WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-03-31, filed 2019-05-15

Horizon Kinetics (Murray Stahl) disclosed 484 US equity positions worth $3.6bn in its Q1 2019 13F filing. Its largest position is TEXAS PAC LD TR at 39.0% of the reported book, followed by HHH and IEP.

$3.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
484
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
39.0%
Largest position
The largest single position as a share of the reported equity book.
63.3%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
6
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

50 of 484
TEXAS PAC LD TR no ticker–39.0%$1.4bn1.80m–
HHH HOWARD HUGHES CORPReal Estate5.5%$197m1.79m+18%
IEP ICAHN ENTERPRISES LPEnergy3.9%$140m1.93m–
LIBERTY MEDIA CORP DEL no ticker–2.8%$98.8m2.58m–
CVEO1EUR CIVEO CORP CDA–2.5%$87.5m41.67m–
FNV FRANCO NEVADA CORPBasic Materials2.1%$73.7m982,161–
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.0%$72.5m3.04m–
BROOKFIELD ASSET MGMT INC no ticker–2.0%$70.0m1.50m−79%
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.8%$65.5m1.03m+1097%
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.8%$63.0m659,837−40%
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.7%$60.1m1.52m–
WEN The Wendy's CoConsumer Cyclical1.6%$56.7m3.17m–
CACI CACI INTL INCTechnology1.5%$54.5m299,297–
8L8C LIBERTY BROADBAND CORP–1.4%$51.6m562,067–
CHENIERE ENERGY INC no ticker–1.4%$50.7m64.81m–
VGSH VANGUARD SCOTTSDALE FDS–1.3%$47.9m793,055–
LIBERTY MEDIA CORP DEL no ticker–1.2%$44.3m1.16m–
SAIC SCIENCE APPLICATIONS INTL COTechnology1.2%$41.4m537,894–
CME CME GROUP INCFinancial Services1.0%$35.9m217,826−24%
GE GENERAL ELECTRIC COIndustrials0.7%$24.2m2.42m+3693%
LNG CHENIERE ENERGY INCEnergy0.7%$23.5m344,371–
BRK/B BERKSHIRE HATHAWAY INC DEL–0.6%$23.0m114,408–
RGLD ROYAL GOLD INCBasic Materials0.6%$22.7m249,945+591%
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.6%$20.6m70,312–
ROYCE MICRO-CAP TR INC no ticker–0.6%$20.3m2.44m–
AMCX AMC GLOBAL MEDIA INCCommunication Services0.6%$19.9m350,676–
MKL MARKEL GROUP INCFinancial Services0.6%$19.9m19,956−34%
MA MASTERCARD INCFinancial Services0.5%$17.6m74,625−77%
DOUBLELINE INCOME SOLUTIONS no ticker–0.5%$16.3m816,770–
NVGS NAVIGATOR HLDGS LTDEnergy0.5%$16.1m1.47m–
OAK OAKTREE CAP GROUP LLC–0.4%$16.0m322,174–
LGF/BEUR LIONS GATE ENTMNT CORP–0.4%$15.2m1.01m–
IPAR INTERPARFUMS INCConsumer Defensive0.4%$15.1m198,482+8.0%
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.4%$14.7m128,941–
LIBERTY MEDIA CORP DEL no ticker–0.4%$13.9m396,602–
ECHO ECHOSTAR CORPCommunication Services0.3%$11.9m327,512+556%
AYS1 SANDSTORM GOLD LTD–0.3%$11.8m2.16m–
LBRDAEUR LIBERTY BROADBAND CORP–0.3%$10.6m115,520–
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$9.5m468,737–
LIBERTY MEDIA CORP DELAWARE no ticker–0.3%$9.4m275,319–
PYPL PAYPAL HLDGS INCFinancial Services0.3%$9.2m89,000–
GOOGL ALPHABET INCCommunication Services0.2%$8.2m6,942–
EXMOC EXXON MOBIL CORP–0.2%$8.1m100,339−21%
GOOG ALPHABET INCCommunication Services0.2%$8.0m6,853–
MESABI TR no ticker–0.2%$7.9m270,583–
PIMCO DYNAMIC INCOME FD no ticker–0.2%$7.6m238,134–
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.2%$7.6m571,189–
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.2%$7.3m119,822−79%
ROYAL GOLD INC no ticker–0.2%$6.9m6.95m–
PTEN PATTERSON-UTI ENERGY INCEnergy0.2%$6.8m486,863–

Sector mix

  • Unclassified63.1%
  • Financial Services6.8%
  • Real Estate6.1%
  • Energy5.7%
  • Basic Materials5.1%
  • Communication Services4.0%
  • Technology3.2%
  • Consumer Cyclical2.6%
  • Industrials1.4%
  • Healthcare1.1%
  • Consumer Defensive0.9%
  • Utilities0.09%

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