Horizon Kinetics LLC

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CIK 1519418

13F portfolio (2018-Q4)

$2.9B

Positions

466

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2018-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2018-Q4)

Holdings

466

Top 5

51.5%

Top 10

61.4%

Effective N

7.9

HHI

0.127

This quarter

13 new · 0 exit →

By sector

Unclassified64.3%

Financials9.9%

Communication Services6.2%

Energy5.0%

Materials4.8%

Information Technology2.8%

Consumer Discretionary2.7%

Industrials1.3%

Other3.1%

By market cap

Unknown69.3%

Large ($10–200B)13.0%

Mid ($2–10B)8.7%

Small ($300M–2B)4.9%

Mega (>$200B)3.8%

Micro (<$300M)0.3%

By region

Other64.3%

North America35.5%

Europe0.2%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	65.23%	192
Capital Markets	6.71%	18
Oil, Gas & Consumable Fuels	4.97%	16
Metals & Mining	3.93%	7
Media & Entertainment	2.63%	8
Entertainment	2.44%	3
Software & IT Services	2.33%	7
Hotels, Restaurants & Leisure	2.24%	11
Commercial Services & Supplies	1.02%	12
Insurance	0.99%	14
Pharmaceuticals & Biotechnology	0.94%	18
Chemicals	0.77%	11
Utilities	0.75%	6
Marine	0.63%	4
Equity Real Estate Investment Trusts (REITs)	0.59%	12
Diversified Telecommunication Services	0.58%	4
Electrical Equipment & Components	0.45%	3
Banks	0.39%	12
Technology Hardware & Equipment	0.36%	8
Health Care Equipment & Supplies	0.18%	6
Specialty Retail	0.18%	13
Aerospace & Defense	0.17%	5
Road & Rail	0.14%	6
Food Products	0.14%	7
Tobacco	0.13%	2
Real Estate Management & Development	0.12%	7
Automobiles & Components	0.12%	3
Software	0.12%	5
Machinery	0.11%	6
Beverages	0.10%	4
Paper & Forest Products	0.09%	4
Semiconductors & Semiconductor Equipment	0.07%	4
Textiles, Apparel & Luxury Goods	0.05%	5
Distributors	0.05%	3
Agricultural Products	0.04%	2
Construction & Engineering	0.04%	4
Transportation Infrastructure	0.03%	2
Diversified Consumer Services	0.03%	1
Life Sciences Tools & Services	0.03%	3
Media & Publishing	0.02%	2
Airlines	0.02%	2
Professional Services	0.02%	1
Health Care Providers & Services	0.02%	1
Industrial Conglomerates	0.01%	1
Food & Staples Retailing	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		TEXAS	Unclassified	33.75%
2		HOWARD HUGHES CORPORATION	Unclassified	6.35%
3	IEP	ICAHN ENTERPRISES L.P.	Energy	4.02%
4	VGSH	VANGUARD SHORT-TERM TREASURY ETF	Unclassified	3.97%
5		LIBERTY MEDIA CORP DEL	Unclassified	3.38%
6	CBOE	Cboe Global Markets, Inc.	Financials	2.15%
7		BROOKFIELD ASSET MGMT INC	Unclassified	2.05%
8	WPM	WHEATON PRECIOUS METALS CORP	Materials	2.02%
9	ACGP	Associated Capital Group, Inc.	Financials	1.85%
10	WEN	Wendy's Co	Consumer Discretionary	1.85%

276/466 names classified · sector 35.7% of weight · industry 34.8% · mkt cap 30.7%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 23 quarters

Consumer DiscretionaryWEN, AN, LVS, WYNN, LE · other

FinancialsCBOE, BRK.B, ACGP, RGLD, CME · other

Communication ServicesLBRDK, LYV, ECHO, LBRDA, AMCX · other

EnergyIEP, XOM, PARR, PTEN, TUSK · other

MaterialsFNV, WPM, NWL, IPAR, LXU · other

Health CareENOV, JNJ, BMY, MRK, PFE · other

IndustrialsNVGS, UNP, CSX, LEN, NSC · other

Real EstateELS, CRESY, VNO, LAND, NMRK · other

Information TechnologyCACI, DHR, MOV, GE, SAIC · other

Consumer StaplesPM, KHC, MO, PEP, MDLZ · other

UtilitiesWMB, CNP, LNG, CMS, EPD · other

UnclassifiedTEXAS, HOWARD HUGHES CORPORATION, LIBERTY MEDIA CORP DEL, LIBERTY MEDIA CORP -A, Liberty Media Corp · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 35.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2018-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 21% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (221 classified)Horizon Kinetics LLC centroid (Mid Core)

FinancialsInformation TechnologyConsumer DiscretionaryCommunication ServicesMaterialsHealth CareIndustrialsUtilitiesReal EstateEnergyConsumer Staples

Style box summary for Horizon Kinetics LLC: centroid Mid Core. Heaviest cells: Small Core 4.2%, Mid Growth 3.4%, Small Growth 3.0%.

Classified: 21.2% of book weight (221/356 names) · unclassified 78.8%: , IEP, VGSH, WPM, FNV, LYV, LBRDK, BRK.B, RMT, NVGS +125 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 466 positions (2018-Q4) · largest first · Δ vs 2018-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	TEXAS	1,807,780	$979M	33.8%	HOLD
2	HOWARD HUGHES CORPORATION	1,885,861	$184M	6.3%	TRIM −8%
3	IEPICAHN ENTERPRISES LP	2,044,113	$117M	4.0%	TRIM −5%
4	VGSHVANGUARD SHORT-TERM TREASURY ETF	1,914,559	$115M	4.0%	TRIM −19%
5	LIBERTY MEDIA CORP DEL	2,648,489	$98M	3.4%	TRIM −10%
6	CBOECBOE GLOBAL MKTS INC	638,784	$62M	2.2%	TRIM −9%
7	BROOKFIELD ASSET MGMT INC	1,551,152	$59M	2.1%	TRIM −6%
8	WPMWHEATON PRECIOUS METALS CORP	3,006,426	$59M	2.0%	HOLD
9	ACGPASSOCIATED CAP GROUP INC	1,522,421	$54M	1.8%	ADD 3%
10	WENWENDYS CO	3,435,188	$54M	1.8%	TRIM −11%
11	FNVFRANCO NEV CORP	758,875	$53M	1.8%	ADD 11%
12	CIVEO CORP CDA	36,947,116	$53M	1.8%	TRIM −11%
13	LYVLIVE NATION ENTERTAINMENT IN	1,048,932	$52M	1.8%	TRIM −2%
14	LBRDKLIBERTY BROADBAND CORP	614,998	$44M	1.5%	TRIM −20%
15	LIBERTY MEDIA CORP DEL	1,198,349	$44M	1.5%	TRIM −7%
16	CMECME GROUP INC	226,031	$43M	1.5%	HOLD
17	CACICACI INTL INC	256,646	$37M	1.3%	ADD 44%
18	BRK.BBERKSHIRE HATHAWAY INC DEL	135,761	$28M	1.0%	TRIM −5%
19	RGLDROYAL GOLD INC	258,757	$22M	0.8%	TRIM −7%
20	MKLMARKEL GROUP INC	20,138	$21M	0.7%	TRIM −3%
21	RMTROYCE MICRO-CAP TR INC	2,745,981	$20M	0.7%	ADD 11%
22	AMCXAMC NETWORKS INC	366,656	$20M	0.7%	TRIM −9%
23	MSGSMADISON SQUARE GRDN SPRT COR	68,113	$18M	0.6%	TRIM −5%
24	LIONS GATE ENTMNT CORP	1,166,487	$17M	0.6%	TRIM −22%
25	LNGCheniere Energy, Inc	252,073	$15M	0.5%	ADD 3597%
26	MAMASTERCARD INCORPORATED	75,468	$14M	0.5%	HOLD
27	SAICSCIENCE APPLICATIONS INTL CO	223,157	$14M	0.5%	HOLD
28	OAKTREE CAP GROUP LLC	354,607	$14M	0.5%	ADD 15%
29	NVGSNAVIGATOR HLDGS LTD	1,488,287	$14M	0.5%	TRIM −10%
30	DSLDOUBLELINE INCOME SOLUTIONS	790,143	$14M	0.5%	TRIM −11%
31	DISH NETWORK CORP	547,131	$14M	0.5%	TRIM −16%
32	ECHOECHOSTAR CORP	367,964	$14M	0.5%	TRIM −14%
33	IPARINTERPARFUMS INC	206,061	$14M	0.5%	HOLD
34	ELSEQUITY LIFESTYLE PPTYS INC	130,037	$13M	0.4%	HOLD
35	LIBERTY	403,537	$12M	0.4%	TRIM −4%
36	GEGENERAL ELECTRIC CO	1,521,677	$12M	0.4%	ADD 1402%
37	SANDSTORM GOLD LTD	2,189,507	$10M	0.3%	HOLD
38	LBRDALIBERTY BROADBAND CORP	120,534	$9M	0.3%	TRIM −21%
39	DBLDOUBLELINE OPPORTUNISTIC CR	450,177	$9M	0.3%	ADD 10%
40	LIBERTY	279,582	$8M	0.3%	TRIM −2%
41	GOOGLALPHABET INC	7,256	$8M	0.3%	HOLD
42	PDIPIMCO DYNAMIC INCOME FD	256,997	$7M	0.3%	TRIM −2%
43	GOOGALPHABET INC	7,186	$7M	0.3%	TRIM −4%
44	PYPLPAYPAL HLDGS INC	87,363	$7M	0.3%	HOLD
45	XNEAXNUVEEN AMT FREE QLTY MUN INC	571,514	$7M	0.2%	HOLD
46	BSMBLACK STONE MINERALS L P	453,978	$7M	0.2%	TRIM −4%
47	XOMEXXON MOBIL CORP	100,315	$7M	0.2%	HOLD
48	VTIVANGUARD INDEX FDS	51,159	$7M	0.2%	ADD 57%
49	LVSLAS VEGAS SANDS CORP	123,544	$6M	0.2%	TRIM −19%
50	DISCOVERY INC	247,242	$6M	0.2%	HOLD
51	GCI Liberty Inc A	129,099	$5M	0.2%	TRIM −14%
52	VXFVANGUARD INDEX FDS	52,921	$5M	0.2%	NEW
53	LIBERTY	207,343	$5M	0.2%	TRIM −7%
54	PTENPATTERSON-UTI ENERGY INC	488,263	$5M	0.2%	HOLD
55	SPYSTATE STR SPDR S&P 500 ETF T	19,830	$5M	0.2%	ADD 1457%
56	PFNPIMCO INCOME STRATEGY FD II	513,559	$5M	0.2%	HOLD
57	QVC GROUP INC	247,625	$5M	0.2%	TRIM −12%
58	VOOVANGUARD INDEX FDS	20,833	$5M	0.2%	ADD 33%
59	JPSTJ P MORGAN EXCHANGE TRADED F	93,288	$5M	0.2%	ADD 696%
60	TORTOISE MIDSTRM ENERGY FD I	371,418	$5M	0.2%	TRIM −9%
61	VVISA INC	34,058	$4M	0.2%	ADD 2%
62	KYNKAYNE ANDERSON ENERGY INFRST	316,561	$4M	0.2%	TRIM −8%
63	BCPCBALCHEM CORP	54,704	$4M	0.1%	HOLD
64	MSG NETWORK INC	181,493	$4M	0.1%	TRIM −6%
65	ICEINTERCONTINENTAL EXCHANGE IN	56,540	$4M	0.1%	ADD 13%
66	ALLEGHANY CORP DEL	6,600	$4M	0.1%	NEW
67	BOVIE MEDICAL CORP	615,000	$4M	0.1%	HOLD
68	MSBMESABI TR	166,508	$4M	0.1%	ADD 230%
69	PLATFORM SPECIALTY PRODS COR	369,980	$4M	0.1%	TRIM −20%
70	WMBWILLIAMS COS INC	166,734	$4M	0.1%	TRIM −4%
71	BRK.ABERKSHIRE HATHAWAY INC DEL	12	$4M	0.1%	HOLD
72	VIPER	140,402	$4M	0.1%	ADD 25%
73	MRKMERCK & CO INC	46,660	$4M	0.1%	HOLD
74	CLEARBRIDGE MLP AND MIDSTRM	433,932	$3M	0.1%	TRIM −15%
75	CBS CORP NEW	76,178	$3M	0.1%	TRIM −9%
76	JNJJOHNSON & JOHNSON	25,004	$3M	0.1%	ADD 5%
77	NBBNUVEEN TAXABLE MUNICPAL INM	163,678	$3M	0.1%	ADD 37%
78	NUVEEN ENERGY MLP TOTL RTRNF	385,003	$3M	0.1%	TRIM −24%
79	PRFZINVESCO EXCHANGE TRADED FD T	27,300	$3M	0.1%	NEW
80	CONTINENTAL RES INC	76,057	$3M	0.1%	TRIM −6%
81	PFEPFIZER INC	66,609	$3M	0.1%	HOLD
82	PIMCO INCOME OPPORTUNITY FD	113,766	$3M	0.1%	HOLD
83	BIPBROOKFIELD INFRAST PARTNERS	82,130	$3M	0.1%	TRIM −16%
84	IGSBISHARES TR	54,000	$3M	0.1%	HOLD
85	PBTPERMIAN BASIN RTY TR	469,435	$3M	0.1%	TRIM −4%
86	ABBVABBVIE INC	29,609	$3M	0.1%	HOLD
87	ENOVENOVIS CORP	129,047	$3M	0.1%	TRIM −27%
88	GAMIGAMCO INVESTORS INC	157,980	$3M	0.1%	ADD 92%
89	CLEARBRIDGE MLP AND MIDSTRM	256,318	$3M	0.1%	TRIM −4%
90	LLOEWS CORP	57,334	$3M	0.1%	TRIM −13%
91	PFLPIMCO INCOME STRATEGY FD	237,540	$3M	0.1%	HOLD
92	XCXEXMFS HIGH INCOME MUN TR	553,199	$3M	0.1%	HOLD
93	DISCOVERY COMMUNICATIONS	109,095	$3M	0.1%	TRIM −4%
94	BABOEING CO	7,724	$2M	0.1%	HOLD
95	BMYBRISTOL-MYERS SQUIBB CO	45,199	$2M	0.1%	HOLD
96	LLYELI LILLY & CO	19,254	$2M	0.1%	TRIM −9%
97	NVSNOVARTIS AG	25,883	$2M	0.1%	HOLD
98	DORMDORMAN PRODS INC	23,906	$2M	0.1%	TRIM −29%
99	CSCOCISCO SYS INC	48,422	$2M	0.1%	TRIM −9%
100	LIBERTY MEDIA CORP DEL	82,583	$2M	0.1%	TRIM −5%
101	AAPLAPPLE INC	12,909	$2M	0.1%	HOLD
102	PEPPEPSICO INC	18,400	$2M	0.1%	ADD 2%
103	PMPHILIP MORRIS INTL INC	30,257	$2M	0.1%	TRIM −2%
104	VZVERIZON COMMUNICATIONS INC	35,638	$2M	0.1%	ADD 5%
105	LIBERTY EXPEDIA HLDGS INC	50,161	$2M	0.1%	TRIM −10%
106	PIMCO DYNAMIC CR INCOME FD	91,338	$2M	0.1%	TRIM −26%
107	TRI POINTE HOMES INC	173,490	$2M	0.1%	TRIM −11%
108	MSFTMICROSOFT CORP	18,628	$2M	0.1%	TRIM −3%
109	UNPUNION PAC CORP	13,624	$2M	0.1%	HOLD
110	TREELENDINGTREE INC NEW	8,233	$2M	0.1%	HOLD
111	DHRDANAHER CORP DEL	17,033	$2M	0.1%	TRIM −11%
112	VCSHVANGUARD SCOTTSDALE FDS	22,470	$2M	0.1%	TRIM −2%
113	HARRIS CORP DEL	12,989	$2M	0.1%	TRIM −5%
114	SUSUNCOR ENERGY INC NEW	62,332	$2M	0.1%	HOLD
115	MOALTRIA GROUP INC	33,646	$2M	0.1%	ADD 7%
116	ABTABBOTT LABS	22,284	$2M	0.1%	HOLD
117	RCLROYAL CARIBBEAN GROUP	16,031	$2M	0.1%	HOLD
118	CCLCARNIVAL CORP	31,699	$2M	0.1%	TRIM −3%
119	LIBERTY GLOBAL PLC	75,475	$2M	0.1%	TRIM −12%
120	MTBM & T BK CORP	10,807	$2M	0.1%	TRIM −3%
121	HONHONEYWELL INTL INC	11,572	$2M	0.1%	ADD 6%
122	CVXCHEVRON CORP NEW	13,496	$1M	0.1%	HOLD
123	BPBP PLC	38,554	$1M	0.1%	TRIM −3%
124	BNYBANK NEW YORK MELLON CORP	31,052	$1M	0.1%	HOLD
125	NADNUVEEN QUALITY MUNCP INCOME	112,236	$1M	0.0%	HOLD
126	CATCATERPILLAR INC	10,976	$1M	0.0%	ADD 3%
127	EMREMERSON ELEC CO	23,022	$1M	0.0%	TRIM −10%
128	BIIBBIOGEN INC	4,450	$1M	0.0%	HOLD
129	MOVMOVADO GROUP INC	42,013	$1M	0.0%	HOLD
130	BLACKROCK MUN INCM INVT QTY	100,101	$1M	0.0%	NEW
131	MANTECH INTL CORP	25,000	$1M	0.0%	HOLD
132	SONSONOCO PRODS CO	24,450	$1M	0.0%	HOLD
133	NWLNEWELL BRANDS INC	69,077	$1M	0.0%	TRIM −22%
134	BACBANK AMERICA CORP	52,070	$1M	0.0%	HOLD
135	SBRSABINE RTY TR	34,410	$1M	0.0%	TRIM −17%
136	CMSCMS ENERGY CORP	25,786	$1M	0.0%	ADD 3%
137	CNPCENTERPOINT ENERGY INC	45,206	$1M	0.0%	HOLD
138	BLACKROCK MUNIHOLDINGS QUALI	109,746	$1M	0.0%	HOLD
139	NMRKNEWMARK GROUP INC	156,922	$1M	0.0%	NEW
140	MGMMGM RESORTS INTERNATIONAL	51,750	$1M	0.0%	TRIM −11%
141	FNFFIDELITY NATL FINL INC	39,169	$1M	0.0%	HOLD
142	SEALED AIR CORP NEW	35,250	$1M	0.0%	ADD 11%
143	IAC/Interactive Corp	6,670	$1M	0.0%	TRIM −6%
144	KLACKLA CORP	13,550	$1M	0.0%	HOLD
145	MDLZMONDELEZ INTL INC	29,216	$1M	0.0%	HOLD
146	FCXFREEPORT MCMORAN INC	110,318	$1M	0.0%	TRIM −12%
147	TYGTortoise Energy Infrastructure	56,471	$1M	0.0%	TRIM −32%
148	AXPAMERICAN EXPRESS CO	11,603	$1M	0.0%	HOLD
149	XMUIXBLACKROCK MUNICIPAL INCOME	87,301	$1M	0.0%	HOLD
150	CMRECOSTAMARE INC	248,077	$1M	0.0%	ADD 7%
151	SNYSANOFI SA	25,000	$1M	0.0%	HOLD
152	MKTXMARKETAXESS HLDGS INC	5,000	$1M	0.0%	HOLD
153	JPMJPMORGAN CHASE & CO	10,622	$1M	0.0%	ADD 9%
154	BGC PARTNERS INC	197,986	$1M	0.0%	TRIM −50%
155	ROKROCKWELL AUTOMATION INC	6,653	$1M	0.0%	HOLD
156	GMGENERAL MTRS CO	29,674	$992,000	0.0%	HOLD
157	AMZNAMAZON COM INC	659	$990,000	0.0%	ADD 21%
158	LANDGLADSTONE LD CORP	85,509	$982,000	0.0%	TRIM −4%
159	WESTERN ASSET CORPORATE LN F	108,182	$971,000	0.0%	HOLD
160	AZNASTRAZENECA PLC	25,263	$959,000	0.0%	HOLD
161	BOCBOSTON OMAHA CORP	40,637	$951,000	0.0%	HOLD
162	XMUSXBLACKROCK MUNIHOLDINGS QUALI	83,491	$945,000	0.0%	NEW
163	SSPSCRIPPS E W CO OHIO	60,000	$944,000	0.0%	TRIM −3%
164	GLAXOSMITHKLINE PLC	24,423	$933,000	0.0%	HOLD
165	FLOFLOWERS FOODS INC	50,151	$926,000	0.0%	HOLD
166	TDTORONTO DOMINION BK ONT	18,550	$922,000	0.0%	ADD 4%
167	NUVEEN INTER DURATION MUN TERM COM	73,210	$906,000	0.0%	HOLD
168	VIACOM INC NEW	35,165	$904,000	0.0%	TRIM −16%
169	NDAQNASDAQ INC	10,821	$883,000	0.0%	HOLD
170	NZFNUVEEN MUNICIPAL CREDIT INC	65,586	$880,000	0.0%	HOLD
171	ALCOALICO INC	29,600	$873,000	0.0%	HOLD
172	VSATVIASAT INC	14,801	$873,000	0.0%	HOLD
173	GHCGRAHAM HLDGS CO	1,341	$859,000	0.0%	TRIM −14%
174	NRKNUVEEN NEW YORK AMT QLT MUNI	72,999	$850,000	0.0%	HOLD
175	CVICVR ENERGY INC	24,502	$845,000	0.0%	TRIM −4%
176	RSPINVESCO EXCHANGE TRADED FD T	9,232	$844,000	0.0%	TRIM −18%
177	FTVFORTIVE CORP	12,392	$838,000	0.0%	HOLD
178	BTTBLACKROCK MUN TARGET TERM TR	40,730	$835,000	0.0%	HOLD
179	GWWWW GRAINGER INC	2,942	$830,000	0.0%	HOLD
180	XFRAXBLACKROCK FLOATING RATE INCO	68,428	$814,000	0.0%	HOLD
181	MCDMCDONALDS CORP	4,562	$810,000	0.0%	ADD 2%
182	KHCKRAFT HEINZ CO	18,487	$796,000	0.0%	TRIM −22%
183	JEFJEFFERIES FINL GROUP INC	45,271	$786,000	0.0%	HOLD
184	DISDISNEY WALT CO	7,126	$781,000	0.0%	HOLD
185	WPCW. P. Carey Inc.	11,762	$769,000	0.0%	HOLD
186	CSWCSW INDUSTRIALS INC	15,838	$766,000	0.0%	TRIM −4%
187	VRSKVERISK ANALYTICS INC	7,000	$763,000	0.0%	TRIM −8%
188	BAXBAXTER INTL INC	11,583	$762,000	0.0%	TRIM −7%
189	RAYTHEON CO	4,902	$752,000	0.0%	ADD 3%
190	ROYAL DUTCH SHELL PLC	12,889	$751,000	0.0%	HOLD
191	AKBAAKEBIA THERAPEUTICS INC	135,517	$749,000	0.0%	ADD 162%
192	ADIANALOG DEVICES INC	8,580	$736,000	0.0%	TRIM −4%
193	NSCNORFOLK SOUTHN CORP	4,907	$734,000	0.0%	TRIM −6%
194	SPSBSPDR SERIES TRUST	24,000	$723,000	0.0%	HOLD
195	XMHIXPIONEER MUNICIPAL HIGH INCOM	65,302	$716,000	0.0%	TRIM −13%
196	CORELOGIC INC	21,339	$713,000	0.0%	HOLD
197	CMCSACOMCAST CORP NEW	20,812	$709,000	0.0%	TRIM −5%
198	TFXTELEFLEX INCORPORATED	2,713	$701,000	0.0%	HOLD
199	NBHNEUBERGER BERMAN MUN FD INC	55,243	$699,000	0.0%	TRIM −29%
200	PAGPENSKE AUTOMOTIVE GRP INC	17,333	$699,000	0.0%	HOLD

showing the top 200 by weight

☆Horizon Kinetics LLC