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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
BP icon
126
BP
BP
$125B
$1.46M 0.05%
39,779
-1,715
-4% -$68.5K
2013 Q2
22 quarters
NAD icon
127
Nuveen Quality Municipal Income Fund
NAD
$2.4B
$1.41M 0.05%
112,236
– –
2013 Q2
22 quarters
CAT icon
128
Caterpillar
CAT
$355B
$1.4M 0.05%
10,976
+371
+3% +$48.3K
2013 Q2
22 quarters
EMR icon
129
Emerson Electric
EMR
$91.2B
$1.38M 0.04%
23,022
-2,671
-10% -$180K
2013 Q2
22 quarters
BIIB icon
130
Biogen
BIIB
$33.8B
$1.34M 0.04%
4,450
-75
-2% -$23.9K
2013 Q2
22 quarters
MOV icon
131
Movado Group
MOV
$721M
$1.33M 0.04%
42,013
-261
-0.6% -$9.63K
2013 Q2
22 quarters
BAF
132
DELISTED
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST
BAF
$1.31M 0.04%
+100,101
New +$1.28M
2018 Q4
0 quarters
MANT
133
DELISTED
Mantech International Corp
MANT
$1.31M 0.04%
25,000
– –
2013 Q2
22 quarters
SON icon
134
Sonoco
SON
$4.82B
$1.3M 0.04%
24,450
-400
-2% -$21.9K
2013 Q2
22 quarters
NWL icon
135
Newell Brands
NWL
$2.38B
$1.28M 0.04%
69,077
-20,007
-22% -$398K
2016 Q2
10 quarters
BAC icon
136
Bank of America
BAC
$377B
$1.28M 0.04%
52,070
+562
+1% +$15.2K
2013 Q2
22 quarters
SBR icon
137
Sabine Royalty Trust
SBR
$1.08B
$1.28M 0.04%
34,410
-6,885
-17% -$262K
2016 Q1
11 quarters
CMS icon
138
CMS Energy
CMS
$20.8B
$1.28M 0.04%
25,786
+833
+3% +$42.1K
2013 Q2
22 quarters
CNP icon
139
CenterPoint Energy
CNP
$25.9B
$1.28M 0.04%
45,206
+833
+2% +$23.2K
2013 Q2
22 quarters
MUE icon
140
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
$1.26M 0.04%
109,746
+214
+0.2% +$2.49K
2018 Q1
3 quarters
NMRK icon
141
Newmark Group
NMRK
$2.12B
$1.26M 0.04%
+156,922
New +$1.49M
2018 Q4
0 quarters
MGM icon
142
MGM Resorts International
MGM
$7.4B
$1.26M 0.04%
51,750
-6,250
-11% -$163K
2013 Q2
22 quarters
FNF icon
143
Fidelity National Financial
FNF
$10.5B
$1.23M 0.04%
40,736
-208
-0.5% -$6.71K
2013 Q2
22 quarters
SEE icon
144
DELISTED
Sealed Air
SEE
$1.23M 0.04%
35,250
+3,430
+11% +$120K
2013 Q2
22 quarters
PPLI icon
145
People Inc
PPLI
$3.04B
$1.22M 0.04%
37,321
-2,350
-6% -$78.9K
2013 Q2
22 quarters
KLAC icon
146
KLA
KLAC
$240B
$1.21M 0.04%
135,500
+1,000
+0.7% +$9.31K
2013 Q2
22 quarters
MDLZ icon
147
Mondelez International
MDLZ
$78.5B
$1.17M 0.04%
29,216
-391
-1% -$16.7K
2013 Q2
22 quarters
FCX icon
148
Freeport-McMoran
FCX
$104B
$1.14M 0.04%
110,318
-14,357
-12% -$167K
2013 Q3
21 quarters
TYG icon
149
Tortoise Energy Infrastructure Corp
TYG
$1.03B
$1.12M 0.04%
14,118
-6,770
-32% -$640K
2016 Q2
10 quarters
AXP icon
150
American Express
AXP
$209B
$1.11M 0.04%
11,603
-125
-1% -$13.1K
2016 Q1
11 quarters
4 5
6
7 8

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AC
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OA
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TGA
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PWM
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APFBOT
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RCM
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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.