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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
+4.28%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.17B
AUM Growth
+$69.2M
Cap. Flow
-$114M
Cap. Flow %
-3.59%
Top 10 Hldgs %
51.5%
Holding
524
New
19
Increased
116
Reduced
281
Closed
23
Avg Time Held Equity + Options
11.3 quarters
Top 10 Avg Time Held Equity + Options
5.4 quarters
Top 20 Avg Time Held Equity + Options
7.1 quarters
Avg Time Held Equity only
11.3 quarters
Top 10 Avg Time Held Equity only
6.5 quarters
Top 20 Avg Time Held Equity only
7.2 quarters

Top Buys

Rank Stock Value
1
CVEO icon
Civeo
CVEO
+$24.2M
2
AMCX icon
AMC Global Media
AMCX
+$11.3M
3
TPL icon
Texas Pacific Land
TPL
+$8.85M
4
FNV icon
Franco-Nevada
FNV
+$5.29M
5
BSM icon
Black Stone Minerals
BSM
+$3.15M

Top Sells

Rank Stock Value
1
WEN icon
Wendy's
WEN
+$17.2M
2
HHH icon
Howard Hughes
HHH
+$10M
3
CBOE icon
Cboe Global Markets
CBOE
+$8.56M
4
TPH icon
Tri Pointe Homes
TPH
+$7.01M
5
NWL icon
Newell Brands
NWL
+$6.5M

Sector Composition

Rank Sector Weight
1 Communication Services 24.58%
2 Energy 22.3%
3 Real Estate 11.47%
4 Financials 10.75%
5 Consumer Discretionary 10.04%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
TPL icon
1
Texas Pacific Land
TPL
$24.9B
$486M 15.37%
15,647,274
+263,007
+2% +$8.85M
2013 Q2
15 quarters
HHH icon
2
Howard Hughes
HHH
$4.4B
$331M 10.47%
2,964,824
-92,996
-3% -$10M
2013 Q2
15 quarters
IEP icon
3
Icahn Enterprises
IEP
$4.66B
$147M 4.65%
2,871,389
-104,781
-4% -$5.91M
2013 Q2
15 quarters
LSXMK icon
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$145M 4.58%
4,905,682
-195,335
-4% -$5.51M
2016 Q2
3 quarters
WEN icon
5
Wendy's
WEN
$1.19B
$111M 3.51%
8,170,663
-1,257,554
-13% -$17.2M
2013 Q2
15 quarters
LBRDK icon
6
DELISTED
Liberty Broadband Class C
LBRDK
$94.2M 2.98%
1,090,614
-30,943
-3% -$2.58M
2014 Q4
9 quarters
WPM icon
7
Wheaton Precious Metals
WPM
$63B
$84.5M 2.67%
4,056,020
-153,738
-4% -$3.2M
2014 Q3
10 quarters
BN icon
8
Brookfield
BN
$82.8B
$83M 2.62%
6,382,111
-246,044
-4% -$3.12M
2013 Q2
15 quarters
DISH
9
DELISTED
DISH Network Corp.
DISH
$77.6M 2.45%
1,222,512
-52,348
-4% -$3.24M
2013 Q2
15 quarters
LSXMA icon
10
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$69.7M 2.2%
2,478,452
-105,975
-4% -$2.86M
2016 Q2
3 quarters
AN icon
11
AutoNation
AN
$5.2B
$67.3M 2.13%
1,591,598
-82,928
-5% -$3.96M
2013 Q2
15 quarters
LGF.B
12
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$65.1M 2.06%
2,669,079
-45,326
-2% -$1.15M
2016 Q4
1 quarter
VXX icon
13
CALL
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$52.4M 1.66%
+374,500
New +$27.8M
2017 Q1
0 quarters
CBOE icon
14
Cboe Global Markets
CBOE
$31.8B
$47.4M 1.5%
584,283
-109,531
-16% -$8.56M
2013 Q2
15 quarters
LYV icon
15
Live Nation Entertainment
LYV
$39.7B
$46.8M 1.48%
1,541,261
-61,447
-4% -$1.76M
2013 Q2
15 quarters
ECHO icon
16
EchoStar
ECHO
$27.6B
$46.7M 1.48%
1,012,581
-54,771
-5% -$2.39M
2013 Q2
15 quarters
FNV icon
17
Franco-Nevada
FNV
$47.2B
$46.3M 1.46%
706,126
+82,100
+13% +$5.29M
2013 Q2
15 quarters
AC icon
18
DELISTED
Associated Capital Group
AC
$44.2M 1.4%
1,229,104
+29,312
+2% +$1.06M
2015 Q4
5 quarters
AMCX icon
19
AMC Global Media
AMCX
$446M
$37.9M 1.2%
646,419
+197,695
+44% +$11.3M
2013 Q2
15 quarters
BRK.B icon
20
Berkshire Hathaway Class B
BRK.B
$1.1T
$30.2M 0.95%
181,076
-6,165
-3% -$1.03M
2013 Q2
15 quarters
NWL icon
21
Newell Brands
NWL
$2.4B
$29.8M 0.94%
630,928
-137,048
-18% -$6.5M
2016 Q2
3 quarters
VIAB
22
DELISTED
Viacom Inc. Class B
VIAB
$29.2M 0.92%
626,011
+6,703
+1% +$283K
2013 Q2
15 quarters
RGLD icon
23
Royal Gold
RGLD
$20B
$26.5M 0.84%
378,398
-20,319
-5% -$1.38M
2014 Q3
10 quarters
RMT icon
24
Royce Micro-Cap Trust
RMT
$720M
$25.9M 0.82%
3,088,351
+268,191
+10% +$2.23M
2016 Q1
4 quarters
LBRDA icon
25
DELISTED
Liberty Broadband Class A
LBRDA
$24.7M 0.78%
290,043
-8,406
-3% -$690K
2014 Q4
9 quarters
1
2 3 4 5

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OA
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Horizon Kinetics's Q1 2017 Portfolio in Review

As of Q1 2017, Horizon Kinetics held 524 positions worth $3.17B, up 2.2% from $3.1B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Horizon Kinetics withdrew a net $114M in Q1 2017, closing 23 positions and reducing 281 holdings. Its most notable exit was Vanguard Extended Market ETF, an estimated $2.81M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 25% of assets, up from 23% a quarter earlier, followed by Energy and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Civeo worth $24.4M.

  • Horizon Kinetics's largest Q1 2017 buy was Civeo: 679,147 shares worth $24.4M.
  • Horizon Kinetics added most to AMC Global Media in Q1 2017, an estimated $11.3M increase.
  • Horizon Kinetics's biggest Q1 2017 reduction was Wendy's, cutting an estimated $17.2M.
  • Horizon Kinetics fully exited Vanguard Extended Market ETF in Q1 2017, selling an estimated $2.81M.
  • Horizon Kinetics's ten largest holdings make up 52% of its $3.17B portfolio in Q1 2017.
  • Horizon Kinetics opened 19 new positions and closed 23 in Q1 2017.
  • Horizon Kinetics's portfolio value rose 2.2% quarter-over-quarter to $3.17B.

Based on Horizon Kinetics's 13F filing for Q1 2017, filed 15 May 2017.