icon
100
Greenlight Captial
GLRE
$490M
$2.6M 0.08%
129,520
-819
-0.6% -$17.8K
2013 Q2
18 quarters
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 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.