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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
+3.45%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.06B
AUM Growth
-$109M
Cap. Flow
-$252M
Cap. Flow %
-8.25%
Top 10 Hldgs %
52.11%
Holding
519
New
18
Increased
146
Reduced
257
Closed
12

Top Buys

Rank Stock Value
1
CVEO icon
Civeo
CVEO
+$25.7M
2
PTEN icon
Patterson-UTI
PTEN
+$14.9M
3
AMCX icon
AMC Global Media
AMCX
+$7.01M
4
BGC icon
BGC Group
BGC
+$6.21M
5
XOM icon
ExxonMobil
XOM
+$4.23M

Top Sells

Rank Stock Value
1
AN icon
AutoNation
AN
+$62.5M
2
HHH icon
Howard Hughes
HHH
+$30.9M
3
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$18.7M
4
LBRDK icon
Liberty Broadband Class C
LBRDK
+$13.3M
5
WEN icon
Wendy's
WEN
+$12.2M

Sector Composition

Rank Sector Weight
1 Energy 23.56%
2 Communication Services 17.41%
3 Real Estate 11.36%
4 Financials 9.93%
5 Consumer Discretionary 8.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$26.9B
$510M 16.71%
15,639,075
-8,199
-0.1% -$265K
HHH icon
2
Howard Hughes
HHH
$3.94B
$317M 10.36%
2,703,528
-261,296
-9% -$30.9M
IEP icon
3
Icahn Enterprises
IEP
$5.1B
$140M 4.57%
2,700,532
-170,857
-6% -$8.54M
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$136M 4.45%
4,282,090
-623,592
-13% -$18.7M
WEN icon
5
Wendy's
WEN
$1.46B
$114M 3.74%
7,365,471
-805,192
-10% -$12.2M
LBRDK icon
6
Liberty Broadband Class C
LBRDK
$4.89B
$81.4M 2.66%
938,623
-151,991
-14% -$13.3M
BN icon
7
Brookfield
BN
$102B
$77.8M 2.55%
5,561,272
-820,839
-13% -$11M
LGF.B
8
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$74.2M 2.43%
2,821,844
+152,765
+6% +$3.7M
WPM icon
9
Wheaton Precious Metals
WPM
$49.7B
$71.8M 2.35%
3,612,168
-443,852
-11% -$9.07M
DISH
10
DELISTED
DISH Network Corp.
DISH
$70.4M 2.3%
1,122,310
-100,202
-8% -$6.32M
LSXMA
11
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$63.3M 2.07%
2,085,468
-392,984
-16% -$11.2M
VXX
12
CALL
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$60.9M 1.99%
569,700
+195,200
+52% +$11.3M
LYV icon
13
Live Nation Entertainment
LYV
$42.9B
$49.7M 1.63%
1,426,627
-114,634
-7% -$3.84M
FNV icon
14
Franco-Nevada
FNV
$41.3B
$49M 1.6%
678,691
-27,435
-4% -$1.94M
ECHO
15
EchoStar
ECHO
$24.3B
$47.1M 1.54%
957,658
-54,923
-5% -$2.62M
CBOE icon
16
Cboe Global Markets
CBOE
$32.2B
$46.1M 1.51%
504,131
-80,152
-14% -$6.84M
AC
17
DELISTED
Associated Capital Group
AC
$43.6M 1.43%
1,289,120
+60,016
+5% +$2.03M
AMCX icon
18
AMC Global Media
AMCX
$450M
$41.2M 1.35%
771,732
+125,313
+19% +$7.01M
CVEO icon
19
Civeo
CVEO
$356M
$38.8M 1.27%
1,540,455
+861,308
+127% +$25.7M
NWL icon
20
Newell Brands
NWL
$2.21B
$29.6M 0.97%
552,415
-78,513
-12% -$3.98M
RGLD icon
21
Royal Gold
RGLD
$16.6B
$27.6M 0.9%
352,596
-25,802
-7% -$1.94M
BRK.B icon
22
Berkshire Hathaway Class B
BRK.B
$1.1T
$27.5M 0.9%
162,129
-18,947
-10% -$3.15M
RMT
23
Royce Micro-Cap Trust
RMT
$718M
$25.6M 0.84%
2,965,348
-123,003
-4% -$1.06M
FWONK icon
24
Liberty Media Series C
FWONK
$25.5B
$22.1M 0.72%
624,280
-85,093
-12% -$2.82M
LBRDA icon
25
Liberty Broadband Class A
LBRDA
$4.89B
$21.2M 0.69%
246,944
-43,099
-15% -$3.72M
1
2 3 4 5

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AC
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PWM
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Horizon Kinetics's Q2 2017 Portfolio in Review

As of Q2 2017, Horizon Kinetics held 519 positions worth $3.06B, down 3.4% from $3.17B the previous quarter. Its ten largest holdings account for 52% of the portfolio.

Horizon Kinetics withdrew a net $252M in Q2 2017, closing 12 positions and reducing 257 holdings. Its most notable exit was Yahoo Inc, an estimated $608K position sold in full.

By sector, the portfolio is most concentrated in Energy at 24% of assets, up from 22% a quarter earlier, followed by Communication Services and Real Estate.

Against the trend, Horizon Kinetics opened a new position in Patterson-UTI worth $13.8M.

  • Horizon Kinetics's largest Q2 2017 buy was Patterson-UTI: 683,749 shares worth $13.8M.
  • Horizon Kinetics added most to Civeo in Q2 2017, an estimated $25.7M increase.
  • Horizon Kinetics's biggest Q2 2017 reduction was AutoNation, cutting an estimated $62.5M.
  • Horizon Kinetics fully exited Yahoo Inc in Q2 2017, selling an estimated $608K.
  • Horizon Kinetics's ten largest holdings make up 52% of its $3.06B portfolio in Q2 2017.
  • Horizon Kinetics opened 18 new positions and closed 12 in Q2 2017.
  • Horizon Kinetics's portfolio value fell 3.4% quarter-over-quarter to $3.06B.

Based on Horizon Kinetics's 13F filing for Q2 2017, filed 14 Aug 2017.