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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
(-4.5%)
Cap. Flow
-$282M
Cap. Flow
% of AUM
-3.81%
Top 10 Holdings %
Top 10 Hldgs %
42.91%
Holding
554
New
37
Increased
108
Reduced
296
Closed
35
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Broadband Class C
LBRDK
|
+$109M |
| 2 |
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 |
Royal Gold
RGLD
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Liberty Media Series C
FWONK
|
+$125M |
| 2 |
Liberty Media Series A
FWONA
|
+$65.8M |
| 3 |
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 | 25.5% |
| 2 | Consumer Discretionary | 21.31% |
| 3 | Real Estate | 11.61% |
| 4 | Financials | 9% |
| 5 | Energy | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Howard Hughes
HHH
$3.94B
| $671M | 9.06% |
5,398,326
-195,665
| -3% | -$26.1M |
|
2
Icahn Enterprises
IEP
$5.1B
| $389M | 5.26% |
4,210,146
-113,541
| -3% | -$11.5M |
|
|
JAH
3
DELISTED
JARDEN CORPORATION
JAH
| $365M | 4.93% |
7,627,078
-228,980
| -3% | -$9.96M |
|
|
4
Liberty Media Series C
FWONK
$25.5B
| $286M | 3.87% |
11,553,730
-5,094,137
| -31% | -$125M |
|
5
AutoNation
AN
$7.7B
| $279M | 3.77% |
4,619,185
-94,125
| -2% | -$5.27M |
|
6
Wendy's
WEN
$1.46B
| $275M | 3.71% |
30,440,342
-974,081
| -3% | -$8.22M |
|
|
DWA
7
DELISTED
DREAMWORKS ANIMATION SKG INC CL-A
DWA
| $243M | 3.29% |
10,893,498
-745,018
| -6% | -$16.8M |
|
8
Brookfield
BN
$102B
| $233M | 3.15% |
19,883,779
-453,521
| -2% | -$5.1M |
|
|
STRZA
9
DELISTED
Starz - Series A
STRZA
| $226M | 3.05% |
7,596,006
-184,562
| -2% | -$5.69M |
|
|
DISH
10
DELISTED
DISH Network Corp.
DISH
| $209M | 2.83% |
2,870,312
-150,822
| -5% | -$10.2M |
|
|
QVCGA
11
DELISTED
QVC Group Inc Series A
QVCGA
| $196M | 2.64% |
136,982
-31,409
| -19% | -$41.3M |
|
12
Texas Pacific Land
TPL
$26.9B
| $182M | 2.46% |
13,901,328
-42,858
| -0.3% | -$705K |
|
|
SHLD
13
DELISTED
Sears Holding Corporation
SHLD
| $165M | 2.23% |
5,012,760
-944,535
| -16% | -$31M |
|
|
14
Liberty Media Series A
FWONA
$23.4B
| $143M | 1.93% |
6,028,140
-2,786,365
| -32% | -$65.8M |
|
15
Element Solutions
ESI
$8.48B
| $141M | 1.9% |
6,053,765
-102,613
| -2% | -$2.54M |
|
16
Live Nation Entertainment
LYV
$42.9B
| $130M | 1.76% |
4,991,115
-279,892
| -5% | -$7.06M |
|
17
Cboe Global Markets
CBOE
$32.2B
| $129M | 1.74% |
2,027,768
-6,734
| -0.3% | -$402K |
|
|
LVNTA
18
DELISTED
Liberty Interactive Corporation Series A Liberty Ventures
LVNTA
| $120M | 1.62% |
3,177,374
+1,264,282
| +66% | +$44.1M |
|
19
Bath & Body Works
BBWI
$3.97B
| $115M | 1.55% |
1,643,998
-38,454
| -2% | -$2.37M |
|
|
VIAB
20
DELISTED
Viacom Inc. Class B
VIAB
| $112M | 1.51% |
1,484,167
-191,935
| -11% | -$14M |
|
|
21
Liberty Broadband Class C
LBRDK
$4.89B
| $111M | 1.5% |
+2,222,661
| New | +$109M |
|
|
TPH
22
DELISTED
Tri Pointe Homes
TPH
| $109M | 1.47% |
7,126,897
+1,613,303
| +29% | +$23M |
|
|
BRP
23
DELISTED
BROOKFIELD RESIDENTIAL PROPERTIES INC
BRP
| $98.4M | 1.33% |
4,088,962
-490,033
| -11% | -$10.9M |
|
|
ECHO
24
EchoStar
ECHO
$24.3B
| $77.6M | 1.05% |
1,824,942
-27,604
| -1% | -$1.1M |
|
|
RSE
25
DELISTED
ROUSE PPTYS INC COM (DE)
RSE
| $68.7M | 0.93% |
3,709,951
-633,878
| -15% | -$11.2M |
|
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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 $282M 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 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 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.