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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
-$345M
Cap. Flow %
-4.65%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA
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 25.89%
2 Consumer Discretionary 22.64%
3 Real Estate 11.62%
4 Financials 9.96%
5 Energy 9.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BX icon
126
Blackstone
BX
$94.9B
$3.51M 0.05%
105,795
-19,928
-16% -$624K
DHR icon
127
Danaher
DHR
$147B
$3.5M 0.05%
60,751
+3,660
+6% +$199K
FRA icon
128
BlackRock Floating Rate Income Strategies Fund
FRA
$377M
$3.49M 0.05%
260,825
-15,403
-6% -$209K
DIS icon
129
Walt Disney
DIS
$183B
$3.38M 0.05%
35,939
+809
+2% +$72.9K
PBH icon
130
Prestige Consumer Healthcare
PBH
$2.22B
$3.38M 0.05%
97,227
-3,624
-4% -$120K
ACP
131
abrdn Income Credit Strategies Fund
ACP
$576M
$3.37M 0.05%
230,051
-3,164
-1% -$49K
JNJ icon
132
Johnson & Johnson
JNJ
$642B
$3.28M 0.04%
31,382
+64
+0.2% +$6.74K
WPX
133
DELISTED
WPX Energy, Inc.
WPX
$3.2M 0.04%
275,068
-87,943
-24% -$1.4M
HSNI
134
DELISTED
HSN, Inc.
HSNI
$3.16M 0.04%
41,548
-10,885
-21% -$754K
VTA
135
DELISTED
INVESCO DYNAMIC CREDIT OPPORTUNITIES FUND
VTA
$3.15M 0.04%
265,862
-12,657
-5% -$150K
ACG
136
DELISTED
AllianceBernstein Income Fund Inc
ACG
$3.11M 0.04%
416,100
-549,443
-57% -$4.14M
CACI icon
137
CACI
CACI
$14.1B
$3.1M 0.04%
36,000
– –
PLL
138
DELISTED
PALL CORP
PLL
$3.03M 0.04%
29,900
-650
-2% -$59.9K
BGT icon
139
BlackRock Floating Rate Income Trust
BGT
$321M
$2.98M 0.04%
231,936
-8,058
-3% -$106K
BIIB icon
140
Biogen
BIIB
$31.9B
$2.89M 0.04%
8,517
+49
+0.6% +$15.9K
SSP icon
141
E.W. Scripps
SSP
$297M
$2.89M 0.04%
145,579
-206
-0.1% -$3.5K
CVC
142
DELISTED
CABLEVISION SYS CP NY GRP CL-A
CVC
$2.86M 0.04%
138,498
-5,379
-4% -$103K
NVS icon
143
Novartis
NVS
$264B
$2.72M 0.04%
32,774
-64
-0.2% -$5.3K
BOKF icon
144
BOK Financial
BOKF
$8.24B
$2.69M 0.04%
44,881
-12,681
-22% -$819K
MRK icon
145
Merck
MRK
$355B
$2.66M 0.04%
49,047
-21
-0% -$1.17K
NSL
146
DELISTED
NUVEEN SENIOR INCM FD
NSL
$2.65M 0.04%
405,231
-18,970
-4% -$126K
MTB icon
147
M&T Bank
MTB
$33.9B
$2.64M 0.04%
20,995
-48
-0.2% -$5.89K
DORM icon
148
Dorman Products
DORM
$3.7B
$2.61M 0.04%
54,112
-2,826
-5% -$131K
BTZ icon
149
BlackRock Credit Allocation Income Trust
BTZ
$899M
$2.53M 0.03%
196,054
-13,244
-6% -$177K
PM icon
150
Philip Morris
PM
$303B
$2.5M 0.03%
30,759
-1,844
-6% -$158K
4 5
6
7 8

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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 $345M 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 26% of assets, down from 27% 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.