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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
+2.59%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.4B
AUM Growth
-$352M
Cap. Flow
-$282M
Cap. Flow %
-3.81%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK icon
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA icon
Liberty Broadband Class A
LBRDA
+$52.3M
3
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$44.1M
4
SRSC
SEARS Canada Inc.
SRSC
+$25.9M
5
RGLD icon
Royal Gold
RGLD
+$23.1M

Top Sells

Rank Stock Value
1
FWONK icon
Liberty Media Series C
FWONK
+$125M
2
FWONA icon
Liberty Media Series A
FWONA
+$65.8M
3
JEF icon
Jefferies Financial Group
JEF
+$43.5M
4
QVCGA
QVC Group Inc Series A
QVCGA
+$41.3M
5
SHLD
Sears Holding Corporation
SHLD
+$31M

Sector Composition

Rank Sector Weight
1 Communication Services 25.5%
2 Consumer Discretionary 21.31%
3 Real Estate 11.61%
4 Financials 9%
5 Energy 8.65%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLRE icon
101
Greenlight Captial
GLRE
$579M
$6.9M 0.09%
211,209
-253,099
-55% -$8.15M
CME icon
102
CME Group
CME
$95.4B
$6.38M 0.09%
72,026
-73
-0.1% -$6.19K
WIW
103
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$506M
$6.06M 0.08%
536,271
– –
PCM
104
PCM Fund
PCM
$68.7M
$5.5M 0.07%
516,265
+52,359
+11% +$575K
NMO
105
DELISTED
NUVEEN MUNI MARKET OPPORT FUND
NMO
$5.45M 0.07%
399,892
+190,027
+91% +$2.56M
GBL
106
DELISTED
GAMCO Investors, Inc.
GBL
$5.43M 0.07%
+113,411
New +$5.05M
VRTS icon
107
Virtus Investment Partners
VRTS
$1.12B
$5.38M 0.07%
31,557
-582
-2% -$97.3K
PAG icon
108
Penske Automotive Group
PAG
$14.7B
$5.33M 0.07%
108,526
-7,900
-7% -$361K
LORL
109
DELISTED
Loral Space and Communications, Inc.
LORL
$4.96M 0.07%
63,078
-2,016
-3% -$152K
GENZ
110
VanEck Digital Native Economy ETF
GENZ
$17.4M
$4.86M 0.07%
126,432
-6,415
-5% -$273K
EVV
111
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$4.85M 0.07%
343,184
-16,328
-5% -$234K
XOM icon
112
ExxonMobil
XOM
$650B
$4.83M 0.07%
52,284
-2,211
-4% -$206K
CVI icon
113
CVR Energy
CVI
$3.48B
$4.25M 0.06%
109,696
-16,974
-13% -$748K
ICE icon
114
Intercontinental Exchange
ICE
$87.2B
$3.93M 0.05%
89,690
+10
+0% +$429
VOO icon
115
Vanguard S&P 500 ETF
VOO
$956B
$3.79M 0.05%
+20,143
New +$3.71M
AIG.WS
116
DELISTED
American International Group, Inc.
AIG.WS
$3.78M 0.05%
153,454
-270
-0.2% -$6.47K
EXPE icon
117
Expedia Group
EXPE
$36.5B
$3.77M 0.05%
44,135
-8,985
-17% -$762K
DMO
118
Western Asset Mortgage Opportunity Fund
DMO
$118M
$3.74M 0.05%
156,935
-8,366
-5% -$203K
BMY icon
119
Bristol-Myers Squibb
BMY
$129B
$3.71M 0.05%
62,817
-125
-0.2% -$7.05K
HHY
120
DELISTED
Brookfield High Income Fund Inc.
HHY
$3.63M 0.05%
407,990
-32,856
-7% -$304K
MOV icon
121
Movado Group
MOV
$840M
$3.63M 0.05%
127,954
-3,081
-2% -$95.8K
IGSB icon
122
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23B
$3.61M 0.05%
68,600
– –
BIP icon
123
Brookfield Infrastructure Partners
BIP
$19.6B
$3.59M 0.05%
216,153
-592
-0.3% -$9.45K
YHOO
124
DELISTED
Yahoo Inc
YHOO
$3.57M 0.05%
70,604
-4,509
-6% -$212K
AIG icon
125
American International
AIG
$42.5B
$3.55M 0.05%
63,450
-1,686
-3% -$90.4K
3 4
5
6 7

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Horizon Kinetics's Q4 2014 Portfolio in Review

As of Q4 2014, Horizon Kinetics held 554 positions worth $7.4B, down 4.5% from $7.76B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Horizon Kinetics withdrew a net $282M in Q4 2014, closing 35 positions and reducing 296 holdings. Its most notable exit was BURGER KING WORLDWIDE, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Liberty Broadband Class C worth $111M.

  • Horizon Kinetics's largest Q4 2014 buy was Liberty Broadband Class C: 2,222,661 shares worth $111M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q4 2014, an estimated $44.1M increase.
  • Horizon Kinetics's biggest Q4 2014 reduction was Liberty Media Series C, cutting an estimated $125M.
  • Horizon Kinetics fully exited BURGER KING WORLDWIDE in Q4 2014, selling an estimated $13.8M.
  • Horizon Kinetics's ten largest holdings make up 43% of its $7.4B portfolio in Q4 2014.
  • Horizon Kinetics opened 37 new positions and closed 35 in Q4 2014.
  • Horizon Kinetics's portfolio value fell 4.5% quarter-over-quarter to $7.4B.

Based on Horizon Kinetics's 13F filing for Q4 2014, filed 17 Feb 2015.