HK

Horizon Kinetics Portfolio holdings

AUM $3.06B Turnover 11.22%
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
3.3 years
Top 10 Avg Time Held
1.9 years
Top 20 Avg Time Held
2.3 years

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
RTN
176
DELISTED
Raytheon Company
RTN
$1.02M 0.03%
5,431
– –
2013 Q2
18 quarters
RA icon
177
Brookfield Real Assets Income Fund
RA
$633M
$1.01M 0.03%
43,112
-1,843
-4% -$43.6K
2016 Q4
4 quarters
CLGX
178
DELISTED
Corelogic, Inc.
CLGX
$1.01M 0.03%
21,810
-4,843
-18% -$224K
2013 Q2
18 quarters
GGP
179
DELISTED
GGP Inc.
GGP
$999K 0.03%
42,731
-18,096
-30% -$403K
2013 Q2
18 quarters
CHUBK
180
DELISTED
CommerceHub, Inc. Series C Common Stock
CHUBK
$998K 0.03%
48,462
-29,540
-38% -$625K
2016 Q3
5 quarters
TD icon
181
Toronto Dominion Bank
TD
$192B
$993K 0.03%
16,950
– –
2017 Q2
2 quarters
FRA icon
182
BlackRock Floating Rate Income Strategies Fund
FRA
$360M
$987K 0.03%
71,601
-5,811
-8% -$81.5K
2013 Q2
18 quarters
SSP icon
183
E.W. Scripps
SSP
$253M
$970K 0.03%
62,033
-18,631
-23% -$302K
2013 Q2
18 quarters
RDS.A
184
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$967K 0.03%
14,496
– –
2013 Q2
18 quarters
DSE
185
DELISTED
Duff & Phelps Select MLP and Midstream Energy Fund Inc.
DSE
$967K 0.03%
16,522
+1,131
+7% +$65.2K
2016 Q1
7 quarters
SAN icon
186
Banco Santander
SAN
$194B
$960K 0.03%
153,133
+2,709
+2% +$17.1K
2013 Q2
18 quarters
RYAM icon
187
Rayonier Advanced Materials
RYAM
$471M
$956K 0.03%
46,706
-34
-0.1% -$571
2015 Q1
11 quarters
JPM icon
188
JPMorgan Chase
JPM
$889B
$953K 0.03%
8,910
– –
2016 Q1
7 quarters
AIG.WS icon
189
DELISTED
American International Group, Inc.
AIG.WS
$931K 0.03%
51,426
– –
2013 Q2
18 quarters
ALCO icon
190
Alico
ALCO
$283M
$920K 0.03%
31,200
-987
-3% -$31.9K
2017 Q2
2 quarters
PRGO icon
191
Perrigo
PRGO
$2.21B
$907K 0.03%
10,401
-206
-2% -$17.7K
2016 Q2
6 quarters
TIME icon
192
DELISTED
Time Inc.
TIME
$902K 0.03%
48,917
-2,415
-5% -$36.1K
2014 Q2
14 quarters
DLX icon
193
Deluxe
DLX
$1.03B
$899K 0.03%
11,700
– –
2013 Q2
18 quarters
PCM icon
194
PCM Fund
PCM
$60.5M
$894K 0.03%
77,290
-41,331
-35% -$481K
2013 Q2
18 quarters
ADI icon
195
Analog Devices
ADI
$197B
$891K 0.03%
10,005
-250
-2% -$22.1K
2013 Q2
18 quarters
BOKF icon
196
BOK Financial
BOKF
$7.47B
$881K 0.03%
9,544
-175
-2% -$15.4K
2013 Q2
18 quarters
SPGI icon
197
S&P Global
SPGI
$120B
$868K 0.03%
5,126
– –
2016 Q2
6 quarters
PAG icon
198
Penske Automotive Group
PAG
$12.8B
$866K 0.03%
18,092
-444
-2% -$20.9K
2013 Q2
18 quarters
BAX icon
199
Baxter International
BAX
$12.8B
$865K 0.03%
13,382
+210
+2% +$13.5K
2013 Q2
18 quarters
IONS icon
200
Ionis Pharmaceuticals
IONS
$7.08B
$865K 0.03%
17,200
-200
-1% -$11K
2013 Q2
18 quarters
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.