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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
GSK icon
201
GSK
GSK
$101B
$857K 0.03%
19,338
-1,442
-7% -$66.6K
RQI icon
202
Cohen & Steers Quality Income Realty Fund
RQI
$1.67B
$854K 0.03%
67,542
-500
-0.7% -$6.29K
GWW icon
203
W.W. Grainger
GWW
$62.2B
$847K 0.02%
3,585
-763
-18% -$158K
NBH
204
Neuberger Municipal Fund Inc
NBH
$302M
$839K 0.02%
56,725
+10,000
+21% +$151K
NSC icon
205
Norfolk Southern
NSC
$78.1B
$839K 0.02%
5,790
-74
-1% -$9.94K
VOD icon
206
Vodafone
VOD
$36.7B
$838K 0.02%
26,261
-2,736
-9% -$82K
NDAQ icon
207
Nasdaq
NDAQ
$55.5B
$831K 0.02%
32,463
-300
-0.9% -$7.57K
CELG
208
DELISTED
Celgene Corp
CELG
$825K 0.02%
7,900
-39
-0.5% -$4.4K
TFX icon
209
Teleflex
TFX
$5.84B
$814K 0.02%
3,272
-429
-12% -$108K
SLB icon
210
SLB Ltd
SLB
$81.6B
$808K 0.02%
11,990
-2,625
-18% -$170K
LORL
211
DELISTED
Loral Space and Communications, Inc.
LORL
$789K 0.02%
17,920
-141
-0.8% -$6.6K
CUB
212
DELISTED
Cubic Corporation
CUB
$785K 0.02%
13,319
-50
-0.4% -$2.81K
MCD icon
213
McDonald's
MCD
$184B
$767K 0.02%
4,457
– –
WT icon
214
WisdomTree
WT
$3.79B
$763K 0.02%
60,826
-40,250
-40% -$462K
FHI icon
215
Federated Hermes
FHI
$4.84B
$760K 0.02%
21,066
-3,008
-12% -$97.4K
WPC icon
216
W.P. Carey
WPC
$16B
$755K 0.02%
11,192
– –
MHI
217
DELISTED
Pioneer Municipal High Income Fund
MHI
$750K 0.02%
63,295
-3,275
-5% -$38.9K
SEB icon
218
Seaboard Corp
SEB
$3.78B
$749K 0.02%
170
– –
FMN
219
Federated Hermes Premier Municipal Income Fund
FMN
$86.6M
$748K 0.02%
+53,269
New +$762K
NSL
220
DELISTED
NUVEEN SENIOR INCM FD
NSL
$735K 0.02%
112,936
– –
BTZ icon
221
BlackRock Credit Allocation Income Trust
BTZ
$948M
$731K 0.02%
54,889
-906
-2% -$12.1K
NAN icon
222
Nuveen New York Quality Municipal Income Fund
NAN
$362M
$731K 0.02%
52,891
– –
SPSB icon
223
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.5B
$730K 0.02%
24,000
– –
VRSK icon
224
Verisk Analytics
VRSK
$24.9B
$730K 0.02%
7,600
– –
CSW
225
CSW Industrials
CSW
$5.19B
$728K 0.02%
15,842
– –
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.