WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2008

Long-only investorSEC filingsCompare with another fundHoldings as of 2008-12-31, filed 2009-02-13

Horizon Kinetics (Murray Stahl) disclosed 231 US equity positions worth $3.5bn in its Q4 2008 13F filing. Its largest position is SPY at 10.1% of the reported book, followed by BROOKFIELD ASSET MGMT INC and CEO. Versus Q3 2008 it opened 53 new positions, added to 25, reduced 143 and exited 68.

$3.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
231
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
10.1%
Largest position
The largest single position as a share of the reported equity book.
51.0%
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 Q3 2008: 53 new, 25 added, 143 reduced, 68 exited

50 of 231
SPY SPDR S&P 500 ETF Trust–10.1%$356m3.98m+1753%added
BROOKFIELD ASSET MGMT INC no ticker–5.2%$184m12.05m−30%reduced
CEO CNOOC LTD–5.1%$181m1.90m−27%reduced
NYSE EURONEXT no ticker–4.9%$172m6.28m−32%reduced
IMO IMPERIAL OIL LTDEnergy4.8%$172m5.09m−22%reduced
TIME WARNER no ticker–4.5%$159m15.81m–new
ENCANA CORP no ticker–4.4%$154m3.32m−20%reduced
LEUCADIA NATL CORP no ticker–4.3%$153m7.72m−42%reduced
BURLINGTON NTRN SANTA FE no ticker–4.3%$151m1.99m–new
HUP HUANENG PWR INTL INC–3.5%$124m4.25m−35%reduced
NV ENERGY INC no ticker–3.5%$122m12.38m–new
CCL CARNIVAL CORPConsumer Cyclical3.1%$108m4.45m−26%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive2.6%$91.2m2.10m+18%added
RELIANT ENERGY no ticker–2.6%$91.1m15.77m−38%reduced
ANGLO AMERICAN PLC no ticker–2.6%$90.5m7.79m–new
UNP UNION PACIFIC CORPIndustrials2.4%$83.6m1.75m−25%reduced
LMEUR LEGG MASON INC–2.3%$81.9m3.74m−29%reduced
DIS DISNEY WALT COCommunication Services2.1%$73.2m3.23m+3846%added
EL PASO CORP no ticker–2.0%$72.6m9.27m−39%reduced
MA MASTERCARD INCFinancial Services1.4%$51.2m358,687−21%reduced
CME CME GROUP INCFinancial Services1.3%$47.3m226,714−24%reduced
V VISA INCFinancial Services1.2%$42.7m814,445−25%reduced
CALPINE CORP no ticker–1.0%$34.2m4.70m−45%reduced
IBN ICICI BANK LIMITEDFinancial Services0.9%$33.2m1.73m−28%reduced
INTERCONTINENTALEXCHANGE INC no ticker–0.9%$32.5m394,589−28%reduced
LFCUSD CHINA LIFE INS CO LTD–0.9%$32.2m694,987−16%reduced
SUNCOR ENERGY no ticker–0.9%$31.2m1.60m−15%reduced
IEP ICAHN ENTERPRISES LPEnergy0.9%$30.2m1.14m−17%reduced
NRG NRG ENERGY INCUtilities0.8%$29.6m1.27m−20%reduced
EXMOC EXXON MOBIL CORP–0.7%$23.4m292,991−5.4%reduced
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.7%$23.1m3.90m−24%reduced
TIP ISHARES TR–0.6%$20.8m209,408+7.5%added
WASHINGTON POST no ticker–0.6%$20.2m51,939−42%reduced
BHP BHP BILLITON LIMITEDBasic Materials0.5%$19.1m445,633−26%reduced
PGR PROGRESSIVE CORPFinancial Services0.5%$17.4m1.18m−29%reduced
PFE PFIZER INCHealthcare0.5%$17.1m965,463–new
SHLDEUR SEARS HLDGS CORP–0.4%$13.3m341,413−49%reduced
MBI MBIA INCFinancial Services0.4%$13.2m3.24m−60%reduced
MIRANT no ticker–0.4%$12.9m682,287−30%reduced
NUVEEN PERF PLUS MUN FD ETF no ticker–0.4%$12.5m1.11m−16%reduced
WFC WELLS FARGO & COFinancial Services0.3%$12.0m409,122−1.1%reduced
MTB M & T BK CORPFinancial Services0.3%$12.0m210,064−19%reduced
CNQ CANADIAN NAT RES LTD MED TEREnergy0.3%$11.6m291,228+194%added
CMS CMS ENERGY CORPUtilities0.3%$10.0m985,128−56%reduced
BXUSD BLACKSTONE GROUP L P–0.3%$9.9m1.52m−24%reduced
CACI CACI INTL INCTechnology0.3%$9.9m220,170−59%reduced
STUDENT LOAN CORP no ticker–0.3%$9.8m239,758−53%reduced
WMB WILLIAMS COS INCEnergy0.3%$9.5m656,855−59%reduced
BNY BANK OF NY MELLON CORPFinancial Services0.3%$9.3m330,109−50%reduced
PENN WEST ENERGY no ticker–0.3%$9.2m980,325−26%reduced

Exited since Q3 2008

68 rows
SIERRA PACIFIC Cmnstk no ticker3.7%$227m
ANGLO AMERICAN PLC no ticker1.6%$98.3m
CNP CENTERPOINT ENERGY INC1.2%$73.6m
CHINA NETCOM no ticker0.8%$49.0m
AMER REAL EST PTRS NT Cvt Bd no ticker0.2%$13.7m
FEDERAL NATL MTG Cmnstk no ticker0.2%$10.2m
CENTER FINL CORP CALIF Cmnstk no ticker0.1%$8.8m
DREAMWORKS ANIMATION SKG INC no ticker0.09%$5.2m
WARNER MUSIC 9 1/2 Conv no ticker0.06%$3.5m
BR BROADRIDGE FINL SOLUTIONS IN0.05%$3.2m
AB ALLIANCEBERNSTEIN HOLDING LP0.05%$3.0m
FORTRESS INVESTMENT GROUP LL no ticker0.03%$1.9m
INTC INTEL CORP0.03%$1.8m
DELL INC no ticker0.02%$1.4m
FAIRFAX FINL Cmnstk no ticker0.02%$1.4m
GFI GROUP INC no ticker0.02%$1.3m
CADBURY PLC no ticker0.02%$1.3m
TEL & DATA SYS Cmnstk no ticker0.02%$1.2m
RCL ROYAL CARIBBEAN CRUISES LTD0.02%$1.1m
ORCL ORACLE CORP0.02%$1.0m
CHLUSD CHINA MOBILE LIMITED0.02%$970k
LEHMAN BROS HLDGS Cmnstk no ticker0.01%$885k
INTL ASSETS HLDG Cmnstk no ticker0.01%$802k
GLRE GREENLIGHT CAPITAL RE LTD0.01%$605k
FOREST CITY ENT B Cmnstk no ticker0.01%$585k
SCHW SCHWAB CHARLES CORP0.01%$494k
IVW ISHARES TR0.01%$484k
DU PONT E I DE NEMOURS & CO no ticker0.01%$395k
GLD SPDR GOLD TRUST0.01%$393k
TEL & DATA SYS SPL Cmnstk no ticker0.01%$359k
AGO ASSURED GUARANTY LTD0.01%$354k
ULTRASHORT QQQ PROSHS Rev Cert no ticker0.01%$350k
CSX CSX CORP0.01%$339k
IFF INTERNATIONAL FLAVORS&FRAGRA0.01%$319k
EOG EOG Resources Inc0.01%$308k
GS GOLDMAN SACHS GROUP INC0.0%$292k
FIS FIDELITY NATL INFORMATION SV0.0%$269k
EIX EDISON INTL0.0%$260k
VECO VEECO INSTRS INC DEL0.0%$256k
LMT LOCKHEED MARTIN CORP0.0%$237k
INTERNATIONAL GAME TECHNOLOG no ticker0.0%$234k
9990302D APACHE CORP0.0%$231k
MCY MERCURY GENL CORP NEW0.0%$223k
CSCO CISCO SYS INC0.0%$211k
KINDER MORGAN ENERGY PARTNER no ticker0.0%$208k
DHR DANAHER CORP DEL0.0%$208k
MONSANTO CO NEW no ticker0.0%$203k
ARBITRON INC no ticker0.0%$195k
CHICAGO BRIDGE & IRON CO N V no ticker0.0%$195k
DTF TAX-FREE INC Cmnstk no ticker0.0%$182k

Sector mix

  • Unclassified70.5%
  • Financial Services7.9%
  • Energy6.5%
  • Consumer Cyclical4.1%
  • Industrials2.8%
  • Consumer Defensive2.6%
  • Communication Services2.1%
  • Utilities1.2%
  • Healthcare0.8%
  • Basic Materials0.8%
  • Real Estate0.4%
  • Technology0.3%

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