WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-06-30, filed 2019-08-14

Horizon Kinetics (Murray Stahl) disclosed 489 US equity positions worth $3.6bn in its Q2 2019 13F filing. Its largest position is TEXAS PAC LD TR at 39.4% of the reported book, followed by HHH and IEP. Versus Q1 2019 it opened 14 new positions, added to 80, reduced 248 and exited 9.

$3.6bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
489
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
39.4%
Largest position
The largest single position as a share of the reported equity book.
63.6%
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

Against Q1 2019: 14 new, 80 added, 248 reduced, 9 exited

50 of 489
TEXAS PAC LD TR no ticker–39.4%$1.4bn1.79m−0.5%reduced
HHH HOWARD HUGHES CORPReal Estate5.8%$207m1.67m−6.5%reduced
IEP ICAHN ENTERPRISES LPEnergy3.6%$128m1.77m−8.4%reduced
LIBERTY MEDIA CORP DEL no ticker–2.6%$94.2m2.48m−4.0%reduced
FNV FRANCO NEVADA CORPBasic Materials2.5%$88.1m1.04m+5.7%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.0%$72.2m2.98m−1.9%reduced
CVEO1EUR CIVEO CORP CDA–2.0%$71.0m41.28m−0.9%reduced
BROOKFIELD ASSET MGMT INC no ticker–1.9%$69.4m1.45m−3.2%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.9%$68.0m1.03m−0.5%held
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.9%$66.7m643,684−2.4%reduced
CACI CACI INTL INCTechnology1.8%$64.9m317,390+6.0%added
8L8C LIBERTY BROADBAND CORP–1.6%$57.5m551,696−1.8%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.6%$56.3m1.51m−0.9%reduced
WEN The Wendy's CoConsumer Cyclical1.4%$51.8m2.65m−16%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.4%$50.0m577,128+7.3%added
CHENIERE ENERGY INC no ticker–1.4%$49.7m63.41m−2.2%reduced
LNG CHENIERE ENERGY INCEnergy1.2%$41.8m611,333+78%added
CME CME GROUP INCFinancial Services1.1%$40.4m208,263−4.4%reduced
LIBERTY MEDIA CORP DEL no ticker–1.1%$37.8m1.00m−14%reduced
GE GENERAL ELECTRIC COIndustrials0.7%$24.9m2.38m−1.7%reduced
RGLD ROYAL GOLD INCBasic Materials0.7%$24.6m239,725−4.1%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.7%$23.6m387,681−51%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.7%$23.5m110,194−3.7%reduced
MKL MARKEL GROUP INCFinancial Services0.6%$21.5m19,752−1.0%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.5%$19.3m69,094−1.7%reduced
MA MASTERCARD INCFinancial Services0.5%$19.3m73,109−2.0%reduced
AMCX AMC GLOBAL MEDIA INCCommunication Services0.5%$18.2m334,663−4.6%reduced
DOUBLELINE INCOME SOLUTIONS no ticker–0.5%$16.2m811,852−0.6%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.4%$15.4m127,228−1.3%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$14.2m380,389−4.1%reduced
DMLP DORCHESTER MINERALS LPEnergy0.4%$14.0m767,044–new
ECHO ECHOSTAR CORPCommunication Services0.4%$13.3m300,856−8.1%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$13.2m197,862−0.3%held
NVGS NAVIGATOR HLDGS LTDEnergy0.4%$13.2m1.41m−4.1%reduced
AYS1 SANDSTORM GOLD LTD–0.4%$13.1m2.36m+9.5%added
ROYCE MICRO-CAP TR INC no ticker–0.3%$12.4m1.50m−38%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.3%$11.5m111,960−3.1%reduced
OAK OAKTREE CAP GROUP LLC–0.3%$11.3m228,091−29%reduced
LGF/BEUR LIONS GATE ENTMNT CORP–0.3%$11.1m959,957−4.9%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.3%$10.2m89,052+0.1%held
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$9.7m463,758−1.1%reduced
LIBERTY MEDIA CORP DELAWARE no ticker–0.3%$9.7m270,060−1.9%reduced
MESABI TR no ticker–0.2%$8.8m298,186+10%added
BGCPEUR BGC PARTNERS INC–0.2%$8.8m1.68m+38%added
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.2%$7.9m570,460−0.1%held
EXMOC EXXON MOBIL CORP–0.2%$7.7m100,434+0.1%held
PIMCO DYNAMIC INCOME FD no ticker–0.2%$7.6m236,125−0.8%reduced
GOOGL ALPHABET INCCommunication Services0.2%$7.4m6,829−1.6%reduced
GLIBAEUR GCI LIBERTY INC–0.2%$7.3m119,569−1.0%reduced
GOOG ALPHABET INCCommunication Services0.2%$7.3m6,745−1.6%reduced

Exited since Q1 2019

9 rows
ROYAL GOLD INC no ticker0.2%$6.9m
OSIRIS THERAPEUTICS INC NEW no ticker0.01%$361k
DSW INC no ticker0.01%$358k
IIJIY INTERNET INITIATIVE JAPAN IN0.01%$331k
INGR INGREDION INC0.01%$272k
MPC Marathon Petroleum Corp0.01%$268k
HANCOCK JOHN PFD INCOME FD I no ticker0.01%$199k
PERSHING GOLD CORP no ticker0.0%$81.0k
IMI INTERMOLECULAR INC0.0%$65.0k

Sector mix

  • Unclassified61.4%
  • Financial Services7.1%
  • Real Estate6.4%
  • Energy6.1%
  • Basic Materials5.5%
  • Communication Services4.0%
  • Technology3.8%
  • Consumer Cyclical2.4%
  • Industrials1.4%
  • Healthcare1.1%
  • Consumer Defensive0.8%
  • Utilities0.08%

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