WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2009

Long-only investorSEC filingsCompare with another fundHoldings as of 2009-12-31, filed 2010-02-09

Horizon Kinetics (Murray Stahl) disclosed 284 US equity positions worth $3.0bn in its Q4 2009 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 6.7% of the reported book, followed by ANGLO AMERN PLC and PM. Versus Q3 2009 it opened 38 new positions, added to 75, reduced 141 and exited 18.

$3.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
284
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
6.7%
Largest position
The largest single position as a share of the reported equity book.
45.3%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
34
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 2009: 38 new, 75 added, 141 reduced, 18 exited

50 of 284
BROOKFIELD ASSET MGMT INC no ticker–6.7%$197m8.90m−6.6%reduced
ANGLO AMERN PLC no ticker–6.0%$178m8.14m–new
PM PHILIP MORRIS INTL INCConsumer Defensive4.9%$147m3.05m−7.6%reduced
CME CME GROUP INCFinancial Services4.9%$146m433,794−8.3%reduced
IMO IMPERIAL OIL LTDEnergy4.9%$144m3.74m−5.6%reduced
LEUCADIA NATL CORP no ticker–4.2%$125m5.24m−7.3%reduced
MA MASTERCARD INCFinancial Services3.7%$110m429,406−5.1%reduced
LFCUSD CHINA LIFE INS CO LTD–3.4%$102m1.39m−2.7%reduced
NYSE EURONEXT no ticker–3.3%$99.0m3.91m−7.8%reduced
TV GRUPO TELEVISA S A BCommunication Services3.3%$97.9m4.72m–new
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker–3.3%$96.8m4.13m−4.9%reduced
LMEUR LEGG MASON INC–3.0%$89.7m2.97m−5.1%reduced
ENCANA CORP no ticker–2.7%$81.0m2.50m−5.4%reduced
GAZPROM O A O SPON no ticker–2.7%$79.3m3.25m−8.2%reduced
IBN ICICI BANK LIMITEDFinancial Services2.7%$79.3m2.10m−1.8%reduced
CHU CHINA UNICOM HONG KONG–2.6%$78.1m5.96m−6.6%reduced
EL PASO CORP no ticker–2.2%$63.9m6.50m−7.5%reduced
LENDER PROCESSING SVCS INC no ticker–2.1%$62.2m1.53m+5648%added
VNO VORNADO RLTY TRReal Estate1.9%$55.1m787,172−4.6%reduced
HUP HUANENG PWR INTL INC–1.7%$51.9m2.32m−14%reduced
BURLINGTON NORTHERN SANTA FE C no ticker–1.7%$49.8m504,917−69%reduced
GENZYME CORP no ticker–1.6%$48.8m995,450−5.4%reduced
INTERCONTINENTALEXCHANGE INC no ticker–1.3%$39.7m353,079+14%added
IEP ICAHN ENTERPRISES LPEnergy1.2%$37.0m925,890+0.8%added
SPY SPDR S&P 500 ETF Trust–0.9%$25.3m227,281+2894%added
CALPINE CORP no ticker–0.6%$18.8m1.71m−25%reduced
EXMOC EXXON MOBIL CORP–0.6%$17.4m255,727−6.2%reduced
SHLDEUR SEARS HLDGS CORP–0.6%$17.1m205,357−6.4%reduced
TIP ISHARES TR–0.6%$16.5m158,539+6.8%added
CNQ CANADIAN NAT RES LTD MED TEREnergy0.5%$16.2m225,282−2.7%reduced
PENN WEST ENERGY TR TR UNIT IS no ticker–0.5%$16.2m918,676−2.9%reduced
AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND no ticker–0.5%$16.1m19.35m0.0%held
FOREST CITY ENTERPRISES INC no ticker–0.5%$15.7m1.33m−5.3%reduced
LEUCADIA NATL CORP SR NT CONV CONV BOND no ticker–0.5%$13.4m11.16m+1.4%added
NUVEEN PERFORM PLUS MUN FD ETF/CEF no ticker–0.4%$13.0m924,247−2.4%reduced
TIME WARNER CABLE INC no ticker–0.4%$12.7m307,570−50%reduced
PGR PROGRESSIVE CORPFinancial Services0.4%$12.6m700,001−5.9%reduced
WASHINGTON POST CO no ticker–0.4%$12.4m28,157−12%reduced
WYNN WYNN RESORTS LTDConsumer Cyclical0.4%$12.0m206,273+1.6%added
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.4%$11.6m490,926+286%added
MTB M & T BK CORPFinancial Services0.4%$11.5m171,649−6.4%reduced
BXUSD BLACKSTONE GROUP L P–0.4%$11.4m871,300−16%reduced
SILVER WHEATON CORP no ticker–0.4%$10.7m709,893−1.1%reduced
PIMCO FLOATING RATE STRTGY F ETF/CEF no ticker–0.3%$10.0m1.01m+6.7%added
TEXAS PAC LD TR no ticker–0.3%$9.9m328,846−4.4%reduced
NASDAQ - 2.50% 08/15/13 CONVER CONV BOND no ticker–0.3%$9.7m10.29m+24%added
JAHEUR JARDEN CORP–0.3%$9.5m307,241+84%added
CLAYMORE ETF TRUST 2 CLAY/ALPH ETF/CEF no ticker–0.3%$8.8m487,159+20%added
WMB WILLIAMS COS INCEnergy0.3%$8.7m412,211−15%reduced
JOE ST JOE COReal Estate0.3%$8.2m283,134−2.1%reduced

Exited since Q3 2009

18 rows
WARNER MUSIC GROUP 9.500% 12/1 CONV BOND no ticker0.2%$5.5m
VORNADO RLTY TST 2.850% 04/01/ CONV BOND no ticker0.1%$3.4m
FAIRFAX FINL HLDGS LTD SUB VTG no ticker0.1%$3.3m
MERCK & CO INC no ticker0.06%$1.8m
LIBERTY MEDIA CORP NEW ENT SER no ticker0.04%$1.1m
PCG PG&E CORP0.02%$664k
HANMI FINL CORP no ticker0.02%$632k
SPDR SERIES TRUST SPDR SR TR ETF/CEF no ticker0.02%$529k
MCO MOODYS CORP0.01%$434k
IBM INTERNATIONAL BUSINESS MACHS0.01%$333k
HOPEWELL HLDGS LTD SPON no ticker0.01%$297k
TLT ISHARES TR0.01%$286k
DOW CHEM CO no ticker0.01%$285k
CHLUSD CHINA MOBILE LIMITED0.01%$228k
DAN DANA INC0.01%$228k
COHEN & STEERS PREM INCOME R ETF/CEF no ticker0.01%$222k
FINOVA GROUP INC no ticker0.0%$2.0k
FEDL NATL MTG ASSN JAN 30 OPTION CALL no ticker0.0%$1.0k

Sector mix

  • Unclassified65.8%
  • Financial Services13.9%
  • Energy7.4%
  • Consumer Defensive5.1%
  • Communication Services3.6%
  • Real Estate2.1%
  • Consumer Cyclical0.7%
  • Industrials0.6%
  • Healthcare0.4%
  • Technology0.2%
  • Basic Materials0.1%
  • Utilities0.06%

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