WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2008

Long-only investorSEC filingsCompare with another fundHoldings as of 2008-06-30, filed 2008-09-03

Horizon Kinetics (Murray Stahl) disclosed 221 US equity positions worth $9.0bn in its Q2 2008 13F filing. Its largest position is LEUCADIA NATL CORP at 9.2% of the reported book, followed by NDAQ and BROOKFIELD ASSET MGMT INC.

$9.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
221
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.2%
Largest position
The largest single position as a share of the reported equity book.
60.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
22
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

50 of 221
LEUCADIA NATL CORP no ticker–9.2%$826m17.60m–
NDAQ NASDAQ INCFinancial Services7.2%$647m24.36m–
BROOKFIELD ASSET MGMT INC no ticker–7.0%$632m19.43m–
NYSE EURONEXT no ticker–6.8%$616m12.15m+11%
EL PASO CORP no ticker–6.8%$613m28.18m+12%
CEO CNOOC LTD–5.8%$519m2.99m+12%
ENCANA CORP no ticker–5.0%$455m5.01m+283%
IMO IMPERIAL OIL LTDEnergy4.9%$441m8.00m+16%
BNY BANK OF NY MELLON CORPFinancial Services4.7%$423m11.18m+1489%
LMEUR LEGG MASON INC–2.9%$259m5.95m+203%
HUP HUANENG PWR INTL INC–2.7%$240m8.69m+15%
CALPINE CORP no ticker–2.6%$235m10.40m–
CME CME GROUP INCFinancial Services2.5%$224m585,667–
PGR PROGRESSIVE CORPFinancial Services2.5%$222m11.85m+15%
FEDERAL NATL MTG ASSN no ticker–2.4%$216m11.09m+730%
LVS LAS VEGAS SANDS CORPConsumer Cyclical2.2%$198m4.18m+27%
BEN FRANKLIN RESOURCES INCFinancial Services2.2%$198m2.16m+4037%
UNP UNION PACIFIC CORPIndustrials1.9%$169m2.24m+53372%
PWR QUANTA SVCS INCIndustrials1.6%$140m4.21m+17%
ANGLO AMERICAN PLC no ticker–1.2%$108m3.04m–
IEP ICAHN ENTERPRISES LPEnergy1.2%$104m1.48m+18%
WMB WILLIAMS COS INCEnergy0.9%$78.4m1.94m+13%
IBN ICICI BANK LIMITEDFinancial Services0.9%$77.6m2.70m+27%
INTERCONTINENTALEXCHANGE INC no ticker–0.8%$76.2m668,011–
LFCUSD CHINA LIFE INS CO LTD–0.8%$69.3m1.33m+101%
STUDENT LOAN CORP no ticker–0.8%$68.8m701,178−28%
CMS CMS ENERGY CORPUtilities0.7%$62.4m4.19m+14%
FRMO CORP no ticker–0.7%$60.4m6.96m+6.0%
SHLDEUR SEARS HLDGS CORP–0.6%$57.7m783,051+26%
WASHINGTON POST no ticker–0.6%$57.2m97,386−60%
PENN WEST ENERGY TR no ticker–0.6%$52.8m1.56m−27%
BXUSD BLACKSTONE GROUP L P–0.6%$50.3m2.76m+11212%
MIRANT CORP NEW no ticker–0.5%$46.8m1.20m+3.1%
LEHMAN BROS INC no ticker–0.5%$41.9m2.12m+46%
PM PHILIP MORRIS INTL INCConsumer Defensive0.4%$33.5m678,348–
STT STATE STR CORPFinancial Services0.4%$32.1m502,041+23%
WYNN WYNN RESORTS LTDConsumer Cyclical0.3%$31.2m383,599+50%
MA MASTERCARD INCFinancial Services0.3%$30.5m114,991−89%
TEXAS PAC LD TR no ticker–0.3%$30.3m569,706–
CACI CACI INTL INCTechnology0.3%$28.5m623,401+20%
EXMOC EXXON MOBIL CORP–0.3%$28.0m318,160−2.9%
VNO VORNADO RLTY TRReal Estate0.3%$25.7m292,604+22%
CNQ CANADIAN NAT RES LTD MED TEREnergy0.3%$25.2m251,256+26%
KEP KOREA ELEC PWR CORPUtilities0.3%$24.3m1.67m−68%
JPM JPMORGAN CHASE & COFinancial Services0.2%$19.4m566,345+11378%
FOREST CITY ENTERPRISES INC no ticker–0.2%$19.2m595,908+12%
MTB M & T BK CORPFinancial Services0.2%$18.4m261,370+14%
BID1EUR SOTHEBYS–0.2%$18.4m695,926–
NUVEEN PERF PLUS MUN FD no ticker–0.2%$16.2m1.24m–
LEUCADIA NATL CV 3.75% 2014 Deb no ticker–0.2%$14.5m6.76m−15%

Sector mix

  • Unclassified62.2%
  • Financial Services21.8%
  • Energy7.3%
  • Industrials3.6%
  • Consumer Cyclical2.6%
  • Utilities1.0%
  • Real Estate0.4%
  • Consumer Defensive0.4%
  • Technology0.4%
  • Healthcare0.2%
  • Communication Services0.07%
  • 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