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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
Avg Time Held Equity + Options
15.8 quarters
Top 10 Avg Time Held Equity + Options
8.7 quarters
Top 20 Avg Time Held Equity + Options
11.1 quarters
Avg Time Held Equity only
15.9 quarters
Top 10 Avg Time Held Equity only
11 quarters
Top 20 Avg Time Held Equity only
11.2 quarters

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 icon
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK icon
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 Held Since
CSCO icon
101
Cisco
CSCO
$453B
$2.1M 0.07%
48,422
-4,508
-9% -$206K
2013 Q2
22 quarters
BATRA icon
102
Atlanta Braves Holdings Series A
BATRA
$3.62B
$2.06M 0.07%
82,583
-4,687
-5% -$119K
2016 Q2
10 quarters
AAPL icon
103
Apple
AAPL
$5.02T
$2.04M 0.07%
51,636
-560
-1% -$27.1K
2014 Q3
17 quarters
PEP icon
104
PepsiCo
PEP
$176B
$2.03M 0.07%
18,400
+437
+2% +$49.3K
2013 Q2
22 quarters
PM icon
105
Philip Morris
PM
$316B
$2.02M 0.07%
30,257
-750
-2% -$62.6K
2013 Q2
22 quarters
VZ icon
106
Verizon
VZ
$182B
$2M 0.07%
35,638
+1,551
+5% +$88K
2013 Q2
22 quarters
LEXEA
107
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$1.96M 0.06%
50,161
-5,583
-10% -$232K
2016 Q4
8 quarters
PCI icon
108
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
$1.92M 0.06%
91,338
-31,611
-26% -$714K
2013 Q2
22 quarters
TPH icon
109
DELISTED
Tri Pointe Homes
TPH
$1.9M 0.06%
173,490
-22,262
-11% -$263K
2014 Q2
18 quarters
MSFT icon
110
Microsoft
MSFT
$3.98T
$1.89M 0.06%
18,628
-526
-3% -$56.3K
2013 Q3
21 quarters
UNP icon
111
Union Pacific
UNP
$168B
$1.88M 0.06%
13,624
– –
2013 Q2
22 quarters
TREE icon
112
LendingTree
TREE
$331M
$1.81M 0.06%
8,233
– –
2013 Q2
22 quarters
DHR icon
113
Danaher
DHR
$158B
$1.76M 0.06%
19,213
-2,283
-11% -$207K
2013 Q2
22 quarters
VCSH icon
114
Vanguard Short-Term Corporate Bond ETF
VCSH
$43.8B
$1.75M 0.06%
22,470
-518
-2% -$40.3K
2014 Q1
19 quarters
LHX icon
115
L3Harris
LHX
$44.5B
$1.75M 0.06%
12,989
-750
-5% -$113K
2013 Q2
22 quarters
SU icon
116
Suncor Energy
SU
$88.5B
$1.74M 0.06%
62,332
-334
-0.5% -$11.1K
2013 Q2
22 quarters
MO icon
117
Altria Group
MO
$121B
$1.66M 0.05%
33,646
+2,166
+7% +$125K
2013 Q2
22 quarters
ABT icon
118
Abbott
ABT
$178B
$1.61M 0.05%
22,284
-44
-0.2% -$3.09K
2013 Q2
22 quarters
RCL icon
119
Royal Caribbean
RCL
$73.7B
$1.57M 0.05%
16,031
+60
+0.4% +$6.57K
2013 Q2
22 quarters
CCL icon
120
Carnival Corporation Ltd
CCL
$34.9B
$1.56M 0.05%
31,699
-824
-3% -$47.2K
2013 Q2
22 quarters
LBTYK icon
121
Liberty Global Class C
LBTYK
$2.78B
$1.56M 0.05%
75,475
-9,944
-12% -$238K
2013 Q2
22 quarters
MTB icon
122
M&T Bank
MTB
$31B
$1.55M 0.05%
10,807
-278
-3% -$44.4K
2013 Q2
22 quarters
HON icon
123
Honeywell
HON
$66.2B
$1.53M 0.05%
12,278
+194
+2% +$26.5K
2013 Q2
22 quarters
CVX icon
124
Chevron
CVX
$436B
$1.47M 0.05%
13,496
+227
+2% +$26.3K
2013 Q2
22 quarters
BNY icon
125
Bank of New York Mellon
BNY
$92.4B
$1.46M 0.05%
31,052
+5
+0% +$243
2014 Q2
18 quarters
3 4
5
6 7

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OA
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TGA
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PWM
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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.