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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
Avg Time Held
13.4 quarters
Top 10 Avg Time Held
7.4 quarters
Top 20 Avg Time Held
9.2 quarters

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
GSK icon
201
GSK
GSK
$94B
$857K 0.03%
19,338
-1,442
-7% -$66.6K
2013 Q2
18 quarters
RQI icon
202
Cohen & Steers Quality Income Realty Fund
RQI
$1.51B
$854K 0.03%
67,542
-500
-0.7% -$6.29K
2013 Q2
18 quarters
GWW icon
203
W.W. Grainger
GWW
$61.5B
$847K 0.02%
3,585
-763
-18% -$158K
2013 Q3
17 quarters
NBH icon
204
Neuberger Municipal Fund Inc
NBH
$260M
$839K 0.02%
56,725
+10,000
+21% +$151K
2013 Q2
18 quarters
NSC icon
205
Norfolk Southern
NSC
$71.7B
$839K 0.02%
5,790
-74
-1% -$9.94K
2013 Q2
18 quarters
VOD icon
206
Vodafone
VOD
$35.7B
$838K 0.02%
26,261
-2,736
-9% -$82K
2013 Q2
18 quarters
NDAQ icon
207
Nasdaq
NDAQ
$52.7B
$831K 0.02%
32,463
-300
-0.9% -$7.57K
2013 Q2
18 quarters
CELG
208
DELISTED
Celgene Corp
CELG
$825K 0.02%
7,900
-39
-0.5% -$4.4K
2015 Q1
11 quarters
TFX icon
209
Teleflex
TFX
$5.33B
$814K 0.02%
3,272
-429
-12% -$108K
2013 Q2
18 quarters
SLB icon
210
SLB Ltd
SLB
$72.4B
$808K 0.02%
11,990
-2,625
-18% -$170K
2013 Q2
18 quarters
LORL
211
DELISTED
Loral Space and Communications, Inc.
LORL
$789K 0.02%
17,920
-141
-0.8% -$6.6K
2013 Q2
18 quarters
CUB icon
212
DELISTED
Cubic Corporation
CUB
$785K 0.02%
13,319
-50
-0.4% -$2.81K
2013 Q2
18 quarters
MCD icon
213
McDonald's
MCD
$167B
$767K 0.02%
4,457
– –
2013 Q2
18 quarters
WT icon
214
WisdomTree
WT
$3.37B
$763K 0.02%
60,826
-40,250
-40% -$462K
2013 Q2
18 quarters
FHI icon
215
Federated Hermes
FHI
$4.18B
$760K 0.02%
21,066
-3,008
-12% -$97.4K
2013 Q2
18 quarters
WPC icon
216
W.P. Carey
WPC
$14.6B
$755K 0.02%
11,192
– –
2014 Q1
15 quarters
MHI
217
DELISTED
Pioneer Municipal High Income Fund
MHI
$750K 0.02%
63,295
-3,275
-5% -$38.9K
2017 Q1
3 quarters
SEB icon
218
Seaboard Corp
SEB
$3.8B
$749K 0.02%
170
– –
2013 Q2
18 quarters
FMN icon
219
Federated Hermes Premier Municipal Income Fund
FMN
$78M
$748K 0.02%
+53,269
New +$762K
2017 Q4
0 quarters
NSL
220
DELISTED
NUVEEN SENIOR INCM FD
NSL
$735K 0.02%
112,936
– –
2013 Q2
18 quarters
BTZ icon
221
BlackRock Credit Allocation Income Trust
BTZ
$874M
$731K 0.02%
54,889
-906
-2% -$12.1K
2013 Q2
18 quarters
NAN icon
222
Nuveen New York Quality Municipal Income Fund
NAN
$321M
$731K 0.02%
52,891
– –
2015 Q1
11 quarters
SPSB icon
223
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$11.2B
$730K 0.02%
24,000
– –
2013 Q2
18 quarters
VRSK icon
224
Verisk Analytics
VRSK
$23.1B
$730K 0.02%
7,600
– –
2013 Q2
18 quarters
CSW icon
225
CSW Industrials
CSW
$4.71B
$728K 0.02%
15,842
– –
2015 Q4
8 quarters
7 8
9
10 11

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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.