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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
Avg Time Held
13.4 quarters
Top 10 Avg Time Held
7.4 quarters
Top 20 Avg Time Held
9.2 quarters

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 icon
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 Held Since
TPL icon
1
Texas Pacific Land
TPL
$25.3B
$805M 23.6%
16,220,277
+182,853
+1% +$8.33M
2013 Q2
18 quarters
HHH icon
2
Howard Hughes
HHH
$4.37B
$322M 9.44%
2,573,241
-81,150
-3% -$9.67M
2013 Q2
18 quarters
VGSH icon
3
Vanguard Short-Term Treasury ETF
VGSH
$35.1B
$151M 4.42%
2,499,376
-535,684
-18% -$32.4M
2017 Q3
1 quarter
IEP icon
4
Icahn Enterprises
IEP
$4.68B
$132M 3.86%
2,487,001
-115,919
-4% -$6.3M
2013 Q2
18 quarters
LSXMK icon
5
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
$123M 3.61%
4,075,441
-163,962
-4% -$5.2M
2016 Q2
6 quarters
WEN icon
6
Wendy's
WEN
$1.17B
$104M 3.06%
6,348,918
-744,924
-11% -$11.3M
2013 Q2
18 quarters
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
2016 Q4
4 quarters
BN icon
8
Brookfield
BN
$83.4B
$81.4M 2.39%
5,242,296
-172,130
-3% -$2.6M
2013 Q2
18 quarters
CBOE icon
9
Cboe Global Markets
CBOE
$32.1B
$79M 2.32%
634,051
+155,127
+32% +$18.2M
2013 Q2
18 quarters
LBRDK icon
10
DELISTED
Liberty Broadband Class C
LBRDK
$71.7M 2.1%
841,797
-70,336
-8% -$6.26M
2014 Q4
12 quarters
WPM icon
11
Wheaton Precious Metals
WPM
$62.6B
$70M 2.05%
3,161,279
-134,244
-4% -$2.8M
2014 Q3
13 quarters
CVEO icon
12
Civeo
CVEO
$332M
$67.2M 1.97%
2,051,946
+89,691
+5% +$2.47M
2017 Q1
3 quarters
LYV icon
13
Live Nation Entertainment
LYV
$39.3B
$59.1M 1.73%
1,387,826
-17,872
-1% -$778K
2013 Q2
18 quarters
LSXMA icon
14
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
$55.3M 1.62%
1,928,665
-99,997
-5% -$3.01M
2016 Q2
6 quarters
FNV icon
15
Franco-Nevada
FNV
$47.3B
$55.1M 1.62%
689,791
-2,828
-0.4% -$227K
2013 Q2
18 quarters
DISH
16
DELISTED
DISH Network Corp.
DISH
$47.3M 1.39%
989,759
-94,819
-9% -$4.73M
2013 Q2
18 quarters
AC icon
17
DELISTED
Associated Capital Group
AC
$45.2M 1.33%
1,332,671
+4,189
+0.3% +$148K
2015 Q4
8 quarters
ECHO icon
18
EchoStar
ECHO
$27.5B
$41.7M 1.22%
859,277
-67,409
-7% -$3.13M
2013 Q2
18 quarters
AMCX icon
19
AMC Global Media
AMCX
$444M
$34.8M 1.02%
643,142
-107,893
-14% -$5.76M
2013 Q2
18 quarters
CME icon
20
CME Group
CME
$100B
$31.3M 0.92%
213,998
+204,542
+2,163% +$29.1M
2013 Q2
18 quarters
BRK.B icon
21
Berkshire Hathaway Class B
BRK.B
$1.11T
$30.5M 0.9%
154,043
-2,887
-2% -$548K
2013 Q2
18 quarters
RGLD icon
22
Royal Gold
RGLD
$20B
$25.9M 0.76%
315,349
-18,392
-6% -$1.58M
2014 Q3
13 quarters
RMT icon
23
Royce Micro-Cap Trust
RMT
$719M
$25.5M 0.75%
2,698,721
-110,639
-4% -$1.03M
2016 Q1
7 quarters
MKL icon
24
Markel Group
MKL
$22B
$23.8M 0.7%
20,922
-44
-0.2% -$48.1K
2013 Q2
18 quarters
FWONK icon
25
Liberty Media Corporation Series C Common Stock
FWONK
$23.4B
$20M 0.59%
606,095
-8,949
-1% -$323K
2014 Q3
13 quarters
1
2 3 4 5

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AC
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OA
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TGA
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PWM
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APFBOT
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RCM
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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.