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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
+2.59%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$7.4B
AUM Growth
-$352M
Cap. Flow
-$345M
Cap. Flow %
-4.65%
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35

Top Buys

Rank Stock Value
1
LBRDK
Liberty Broadband Class C
LBRDK
+$109M
2
LBRDA
Liberty Broadband Class A
LBRDA
+$52.3M
3
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$44.1M
4
SRSC
SEARS Canada Inc.
SRSC
+$25.9M
5
RGLD icon
Royal Gold
RGLD
+$23.1M

Top Sells

Rank Stock Value
1
FWONK icon
Liberty Media Series C
FWONK
+$125M
2
FWONA icon
Liberty Media Series A
FWONA
+$65.8M
3
JEF icon
Jefferies Financial Group
JEF
+$43.5M
4
QVCGA
QVC Group Inc Series A
QVCGA
+$41.3M
5
SHLD
Sears Holding Corporation
SHLD
+$31M

Sector Composition

Rank Sector Weight
1 Communication Services 25.89%
2 Consumer Discretionary 22.64%
3 Real Estate 11.62%
4 Financials 9.96%
5 Energy 9.22%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PHD
201
DELISTED
Pioneer Floating Rate Fund
PHD
$1.3M 0.02%
114,509
-9,388
-8% -$107K
ADM icon
202
Archer Daniels Midland
ADM
$41.7B
$1.28M 0.02%
24,552
+220
+0.9% +$11K
SHPG
203
DELISTED
Shire pic
SHPG
$1.27M 0.02%
6,000
– –
EMR icon
204
Emerson Electric
EMR
$82B
$1.27M 0.02%
20,641
+15
+0.1% +$940
OPK icon
205
Opko Health
OPK
$1.17B
$1.26M 0.02%
125,752
-13,183
-9% -$113K
EPD icon
206
Enterprise Products Partners
EPD
$83.8B
$1.24M 0.02%
34,339
-100
-0.3% -$3.7K
PTR
207
DELISTED
PETROCHINA COMPANY LIMITED ADS (REP 100 H SHARES)
PTR
$1.23M 0.02%
11,096
+150
+1% +$17.4K
CSCO icon
208
Cisco
CSCO
$434B
$1.23M 0.02%
44,079
-221
-0.5% -$5.71K
DDC
209
DELISTED
Dominion Diamond Corporation
DDC
$1.22M 0.02%
68,053
-4,838
-7% -$75K
SON icon
210
Sonoco
SON
$4.77B
$1.2M 0.02%
27,450
– –
SNY icon
211
Sanofi
SNY
$102B
$1.2M 0.02%
26,295
+295
+1% +$14.3K
EFT
212
Eaton Vance Floating-Rate Income Trust
EFT
$278M
$1.18M 0.02%
84,821
-12,467
-13% -$176K
EGBN icon
213
Eagle Bancorp
EGBN
$862M
$1.18M 0.02%
+33,160
New +$1.14M
HON icon
214
Honeywell
HON
$64.5B
$1.16M 0.02%
12,932
-111
-0.9% -$9.55K
BG icon
215
Bunge Global
BG
$23.4B
$1.15M 0.02%
12,690
– –
MZF
216
DELISTED
Managed Duration Inv Grd Muni Fd
MZF
$1.15M 0.02%
84,917
-12,300
-13% -$167K
PG icon
217
Procter & Gamble
PG
$341B
$1.14M 0.02%
12,542
+315
+3% +$27.7K
PNF
218
DELISTED
PIMCO New York Municipal Income Fund
PNF
$1.11M 0.02%
96,807
-11,169
-10% -$130K
NDAQ icon
219
Nasdaq
NDAQ
$49.9B
$1.11M 0.01%
69,255
– –
SEE
220
DELISTED
Sealed Air
SEE
$1.1M 0.01%
25,975
-100
-0.4% -$3.76K
KLAC icon
221
KLA
KLAC
$220B
$1.09M 0.01%
154,500
– –
FLO icon
222
Flowers Foods
FLO
$1.3B
$1.08M 0.01%
56,101
-50
-0.1% -$945
CLGX
223
DELISTED
Corelogic, Inc.
CLGX
$1.07M 0.01%
33,795
-217
-0.6% -$6.62K
QQQ icon
224
Invesco QQQ Trust
QQQ
$474B
$1.06M 0.01%
+10,225
New +$1.03M
IONS icon
225
Ionis Pharmaceuticals
IONS
$7.85B
$1.05M 0.01%
17,000
– –
7 8
9
10 11

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AC
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Horizon Kinetics's Q4 2014 Portfolio in Review

As of Q4 2014, Horizon Kinetics held 554 positions worth $7.4B, down 4.5% from $7.76B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Horizon Kinetics withdrew a net $345M in Q4 2014, closing 35 positions and reducing 296 holdings. Its most notable exit was BURGER KING WORLDWIDE, an estimated $13.8M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 26% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Liberty Broadband Class C worth $111M.

  • Horizon Kinetics's largest Q4 2014 buy was Liberty Broadband Class C: 2,222,661 shares worth $111M.
  • Horizon Kinetics added most to Liberty Interactive Corporation Series A Liberty Ventures in Q4 2014, an estimated $44.1M increase.
  • Horizon Kinetics's biggest Q4 2014 reduction was Liberty Media Series C, cutting an estimated $125M.
  • Horizon Kinetics fully exited BURGER KING WORLDWIDE in Q4 2014, selling an estimated $13.8M.
  • Horizon Kinetics's ten largest holdings make up 43% of its $7.4B portfolio in Q4 2014.
  • Horizon Kinetics opened 37 new positions and closed 35 in Q4 2014.
  • Horizon Kinetics's portfolio value fell 4.5% quarter-over-quarter to $7.4B.

Based on Horizon Kinetics's 13F filing for Q4 2014, filed 17 Feb 2015.