WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2009

Long-only investorSEC filingsCompare with another fundHoldings as of 2009-03-31, filed 2009-05-12

Horizon Kinetics (Murray Stahl) disclosed 219 US equity positions worth $2.1bn in its Q1 2009 13F filing. Its largest position is IMO at 7.6% of the reported book, followed by BROOKFIELD ASSET MGMT INC and PM. Versus Q4 2008 it opened 53 new positions, added to 40, reduced 113 and exited 65.

$2.1bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
219
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.6%
Largest position
The largest single position as a share of the reported equity book.
53.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
26
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 Q4 2008: 53 new, 40 added, 113 reduced, 65 exited

50 of 219
IMO IMPERIAL OIL LTDEnergy7.6%$160m4.43m−13%reduced
BROOKFIELD ASSET MGMT INC no ticker–6.9%$146m10.57m−12%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive6.2%$130m3.64m+74%added
CME CME GROUP INCFinancial Services5.6%$119m481,379+112%added
ENCANA CORP no ticker–5.6%$119m2.92m−12%reduced
BURLINGTON NORTHERN SANTA FE no ticker–5.1%$107m1.78m−11%reduced
HUP HUANENG PWR INTL INC–4.5%$94.7m3.53m−17%reduced
LEUCADIA NATL CORP no ticker–4.5%$94.3m6.33m−18%reduced
NYSE EURONEXT no ticker–4.0%$85.0m4.75m−24%reduced
MA MASTERCARD INCFinancial Services3.8%$80.5m480,775+34%added
LFCUSD CHINA LIFE INS CO LTD–3.6%$76.4m1.55m+123%added
CHU CHINA UNICOM HONG KONG–3.2%$66.9m6.43m–new
UNP UNION PACIFIC CORPIndustrials3.1%$65.6m1.60m−8.8%reduced
GAZPROM O A O SPON no ticker–3.0%$63.4m4.10m–new
ANGLO AMERN PLC no ticker–2.6%$55.3m6.48m–new
LMEUR LEGG MASON INC–2.5%$53.7m3.37m−9.7%reduced
EL PASO CORP no ticker–2.4%$50.6m8.10m−13%reduced
VNO VORNADO RLTY TRReal Estate1.4%$28.4m854,992+743%added
TIME WARNER CABLE INC no ticker–1.3%$27.8m1.12m–new
IEP ICAHN ENTERPRISES LPEnergy1.2%$24.8m954,182−17%reduced
INTERCONTINENTALEXCHANGE INC no ticker–1.2%$24.5m328,732−17%reduced
CALPINE CORP no ticker–1.1%$23.3m3.43m−27%reduced
IBN ICICI BANK LIMITEDFinancial Services1.0%$20.1m1.51m−12%reduced
EXMOC EXXON MOBIL CORP–0.9%$19.2m281,286−4.0%reduced
TIP ISHARES TR–0.9%$18.3m177,643−15%reduced
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker–0.7%$15.8m1.02m–new
MBI MBIA INCFinancial Services0.6%$13.1m2.87m−11%reduced
WASHINGTON POST CO no ticker–0.6%$12.7m35,666−31%reduced
PGR PROGRESSIVE CORPFinancial Services0.6%$12.2m906,864−23%reduced
SHLDEUR SEARS HLDGS CORP–0.5%$11.5m250,818−27%reduced
NUVEEN PERFORM PLUS MUN ETF/CEF no ticker–0.5%$11.4m965,621−13%reduced
TEXAS PAC LD TR no ticker–0.4%$9.3m358,532−8.4%reduced
BNY BANK OF NY MELLON CORPFinancial Services0.4%$9.2m325,756−1.3%reduced
CMS CMS ENERGY CORPUtilities0.4%$8.5m715,784−27%reduced
LEUCADIA NATL CORP SR NT CONV CONV BOND no ticker–0.4%$8.4m10.01m+66%added
PWR QUANTA SVCS INCIndustrials0.4%$8.3m388,112−13%reduced
MTB M & T BK CORPFinancial Services0.4%$8.3m182,396−13%reduced
CNQ CANADIAN NAT RES LTD MED TEREnergy0.4%$8.0m206,984−29%reduced
BXUSD BLACKSTONE GROUP L P–0.4%$7.9m1.10m−28%reduced
PENN WEST ENERGY TR TR UNIT no ticker–0.4%$7.7m810,826−17%reduced
STUDENT LOAN CORP no ticker–0.3%$7.1m163,736−32%reduced
MIRANT CORP NEW no ticker–0.3%$6.5m574,201−16%reduced
WMB WILLIAMS COS INCEnergy0.3%$6.0m531,304−19%reduced
CACI CACI INTL INCTechnology0.3%$5.4m148,295−33%reduced
GSK PLC no ticker–0.2%$5.2m167,774−28%reduced
MKL MARKEL GROUP INCFinancial Services0.2%$5.0m17,746−24%reduced
BOMBARDIER INC CLASSB no ticker–0.2%$4.4m1.88m–new
SPY SPDR S&P 500 ETF Trust–0.2%$4.4m54,729−99%reduced
PC6A PETROCHINA CO LTD–0.2%$4.3m53,948−23%reduced
WFC WELLS FARGO & COFinancial Services0.2%$4.2m293,970−28%reduced

Exited since Q4 2008

65 rows
CEO CNOOC LTD5.1%$181m
TIME WARNER no ticker4.5%$159m
NV ENERGY INC no ticker3.5%$122m
CCL CARNIVAL CORP3.1%$108m
RELIANT ENERGY no ticker2.6%$91.1m
ANGLO AMERICAN PLC no ticker2.6%$90.5m
DIS DISNEY WALT CO2.1%$73.2m
SUNCOR ENERGY no ticker0.9%$31.2m
NRG NRG ENERGY INC0.8%$29.6m
BHP BHP BILLITON LIMITED0.5%$19.1m
PFE PFIZER INC0.5%$17.1m
GREAT PLAINS ENERGY INC no ticker0.2%$8.2m
RIO RIO TINTO PLC0.2%$7.8m
MGM MGM RESORTS INTERNATIONAL0.2%$5.3m
IUSV ISHARES TR0.1%$4.5m
CNS COHEN & STEERS INC0.1%$4.5m
IWD ISHARES TR0.1%$4.3m
POWERSHARES QQQ TRUST no ticker0.1%$3.8m
IWM ISHARES TR0.1%$3.7m
MCGRAW HILL FINL INC no ticker0.07%$2.4m
LAZ LAZARD LTD0.07%$2.4m
S & P MID CAP 400 DEP ETF no ticker0.05%$1.7m
GXC SPDR INDEX SHS FDS0.04%$1.5m
LIBERTY GLOBAL A no ticker0.03%$1.2m
BEN FRANKLIN RESOURCES INC0.03%$944k
NUVEEN DIVID ADV MUN FD ETF no ticker0.02%$761k
ONEX CORP no ticker0.02%$613k
ALX ALEXANDERS INC0.02%$586k
MEDCO HEALTH no ticker0.02%$583k
EPD ENTERPRISE PRODS PARTNERS L0.02%$574k
TELFY TELEFONICA S A0.01%$517k
INMET MINING CORP no ticker0.01%$471k
NUVEEN DIVID ADV MUN ETF no ticker0.01%$471k
UST INC no ticker0.01%$451k
JPM JPMORGAN CHASE & CO0.01%$384k
WALGREEN CO no ticker0.01%$382k
FOREST LABS INC no ticker0.01%$306k
BAX BAXTER INTL INC0.01%$295k
CINF CINCINNATI FINL CORP0.01%$285k
XLF SELECT SECTOR SPDR TR0.01%$269k
NATIONWIDE HEALTH PPTYS no ticker0.01%$234k
SIEM INDUSTRIES no ticker0.01%$227k
GD GENERAL DYNAMICS CORP0.01%$221k
NOC NORTHROP GRUMMAN CORP0.01%$220k
SYK STRYKER CORPORATION0.01%$220k
PIMCO FLTG RATE STRAT no ticker0.01%$218k
CRREUR CARBO CERAMICS INC0.01%$217k
APC3EUR ANADARKO PETE CORP0.01%$214k
POWERSHARES EXCH TRD GLDN ETF no ticker0.01%$209k
XLE SELECT SECTOR SPDR TR0.01%$201k

Sector mix

  • Unclassified63.6%
  • Financial Services13.7%
  • Energy9.7%
  • Consumer Defensive6.3%
  • Industrials3.8%
  • Real Estate1.5%
  • Utilities0.5%
  • Healthcare0.4%
  • Technology0.3%
  • Consumer Cyclical0.1%
  • Communication Services0.08%
  • Basic Materials0.02%

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