WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2010

Long-only investorSEC filingsCompare with another fundHoldings as of 2010-12-31, filed 2011-02-07

Horizon Kinetics (Murray Stahl) disclosed 203 US equity positions worth $2.9bn in its Q4 2010 13F filing. Its largest position is BROOKFIELD ASSET MGMT INC at 8.4% of the reported book, followed by LEUCADIA NATL CORP and SHLDEUR. Versus Q3 2010 it opened 29 new positions, added to 44, reduced 100 and exited 69.

$2.9bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
203
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.
54.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
26
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 2010: 29 new, 44 added, 100 reduced, 69 exited

50 of 203
BROOKFIELD ASSET MGMT INC no ticker–8.4%$242m7.27m−3.7%reduced
LEUCADIA NATL CORP no ticker–7.7%$220m7.56m+7.8%added
SHLDEUR SEARS HLDGS CORP–7.4%$212m2.88m+12%added
JAHEUR JARDEN CORP–5.7%$163m5.27m+34%added
LIBERTY MEDIA HLDG CORP CAP SER A CAP no ticker–5.4%$154m2.46m+9.7%added
FOREST CITY ENTERPRISES INC no ticker–5.2%$149m8.91m+28%added
L LOEWS CORPFinancial Services4.4%$125m3.22m+34%added
CME CME GROUP INCFinancial Services3.8%$108m336,985−7.7%reduced
IMO IMPERIAL OIL LTDEnergy3.4%$98.5m2.43m−20%reduced
TV GRUPO TELEVISA S A BCommunication Services3.3%$95.7m3.69m−5.7%reduced
NYSE EURONEXT no ticker–2.9%$84.8m2.83m−11%reduced
AN AUTONATION INCConsumer Cyclical2.9%$83.6m2.97m+95%added
IBN ICICI BANK LIMITEDFinancial Services2.8%$79.1m1.56m−8.9%reduced
MA MASTERCARD INCFinancial Services2.6%$76.1m339,601−5.7%reduced
LFCUSD CHINA LIFE INS CO LTD–2.2%$62.4m1.02m−9.9%reduced
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services1.9%$54.6m2.04m+25%added
VNO VORNADO RLTY TRReal Estate1.8%$52.0m623,711−5.8%reduced
GENERAL GROWTH PPTYS INC NEW no ticker–1.8%$50.4m3.26m–new
LENDER PROCESSING SVCS INC no ticker–1.5%$44.0m1.49m−34%reduced
AZO AUTOZONE INCConsumer Cyclical1.4%$39.7m145,697+0.7%added
CB RICHARD ELLIS GROUP INC no ticker–1.4%$39.6m1.93m−8.0%reduced
LIBERTY MEDIA CORP NEW LIB STAR no ticker–1.3%$37.3m561,716+34%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$29.0m1.27m+4204%added
WYNN WYNN RESORTS LTDConsumer Cyclical1.0%$28.8m277,196−2.2%reduced
SILVER WHEATON CORP no ticker–0.9%$25.7m659,036−6.3%reduced
INTERCONTINENTALEXCHANGE INC no ticker–0.8%$24.4m204,431−23%reduced
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.7%$20.7m449,495−3.3%reduced
CNQ CANADIAN NAT RES LTD MED TEREnergy0.6%$17.3m390,293−2.2%reduced
EXMOC EXXON MOBIL CORP–0.5%$15.6m212,857+1.1%added
BOKF BOK FINL CORPFinancial Services0.5%$15.3m286,857−2.8%reduced
PIMCO INCOME STRATEGY FUND II no ticker–0.5%$13.5m1.37m−3.7%reduced
NUVEEN PERFORM PLUS MUN FD no ticker–0.4%$12.2m900,964−0.7%reduced
VRTS VIRTUS INVT PARTNERS INCFinancial Services0.4%$11.7m258,144+73%added
SOTHEBYS SR NT CONV 3.125% 06/15/20 no ticker–0.4%$11.5m7.94m–new
PM PHILIP MORRIS INTL INCConsumer Defensive0.4%$11.2m191,166−8.9%reduced
ENCANA CORP no ticker–0.4%$10.9m373,302−41%reduced
MTB M & T BK CORPFinancial Services0.3%$9.9m113,982−16%reduced
BID1EUR SOTHEBYS–0.3%$9.5m212,068−23%reduced
PIMCO INCOME OPPORTUNITY FD no ticker–0.3%$9.4m366,063+15%added
SPY SPDR S&P 500 ETF Trust–0.3%$9.3m74,289–new
IACIEUR IAC INTERACTIVECORP–0.3%$8.8m305,631+27%added
US GOLD CORPORATION no ticker–0.3%$8.6m1.06m−0.2%held
EATON VANCE LTD DUR INCOME F no ticker–0.3%$8.4m523,095−7.8%reduced
BECKMAN COULTIER INC SR NT 2.500% 1 no ticker–0.3%$8.2m7.17m–new
LIBERTY INTERACTIVE CORP no ticker–0.3%$7.7m486,348+7.7%added
WMB WILLIAMS COS INCEnergy0.3%$7.4m298,813−5.6%reduced
WFC WELLS FARGO & COFinancial Services0.3%$7.3m236,865−2.7%reduced
BOSTON PROPERTIES LP 2.875% 02/15/2 no ticker–0.2%$6.5m6.38m–new
CHESAPEAKE ENERGDTD 11/08/0 2.750% no ticker–0.2%$6.5m6.50m–new
BNY BANK OF NY MELLON CORPFinancial Services0.2%$6.4m213,431+5.2%added

Exited since Q3 2010

69 rows
GENERAL GROWTH PPTYS INC no ticker1.6%$41.6m
GENZYME CORP no ticker0.9%$22.4m
TIP ISHARES TR0.7%$16.8m
PENN WEST ENERGY TR TR UNIT TR UNIT no ticker0.4%$9.8m
GUGGENHEIM CHINA REAL ESTATE ETF CLAY/ALPH CHN no ticker0.4%$9.1m
BXUSD BLACKSTONE GROUP L P0.2%$6.3m
WASHINGTON POST CO no ticker0.2%$5.1m
CNP CENTERPOINT ENERGY INC0.2%$4.9m
JOE ST JOE CO0.2%$4.9m
OIS OIL STS INTL INC0.2%$4.7m
WELLS FARGO & CO NEW PERP PERP no ticker0.1%$3.8m
MIRANT CORP NEW no ticker0.1%$3.3m
WESCO FINL CORP no ticker0.10%$2.5m
BUCKEYE GP HOLDINGS LP UNITS no ticker0.09%$2.4m
CIA CHINA EASTN AIRLS LTD0.09%$2.2m
GOLD WHEATON GOLD CORP no ticker0.08%$2.1m
INMET MNG CORP no ticker0.07%$1.9m
FIRST TR FOUR CRNRS SR FLT RCOM S no ticker0.06%$1.6m
ZNHUSD CHINA SOUTHN AIRLS LTD0.06%$1.6m
LMEUR LEGG MASON INC0.04%$1.1m
EATON VANCE MUNI INCOME TRUSSH BE SH BEN INT no ticker0.04%$906k
HUP HUANENG PWR INTL INC0.02%$589k
9990302D APACHE CORP0.02%$553k
UNP UNION PACIFIC CORP0.02%$549k
TFX TELEFLEX INCORPORATED0.02%$460k
MRO* MARATHON OIL CORP0.02%$456k
NSC NORFOLK SOUTHERN CORP0.02%$440k
EWBC EAST WEST BANCORP INC0.02%$438k
AMERICAN RAILCAR INDS INC no ticker0.02%$435k
CUBUSD CUBIC CORP0.02%$431k
ALX ALEXANDERS INC0.02%$409k
HELIOS MULTI SECTOR HIGN INCOME F no ticker0.02%$397k
CENTER FINL CORP CALIF no ticker0.01%$382k
AIG American International Group0.01%$368k
NTRS NORTHERN TR CORP0.01%$352k
TROW PRICE T ROWE GROUP INC0.01%$350k
CRREUR CARBO CERAMICS INC0.01%$340k
VMI VALMONT INDS INC0.01%$335k
VZ VERIZON COMMUNICATIONS INC0.01%$329k
HDB HDFC BANK LTD0.01%$323k
EVEUR EATON VANCE CORP0.01%$306k
RTN1USD RAYTHEON CO0.01%$302k
USIG ISHARES TR0.01%$281k
SYK STRYKER CORPORATION0.01%$275k
AGG ISHARES TR0.01%$273k
CATY CATHAY GENERAL BANCORP0.01%$272k
IFF INTERNATIONAL FLAVORS&FRAGRA0.01%$239k
BAX BAXTER INTL INC0.01%$232k
MFS CALIF MUN FD no ticker0.01%$223k
POWERSHARES QQQ TRUST no ticker0.01%$223k

Sector mix

  • Unclassified63.8%
  • Financial Services18.8%
  • Consumer Cyclical6.2%
  • Energy4.4%
  • Communication Services3.6%
  • Real Estate1.8%
  • Consumer Defensive0.5%
  • Industrials0.4%
  • Healthcare0.4%
  • Basic Materials0.09%
  • Technology0.05%
  • 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