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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
DISCK
101
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$2.5M 0.07%
117,868
-171
-0.1% -$3.15K
2014 Q3
13 quarters
AAPL icon
102
Apple
AAPL
$4.96T
$2.44M 0.07%
57,608
+5,140
+10% +$215K
2014 Q3
13 quarters
EBAY icon
103
eBay
EBAY
$51.7B
$2.43M 0.07%
64,278
-786
-1% -$29.2K
2013 Q2
18 quarters
BA icon
104
Boeing
BA
$149B
$2.42M 0.07%
8,224
– –
2013 Q2
18 quarters
SU icon
105
Suncor Energy
SU
$85.6B
$2.38M 0.07%
64,826
-690
-1% -$24K
2013 Q2
18 quarters
MO icon
106
Altria Group
MO
$120B
$2.36M 0.07%
33,042
-5
-0% -$335
2013 Q2
18 quarters
FCX icon
107
Freeport-McMoran
FCX
$105B
$2.34M 0.07%
123,380
-4,750
-4% -$71.7K
2013 Q3
17 quarters
PEP icon
108
PepsiCo
PEP
$173B
$2.33M 0.07%
19,422
– –
2013 Q2
18 quarters
GDL icon
109
GDL Fund
GDL
$89.8M
$2.28M 0.07%
233,935
-119,277
-34% -$1.19M
2015 Q4
8 quarters
TWX
110
DELISTED
Time Warner Inc
TWX
$2.25M 0.07%
24,581
-36,303
-60% -$3.43M
2013 Q2
18 quarters
MGM icon
111
MGM Resorts International
MGM
$7.29B
$2.23M 0.07%
66,950
-2,300
-3% -$74.1K
2013 Q2
18 quarters
NVS icon
112
Novartis
NVS
$274B
$2.22M 0.07%
29,563
-56
-0.2% -$4.22K
2013 Q2
18 quarters
LHX icon
113
L3Harris
LHX
$44.1B
$2.21M 0.06%
15,614
-549
-3% -$76.6K
2013 Q2
18 quarters
CCL icon
114
Carnival Corporation Ltd
CCL
$35.5B
$2.18M 0.06%
32,876
-481
-1% -$31.9K
2013 Q2
18 quarters
DORM icon
115
Dorman Products
DORM
$3.61B
$2.13M 0.06%
34,906
-900
-3% -$61K
2013 Q2
18 quarters
LLY icon
116
Eli Lilly
LLY
$1.05T
$2.12M 0.06%
25,082
– –
2013 Q2
18 quarters
ARII
117
DELISTED
American Railcar Industries, Inc.
ARII
$2.09M 0.06%
50,140
-1,312
-3% -$51.7K
2013 Q2
18 quarters
BATRA icon
118
Atlanta Braves Holdings Series A
BATRA
$3.68B
$2.05M 0.06%
92,945
-47,184
-34% -$1.1M
2016 Q2
6 quarters
CSCO icon
119
Cisco
CSCO
$455B
$2.03M 0.06%
53,100
– –
2013 Q2
18 quarters
MTB icon
120
M&T Bank
MTB
$31.8B
$2M 0.06%
11,675
-47
-0.4% -$7.8K
2013 Q2
18 quarters
DHR icon
121
Danaher
DHR
$155B
$2M 0.06%
24,238
-8,370
-26% -$681K
2013 Q2
18 quarters
NBB icon
122
Nuveen Taxable Municipal Income Fund
NBB
$417M
$1.99M 0.06%
90,379
+25,419
+39% +$552K
2017 Q1
3 quarters
RCL icon
123
Royal Caribbean
RCL
$75.2B
$1.94M 0.06%
16,275
-594
-4% -$73.5K
2013 Q2
18 quarters
SBR icon
124
Sabine Royalty Trust
SBR
$1.06B
$1.9M 0.06%
42,630
-2,539
-6% -$108K
2016 Q1
7 quarters
EMR icon
125
Emerson Electric
EMR
$90.5B
$1.88M 0.06%
26,980
+2,718
+11% +$176K
2013 Q2
18 quarters
3 4
5
6 7

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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.