WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2011

Long-only investorSEC filingsCompare with another fundHoldings as of 2011-03-31, filed 2011-05-11

Horizon Kinetics (Murray Stahl) disclosed 256 US equity positions worth $3.3bn in its Q1 2011 13F filing. Its largest position is LEUCADIA NATL CORP at 8.3% of the reported book, followed by SHLDEUR and BROOKFIELD ASSET MGMT INC. Versus Q4 2010 it opened 70 new positions, added to 40, reduced 114 and exited 17.

$3.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
256
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
8.3%
Largest position
The largest single position as a share of the reported equity book.
57.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
25
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 2010: 70 new, 40 added, 114 reduced, 17 exited

50 of 256
LEUCADIA NATL CORP no ticker–8.3%$270m7.20m−4.7%reduced
SHLDEUR SEARS HLDGS CORP–7.3%$239m2.89m+0.4%held
BROOKFIELD ASSET MGMT INC no ticker–7.0%$228m7.02m−3.5%reduced
AN AUTONATION INCConsumer Cyclical6.8%$222m6.28m+112%added
JAHEUR JARDEN CORP–6.1%$197m5.55m+5.1%added
LIBERTY MEDIA HLDG CORP CAP SER CAP no ticker–5.4%$177m2.41m−2.1%reduced
FOREST CITY ENTERPRISES INC no ticker–5.1%$168m8.90m−0.1%held
L LOEWS CORPFinancial Services4.1%$132m3.07m−4.6%reduced
IMO IMPERIAL OIL LTDEnergy3.6%$117m2.30m−5.6%reduced
HHH HOWARD HUGHES CORPReal Estate3.3%$107m1.52m–new
TV GRUPO TELEVISA S A BCommunication Services2.7%$87.1m3.55m−3.8%reduced
CME CME GROUP INCFinancial Services2.7%$86.6m287,161−15%reduced
NYSE EURONEXT no ticker–2.6%$84.9m2.41m−15%reduced
MA MASTERCARD INCFinancial Services2.5%$81.9m325,505−4.2%reduced
IBN ICICI BANK LIMITEDFinancial Services2.2%$71.5m1.44m−8.1%reduced
GLRE GREENLIGHT CAPITAL RE LTDFinancial Services2.1%$68.6m2.43m+19%added
LIBERTY MEDIA CORP NEW LIB STARLIB STAR no ticker–1.7%$55.3m712,600+27%added
VNO VORNADO RLTY TRReal Estate1.6%$52.9m604,054−3.2%reduced
GENERAL GROWTH PPTYS INC NEW no ticker–1.6%$52.4m3.39m+4.0%added
AZO AUTOZONE INCConsumer Cyclical1.2%$39.7m145,264−0.3%held
WYNN WYNN RESORTS LTDConsumer Cyclical1.1%$34.4m270,840−2.3%reduced
CB RICHARD ELLIS GROUP INC no ticker–1.0%$33.9m1.27m−34%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$31.7m1.09m−14%reduced
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.7%$23.6m558,276+24%added
CNQ CANADIAN NAT RES LTD MED TEREnergy0.6%$18.9m381,492−2.3%reduced
LEUCADIA NATL CORP SR NT CONV no ticker–0.6%$18.2m10.59m–new
SILVER WHEATON CORP no ticker–0.5%$17.6m405,404−38%reduced
VRTS VIRTUS INVT PARTNERS INCFinancial Services0.5%$17.3m293,215+14%added
PIMCO INCOME STRATEGY FUND II no ticker–0.5%$16.4m1.57m+15%added
NASDAQ - 2.50% 08/15/13 CONVERTIBLNOTE 2.500% 8/ no ticker–0.5%$15.7m15.84m–new
CHESAPEAKE ENERGDTD 05/27/0 2.250% no ticker–0.5%$15.5m15.10m+129%added
BOKF BOK FINL CORPFinancial Services0.5%$15.4m297,433+3.7%added
INTERCONTINENTALEXCHANGE INC no ticker–0.4%$13.6m110,138−46%reduced
SOTHEBYS SR NT CONV 3.125% 06/15NOTE 3.125% 6/ no ticker–0.4%$12.6m7.67m−3.3%reduced
MKL MARKEL GROUP INCFinancial Services0.4%$12.6m30,411+127%added
NUVEEN PERFORM PLUS MUN FD no ticker–0.4%$11.7m872,964−3.1%reduced
PM PHILIP MORRIS INTL INCConsumer Defensive0.4%$11.6m176,161−7.8%reduced
PIMCO INCOME OPPORTUNITY FD no ticker–0.3%$11.3m413,439+13%added
US GOLD CORPORATION no ticker–0.3%$11.2m1.27m+20%added
EXMOC EXXON MOBIL CORP–0.3%$10.7m127,593−40%reduced
ASCMA ASCENT CAP GROUP INC–0.3%$9.4m193,042+321%added
IACIEUR IAC INTERACTIVECORP–0.3%$9.4m305,030−0.2%held
WMB WILLIAMS COS INCEnergy0.3%$9.2m293,741−1.7%reduced
WINTHROP RLTY TR no ticker–0.3%$8.5m696,770+199%added
BID1EUR SOTHEBYS–0.3%$8.4m159,640−25%reduced
EATON VANCE LTD DUR INCOME F no ticker–0.3%$8.2m514,262−1.7%reduced
MTB M & T BK CORPFinancial Services0.2%$7.6m85,759−25%reduced
IWN ISHARES TR–0.2%$7.5m100,000–new
IMATION CORP no ticker–0.2%$7.5m107,058–new
LIBERTY INTERACTIVE CORP no ticker–0.2%$7.5m466,685−4.0%reduced

Exited since Q4 2010

17 rows
LFCUSD CHINA LIFE INS CO LTD2.2%$62.4m
SPY SPDR S&P 500 ETF Trust0.3%$9.3m
BOSTON PROPERTIES LP 2.875% 02/15/2 no ticker0.2%$6.5m
CHESAPEAKE ENERGDTD 11/08/0 2.750% no ticker0.2%$6.5m
BECKMAN COULTER INC no ticker0.08%$2.4m
EVR EVERCORE INC0.08%$2.3m
PENN VA GP HLDGS L P UNIT R LIM no ticker0.07%$2.0m
MSCI MSCI INC0.07%$2.0m
PENSKE AUTO GROUP 3.500% 04/01/26 no ticker0.07%$1.9m
INTERPUBLIC GROUP 4.250% 03/15/2023 no ticker0.05%$1.3m
GROW U S GLOBAL INVS INC0.04%$1.3m
STT STATE STR CORP0.04%$1.1m
MANTUSD MANTECH INTL CORP0.02%$695k
FNF FIDELITY NATIONAL FINANCIAL0.02%$606k
PICOEUR PICO HLDGS INC0.02%$480k
MBI MBIA INC0.01%$341k
MONTPELIER RE HOLDINGS LTD no ticker0.01%$235k

Sector mix

  • Unclassified59.2%
  • Financial Services16.5%
  • Consumer Cyclical10.1%
  • Real Estate5.0%
  • Energy4.6%
  • Communication Services3.0%
  • Consumer Defensive0.6%
  • Industrials0.4%
  • Healthcare0.4%
  • Utilities0.2%
  • Basic Materials0.08%
  • 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