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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

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
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
DISCK
101
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$2.5M 0.07%
117,868
-171
-0.1% -$3.15K
AAPL icon
102
Apple
AAPL
$4.59T
$2.44M 0.07%
57,608
+5,140
+10% +$215K
EBAY icon
103
eBay
EBAY
$45.5B
$2.43M 0.07%
64,278
-786
-1% -$29.2K
BA icon
104
Boeing
BA
$166B
$2.42M 0.07%
8,224
– –
SU icon
105
Suncor Energy
SU
$77.7B
$2.38M 0.07%
64,826
-690
-1% -$24K
MO icon
106
Altria Group
MO
$113B
$2.36M 0.07%
33,042
-5
-0% -$335
FCX icon
107
Freeport-McMoran
FCX
$113B
$2.34M 0.07%
123,380
-4,750
-4% -$71.7K
PEP icon
108
PepsiCo
PEP
$191B
$2.33M 0.07%
19,422
– –
GDL
109
GDL Fund
GDL
$91.6M
$2.28M 0.07%
233,935
-119,277
-34% -$1.19M
TWX
110
DELISTED
Time Warner Inc
TWX
$2.25M 0.07%
24,581
-36,303
-60% -$3.43M
MGM icon
111
MGM Resorts International
MGM
$10.8B
$2.23M 0.07%
66,950
-2,300
-3% -$74.1K
NVS icon
112
Novartis
NVS
$294B
$2.22M 0.07%
29,563
-56
-0.2% -$4.22K
LHX icon
113
L3Harris
LHX
$48.8B
$2.21M 0.06%
15,614
-549
-3% -$76.6K
CCL icon
114
Carnival Corporation Ltd
CCL
$34.2B
$2.18M 0.06%
32,876
-481
-1% -$31.9K
DORM icon
115
Dorman Products
DORM
$3.8B
$2.13M 0.06%
34,906
-900
-3% -$61K
LLY icon
116
Eli Lilly
LLY
$1.05T
$2.12M 0.06%
25,082
– –
ARII
117
DELISTED
American Railcar Industries, Inc.
ARII
$2.09M 0.06%
50,140
-1,312
-3% -$51.7K
BATRA icon
118
Atlanta Braves Holdings Series A
BATRA
$3.58B
$2.05M 0.06%
92,945
-47,184
-34% -$1.1M
CSCO icon
119
Cisco
CSCO
$442B
$2.03M 0.06%
53,100
– –
MTB icon
120
M&T Bank
MTB
$34.5B
$2M 0.06%
11,675
-47
-0.4% -$7.8K
DHR icon
121
Danaher
DHR
$152B
$2M 0.06%
24,238
-8,370
-26% -$681K
NBB icon
122
Nuveen Taxable Municipal Income Fund
NBB
$453M
$1.99M 0.06%
90,379
+25,419
+39% +$552K
RCL icon
123
Royal Caribbean
RCL
$76.2B
$1.94M 0.06%
16,275
-594
-4% -$73.5K
SBR
124
Sabine Royalty Trust
SBR
$1.08B
$1.9M 0.06%
42,630
-2,539
-6% -$108K
EMR icon
125
Emerson Electric
EMR
$88B
$1.88M 0.06%
26,980
+2,718
+11% +$176K
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.