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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
-20.73%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$1.05B
Cap. Flow
-$179M
Cap. Flow %
-5.84%
Top 10 Hldgs %
59.41%
Holding
517
New
14
Increased
126
Reduced
256
Closed
44

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$15.1M
2
CACI icon
CACI
CACI
+$13.4M
3
GE icon
GE Aerospace
GE
+$13.4M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$5.8M
5
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$5M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$26.6M
2
HHH icon
Howard Hughes
HHH
+$18.5M
3
TPL icon
Texas Pacific Land
TPL
+$14M
4
LBRDK
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 38.17%
2 Miscellaneous 14.25%
3 Communication Services 13.24%
4 Financials 11.44%
5 Real Estate 6.67%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CSCO icon
101
Cisco
CSCO
$433B
$2.1M 0.07%
48,422
-4,508
-9% -$206K
BATRA icon
102
Atlanta Braves Holdings Series A
BATRA
$3.58B
$2.06M 0.07%
82,583
-4,687
-5% -$119K
AAPL icon
103
Apple
AAPL
$4.67T
$2.04M 0.07%
51,636
-560
-1% -$27.1K
PEP icon
104
PepsiCo
PEP
$193B
$2.03M 0.07%
18,400
+437
+2% +$49.3K
PM icon
105
Philip Morris
PM
$299B
$2.02M 0.07%
30,257
-750
-2% -$62.6K
VZ icon
106
Verizon
VZ
$208B
$2M 0.07%
35,638
+1,551
+5% +$88K
LEXEA
107
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$1.96M 0.06%
50,161
-5,583
-10% -$232K
PCI
108
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$1.92M 0.06%
91,338
-31,611
-26% -$714K
TPH
109
DELISTED
Tri Pointe Homes
TPH
$1.9M 0.06%
173,490
-22,262
-11% -$263K
MSFT icon
110
Microsoft
MSFT
$3.81T
$1.89M 0.06%
18,628
-526
-3% -$56.3K
UNP icon
111
Union Pacific
UNP
$183B
$1.88M 0.06%
13,624
– –
TREE icon
112
LendingTree
TREE
$407M
$1.81M 0.06%
8,233
– –
DHR icon
113
Danaher
DHR
$152B
$1.76M 0.06%
19,213
-2,283
-11% -$207K
VCSH icon
114
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
$1.75M 0.06%
22,470
-518
-2% -$40.3K
LHX icon
115
L3Harris
LHX
$48.9B
$1.75M 0.06%
12,989
-750
-5% -$113K
SU icon
116
Suncor Energy
SU
$76.5B
$1.74M 0.06%
62,332
-334
-0.5% -$11.1K
MO icon
117
Altria Group
MO
$115B
$1.66M 0.05%
33,646
+2,166
+7% +$125K
ABT icon
118
Abbott
ABT
$195B
$1.61M 0.05%
22,284
-44
-0.2% -$3.09K
RCL icon
119
Royal Caribbean
RCL
$74.7B
$1.57M 0.05%
16,031
+60
+0.4% +$6.57K
CCL icon
120
Carnival Corporation Ltd
CCL
$33.9B
$1.56M 0.05%
31,699
-824
-3% -$47.2K
LBTYK icon
121
Liberty Global Class C
LBTYK
$3.56B
$1.56M 0.05%
75,475
-9,944
-12% -$238K
MTB icon
122
M&T Bank
MTB
$34.3B
$1.55M 0.05%
10,807
-278
-3% -$44.4K
HON icon
123
Honeywell
HON
$68.9B
$1.53M 0.05%
12,278
+194
+2% +$26.5K
CVX icon
124
Chevron
CVX
$396B
$1.47M 0.05%
13,496
+227
+2% +$26.3K
BNY
125
Bank of New York Mellon
BNY
$110B
$1.46M 0.05%
31,052
+5
+0% +$243
3 4
5
6 7

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Horizon Kinetics's Q4 2018 Portfolio in Review

As of Q4 2018, Horizon Kinetics held 517 positions worth $3.06B, down 25% from $4.11B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Horizon Kinetics withdrew a net $179M in Q4 2018, closing 44 positions and reducing 256 holdings. Its most notable exit was Copart, an estimated $3.71M position sold in full.

By sector, the portfolio is most concentrated in Energy at 38% of assets, down from 44% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $5.28M.

  • Horizon Kinetics's largest Q4 2018 buy was Vanguard Extended Market ETF: 52,921 shares worth $5.28M.
  • Horizon Kinetics added most to Cheniere Energy in Q4 2018, an estimated $15.1M increase.
  • Horizon Kinetics's biggest Q4 2018 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $26.6M.
  • Horizon Kinetics fully exited Copart in Q4 2018, selling an estimated $3.71M.
  • Horizon Kinetics's ten largest holdings make up 59% of its $3.06B portfolio in Q4 2018.
  • Horizon Kinetics opened 14 new positions and closed 44 in Q4 2018.
  • Horizon Kinetics's portfolio value fell 25% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q4 2018, filed 14 Feb 2019.