WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2007

Long-only investorSEC filingsCompare with another fundHoldings as of 2007-09-30, filed 2007-11-20

Horizon Kinetics (Murray Stahl) disclosed 273 US equity positions worth $11.2bn in its Q3 2007 13F filing. Its largest position is CALPINE CORP Conv Bond at 19.2% of the reported book, followed by RELIANT ENERGY INCCommon Stock and NYSE EURONEXT. Versus Q2 2007 it opened 52 new positions, added to 113, reduced 76 and exited 70.

$11.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
273
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
19.2%
Largest position
The largest single position as a share of the reported equity book.
58.8%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
16
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 Q2 2007: 52 new, 113 added, 76 reduced, 70 exited

50 of 273
CALPINE CORP Conv Bond no ticker–19.2%$2.2bn206.10m+1.7%added
RELIANT ENERGY INCCommon Stock no ticker–8.3%$929m36.24m–new
NYSE EURONEXT no ticker–7.7%$869m11.00m+9.9%added
CEO CNOOC LTD–3.9%$443m2.66m+9.5%added
LVS LAS VEGAS SANDS CORPConsumer Cyclical3.9%$438m3.29m+48566%added
EL PASO CORPCommon Stock no ticker–3.8%$426m25.09m−13%reduced
HUP HUANENG PWR INTL INC–3.5%$398m7.54m+12%added
IMO IMPERIAL OIL LTDEnergy3.0%$341m6.88m+10%added
GAZPROM O A O no ticker–2.9%$324m7.35m+609%added
AQUILA INCCommon Stock no ticker–2.5%$277m69.18m–new
CNP CENTERPOINT ENERGY INCUtilities2.3%$255m15.94m−27%reduced
CME HOLDINGS no ticker–2.1%$238m405,466+122%added
SUNCOR ENERGYCommon Stock no ticker–1.8%$204m2.14m–new
PGR PROGRESSIVE CORPFinancial Services1.8%$200m10.31m+8.6%added
WASH POST CO CL BCommon Stock no ticker–1.7%$195m243,595−19%reduced
STUDENT LOAN CORPCommon Stock no ticker–1.6%$176m978,624+19%added
LMEUR LEGG MASON INC–1.5%$166m1.97m+20%added
MA MASTERCARD INCFinancial Services1.4%$156m1.05m−22%reduced
IEP ICAHN ENTERPRISES LPEnergy1.3%$146m1.25m–new
POWER CORP CANADACommon Stock no ticker–1.2%$138m3.43m+16%added
KEP KOREA ELEC PWR CORPUtilities1.1%$121m5.24m−11%reduced
WESTERN OIL SANDS no ticker–1.0%$116m2.96m−8.4%reduced
IBN ICICI BANK LIMITEDFinancial Services1.0%$112m2.12m+465%added
WHITE MTNS INS GROUP LTD no ticker–0.9%$106m203,897–new
PWR QUANTA SVCS INCIndustrials0.9%$95.5m3.61m+14%added
ANGLO AMERN PLC no ticker–0.8%$89.8m2.69m–new
LEHMAN BROS HLDGS no ticker–0.8%$89.8m1.45m+515%added
BEAR STEARNS CO no ticker–0.8%$87.4m711,919+41%added
FANNIE MAECommon Stock no ticker–0.7%$81.3m1.34m+43%added
ENCANA CORP no ticker–0.7%$80.9m1.31m+1586%added
SHLDEUR SEARS HLDGS CORP–0.7%$78.9m619,923+20%added
FRMO CORP no ticker–0.7%$73.5m6.56m+9.9%added
LINK R/E INV TR no ticker–0.6%$72.1m32.73m+58%added
LABRANCHECommon Stock no ticker–0.6%$68.3m14.59m–new
PENN WEST ENERGY TR no ticker–0.6%$66.6m2.14m+13%added
CMS CMS ENERGY CORPUtilities0.6%$61.7m3.67m+24%added
WMB WILLIAMS COS INCEnergy0.5%$58.6m1.72m–new
LFCUSD CHINA LIFE INS CO LTD–0.5%$57.0m661,595+18%added
BANK OF JAPAN no ticker–0.5%$50.6m33,400–new
MIRANT no ticker–0.4%$47.2m1.16m+19%added
MS MORGAN STANLEYFinancial Services0.4%$44.3m704,255+73%added
WYNN WYNN RESORTS LTDConsumer Cyclical0.4%$40.3m255,833+281%added
JSE LIMITED no ticker–0.3%$38.0m3.20m–new
PARGESA HLDGS SA no ticker–0.3%$34.9m318,284+4.0%added
BNY BANK OF NY MELLON CORPFinancial Services0.3%$31.0m703,389–new
EXMOC EXXON MOBIL CORP–0.3%$30.3m327,642−5.4%reduced
FOREST CITY ENTERPRISES INC no ticker–0.3%$29.4m534,286+28%added
MKL MARKEL GROUP INCFinancial Services0.3%$28.9m59,634+16%added
URBANA CORP no ticker–0.3%$28.6m7.76m–new
STT STATE STR CORPFinancial Services0.2%$27.7m406,798+31%added

Exited since Q2 2007

70 rows
LEUCADIA NATL CORP no ticker6.9%$693m
SIERRA PACIFIC RESOURCESCommon no ticker6.1%$616m
BROOKFIELD ASSET MGMT INC no ticker4.7%$469m
BEIJING CAP INTL AIRPT no ticker4.6%$463m
HONG KONG EXCHANGE no ticker4.4%$440m
BANK NEW YORK INC no ticker3.6%$360m
LONDON STOCK EXCH no ticker3.4%$345m
CANADIAN OIL SANDS T no ticker1.3%$134m
INTERCONTINENTALEXCHANGE INC no ticker0.9%$86.7m
INTERNATIONAL SECS EXCHCommon no ticker0.8%$81.6m
ANGLO AMERICAN PLC no ticker0.7%$71.3m
OSAKA SECS EXCHANGE CO no ticker0.5%$49.2m
BANK OF JAPAN/THE no ticker0.4%$40.3m
JSE LIMITED no ticker0.3%$34.1m
TEXAS PAC LD TR no ticker0.3%$28.8m
NUVEEN PERFORMANCE PLUS no ticker0.1%$13.6m
HOPEWELL HIGHWAY INFR no ticker0.1%$11.6m
THOMAS WEISEL PARTNERS no ticker0.07%$7.3m
SCRIPPS CO EW no ticker0.07%$7.0m
MILLEA HLDGS INC no ticker0.04%$4.2m
DEUTSCHE BOERSE AG no ticker0.03%$3.2m
STATE BK INDIA GLOBAL no ticker0.03%$2.8m
LLY ELI LILLY & CO0.03%$2.7m
ALX ALEXANDERS INC0.03%$2.7m
INDUST&COMM BANK CHINA no ticker0.03%$2.5m
OMX AB SEK2 ORDS no ticker0.02%$2.1m
CHLUSD CHINA MOBILE LIMITED0.02%$2.0m
UST INC no ticker0.02%$1.7m
HOPEWELL HLDGS LTD no ticker0.02%$1.7m
NATIONAL ENERGY GROUP no ticker0.02%$1.6m
BR BROADRIDGE FINL SOLUTIONS IN0.01%$1.4m
TIME WARNER CABLE no ticker0.01%$1.1m
COP CONOCOPHILLIPS0.01%$1.1m
ARMOR HLDGS INC no ticker0.01%$1.0m
NYSE EURNOEXT no ticker0.01%$996k
TRIAD HOSPS INC no ticker0.01%$806k
EMR Emerson Electric Inc.0.01%$790k
BOLSAS Y MERCADOS ESPAN no ticker0.01%$773k
MONTREAL EXCHANGE no ticker0.01%$724k
PHIL STOCK EXCH A no ticker0.01%$640k
SWS GROUP INC no ticker0.01%$594k
CHINA CONSTRUCTION BANK no ticker0.01%$545k
SERVICEMASTER CO no ticker0.0%$464k
AMG AFFILIATED MANAGERS GROUP0.0%$460k
TOYOTA INDUSTRIES CORP no ticker0.0%$455k
CX CEMEX SAB DE CV0.0%$445k
IND & COMM BK OFCHINA no ticker0.0%$440k
CSCO CISCO SYS INC0.0%$437k
FORTRESS INVESTMENT GROUP LL no ticker0.0%$424k
INTERNATIONAL GAME TECHNOLOG no ticker0.0%$359k

Sector mix

  • Unclassified77.9%
  • Financial Services6.4%
  • Energy5.1%
  • Consumer Cyclical4.6%
  • Utilities4.0%
  • Industrials1.1%
  • Technology0.3%
  • Real Estate0.2%
  • Healthcare0.2%
  • Communication Services0.08%
  • Consumer Defensive0.06%
  • Basic Materials0.01%

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