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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
+5.97%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.1B
AUM Growth
-$477M
(-13%)
Cap. Flow
-$634M
Cap. Flow
% of AUM
-20.47%
Top 10 Holdings %
Top 10 Hldgs %
54.11%
Holding
530
New
22
Increased
101
Reduced
304
Closed
23
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
LGF.B
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
|
+$69.3M |
| 2 |
AC
Associated Capital Group
AC
|
+$31.3M |
| 3 |
AMC Global Media
AMCX
|
+$11.1M |
| 4 |
Texas Pacific Land
TPL
|
+$7.4M |
| 5 |
LEXEA
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
|
+$4.12M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
STRZA
Starz - Series A
STRZA
|
+$145M |
| 2 |
Howard Hughes
HHH
|
+$53.6M |
| 3 |
Wendy's
WEN
|
+$34.5M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$30.3M |
| 5 |
QVCGA
QVC Group Inc Series A
QVCGA
|
+$25.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 23.74% |
| 2 | Communication Services | 16.45% |
| 3 | Real Estate | 11.8% |
| 4 | Consumer Discretionary | 11.19% |
| 5 | Financials | 10.08% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.9B
| $507M | 16.39% |
15,384,267
+236,223
| +2% | +$7.4M |
|
|
2
Howard Hughes
HHH
$3.94B
| $333M | 10.74% |
3,057,820
-505,627
| -14% | -$53.6M |
|
3
Icahn Enterprises
IEP
$5.1B
| $178M | 5.76% |
2,976,170
-314,695
| -10% | -$17M |
|
|
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $132M | 4.26% |
5,101,017
-1,169,397
| -19% | -$30.3M |
|
|
5
Wendy's
WEN
$1.46B
| $127M | 4.12% |
9,428,217
-2,857,979
| -23% | -$34.5M |
|
6
Liberty Broadband Class C
LBRDK
$4.89B
| $83.1M | 2.68% |
1,121,557
-321,826
| -22% | -$22.6M |
|
7
AutoNation
AN
$7.7B
| $81.5M | 2.63% |
1,674,526
-520,603
| -24% | -$24.2M |
|
8
Wheaton Precious Metals
WPM
$49.7B
| $81.3M | 2.63% |
4,209,758
-599,460
| -12% | -$12.5M |
|
9
Brookfield
BN
$102B
| $78.1M | 2.52% |
6,628,155
-1,596,473
| -19% | -$19.5M |
|
|
DISH
10
DELISTED
DISH Network Corp.
DISH
| $73.9M | 2.39% |
1,274,860
-140,955
| -10% | -$8.05M |
|
|
LGF.B
11
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $66.6M | 2.15% |
+2,714,405
| New | +$69.3M |
|
|
LSXMA
12
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $64.5M | 2.08% |
2,584,427
-639,221
| -20% | -$15.9M |
|
13
Cboe Global Markets
CBOE
$32.2B
| $51.3M | 1.66% |
693,814
-353,284
| -34% | -$24.3M |
|
|
ECHO
14
EchoStar
ECHO
$24.3B
| $44.5M | 1.44% |
1,067,352
-105,667
| -9% | -$4.2M |
|
15
Live Nation Entertainment
LYV
$42.9B
| $42.6M | 1.38% |
1,602,708
-31,526
| -2% | -$868K |
|
|
AC
16
DELISTED
Associated Capital Group
AC
| $39.2M | 1.27% |
1,199,792
+922,975
| +333% | +$31.3M |
|
17
Franco-Nevada
FNV
$41.3B
| $37.3M | 1.2% |
624,026
-213,269
| -25% | -$13M |
|
18
Newell Brands
NWL
$2.21B
| $34.3M | 1.11% |
767,976
-281,503
| -27% | -$13.6M |
|
19
Berkshire Hathaway Class B
BRK.B
$1.1T
| $30.5M | 0.99% |
187,241
-10,220
| -5% | -$1.57M |
|
20
Royal Gold
RGLD
$16.6B
| $25.3M | 0.82% |
398,717
-42,952
| -10% | -$2.92M |
|
21
Bath & Body Works
BBWI
$3.97B
| $23.7M | 0.76% |
444,849
-345,285
| -44% | -$19.6M |
|
|
22
AMC Global Media
AMCX
$450M
| $23.5M | 0.76% |
448,724
+214,788
| +92% | +$11.1M |
|
|
RMT
23
Royce Micro-Cap Trust
RMT
$718M
| $23M | 0.74% |
2,820,160
+269,255
| +11% | +$2.11M |
|
24
Liberty Media Series C
FWONK
$25.5B
| $21.8M | 0.7% |
719,054
-216,178
| -23% | -$6.2M |
|
|
VIAB
25
DELISTED
Viacom Inc. Class B
VIAB
| $21.7M | 0.7% |
619,308
-207,754
| -25% | -$7.63M |
|
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Horizon Kinetics's Q4 2016 Portfolio in Review
As of Q4 2016, Horizon Kinetics held 530 positions worth $3.1B, down 13% from $3.57B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Horizon Kinetics withdrew a net $634M in Q4 2016, closing 23 positions and reducing 304 holdings. Its most notable exit was Starz - Series A, an estimated $145M position sold in full.
By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 17% a quarter earlier, followed by Communication Services and Real Estate.
Against the trend, Horizon Kinetics opened a new position in Lions Gate Entertainment Corp. Class B Non-Voting Shares worth $66.6M.
- Horizon Kinetics's largest Q4 2016 buy was Lions Gate Entertainment Corp. Class B Non-Voting Shares: 2,714,405 shares worth $66.6M.
- Horizon Kinetics added most to Associated Capital Group in Q4 2016, an estimated $31.3M increase.
- Horizon Kinetics's biggest Q4 2016 reduction was Howard Hughes, cutting an estimated $53.6M.
- Horizon Kinetics fully exited Starz - Series A in Q4 2016, selling an estimated $145M.
- Horizon Kinetics's ten largest holdings make up 54% of its $3.1B portfolio in Q4 2016.
- Horizon Kinetics opened 22 new positions and closed 23 in Q4 2016.
- Horizon Kinetics's portfolio value fell 13% quarter-over-quarter to $3.1B.
Based on Horizon Kinetics's 13F filing for Q4 2016, filed 14 Feb 2017.