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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
+2.05%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.99B
AUM Growth
+$70.2M
Cap. Flow
-$281M
Cap. Flow %
-3.52%
Top 10 Hldgs %
46.14%
Holding
560
New
27
Increased
223
Reduced
183
Closed
26

Top Buys

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$123M
2
ESI icon
Element Solutions
ESI
+$64.4M
3
WEN icon
Wendy's
WEN
+$43.8M
4
SHLD
Sears Holding Corporation
SHLD
+$43.3M
5
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$17.4M

Top Sells

Rank Stock Value
1
MA icon
Mastercard
MA
+$242M
2
JEF icon
Jefferies Financial Group
JEF
+$45.7M
3
AN icon
AutoNation
AN
+$32.5M
4
FDO
FAMILY DOLLAR STORES
FDO
+$24.4M
5
FCE.A
Forest City Realty Trust, Inc.
FCE.A
+$24.4M

Sector Composition

Rank Sector Weight
1 Communication Services 25.97%
2 Consumer Discretionary 21.04%
3 Real Estate 13.27%
4 Financials 12.47%
5 Energy 9.42%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VHI icon
151
Valhi
VHI
$507M
$2.11M 0.03%
19,922
-8,144
-29% -$1.22M
MAR icon
152
Marriott International
MAR
$88.1B
$2.07M 0.03%
36,958
+5,450
+17% +$282K
APO icon
153
Apollo Global Management
APO
$75.2B
$2.06M 0.03%
64,868
+15,237
+31% +$497K
PFE icon
154
Pfizer
PFE
$157B
$2.02M 0.03%
66,249
+1,317
+2% +$39.3K
EVF
155
Eaton Vance Senior Income Trust
EVF
$88.5M
$1.97M 0.02%
285,117
-635
-0.2% -$4.45K
JRO
156
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
$1.93M 0.02%
158,339
-437
-0.3% -$5.3K
MUX icon
157
McEwen Inc
MUX
$1.13B
$1.92M 0.02%
80,841
-18,163
-18% -$489K
NPT
158
DELISTED
NUVEEN PREM INSD MUNI FD-4 INC
NPT
$1.9M 0.02%
152,885
-1,805
-1% -$22.2K
BOND icon
159
PIMCO Active Bond Exchange-Traded Fund
BOND
$8.53B
$1.88M 0.02%
17,650
-1,565
-8% -$166K
MDLZ icon
160
Mondelez International
MDLZ
$79.3B
$1.88M 0.02%
54,491
+149
+0.3% +$5.09K
CCL icon
161
Carnival Corporation Ltd
CCL
$30.4B
$1.86M 0.02%
49,214
+6,038
+14% +$239K
WFC.PRL icon
162
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.39B
$1.86M 0.02%
1,586
-34
-2% -$39.5K
ABBV icon
163
AbbVie
ABBV
$464B
$1.84M 0.02%
35,882
+597
+2% +$30.2K
NPM
164
DELISTED
NUVEEN PREMIUM INCM MUNI FD II
NPM
$1.84M 0.02%
137,497
– –
BRW
165
Saba Capital Income & Opportunities Fund
BRW
$320M
$1.83M 0.02%
157,947
-783
-0.5% -$9.15K
LLY icon
166
Eli Lilly
LLY
$1.02T
$1.81M 0.02%
30,797
+137
+0.4% +$7.65K
SUN icon
167
Sunoco
SUN
$15.1B
$1.79M 0.02%
50,968
-6,958
-12% -$242K
GE icon
168
GE Aerospace
GE
$320B
$1.76M 0.02%
14,187
+273
+2% +$33.7K
CBST
169
DELISTED
CUBIST PHARMACEUTICALS INC
CBST
$1.76M 0.02%
24,000
– –
BWP
170
DELISTED
Boardwalk Pipeline Partners
BWP
$1.75M 0.02%
130,655
+34,281
+36% +$615K
CMRE icon
171
Costamare
CMRE
$1.82B
$1.75M 0.02%
81,226
+4,283
+6% +$84.3K
JFR icon
172
Nuveen Floating Rate Income Fund
JFR
$1.2B
$1.72M 0.02%
143,893
-1,250
-0.9% -$15.1K
NNP
173
DELISTED
NUVEEN NY PERF PLUS MUNI FD
NNP
$1.69M 0.02%
121,079
– –
BP icon
174
BP
BP
$121B
$1.66M 0.02%
42,278
-973
-2% -$38.4K
OIA icon
175
Invesco Municipal Income Opportunities Trust
OIA
$273M
$1.65M 0.02%
250,637
-403
-0.2% -$2.62K
5 6
7
8 9

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Horizon Kinetics's Q1 2014 Portfolio in Review

As of Q1 2014, Horizon Kinetics held 560 positions worth $7.99B, up 0.89% from $7.92B the previous quarter. Its ten largest holdings account for 46% of the portfolio.

Horizon Kinetics withdrew a net $281M in Q1 2014, closing 26 positions and reducing 183 holdings. Its most notable exit was IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN, an estimated $14.4M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Element Solutions worth $67.7M.

  • Horizon Kinetics's largest Q1 2014 buy was Element Solutions: 3,553,037 shares worth $67.7M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q1 2014, an estimated $123M increase.
  • Horizon Kinetics's biggest Q1 2014 reduction was Mastercard, cutting an estimated $242M.
  • Horizon Kinetics fully exited IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN in Q1 2014, selling an estimated $14.4M.
  • Horizon Kinetics's ten largest holdings make up 46% of its $7.99B portfolio in Q1 2014.
  • Horizon Kinetics opened 27 new positions and closed 26 in Q1 2014.
  • Horizon Kinetics's portfolio value rose 0.89% quarter-over-quarter to $7.99B.

Based on Horizon Kinetics's 13F filing for Q1 2014, filed 14 May 2014.