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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
+4.39%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$8B
AUM Growth
+$3.92M
Cap. Flow
-$379M
Cap. Flow %
-4.74%
Top 10 Hldgs %
46.74%
Holding
554
New
21
Increased
146
Reduced
266
Closed
24

Top Buys

Rank Stock Value
1
ESI icon
Element Solutions
ESI
+$46.1M
2
LE icon
Lands' End
LE
+$38.8M
3
TPH
Tri Pointe Homes
TPH
+$33.3M
4
IEP icon
Icahn Enterprises
IEP
+$10.2M
5
BRP
BROOKFIELD RESIDENTIAL PROPERTIES INC
BRP
+$5.78M

Top Sells

Rank Stock Value
1
LVNTA
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
+$128M
2
JEF icon
Jefferies Financial Group
JEF
+$42.3M
3
SHLD
Sears Holding Corporation
SHLD
+$21.3M
4
RSE
ROUSE PPTYS INC COM (DE)
RSE
+$21.3M
5
ASCMA
Ascent Capital Group, Inc. Series A
ASCMA
+$20.7M

Sector Composition

Rank Sector Weight
1 Communication Services 25.45%
2 Consumer Discretionary 20.47%
3 Real Estate 13.74%
4 Financials 9.28%
5 Energy 9.17%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HHH icon
1
Howard Hughes
HHH
$3.94B
$847M 10.59%
5,629,978
-103,924
-2% -$14.5M
FWONA icon
2
Liberty Media Series A
FWONA
$23.4B
$619M 7.74%
25,506,331
-702,372
-3% -$16.1M
IEP icon
3
Icahn Enterprises
IEP
$5.1B
$424M 5.31%
4,256,551
+101,742
+2% +$10.2M
JAH
4
DELISTED
JARDEN CORPORATION
JAH
$316M 3.95%
7,991,078
+71,057
+0.9% +$2.71M
AN icon
5
AutoNation
AN
$7.7B
$287M 3.59%
4,809,411
-163,374
-3% -$9.04M
WEN icon
6
Wendy's
WEN
$1.46B
$272M 3.4%
31,863,115
+672,369
+2% +$5.66M
DWA
7
DELISTED
DREAMWORKS ANIMATION SKG INC CL-A
DWA
$262M 3.27%
11,248,515
+164,336
+1% +$4.29M
TPL icon
8
Texas Pacific Land
TPL
$26.9B
$245M 3.06%
13,746,375
+25,119
+0.2% +$414K
SHLD
9
DELISTED
Sears Holding Corporation
SHLD
$233M 2.91%
6,258,789
-575,809
-8% -$21.3M
STRZA
10
DELISTED
Starz - Series A
STRZA
$233M 2.91%
7,815,523
-266,217
-3% -$8.12M
BN icon
11
Brookfield
BN
$102B
$214M 2.68%
20,782,120
-452,026
-2% -$4.52M
QVCGA
12
DELISTED
QVC Group Inc Series A
QVCGA
$204M 2.55%
169,065
-2,475
-1% -$2.95M
DISH
13
DELISTED
DISH Network Corp.
DISH
$198M 2.48%
3,048,834
-116,072
-4% -$6.97M
VIAB
14
DELISTED
Viacom Inc. Class B
VIAB
$155M 1.94%
1,792,554
-61,021
-3% -$5.18M
ESI icon
15
Element Solutions
ESI
$8.48B
$155M 1.94%
5,535,819
+1,982,782
+56% +$46.1M
JEF icon
16
Jefferies Financial Group
JEF
$12.7B
$150M 1.88%
6,391,622
-1,821,209
-22% -$42.3M
LVNTA
17
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
$140M 1.76%
3,870,474
-4,067,296
-51% -$128M
LYV icon
18
Live Nation Entertainment
LYV
$42.9B
$130M 1.63%
5,277,649
+15,331
+0.3% +$345K
CBOE icon
19
Cboe Global Markets
CBOE
$32.2B
$114M 1.43%
2,320,500
-394,046
-15% -$20M
RSE
20
DELISTED
ROUSE PPTYS INC COM (DE)
RSE
$99.2M 1.24%
5,798,358
-1,270,248
-18% -$21.3M
XXV
21
CALL
DELISTED
IPATH INVERSE S&P 500 VIX SHORT-TERM FUTURES ETN
XXV
$95.3M 1.19%
+3,331,000
New +$128M
WYNN icon
22
Wynn Resorts
WYNN
$10.3B
$90M 1.13%
433,807
-15,856
-4% -$3.29M
BRP
23
DELISTED
BROOKFIELD RESIDENTIAL PROPERTIES INC
BRP
$89M 1.11%
4,290,684
+285,373
+7% +$5.78M
PPLI
24
People Inc
PPLI
$3.12B
$86.6M 1.08%
6,996,593
-238,767
-3% -$2.86M
ENOV icon
25
Enovis
ENOV
$1.74B
$84.4M 1.05%
657,604
-15,993
-2% -$2M
1
2 3 4 5

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Horizon Kinetics's Q2 2014 Portfolio in Review

As of Q2 2014, Horizon Kinetics held 554 positions worth $8B, up 0.05% from $7.99B the previous quarter. Its ten largest holdings account for 47% of the portfolio.

Horizon Kinetics withdrew a net $379M in Q2 2014, closing 24 positions and reducing 266 holdings. Its most notable exit was Tata Motors Limited, an estimated $19.2M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Lands' End worth $45.9M.

  • Horizon Kinetics's largest Q2 2014 buy was Lands' End: 1,367,129 shares worth $45.9M.
  • Horizon Kinetics added most to Element Solutions in Q2 2014, an estimated $46.1M increase.
  • Horizon Kinetics's biggest Q2 2014 reduction was Liberty Interactive Corporation Series A Liberty Ventures, cutting an estimated $128M.
  • Horizon Kinetics fully exited Tata Motors Limited in Q2 2014, selling an estimated $19.2M.
  • Horizon Kinetics's ten largest holdings make up 47% of its $8B portfolio in Q2 2014.
  • Horizon Kinetics opened 21 new positions and closed 24 in Q2 2014.
  • Horizon Kinetics's portfolio value rose 0.05% quarter-over-quarter to $8B.

Based on Horizon Kinetics's 13F filing for Q2 2014, filed 14 Aug 2014.