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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

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
Liberty Broadband Class C
LBRDK
+$12.3M
5
LSXMK
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
NRK icon
176
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$892M
$850K 0.03%
72,999
– –
CVI icon
177
CVR Energy
CVI
$4.2B
$845K 0.03%
24,502
-980
-4% -$37.3K
RSP icon
178
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$844K 0.03%
9,232
-1,998
-18% -$198K
FTV icon
179
Fortive
FTV
$18B
$838K 0.03%
19,651
-206
-1% -$9.68K
BTT icon
180
BlackRock Municipal 2030 Target Term Trust
BTT
$1.44B
$835K 0.03%
40,730
– –
GWW icon
181
W.W. Grainger
GWW
$61.5B
$830K 0.03%
2,942
-12
-0.4% -$3.57K
FRA icon
182
BlackRock Floating Rate Income Strategies Fund
FRA
$392M
$814K 0.03%
68,428
-1,185
-2% -$15.3K
MCD icon
183
McDonald's
MCD
$188B
$810K 0.03%
4,562
+105
+2% +$18.6K
KHC icon
184
Kraft Heinz
KHC
$30.5B
$796K 0.03%
18,487
-5,215
-22% -$270K
JEF icon
185
Jefferies Financial Group
JEF
$12.2B
$786K 0.03%
50,574
+379
+0.8% +$6.94K
DIS icon
186
Walt Disney
DIS
$187B
$781K 0.03%
7,126
+126
+2% +$14.3K
WPC icon
187
W.P. Carey
WPC
$16.1B
$769K 0.03%
12,009
– –
CSW
188
CSW Industrials
CSW
$5.19B
$766K 0.03%
15,838
-604
-4% -$30K
VRSK icon
189
Verisk Analytics
VRSK
$25B
$763K 0.02%
7,000
-600
-8% -$70.1K
BAX icon
190
Baxter International
BAX
$13.5B
$762K 0.02%
11,583
-850
-7% -$57.1K
RTN
191
DELISTED
Raytheon Company
RTN
$752K 0.02%
4,902
+156
+3% +$27.9K
RDS.A
192
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$751K 0.02%
12,889
+102
+0.8% +$6.33K
AKBA icon
193
Akebia Therapeutics
AKBA
$243M
$749K 0.02%
135,517
+83,841
+162% +$656K
ADI icon
194
Analog Devices
ADI
$175B
$736K 0.02%
8,580
-400
-4% -$34.6K
NSC icon
195
Norfolk Southern
NSC
$78.3B
$734K 0.02%
4,907
-287
-6% -$47.2K
SPSB icon
196
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.5B
$723K 0.02%
24,000
– –
MHI
197
DELISTED
Pioneer Municipal High Income Fund
MHI
$716K 0.02%
65,302
-10,126
-13% -$110K
CLGX
198
DELISTED
Corelogic, Inc.
CLGX
$713K 0.02%
21,339
-134
-0.6% -$5.44K
CMCSA icon
199
Comcast
CMCSA
$96B
$709K 0.02%
20,812
-1,193
-5% -$43.6K
TFX icon
200
Teleflex
TFX
$5.92B
$701K 0.02%
2,713
+6
+0.2% +$1.52K
6 7
8
9 10

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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.