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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
CMS icon
151
CMS Energy
CMS
$20.7B
$1.36M 0.04%
28,662
– –
2013 Q2
18 quarters
CMRE icon
152
Costamare
CMRE
$1.86B
$1.34M 0.04%
232,110
-4,168
-2% -$24.7K
2013 Q3
17 quarters
SON icon
153
Sonoco
SON
$4.75B
$1.33M 0.04%
25,100
-100
-0.4% -$5.24K
2013 Q2
18 quarters
ABT icon
154
Abbott
ABT
$176B
$1.31M 0.04%
23,028
-200
-0.9% -$11.1K
2013 Q2
18 quarters
RSP icon
155
Invesco S&P 500 Equal Weight ETF
RSP
$97.4B
$1.27M 0.04%
12,584
-38
-0.3% -$3.73K
2013 Q2
18 quarters
SD icon
156
SandRidge Energy
SD
$519M
$1.26M 0.04%
60,037
-1,883
-3% -$35.1K
2016 Q4
4 quarters
FBIN icon
157
Fortune Brands Innovations
FBIN
$4.61B
$1.26M 0.04%
21,522
-4,430
-17% -$252K
2013 Q2
18 quarters
MANT
158
DELISTED
Mantech International Corp
MANT
$1.25M 0.04%
25,000
– –
2013 Q2
18 quarters
AXP icon
159
American Express
AXP
$210B
$1.25M 0.04%
12,603
– –
2016 Q1
7 quarters
GM icon
160
General Motors
GM
$72.3B
$1.23M 0.04%
30,050
-100
-0.3% -$4.34K
2014 Q2
14 quarters
LAND icon
161
Gladstone Land Corp
LAND
$415M
$1.23M 0.04%
91,300
– –
2015 Q4
8 quarters
GHC icon
162
Graham Holdings Company
GHC
$4.99B
$1.22M 0.04%
2,189
-235
-10% -$133K
2014 Q4
12 quarters
TLI
163
DELISTED
Western Asset Corporate Loan Fund Inc.
TLI
$1.21M 0.04%
115,190
-65,592
-36% -$697K
2013 Q2
18 quarters
WBT
164
DELISTED
Welbilt, Inc.
WBT
$1.21M 0.04%
51,422
+751
+1% +$16.6K
2016 Q1
7 quarters
ALKS icon
165
Alkermes
ALKS
$6.75B
$1.2M 0.04%
22,000
– –
2013 Q2
18 quarters
GE icon
166
GE Aerospace
GE
$320B
$1.18M 0.03%
14,127
-2,927
-17% -$279K
2013 Q2
18 quarters
MKTX icon
167
MarketAxess Holdings
MKTX
$5.79B
$1.15M 0.03%
5,700
– –
2013 Q2
18 quarters
PPLI icon
168
People Inc
PPLI
$3.04B
$1.13M 0.03%
51,724
-3,005
-5% -$67.3K
2013 Q2
18 quarters
MUI icon
169
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
$1.12M 0.03%
80,327
+32,109
+67% +$451K
2013 Q2
18 quarters
SNY icon
170
Sanofi
SNY
$95.2B
$1.1M 0.03%
25,697
– –
2013 Q2
18 quarters
FTV icon
171
Fortive
FTV
$17.3B
$1.09M 0.03%
23,839
-980
-4% -$44.9K
2016 Q3
5 quarters
AZN icon
172
AstraZeneca
AZN
$246B
$1.08M 0.03%
15,542
-81
-0.5% -$5.46K
2013 Q2
18 quarters
FLO icon
173
Flowers Foods
FLO
$1.28B
$1.06M 0.03%
54,751
+100
+0.2% +$1.92K
2013 Q2
18 quarters
NZF icon
174
Nuveen Municipal Credit Income Fund
NZF
$2.14B
$1.04M 0.03%
68,180
-1,200
-2% -$18.2K
2016 Q1
7 quarters
QSR icon
175
Restaurant Brands International
QSR
$24.8B
$1.03M 0.03%
16,749
+461
+3% +$29.6K
2014 Q4
12 quarters
5 6
7
8 9

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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.