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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

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
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
TPL icon
1
Texas Pacific Land
TPL
$25.5B
$486M 15.37%
15,647,274
+263,007
+2% +$8.85M
HHH icon
2
Howard Hughes
HHH
$3.88B
$331M 10.47%
2,964,824
-92,996
-3% -$10M
IEP icon
3
Icahn Enterprises
IEP
$4.78B
$147M 4.65%
2,871,389
-104,781
-4% -$5.91M
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$145M 4.58%
4,905,682
-195,335
-4% -$5.51M
WEN icon
5
Wendy's
WEN
$1.49B
$111M 3.51%
8,170,663
-1,257,554
-13% -$17.2M
LBRDK
6
DELISTED
Liberty Broadband Class C
LBRDK
$94.2M 2.98%
1,090,614
-30,943
-3% -$2.58M
WPM icon
7
Wheaton Precious Metals
WPM
$71.8B
$84.5M 2.67%
4,056,020
-153,738
-4% -$3.2M
BN icon
8
Brookfield
BN
$92.5B
$83M 2.62%
6,382,111
-246,044
-4% -$3.12M
DISH
9
DELISTED
DISH Network Corp.
DISH
$77.6M 2.45%
1,222,512
-52,348
-4% -$3.24M
LSXMA
10
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$69.7M 2.2%
2,478,452
-105,975
-4% -$2.86M
AN icon
11
AutoNation
AN
$6.57B
$67.3M 2.13%
1,591,598
-82,928
-5% -$3.96M
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
VXX
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
CBOE icon
14
Cboe Global Markets
CBOE
$32.8B
$47.4M 1.5%
584,283
-109,531
-16% -$8.56M
LYV icon
15
Live Nation Entertainment
LYV
$42.1B
$46.8M 1.48%
1,541,261
-61,447
-4% -$1.76M
ECHO
16
EchoStar
ECHO
$25.1B
$46.7M 1.48%
1,012,581
-54,771
-5% -$2.39M
FNV icon
17
Franco-Nevada
FNV
$52.3B
$46.3M 1.46%
706,126
+82,100
+13% +$5.29M
AC
18
DELISTED
Associated Capital Group
AC
$44.2M 1.4%
1,229,104
+29,312
+2% +$1.06M
AMCX icon
19
AMC Global Media
AMCX
$509M
$37.9M 1.2%
646,419
+197,695
+44% +$11.3M
BRK.B icon
20
Berkshire Hathaway Class B
BRK.B
$1.08T
$30.2M 0.95%
181,076
-6,165
-3% -$1.03M
NWL icon
21
Newell Brands
NWL
$2.5B
$29.8M 0.94%
630,928
-137,048
-18% -$6.5M
VIAB
22
DELISTED
Viacom Inc. Class B
VIAB
$29.2M 0.92%
626,011
+6,703
+1% +$283K
RGLD icon
23
Royal Gold
RGLD
$22.8B
$26.5M 0.84%
378,398
-20,319
-5% -$1.38M
RMT
24
Royce Micro-Cap Trust
RMT
$764M
$25.9M 0.82%
3,088,351
+268,191
+10% +$2.23M
LBRDA
25
DELISTED
Liberty Broadband Class A
LBRDA
$24.7M 0.78%
290,043
-8,406
-3% -$690K
1
2 3 4 5

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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.