WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2010

Long-only investorSEC filingsCompare with another fundHoldings as of 2010-03-31, filed 2010-05-11

Horizon Kinetics (Murray Stahl) disclosed 294 US equity positions worth $3.0bn in its Q1 2010 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 7.1% of the reported book, followed by ANGLO AMERN PLC and PM. Versus Q4 2009 it opened 22 new positions, added to 94, reduced 142 and exited 12.

$3.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
294
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
7.1%
Largest position
The largest single position as a share of the reported equity book.
43.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
35
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 2009: 22 new, 94 added, 142 reduced, 12 exited

50 of 294
BROOKFIELD ASSET MGMT INC no ticker–7.1%$216m8.49m−4.6%reduced
ANGLO AMERN PLC no ticker–5.4%$165m7.57m−7.1%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive4.9%$150m2.87m−5.8%reduced
IMO IMPERIAL OIL LTDEnergy4.5%$137m3.52m−5.8%reduced
CME CME GROUP INCFinancial Services4.3%$131m414,370−4.5%reduced
LEUCADIA NATL CORP no ticker–4.1%$124m5.02m−4.2%reduced
NYSE EURONEXT no ticker–3.6%$111m3.73m−4.6%reduced
MA MASTERCARD INCFinancial Services3.4%$104m407,930−5.0%reduced
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker–3.3%$101m3.92m−5.1%reduced
TV GRUPO TELEVISA S A BCommunication Services3.1%$94.5m4.50m−4.7%reduced
LFCUSD CHINA LIFE INS CO LTD–3.1%$94.5m1.31m−5.7%reduced
LENDER PROCESSING SVCS INC no ticker–3.1%$93.3m2.47m+62%added
IBN ICICI BANK LIMITEDFinancial Services2.8%$84.8m1.99m−5.6%reduced
LMEUR LEGG MASON INC–2.8%$84.2m2.94m−1.3%reduced
GAZPROM O A O SPON no ticker–2.3%$70.0m3.02m−7.1%reduced
ENCANA CORP no ticker–2.3%$69.4m2.24m−11%reduced
EL PASO CORP no ticker–2.2%$66.7m6.15m−5.4%reduced
CHU CHINA UNICOM HONG KONG–1.9%$58.6m5.26m−12%reduced
VNO VORNADO RLTY TRReal Estate1.9%$57.5m759,437−3.5%reduced
GENZYME CORP no ticker–1.6%$48.9m943,064−5.3%reduced
IEP ICAHN ENTERPRISES LPEnergy1.5%$44.9m945,347+2.1%added
HUP HUANENG PWR INTL INC–1.4%$42.0m1.81m−22%reduced
INTERCONTINENTALEXCHANGE INC no ticker–1.3%$38.3m341,237−3.4%reduced
CB RICHARD ELLIS GROUP INC CL no ticker–1.2%$36.7m2.31m–new
JAHEUR JARDEN CORP–1.2%$35.3m1.06m+245%added
FOREST CITY ENTERPRISES INC no ticker–1.0%$30.9m2.14m+61%added
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services0.8%$24.0m899,179+83%added
SHLDEUR SEARS HLDGS CORP–0.7%$22.6m208,581+1.6%added
WYNN WYNN RESORTS LTDConsumer Cyclical0.7%$19.9m263,067+28%added
PENN WEST ENERGY TR TR UNIT IS no ticker–0.6%$18.5m877,613−4.5%reduced
EXMOC EXXON MOBIL CORP–0.6%$17.6m262,612+2.7%added
BOKF BOK FINL CORPFinancial Services0.5%$16.1m306,989–new
CNQ CANADIAN NAT RES LTD MED TEREnergy0.5%$15.6m210,254−6.7%reduced
TIP ISHARES TR–0.5%$15.4m148,353−6.4%reduced
CALPINE CORP no ticker–0.5%$13.9m1.17m−32%reduced
AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND no ticker–0.4%$13.6m15.40m−20%reduced
LEUCADIA NATL CORP SR NT CONV CONV BOND no ticker–0.4%$13.6m10.94m−2.0%reduced
MTB M & T BK CORPFinancial Services0.4%$13.3m167,416−2.5%reduced
BXUSD BLACKSTONE GROUP L P–0.4%$12.8m911,775+4.6%added
NUVEEN PERFORM PLUS MUN FD ETF/CEF no ticker–0.4%$12.7m895,134−3.1%reduced
WASHINGTON POST CO no ticker–0.4%$12.5m28,071−0.3%held
SILVER WHEATON CORP no ticker–0.4%$11.2m712,097+0.3%held
NASDAQ - 2.50% 08/15/13 CONVER CONV BOND no ticker–0.3%$10.3m10.67m+3.6%added
BID1EUR SOTHEBYS–0.3%$9.9m318,151−12%reduced
PIMCO INCOME STRATEGY FUND II ETF/CEF no ticker–0.3%$9.6m1.00m−1.2%reduced
TEXAS PAC LD TR no ticker–0.3%$9.5m339,667+3.3%added
SOTHEBYS SR NT CONV 3.125% 06/ CONV BOND no ticker–0.3%$9.4m8.32m+2.7%added
PICOEUR PICO HLDGS INC–0.3%$9.4m251,775+5.2%added
JOE ST JOE COReal Estate0.3%$9.3m288,301+1.8%added
WMB WILLIAMS COS INCEnergy0.3%$9.1m394,736−4.2%reduced

Exited since Q4 2009

12 rows
BURLINGTON NORTHERN SANTA FE C no ticker1.7%$49.8m
CADBURY PLC SPONS no ticker0.04%$1.2m
MARKET VECTORS ETF TR no ticker0.01%$302k
COP CONOCOPHILLIPS0.01%$287k
LICT CORPORATION no ticker0.01%$241k
NATIONWIDE HEALTH PPTYS INC no ticker0.01%$229k
ILF ISHARES TR0.01%$222k
AMAT APPLIED MATLS INC0.01%$169k
EATON VANCE CR OPPORTUNIT FD ETF/CEF no ticker0.01%$155k
ELAN PLC no ticker0.0%$104k
PZNUSD PZENA INVT MGMT INC0.0%$98.0k
SOUTHERN PAC PETE NL SPONS no ticker0.0%$18.0k

Sector mix

  • Unclassified65.5%
  • Financial Services14.1%
  • Energy7.2%
  • Consumer Defensive5.1%
  • Communication Services3.4%
  • Real Estate2.2%
  • Consumer Cyclical1.0%
  • Industrials0.6%
  • Healthcare0.5%
  • Technology0.2%
  • Basic Materials0.1%
  • Utilities0.04%

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