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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

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
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
RTN
176
DELISTED
Raytheon Company
RTN
$1.02M 0.03%
5,431
– –
RA
177
Brookfield Real Assets Income Fund
RA
$698M
$1.01M 0.03%
43,112
-1,843
-4% -$43.6K
CLGX
178
DELISTED
Corelogic, Inc.
CLGX
$1.01M 0.03%
21,810
-4,843
-18% -$224K
GGP
179
DELISTED
GGP Inc.
GGP
$999K 0.03%
42,731
-18,096
-30% -$403K
CHUBK
180
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
$998K 0.03%
48,462
-29,540
-38% -$625K
TD icon
181
Toronto Dominion Bank
TD
$198B
$993K 0.03%
16,950
– –
FRA icon
182
BlackRock Floating Rate Income Strategies Fund
FRA
$388M
$987K 0.03%
71,601
-5,811
-8% -$81.5K
SSP icon
183
E.W. Scripps
SSP
$296M
$970K 0.03%
62,033
-18,631
-23% -$302K
RDS.A
184
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$967K 0.03%
14,496
– –
DSE
185
DELISTED
Duff & Phelps Select MLP and Midstream Energy Fund Inc.
DSE
$967K 0.03%
16,522
+1,131
+7% +$65.2K
SAN icon
186
Banco Santander
SAN
$211B
$960K 0.03%
153,133
+2,709
+2% +$17.1K
RYAM icon
187
Rayonier Advanced Materials
RYAM
$570M
$956K 0.03%
46,706
-34
-0.1% -$571
JPM icon
188
JPMorgan Chase
JPM
$942B
$953K 0.03%
8,910
– –
AIG.WS
189
DELISTED
American International Group, Inc.
AIG.WS
$931K 0.03%
51,426
– –
ALCO icon
190
Alico
ALCO
$295M
$920K 0.03%
31,200
-987
-3% -$31.9K
PRGO icon
191
Perrigo
PRGO
$1.99B
$907K 0.03%
10,401
-206
-2% -$17.7K
TIME
192
DELISTED
Time Inc.
TIME
$902K 0.03%
48,917
-2,415
-5% -$36.1K
DLX icon
193
Deluxe
DLX
$1.08B
$899K 0.03%
11,700
– –
PCM
194
PCM Fund
PCM
$66.7M
$894K 0.03%
77,290
-41,331
-35% -$481K
ADI icon
195
Analog Devices
ADI
$181B
$891K 0.03%
10,005
-250
-2% -$22.1K
BOKF icon
196
BOK Financial
BOKF
$8.4B
$881K 0.03%
9,544
-175
-2% -$15.4K
SPGI icon
197
S&P Global
SPGI
$128B
$868K 0.03%
5,126
– –
PAG icon
198
Penske Automotive Group
PAG
$14.3B
$866K 0.03%
18,092
-444
-2% -$20.9K
BAX icon
199
Baxter International
BAX
$13.4B
$865K 0.03%
13,382
+210
+2% +$13.5K
IONS icon
200
Ionis Pharmaceuticals
IONS
$10.4B
$865K 0.03%
17,200
-200
-1% -$11K
6 7
8
9 10

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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.