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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
+4.25%
1 Year Est. Return
+5.37%
3 Year Est. Return
+65.64%
5 Year Est. Return
+75.06%
10 Year Est. Return
–
AUM
$3.41B
AUM Growth
+$6.08M
Cap. Flow
-$165M
Cap. Flow %
-4.84%
Top 10 Hldgs %
57.39%
Holding
510
New
18
Increased
90
Reduced
292
Closed
15

Top Buys

Rank Stock Value
1
CME icon
CME Group
CME
+$29.1M
2
CBOE icon
Cboe Global Markets
CBOE
+$18.2M
3
TPL icon
Texas Pacific Land
TPL
+$8.33M
4
VXF icon
Vanguard Extended Market ETF
VXF
+$6.32M
5
RVT icon
Royce Value Trust
RVT
+$4.37M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$32.4M
2
WEN icon
Wendy's
WEN
+$11.3M
3
NWL icon
Newell Brands
NWL
+$10.7M
4
HHH icon
Howard Hughes
HHH
+$9.67M
5
PARA
Paramount Global Class B
PARA
+$6.75M

Sector Composition

Rank Sector Weight
1 Energy 30.01%
2 Communication Services 19.19%
3 Miscellaneous 11.69%
4 Financials 11.61%
5 Real Estate 10.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$25.5B
$805M 23.6%
16,220,277
+182,853
+1% +$8.33M
HHH icon
2
Howard Hughes
HHH
$3.88B
$322M 9.44%
2,573,241
-81,150
-3% -$9.67M
VGSH icon
3
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$151M 4.42%
2,499,376
-535,684
-18% -$32.4M
IEP icon
4
Icahn Enterprises
IEP
$4.78B
$132M 3.86%
2,487,001
-115,919
-4% -$6.3M
LSXMK
5
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$123M 3.61%
4,075,441
-163,962
-4% -$5.2M
WEN icon
6
Wendy's
WEN
$1.49B
$104M 3.06%
6,348,918
-744,924
-11% -$11.3M
LGF.B
7
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
$88.4M 2.59%
2,783,797
-44,673
-2% -$1.34M
BN icon
8
Brookfield
BN
$92.5B
$81.4M 2.39%
5,242,296
-172,130
-3% -$2.6M
CBOE icon
9
Cboe Global Markets
CBOE
$32.8B
$79M 2.32%
634,051
+155,127
+32% +$18.2M
LBRDK
10
DELISTED
Liberty Broadband Class C
LBRDK
$71.7M 2.1%
841,797
-70,336
-8% -$6.26M
WPM icon
11
Wheaton Precious Metals
WPM
$71.8B
$70M 2.05%
3,161,279
-134,244
-4% -$2.8M
CVEO icon
12
Civeo
CVEO
$349M
$67.2M 1.97%
2,051,946
+89,691
+5% +$2.47M
LYV icon
13
Live Nation Entertainment
LYV
$42.1B
$59.1M 1.73%
1,387,826
-17,872
-1% -$778K
LSXMA
14
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$55.3M 1.62%
1,928,665
-99,997
-5% -$3.01M
FNV icon
15
Franco-Nevada
FNV
$52.3B
$55.1M 1.62%
689,791
-2,828
-0.4% -$227K
DISH
16
DELISTED
DISH Network Corp.
DISH
$47.3M 1.39%
989,759
-94,819
-9% -$4.73M
AC
17
DELISTED
Associated Capital Group
AC
$45.2M 1.33%
1,332,671
+4,189
+0.3% +$148K
ECHO
18
EchoStar
ECHO
$25.1B
$41.7M 1.22%
859,277
-67,409
-7% -$3.13M
AMCX icon
19
AMC Global Media
AMCX
$509M
$34.8M 1.02%
643,142
-107,893
-14% -$5.76M
CME icon
20
CME Group
CME
$101B
$31.3M 0.92%
213,998
+204,542
+2,163% +$29.1M
BRK.B icon
21
Berkshire Hathaway Class B
BRK.B
$1.08T
$30.5M 0.9%
154,043
-2,887
-2% -$548K
RGLD icon
22
Royal Gold
RGLD
$22.8B
$25.9M 0.76%
315,349
-18,392
-6% -$1.58M
RMT
23
Royce Micro-Cap Trust
RMT
$764M
$25.5M 0.75%
2,698,721
-110,639
-4% -$1.03M
MKL icon
24
Markel Group
MKL
$22.4B
$23.8M 0.7%
20,922
-44
-0.2% -$48.1K
FWONK icon
25
Liberty Media Series C
FWONK
$25.6B
$20M 0.59%
606,095
-8,949
-1% -$323K
1
2 3 4 5

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AC
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OA
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TGA
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Horizon Kinetics's Q4 2017 Portfolio in Review

As of Q4 2017, Horizon Kinetics held 510 positions worth $3.41B, up 0.18% from $3.4B the previous quarter. Its ten largest holdings account for 57% of the portfolio.

Horizon Kinetics withdrew a net $165M in Q4 2017, closing 15 positions and reducing 292 holdings. Its most notable exit was Direxion Daily 20+ Year Treasury Bear 3X ETF, an estimated $1.41M position sold in full.

By sector, the portfolio is most concentrated in Energy at 30% of assets, up from 28% a quarter earlier, followed by Communication Services and Miscellaneous.

Against the trend, Horizon Kinetics opened a new position in Vanguard Extended Market ETF worth $6.45M.

  • Horizon Kinetics's largest Q4 2017 buy was Vanguard Extended Market ETF: 57,686 shares worth $6.45M.
  • Horizon Kinetics added most to CME Group in Q4 2017, an estimated $29.1M increase.
  • Horizon Kinetics's biggest Q4 2017 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $32.4M.
  • Horizon Kinetics fully exited Direxion Daily 20+ Year Treasury Bear 3X ETF in Q4 2017, selling an estimated $1.41M.
  • Horizon Kinetics's ten largest holdings make up 57% of its $3.41B portfolio in Q4 2017.
  • Horizon Kinetics opened 18 new positions and closed 15 in Q4 2017.
  • Horizon Kinetics's portfolio value rose 0.18% quarter-over-quarter to $3.41B.

Based on Horizon Kinetics's 13F filing for Q4 2017, filed 14 Feb 2018.