WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2008

Long-only investorSEC filingsCompare with another fundHoldings as of 2008-09-30, filed 2008-11-10

Horizon Kinetics (Murray Stahl) disclosed 246 US equity positions worth $6.2bn in its Q3 2008 13F filing. Its largest position is LEUCADIA NATL CORP at 9.7% of the reported book, followed by BROOKFIELD ASSET MGMT INC and NYSE EURONEXT. Versus Q2 2008 it opened 58 new positions, added to 47, reduced 112 and exited 33.

$6.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
246
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
9.7%
Largest position
The largest single position as a share of the reported equity book.
50.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
27
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 2008: 58 new, 47 added, 112 reduced, 33 exited

50 of 246
LEUCADIA NATL CORP no ticker–9.7%$599m13.22m−25%reduced
BROOKFIELD ASSET MGMT INC no ticker–7.6%$469m17.11m−12%reduced
NYSE EURONEXT no ticker–5.9%$360m9.21m−24%reduced
CEO CNOOC LTD–4.9%$300m2.62m−12%reduced
IMO IMPERIAL OIL LTDEnergy4.5%$279m6.55m−18%reduced
ENCANA CORP no ticker–4.4%$273m4.16m−17%reduced
SIERRA PACIFIC Cmnstk no ticker–3.7%$227m23.87m–new
CCL CARNIVAL CORPConsumer Cyclical3.5%$213m6.03m+5912%added
LMEUR LEGG MASON INC–3.2%$199m5.25m−12%reduced
EL PASO CORP Cmnstk no ticker–3.1%$194m15.29m−46%reduced
RELIANT ENERGY Cmnstk no ticker–3.1%$188m25.63m–new
LVS LAS VEGAS SANDS CORPConsumer Cyclical3.0%$186m5.17m+24%added
HUP HUANENG PWR INTL INC–2.8%$174m6.54m−25%reduced
BEN FRANKLIN RESOURCES INCFinancial Services2.7%$169m5.28m+145%added
UNP UNION PACIFIC CORPIndustrials2.7%$166m2.33m+4.0%added
CALPINE CORP no ticker–1.8%$111m8.59m−17%reduced
CME CME GROUP INCFinancial Services1.8%$110m297,465−49%reduced
ANGLO AMERICAN PLC no ticker–1.6%$98.3m5.93m–new
MBI MBIA INCFinancial Services1.5%$95.2m8.11m–new
PM PHILIP MORRIS INTL INCConsumer Defensive1.4%$84.8m1.77m+162%added
MA MASTERCARD INCFinancial Services1.3%$80.8m456,729+297%added
SUNCOR ENERGY Cmnstk no ticker–1.3%$79.7m1.89m–new
CNP CENTERPOINT ENERGY INCUtilities1.2%$73.6m5.05m–new
V VISA INCFinancial Services1.1%$66.9m1.09m+20629%added
SHLDEUR SEARS HLDGS CORP–1.0%$62.3m675,433−14%reduced
IEP ICAHN ENTERPRISES LPEnergy1.0%$59.0m1.38m−6.9%reduced
IBN ICICI BANK LIMITEDFinancial Services0.9%$56.5m2.40m−11%reduced
WASHINGTON POST Cmnstk no ticker–0.8%$49.1m89,489−8.1%reduced
CHINA NETCOM no ticker–0.8%$49.0m1.09m+5063%added
STUDENT LOAN Cmnstk no ticker–0.8%$47.8m513,486−27%reduced
LFCUSD CHINA LIFE INS CO LTD–0.7%$45.8m823,544−38%reduced
INTERCONTINENTALEXCHANGE INC no ticker–0.7%$44.2m549,805−18%reduced
NRG NRG ENERGY INCUtilities0.6%$39.2m1.59m–new
WMB WILLIAMS COS INCEnergy0.6%$37.4m1.61m−17%reduced
PENN WEST ENERGY Cmnstk no ticker–0.5%$31.9m1.32m−15%reduced
BHP BHP BILLITON LIMITEDBasic Materials0.5%$31.4m603,826–new
BXUSD BLACKSTONE GROUP L P–0.5%$30.8m2.01m−27%reduced
FOREST CITY ENTERPRISES INC no ticker–0.5%$30.2m989,439+66%added
RIO RIO TINTO PLCBasic Materials0.5%$29.8m119,265–new
PGR PROGRESSIVE CORPFinancial Services0.5%$28.9m1.66m−86%reduced
WYNN WYNN RESORTS LTDConsumer Cyclical0.5%$28.7m356,897−7.0%reduced
CMS CMS ENERGY CORPUtilities0.4%$27.7m2.26m−46%reduced
CACI CACI INTL INCTechnology0.4%$26.4m539,138−14%reduced
SPY SPDR S&P 500 ETF Trust–0.4%$24.9m214,637–new
EXMOC EXXON MOBIL CORP–0.4%$24.1m309,861−2.6%reduced
MTB M & T BK CORPFinancial Services0.4%$23.3m260,899−0.2%held
BNY BANK OF NY MELLON CORPFinancial Services0.3%$21.5m659,497−94%reduced
TIP ISHARES TR–0.3%$19.7m194,800–new
TEXAS PAC LD TR no ticker–0.3%$19.2m514,889−9.6%reduced
MIRANT CORP Cmnstk no ticker–0.3%$17.8m977,388−18%reduced

Exited since Q2 2008

33 rows
NDAQ NASDAQ INC7.2%$647m
ANGLO AMERICAN PLC no ticker1.2%$108m
FRMO CORP no ticker0.7%$60.4m
MS MORGAN STANLEY0.1%$11.5m
AMERICAN CAP STRATEGIES no ticker0.1%$11.5m
BAM INVESTMENTS CORP no ticker0.08%$7.1m
CATY CATHAY GENERAL BANCORP0.06%$5.8m
NYMEX HOLDINGS INC no ticker0.06%$5.7m
IVZ INVESCO LTD0.05%$4.6m
ABT ABBOTT LABORATORIES0.04%$3.3m
INMET MINING CORP no ticker0.03%$3.0m
AMERICAN INTL GROUP no ticker0.02%$1.6m
NVS NOVARTIS AG0.01%$870k
HDB HDFC BANK LTD0.01%$783k
ADM ARCHER DANIELS MIDLAND CO0.01%$617k
CVA1EUR COVANTA HLDG CORP0.01%$480k
IRON MTN INC no ticker0.0%$369k
BUNGE LIMITED no ticker0.0%$359k
PBR PETROLEO BRASILEIRO S A0.0%$340k
HRB BLOCK H & R INC0.0%$320k
NEXEN INC no ticker0.0%$319k
AMG AFFILIATED MANAGERS GROUP0.0%$317k
AAPL APPLE INC0.0%$294k
SAN JUAN BASIN RTY TR no ticker0.0%$287k
18614USD GOLDCORP INC NEW0.0%$222k
BIIB BIOGEN INC0.0%$209k
VZ VERIZON COMMUNICATIONS INC0.0%$204k
SRE SEMPRA0.0%$203k
LIBERTY MEDIA CORP no ticker0.0%$201k
RCN CORP no ticker0.0%$150k
THOMAS WIESEL PARTNERS no ticker0.0%$127k
BLOCKBUSTER no ticker0.0%$45.0k
AMBASE CORP no ticker0.0%$5.0k

Sector mix

  • Unclassified65.5%
  • Financial Services11.6%
  • Consumer Cyclical7.1%
  • Energy6.4%
  • Industrials3.2%
  • Utilities2.5%
  • Consumer Defensive1.4%
  • Basic Materials1.0%
  • Technology0.5%
  • Real Estate0.4%
  • Healthcare0.2%
  • Communication Services0.09%

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