WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2009

Long-only investorSEC filingsCompare with another fundHoldings as of 2009-06-30, filed 2009-07-23

Horizon Kinetics (Murray Stahl) disclosed 248 US equity positions worth $2.8bn in its Q2 2009 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 5.9% of the reported book, followed by IMO and CME. Versus Q1 2009 it opened 52 new positions, added to 83, reduced 81 and exited 23.

$2.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
248
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
5.9%
Largest position
The largest single position as a share of the reported equity book.
47.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
31
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 Q1 2009: 52 new, 83 added, 81 reduced, 23 exited

50 of 248
BROOKFIELD ASSET MGMT INC no ticker–5.9%$169m9.89m−6.5%reduced
IMO IMPERIAL OIL LTDEnergy5.6%$159m4.13m−6.9%reduced
CME CME GROUP INCFinancial Services5.3%$151m485,154+0.8%added
PM PHILIP MORRIS INTL INCConsumer Defensive5.3%$150m3.43m−5.8%reduced
ENCANA CORP no ticker–4.8%$135m2.74m−6.2%reduced
ANGLO AMERN PLC no ticker–4.5%$129m8.79m+36%added
LEUCADIA NATL CORP no ticker–4.4%$124m5.87m−7.4%reduced
BURLINGTON NORTHERN SANTA FE C no ticker–4.3%$123m1.67m−6.1%reduced
NYSE EURONEXT no ticker–4.3%$121m4.44m−6.4%reduced
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker–3.2%$90.8m4.42m+332%added
CHU CHINA UNICOM HONG KONG–3.1%$87.5m6.56m+2.1%added
HUP HUANENG PWR INTL INC–3.0%$84.7m3.02m−14%reduced
LFCUSD CHINA LIFE INS CO LTD–2.9%$81.5m1.47m−5.2%reduced
UNP UNION PACIFIC CORPIndustrials2.8%$79.0m1.52m−4.9%reduced
MA MASTERCARD INCFinancial Services2.8%$78.1m466,572−3.0%reduced
LMEUR LEGG MASON INC–2.7%$77.9m3.20m−5.3%reduced
GAZPROM O A O SPON no ticker–2.7%$77.4m3.68m−10%reduced
EL PASO CORP no ticker–2.4%$68.7m7.45m−8.1%reduced
IBN ICICI BANK LIMITEDFinancial Services2.3%$65.3m2.21m+46%added
GENZYME CORP no ticker–2.1%$60.2m1.08m–new
DIS DISNEY WALT COCommunication Services2.1%$60.2m2.58m–new
VNO VORNADO RLTY TRReal Estate1.3%$38.2m847,830−0.8%reduced
IEP ICAHN ENTERPRISES LPEnergy1.3%$36.5m930,122−2.5%reduced
INTERCONTINENTALEXCHANGE INC no ticker–1.2%$35.3m308,678−6.1%reduced
CALPINE CORP no ticker–1.0%$27.9m2.50m−27%reduced
TIME WARNER CABLE INC no ticker–0.8%$23.7m747,628−33%reduced
EXMOC EXXON MOBIL CORP–0.7%$19.6m280,581−0.3%held
TIP ISHARES TR–0.6%$16.8m164,934−7.2%reduced
SHLDEUR SEARS HLDGS CORP–0.5%$14.4m215,752−14%reduced
AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND no ticker–0.5%$13.2m18.73m–new
PGR PROGRESSIVE CORPFinancial Services0.4%$12.4m818,469−9.7%reduced
MBI MBIA INCFinancial Services0.4%$12.3m2.83m−1.1%reduced
NUVEEN PERFORM PLUS MUN FD ETF/CEF no ticker–0.4%$12.2m952,342−1.4%reduced
WASHINGTON POST CO no ticker–0.4%$11.8m33,624−5.7%reduced
LEUCADIA NATL CORP SR NT CONV BOND no ticker–0.4%$11.8m10.76m+7.5%added
CNQ CANADIAN NAT RES LTD MED TEREnergy0.4%$11.7m223,478+8.0%added
TEXAS PAC LD TR no ticker–0.4%$11.5m348,495−2.8%reduced
BXUSD BLACKSTONE GROUP L P–0.4%$10.6m1.00m−8.3%reduced
PENN WEST ENERGY TR TR UNIT IS no ticker–0.3%$9.6m752,184−7.2%reduced
MTB M & T BK CORPFinancial Services0.3%$9.2m180,201−1.2%reduced
MIRANT CORP NEW no ticker–0.3%$8.2m518,704−9.7%reduced
WMB WILLIAMS COS INCEnergy0.3%$7.8m500,544−5.8%reduced
WARNER MUSIC GROUP CORP no ticker–0.3%$7.8m1.33m+7.6%added
JOE ST JOE COReal Estate0.3%$7.7m292,393+32%added
BNY BANK OF NY MELLON CORPFinancial Services0.3%$7.7m262,172−20%reduced
WFC WELLS FARGO & COFinancial Services0.3%$7.6m314,037+6.8%added
PWR QUANTA SVCS INCIndustrials0.3%$7.5m325,531−16%reduced
FOREST CITY ENTERPRISES INC no ticker–0.3%$7.2m1.09m+41%added
WYNN WYNN RESORTS LTDConsumer Cyclical0.2%$6.8m192,905+80%added
BOWLES FLUIDICS CORP NEW no ticker–0.2%$6.4m7,9540.0%held

Exited since Q1 2009

23 rows
SOTHEBY'S 3.125% 06/15/13 CONV BOND no ticker0.1%$2.6m
CIA CHINA EASTN AIRLS LTD0.1%$2.2m
DATANG INTL PWR GENERATN no ticker0.09%$1.9m
TSINGTAO BREWERY LTD no ticker0.09%$1.8m
NUVEEN PREM INC MUN ETF/CEF no ticker0.05%$1.1m
NUVEEN PREM INC MUN ETF/CEF no ticker0.05%$1.1m
GAIL INDIA LTD SPON GDR REG S no ticker0.05%$948k
RMR ASIA REAL ESTATE FUND BENE no ticker0.04%$875k
COMDISCO HLDG CO INC CONTIN WAR/RIGHT no ticker0.04%$835k
NUVEEN PREM INC MUN ETF/CEF no ticker0.03%$560k
KEP KOREA ELEC PWR CORP0.02%$470k
DIAMONDS TR UNIT SER 1 no ticker0.02%$402k
EATON VANCE NATL MUN INC ETF/CEF no ticker0.02%$393k
NUVEEN QUALITY INC MUN ETF/CEF no ticker0.02%$347k
WYETH no ticker0.01%$295k
EFX EQUIFAX INC0.01%$221k
DEUTSCHE TELEKOM AG no ticker0.01%$206k
INTERNATIONAL ASSETSHLDG CORP no ticker0.01%$165k
VANGUARD SPECIALIZED PORTFOL ETF/CEF no ticker0.01%$132k
GENERAL MTRS CORP DEB SR CV C PREF no ticker0.01%$125k
DELPHI CORP 6.500% 08/15/13 CONV BOND no ticker0.0%$16.0k
FIRST BK DEL WILMINGTON no ticker0.0%$12.0k
LEHMAN BROTHERS HOLDINGS INC no ticker0.0%$1.0k

Sector mix

  • Unclassified65.4%
  • Financial Services13.1%
  • Energy7.9%
  • Consumer Defensive5.4%
  • Industrials3.3%
  • Communication Services2.2%
  • Real Estate1.6%
  • Consumer Cyclical0.4%
  • Healthcare0.3%
  • Technology0.2%
  • Utilities0.2%
  • 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