WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2010

Long-only investorSEC filingsCompare with another fundHoldings as of 2010-09-30, filed 2010-11-15

Horizon Kinetics (Murray Stahl) disclosed 243 US equity positions worth $2.6bn in its Q3 2010 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 8.4% of the reported book, followed by SHLDEUR and LEUCADIA NATL CORP. Versus Q1 2010 it opened 46 new positions, added to 63, reduced 121 and exited 97.

$2.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
243
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.4%
Largest position
The largest single position as a share of the reported equity book.
50.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
28
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 2010: 46 new, 63 added, 121 reduced, 97 exited

50 of 243
BROOKFIELD ASSET MGMT INC no ticker–8.4%$214m7.55m−11%reduced
SHLDEUR SEARS HLDGS CORP–7.2%$185m2.57m+1130%added
LEUCADIA NATL CORP no ticker–6.5%$166m7.01m+40%added
JAHEUR JARDEN CORP–4.8%$123m3.94m+271%added
LIBERTY MEDIA HLDG CORP CAP S CAP no ticker–4.6%$117m2.24m+3199%added
IMO IMPERIAL OIL LTDEnergy4.5%$116m3.06m−13%reduced
CME CME GROUP INCFinancial Services3.7%$95.1m365,261−12%reduced
L LOEWS CORPFinancial Services3.6%$91.2m2.41m+2099%added
NYSE EURONEXT no ticker–3.5%$90.8m3.18m−15%reduced
FOREST CITY ENTERPRISES INC no ticker–3.5%$89.6m6.98m+226%added
IBN ICICI BANK LIMITEDFinancial Services3.3%$85.5m1.71m−14%reduced
MA MASTERCARD INCFinancial Services3.1%$80.6m360,006−12%reduced
LENDER PROCESSING SVCS INC no ticker–2.9%$74.4m2.24m−9.4%reduced
TV GRUPO TELEVISA S A BCommunication Services2.9%$74.0m3.91m−13%reduced
LFCUSD CHINA LIFE INS CO LTD–2.6%$67.4m1.13m−14%reduced
VNO VORNADO RLTY TRReal Estate2.2%$56.7m662,435−13%reduced
GENERAL GROWTH PPTYS INC no ticker–1.6%$41.6m2.67m–new
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services1.6%$40.7m1.63m+81%added
CB RICHARD ELLIS GROUP INC no ticker–1.5%$38.4m2.10m−9.1%reduced
EL PASO CORP no ticker–1.5%$37.3m3.01m−51%reduced
AN AUTONATION INCConsumer Cyclical1.4%$35.3m1.52m–new
AZO AUTOZONE INCConsumer Cyclical1.3%$33.1m144,752–new
INTERCONTINENTALEXCHANGE INC no ticker–1.1%$27.9m266,619−22%reduced
LIBERTY MEDIA CORP NEW LIB S LIB STAR no ticker–1.1%$27.2m418,751+657%added
WYNN WYNN RESORTS LTDConsumer Cyclical1.0%$24.6m283,559+7.8%added
GENZYME CORP no ticker–0.9%$22.4m316,375−66%reduced
ENCANA CORP no ticker–0.7%$19.1m630,213−72%reduced
SILVER WHEATON CORP no ticker–0.7%$18.7m703,021−1.3%reduced
TIP ISHARES TR–0.7%$16.8m154,413+4.1%added
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.6%$16.2m464,603+101%added
PIMCO INCOME STRATEGY FUND II no ticker–0.6%$14.3m1.42m+42%added
NUVEEN PERFORM PLUS MUN FD no ticker–0.5%$13.9m907,098+1.3%added
CNQ CANADIAN NAT RES LTD MED TEREnergy0.5%$13.8m398,944+90%added
BOKF BOK FINL CORPFinancial Services0.5%$13.3m295,022−3.9%reduced
EXMOC EXXON MOBIL CORP–0.5%$13.0m210,623−20%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive0.5%$11.8m209,877−93%reduced
MTB M & T BK CORPFinancial Services0.4%$11.0m134,918−19%reduced
CALPINE CORP no ticker–0.4%$10.7m858,475−26%reduced
BID1EUR SOTHEBYS–0.4%$10.2m276,663−13%reduced
PENN WEST ENERGY TR TR UNIT TR UNIT no ticker–0.4%$9.8m488,107−44%reduced
EATON VANCE LTD DUR INCOME F no ticker–0.4%$9.3m567,192+18%added
GUGGENHEIM CHINA REAL ESTATE ETF CLAY/ALPH CHN no ticker–0.4%$9.1m463,673−6.6%reduced
PIMCO INCOME OPPORTUNITY FD no ticker–0.3%$8.4m318,562+39%added
PGR PROGRESSIVE CORPFinancial Services0.3%$8.1m388,090−9.7%reduced
IACIEUR IAC INTERACTIVECORP–0.2%$6.3m240,890–new
BXUSD BLACKSTONE GROUP L P–0.2%$6.3m492,741−46%reduced
LIBERTY INTERACTIVE CORP no ticker–0.2%$6.2m451,540+530%added
WFC WELLS FARGO & COFinancial Services0.2%$6.1m243,335−9.1%reduced
WMB WILLIAMS COS INCEnergy0.2%$6.0m316,381−20%reduced
SNI SCRIPPS NETWORKS INTERACT IN–0.2%$5.7m120,122−5.2%reduced

Exited since Q1 2010

97 rows
ANGLO AMERN PLC no ticker5.4%$165m
MARKET VECTORS ETF TR GAMING E ETF/CEF no ticker3.3%$101m
GAZPROM O A O SPON no ticker2.3%$70.0m
CHU CHINA UNICOM HONG KONG1.9%$58.6m
IEP ICAHN ENTERPRISES LP1.5%$44.9m
AMERICAN REAL ESTATE FLOAT 4.0 CONV BOND no ticker0.4%$13.6m
LEUCADIA NATL CORP SR NT CONV CONV BOND no ticker0.4%$13.6m
NASDAQ - 2.50% 08/15/13 CONVER CONV BOND no ticker0.3%$10.3m
TEXAS PAC LD TR no ticker0.3%$9.5m
SOTHEBYS SR NT CONV 3.125% 06/ CONV BOND no ticker0.3%$9.4m
TIME WARNER CABLE INC no ticker0.3%$8.5m
BOWLES FLUIDICS CORP NEW no ticker0.3%$8.5m
WT WISDOMTREE INC0.2%$6.6m
CACI CACI INTL INC0.2%$5.8m
GSK PLC no ticker0.2%$5.7m
WASHINGTON REIT 3.875% 09/15/2 CONV BOND no ticker0.2%$5.7m
FOREST CITY ENT 3.625% 10/15/2 CONV BOND no ticker0.2%$5.5m
PC6A PETROCHINA CO LTD0.2%$5.4m
HARVEST ENERGY TRUST 7.500% 05 CONV BOND no ticker0.1%$4.4m
CACI INTL CONV 2.125% 05/01/20 CONV BOND no ticker0.1%$4.2m
L 3 COMMUNICATIONS CORP CONV 3 CONV BOND no ticker0.1%$4.2m
INTERPUBLIC GROUP COS INC PFD5 PREF no ticker0.1%$4.0m
POT1EUR POTASH CORP SASK INC0.1%$4.0m
SAKS INC 2.000% 03/15/24 CONV BOND no ticker0.1%$3.9m
VAN KAMPEN SENIOR INCOME TR ETF/CEF no ticker0.1%$3.8m
FOREST CITY ENT 3.625% 10/15/1 CONV BOND no ticker0.1%$3.7m
BOSTON PROPERTIES LP 2.875% 02 CONV BOND no ticker0.1%$3.4m
LIVE NATION ENTERTAINMENT 2.87 CONV BOND no ticker0.1%$3.4m
LIBERTY MEDIA 3.125% 03/30/23 CONV BOND no ticker0.1%$3.3m
FOREST CITY ENTERPRISES 7% SER CONV PREF no ticker0.1%$3.1m
BP BP PLC0.09%$2.8m
JANUS CAP GROUP INC no ticker0.08%$2.5m
ADVANCED MICRO DEVICES 6.000% CONV BOND no ticker0.08%$2.3m
RDS/A ROYAL DUTCH SHELL PLC0.07%$2.0m
WILSHIRE BANCORP INC no ticker0.06%$1.9m
RBAGBP RITCHIE BROS AUCTIONEERS0.06%$1.9m
AFFILIATED MANAGERS GROUP 3.95 CONV BOND no ticker0.06%$1.8m
SWIRE PAC LTD SPON no ticker0.06%$1.7m
PEABODY ENERGY CORP 4.750% 12/ CONV BOND no ticker0.06%$1.7m
ST MARY LAND & EXP SM 3.500% 0 CONV BOND no ticker0.06%$1.7m
SBA COMMUNICATIONS CORP 1.875% CONV BOND no ticker0.05%$1.7m
WU WESTERN UN CO0.05%$1.6m
PENN VIRGINIA CONV 4.50% 11/15 CONV BOND no ticker0.05%$1.6m
Dean Foods Co no ticker0.05%$1.5m
RMR ASIA PAC REAL EST FD NEW C ETF/CEF no ticker0.05%$1.5m
HARVEST ENERGY TRUST 7.250% 09 CONV BOND no ticker0.05%$1.5m
INTERPUBLIC GROUP 4.250% 03/15 CONV BOND no ticker0.05%$1.5m
MBIA CAP CLAYMORE MNG DUR INCO ETF/CEF no ticker0.05%$1.4m
NARA BANCORP INC no ticker0.05%$1.4m
FREDDIE MAC no ticker0.04%$1.4m

Sector mix

  • Unclassified64.5%
  • Financial Services17.9%
  • Energy5.5%
  • Consumer Cyclical4.5%
  • Communication Services3.2%
  • Real Estate2.4%
  • Consumer Defensive0.6%
  • Industrials0.5%
  • Healthcare0.5%
  • Utilities0.2%
  • Basic Materials0.1%
  • Technology0.05%

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