WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2026

Long-only investorSEC filingsCompare with another fundHoldings as of 2026-06-30, filed 2026-08-11

Horizon Kinetics (Murray Stahl) disclosed 349 US equity positions worth $8.8bn in its Q2 2026 13F filing. Its largest position is TPL at 48.6% of the reported book, followed by GBTC and LB. Versus Q1 2026 it opened 19 new positions, added to 61, reduced 152 and exited 20.

$8.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
349
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
48.6%
Largest position
The largest single position as a share of the reported equity book.
77.5%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
4
Effective positions
1 / HHI of portfolio weights: the number of equal-weight positions the book behaves like.
43
Quarters on file since Q2 2007
Quarters for which this manager's 13F holdings are on record.

Holdings

Against Q1 2026: 19 new, 61 added, 152 reduced, 20 exited

50 of 349
TPL TEXAS PACIFIC LAND CORPORATIEnergy48.6%$4.3bn9.80m−2.1%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–6.3%$553m12.14m−13%reduced
LB LANDBRIDGE COMPANY LLCEnergy5.2%$461m5.82m+2.9%added
HE HAWAIIAN ELEC INDUSTRIESUtilities3.4%$303m22.40m+3.5%added
MIAX MIAMI INTL HLDGS INCFinancial Services3.3%$291m7.84m+127%added
WBI WATERBRIDGE INFRASTRUCTURE LEnergy3.0%$262m7.65m+4.2%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.1%$189m1.69m−4.2%reduced
PERMIAN BASIN RTY TR no ticker–1.9%$169m6.73m+5.5%added
FNV FRANCO NEVADA CORPBasic Materials1.8%$161m773,418+2.1%added
BTC GRAYSCALE BITCOIN MINI TR ET–1.8%$157m6.07m+102%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.4%$121m984,701+17%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.1%$101m414,634+1.1%added
LNG CHENIERE ENERGY INCEnergy1.1%$96.1m402,040−4.4%reduced
MESABI TR no ticker–0.9%$81.5m3.22m+2.5%added
CVEO CIVEO CORP CDAConsumer Cyclical0.9%$80.2m2.29m−2.6%reduced
CACI CACI INTL INCTechnology0.8%$71.2m153,743−0.6%reduced
CCJ CAMECO CORPEnergy0.8%$71.1m697,741+7.0%added
VNOM VIPER ENERGY INCEnergy0.8%$70.1m1.65m−0.6%reduced
BN BROOKFIELD CORPFinancial Services0.8%$67.6m1.59m+1.0%added
CME CME GROUP INCFinancial Services0.7%$62.7m283,774+5.0%added
OR OR ROYALTIES INC.Basic Materials0.7%$60.6m1.92m+9.2%added
WHITEHAWK MINERALS CORP no ticker–0.5%$43.2m1.55m–new
AN AUTONATION INCConsumer Cyclical0.4%$39.6m212,917−5.4%reduced
TRC TEJON RANCH COIndustrials0.4%$37.6m2.01m+5.7%added
JOE ST JOE COReal Estate0.4%$37.1m592,608+9.2%added
EROK EAGLEROCK LD LLC–0.4%$35.8m1.68m–new
HORIZON KINETICS HLDG CORP COM no ticker–0.4%$35.5m1.08m0.0%held
GLXY GALAXY DIGITAL INC.Financial Services0.4%$33.8m1.24m−1.2%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.3%$30.3m284,079−16%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.3%$27.9m837,308+5.5%added
SII SPROTT INCFinancial Services0.3%$26.1m232,217+12%added
WHITE MTNS INS GROUP LTD no ticker–0.3%$25.3m12,206−6.9%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.3%$24.9m139,067−2.4%reduced
RBA RB GLOBAL INCIndustrials0.3%$24.6m211,349+13%added
SAN JUAN BASIN RTY TR no ticker–0.3%$24.1m7.49m+7.4%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.3%$23.3m139,983−7.5%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$23.0m461,108+36%added
DMLP DORCHESTER MINERALS LPEnergy0.2%$21.5m852,651−0.9%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.2%$19.3m344,861+1.2%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$18.6m37,231−2.1%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.2%$18.5m100,989−36%reduced
TFPM TRIPLE FLAG PRECIOUS METALBasic Materials0.2%$15.2m506,677+23%added
IPAR INTERPARFUMS INCConsumer Defensive0.2%$14.6m130,333−5.8%reduced
OSK OSHKOSH CORPIndustrials0.2%$13.6m88,816−23%reduced
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.1%$12.5m39,414−24%reduced
CCL CARNIVAL CORP LTDConsumer Cyclical0.1%$12.2m428,340−55%reduced
MSTR STRATEGY INCTechnology0.1%$11.3m129,774−6.8%reduced
TW TRADEWEB MKTS INCFinancial Services0.1%$9.7m97,740+1750%added
WMB WILLIAMS COS INCEnergy0.1%$9.6m128,678−7.0%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.1%$9.3m23,221−0.5%reduced

Exited since Q1 2026

20 rows
BOXX EA SERIES TRUST0.06%$5.5m
CONSENSUS MINING & SEIGNIORAGE CORP COM no ticker0.05%$4.3m
T86 TRI POINTE HOMES INC0.04%$4.0m
PTEN PATTERSON-UTI ENERGY INC0.03%$2.8m
HONGBP HONEYWELL INTL INC0.02%$1.5m
SEE1GBP SEALED AIR CORP NEW0.02%$1.4m
TQQQ PROSHARES TR0.01%$502k
PROSHARES TR no ticker0.01%$497k
AWR AMER STATES WTR CO0.0%$331k
T AT&T INC0.0%$264k
NOC NORTHROP GRUMMAN CORP0.0%$246k
NFLX NETFLIX INC.0.0%$232k
DOW DOW HLDGS INC0.0%$228k
AWK AMERICAN WTR WKS CO INC NEW0.0%$227k
COST COSTCO WHOLESALE CORPORATION0.0%$207k
GEHC GE HEALTHCARE TECHNOLOGIES I0.0%$207k
8L8C LIBERTY BROADBAND CORP0.0%$204k
MFS HIGH INCOME MUN TR no ticker0.0%$79.9k
LBRDAEUR LIBERTY BROADBAND CORP0.0%$46.4k
1B2 BITFARMS LTD0.0%$35.7k

Sector mix

  • Energy60.4%
  • Unclassified14.9%
  • Financial Services8.9%
  • Basic Materials5.1%
  • Utilities3.5%
  • Consumer Cyclical2.1%
  • Industrials1.3%
  • Technology1.3%
  • Healthcare0.7%
  • Consumer Defensive0.6%
  • Real Estate0.6%
  • Communication Services0.6%

Book over time

Every quarter on file (43)
QuarterPositionsEquity book
Q2 2026349$8.8bn
Q1 2026350$9.2bn
Q4 2025321$7.4bn
Q3 2025334$8.2bn
Q2 2025349$8.4bn
Q1 2025342$8.8bn
Q4 2024345$8.0bn
Q3 2024344$6.7bn
Q2 2024320$5.7bn
Q1 2024318$5.3bn
Q4 2023320$4.8bn
Q3 2023326$5.0bn
Q2 2023329$4.6bn
Q1 2023329$5.2bn
Q4 2022318$6.1bn
Q3 2022329$5.0bn
Q2 2022330$4.8bn
Q1 2022340$5.0bn
Q4 2021346$4.5bn
Q3 2021335$4.3bn
Q2 2021342$4.9bn
Q1 2021335$4.4bn
Q4 2020342$3.0bn
Q3 2020357$2.5bn
Q2 2020401$2.7bn
Q1 2020380$2.2bn
Q4 2019472$3.5bn
Q3 2019478$3.3bn
Q2 2019489$3.6bn
Q1 2019484$3.6bn
Q1 2011256$3.3bn
Q4 2010203$2.9bn
Q3 2010243$2.6bn
Q1 2010294$3.0bn
Q4 2009284$3.0bn
Q3 2009264$3.0bn
Q2 2009248$2.8bn
Q1 2009219$2.1bn
Q4 2008231$3.5bn
Q3 2008246$6.2bn
Q2 2008221$9.0bn
Q3 2007273$11.2bn
Q2 2007291$10.1bn

Where Horizon Kinetics (Murray Stahl) was early

19 rows
BEN FRANKLIN RESOURCES INCQ3 20072 of 1170.06%2.7%8Exited by Q1 2020−39%
BNY BANK OF NY MELLON CORPQ3 20073 of 1540.3%4.7%39Held at last filing, Q2 2026+228%
LYV LIVE NATION ENTERTAINMENT INQ3 200719 of 2160.02%2.0%35Held at last filing, Q2 2026+762%
MBI MBIA INCQ3 20081 of 731.5%1.5%9Exited by Q1 2011+0.8%
GLRE GREENLIGHT CAPITAL RE LTDQ3 20082 of 640.01%2.1%14Exited by Q3 2020−72%
SPY STATE STR SPDR S&P 500 ETF TQ3 20088 of 2670.4%10.1%38Held at last filing, Q2 2026+544%
CHU CHINA UNICOM HONG KONG LTDQ1 20091 of 353.2%3.2%5Exited by Q3 2010+7.1%
TV GRUPO TELEVISA SA DE CV SPQ4 20098 of 793.3%3.3%5Exited by Q1 2019+18%
CBOE CBOE GLOBAL MKTS INCQ3 20101 of 1410.02%2.2%33Held at last filing, Q2 2026+1101%
AN AUTONATION INCQ3 20103 of 1431.4%6.8%33Held at last filing, Q2 2026+699%
AZO AUTOZONE INCQ3 20109 of 1651.3%1.4%3Exited by Q1 2019+20%
HHH HOWARD HUGHES HOLDINGS INCQ1 20116 of 1163.3%6.2%31Held at last filing, Q2 2026+6.2%
CRL CHARLES RIV LABS INTL INCQ1 202016 of 1580.2%2.0%26Held at last filing, Q2 2026+80%
TPL TEXAS PACIFIC LAND CORPORATIQ1 20212 of 10056.3%56.3%22Held at last filing, Q2 2026+148%
GBTC GRAYSCALE BITCOIN TRUST ETFQ4 20221 of 372.2%17.9%15Held at last filing, Q2 2026+508%
SB9 SITIO ROYALTIES CORPQ4 20223 of 641.0%1.0%11Exited by Q3 2025−36%
BN BROOKFIELD CORPQ4 202210 of 1151.1%1.3%15Held at last filing, Q2 2026+103%
LB LANDBRIDGE COMPANY LLCQ2 20241 of 631.9%5.2%9Held at last filing, Q2 2026+242%
MIAX MIAMI INTL HLDGS INCQ3 20253 of 730.7%3.3%4Held at last filing, Q2 2026−7.7%

Concentration and tenure

39.9%
Median largest position, all quarters
The largest single position as a share of the reported equity book.
63.5%
Median top 10 weight, all quarters
The ten largest positions together, as a share of the reported equity book.
Concentrated
Style, by median largest position
3
Median completed holding, quarters