WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2009

Long-only investorSEC filingsCompare with another fundHoldings as of 2009-09-30, filed 2009-11-04

Horizon Kinetics (Murray Stahl) disclosed 264 US equity positions worth $3.0bn in its Q3 2009 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 7.3% of the reported book, followed by PM and ENCANA CORP. Versus Q2 2009 it opened 32 new positions, added to 120, reduced 83 and exited 16.

$3.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
264
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.3%
Largest position
The largest single position as a share of the reported equity book.
47.8%
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 Q2 2009: 32 new, 120 added, 83 reduced, 16 exited

50 of 264
BROOKFIELD ASSET MGMT INC no ticker–7.3%$217m9.53m−3.6%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive5.4%$161m3.30m−3.9%reduced
ENCANA CORP no ticker–5.1%$152m2.65m−3.4%reduced
IMO IMPERIAL OIL LTDEnergy5.0%$151m3.96m−4.0%reduced
CME CME GROUP INCFinancial Services4.9%$146m472,963−2.5%reduced
LEUCADIA NATL CORP no ticker–4.7%$140m5.65m−3.6%reduced
BURLINGTON NORTHERN SANTA FE C no ticker–4.3%$129m1.62m−3.4%reduced
NYSE EURONEXT no ticker–4.1%$123m4.24m−4.5%reduced
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker–3.8%$112m4.34m−1.7%reduced
LMEUR LEGG MASON INC–3.3%$97.2m3.13m−1.9%reduced
LFCUSD CHINA LIFE INS CO LTD–3.1%$93.9m1.43m−2.8%reduced
MA MASTERCARD INCFinancial Services3.1%$91.5m452,705−3.0%reduced
CHU CHINA UNICOM HONG KONG–3.0%$90.9m6.38m−2.7%reduced
UNP UNION PACIFIC CORPIndustrials2.9%$85.9m1.47m−3.0%reduced
GAZPROM O A O SPON no ticker–2.8%$84.4m3.54m−3.8%reduced
IBN ICICI BANK LIMITEDFinancial Services2.8%$82.6m2.14m−3.2%reduced
EL PASO CORP no ticker–2.4%$72.6m7.03m−5.6%reduced
HUP HUANENG PWR INTL INC–2.4%$72.2m2.71m−10%reduced
GENZYME CORP no ticker–2.0%$59.7m1.05m−2.8%reduced
VNO VORNADO RLTY TRReal Estate1.8%$53.2m825,194−2.7%reduced
IEP ICAHN ENTERPRISES LPEnergy1.2%$36.7m918,236−1.3%reduced
INTERCONTINENTALEXCHANGE INC no ticker–1.0%$30.2m310,323+0.5%added
TIME WARNER CABLE INC no ticker–0.9%$26.5m614,517−18%reduced
CALPINE CORP no ticker–0.9%$26.3m2.28m−8.8%reduced
FOREST CITY ENTERPRISES INC no ticker–0.6%$18.8m1.41m+29%added
MBI MBIA INCFinancial Services0.6%$18.8m2.42m−15%reduced
EXMOC EXXON MOBIL CORP–0.6%$18.7m272,630−2.8%reduced
AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND no ticker–0.5%$15.9m19.35m+3.3%added
CNQ CANADIAN NAT RES LTD MED TEREnergy0.5%$15.6m231,591+3.6%added
TIP ISHARES TR–0.5%$15.3m148,476−10.0%reduced
PENN WEST ENERGY TR TR UNIT IS no ticker–0.5%$15.0m946,432+26%added
WASHINGTON POST CO no ticker–0.5%$15.0m31,958−5.0%reduced
BXUSD BLACKSTONE GROUP L P–0.5%$14.7m1.04m+3.4%added
WYNN WYNN RESORTS LTDConsumer Cyclical0.5%$14.4m203,090+5.3%added
SHLDEUR SEARS HLDGS CORP–0.5%$14.3m219,357+1.7%added
LEUCADIA NATL CORP SR NT CONV CONV BOND no ticker–0.5%$13.8m11.01m+2.3%added
NUVEEN PERFORM PLUS MUN FD ETF/CEF no ticker–0.4%$13.4m947,106−0.5%reduced
PGR PROGRESSIVE CORPFinancial Services0.4%$12.3m744,060−9.1%reduced
MTB M & T BK CORPFinancial Services0.4%$11.4m183,316+1.7%added
TEXAS PAC LD TR no ticker–0.4%$10.8m344,131−1.3%reduced
BOWLES FLUIDICS CORP NEW no ticker–0.3%$9.7m7,410−6.8%reduced
PIMCO FLOATING RATE STRTGY F ETF/CEF no ticker–0.3%$9.4m950,060+28%added
SILVER WHEATON CORP no ticker–0.3%$9.0m718,092+738%added
WMB WILLIAMS COS INCEnergy0.3%$8.7m484,474−3.2%reduced
WFC WELLS FARGO & COFinancial Services0.3%$8.5m302,123−3.8%reduced
JOE ST JOE COReal Estate0.3%$8.4m289,107−1.1%reduced
MIRANT CORP NEW no ticker–0.3%$8.1m494,176−4.7%reduced
WARNER MUSIC GROUP CORP no ticker–0.3%$7.8m1.41m+6.0%added
CLAYMORE ETF TRUST 2 CLAY/ALPH ETF/CEF no ticker–0.2%$7.3m406,773+9.5%added
NASDAQ - 2.50% 08/15/13 CONVER CONV BOND no ticker–0.2%$7.2m8.30m+19%added

Exited since Q2 2009

16 rows
ANGLO AMERN PLC no ticker4.5%$129m
DIS DISNEY WALT CO2.1%$60.2m
BOMBARDIER INC CLASSB no ticker0.2%$4.7m
UCBH HOLDINGS INC no ticker0.01%$363k
GS GOLDMAN SACHS GROUP INC0.01%$323k
V VISA INC0.01%$258k
MONSANTO CO NEW no ticker0.01%$204k
PIMCO FDS PAC INVT MGMT SER TO ETF/CEF no ticker0.01%$199k
HELIOS HIGH INCOME FD INC ETF/CEF no ticker0.01%$193k
BROOKFIELD INFRAST PARTNERS no ticker0.0%$129k
HELIOS MULTI SEC HI INC FD I ETF/CEF no ticker0.0%$125k
AMERICAN RAILCAR INDS INC no ticker0.0%$96.0k
ADELPHIA CONTINGENT VALUE VEHI no ticker0.0%$63.0k
AMERICAN INTL GROUP INC no ticker0.0%$31.0k
SEACO LTD no ticker0.0%$24.0k
OLAM INTERNATIONAL LTD no ticker0.0%$21.0k

Sector mix

  • Unclassified65.9%
  • Financial Services13.8%
  • Energy7.5%
  • Consumer Defensive5.5%
  • Industrials3.5%
  • Real Estate2.1%
  • Consumer Cyclical0.7%
  • Communication Services0.3%
  • Healthcare0.3%
  • Technology0.2%
  • Utilities0.1%
  • Basic Materials0.10%

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