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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
NBH
201
Neuberger Municipal Fund Inc
NBH
$304M
$699K 0.02%
55,243
-22,560
-29% -$290K
PAG icon
202
Penske Automotive Group
PAG
$14.2B
$699K 0.02%
17,333
+246
+1% +$10.6K
CABO icon
203
Cable One
CABO
$145M
$690K 0.02%
842
-988
-54% -$855K
RQI icon
204
Cohen & Steers Quality Income Realty Fund
RQI
$1.66B
$689K 0.02%
66,542
-1,500
-2% -$17.1K
NGD
205
CALL
DELISTED
New Gold Inc
NGD
$682K 0.02%
273,100
– –
WBT
206
DELISTED
Welbilt, Inc.
WBT
$669K 0.02%
60,173
+8,095
+16% +$125K
SAN icon
207
Banco Santander
SAN
$213B
$663K 0.02%
154,344
+1,617
+1% +$7.33K
IONS icon
208
Ionis Pharmaceuticals
IONS
$10.1B
$660K 0.02%
12,200
– –
IQI icon
209
Invesco Quality Municipal Securities
IQI
$538M
$653K 0.02%
58,191
– –
NAN icon
210
Nuveen New York Quality Municipal Income Fund
NAN
$360M
$648K 0.02%
52,891
– –
KMF
211
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$643K 0.02%
66,601
-23,965
-26% -$267K
CUB
212
DELISTED
Cubic Corporation
CUB
$636K 0.02%
11,827
-300
-2% -$18.9K
FBIN icon
213
Fortune Brands Innovations
FBIN
$5.43B
$629K 0.02%
19,378
-1,173
-6% -$44.3K
QSR icon
214
Restaurant Brands International
QSR
$27.3B
$629K 0.02%
12,025
-1,065
-8% -$59.1K
SLB icon
215
SLB Ltd
SLB
$85.1B
$625K 0.02%
17,324
+5,240
+43% +$259K
GLRE icon
216
Greenlight Captial
GLRE
$502M
$624K 0.02%
72,451
-30,607
-30% -$334K
IFF icon
217
International Flavors & Fragrances
IFF
$22.4B
$624K 0.02%
4,650
– –
RVT icon
218
Royce Value Trust
RVT
$2.31B
$624K 0.02%
52,893
-43,087
-45% -$596K
BELFB
219
Bel Fuse Inc Class B
BELFB
$3.59B
$621K 0.02%
33,718
– –
ALKS icon
220
Alkermes
ALKS
$7.95B
$620K 0.02%
21,000
– –
SPGI icon
221
S&P Global
SPGI
$131B
$608K 0.02%
3,576
+300
+9% +$53.7K
NSL
222
DELISTED
NUVEEN SENIOR INCM FD
NSL
$605K 0.02%
110,034
– –
BR icon
223
Broadridge
BR
$20.9B
$597K 0.02%
6,207
– –
PARR icon
224
Par Pacific Holdings
PARR
$3.95B
$597K 0.02%
42,123
-15,332
-27% -$261K
BTZ icon
225
BlackRock Credit Allocation Income Trust
BTZ
$946M
$591K 0.02%
52,822
– –
7 8
9
10 11

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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.