WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-09-30, filed 2019-11-14

Horizon Kinetics (Murray Stahl) disclosed 478 US equity positions worth $3.3bn in its Q3 2019 13F filing. Its largest position is TEXAS PAC LD TR at 35.2% of the reported book, followed by HHH and FNV. Versus Q2 2019 it opened 9 new positions, added to 80, reduced 243 and exited 20.

$3.3bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
478
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
35.2%
Largest position
The largest single position as a share of the reported equity book.
62.9%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
7
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 Q2 2019: 9 new, 80 added, 243 reduced, 20 exited

50 of 478
TEXAS PAC LD TR no ticker–35.2%$1.2bn1.78m−0.5%held
HHH HOWARD HUGHES CORPReal Estate6.2%$204m1.57m−6.1%reduced
FNV FRANCO NEVADA CORPBasic Materials3.2%$104m1.14m+9.4%added
IEP ICAHN ENTERPRISES LPEnergy3.1%$103m1.60m−9.5%reduced
LIBERTY MEDIA CORP DEL no ticker–3.0%$98.6m2.35m−5.2%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.9%$93.9m3.58m+20%added
CACI CACI INTL INCTechnology2.7%$88.3m381,927+20%added
BROOKFIELD ASSET MGMT INC no ticker–2.5%$80.7m1.52m+4.6%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services2.2%$73.2m637,315−1.0%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services2.0%$66.7m1.01m−2.0%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.6%$52.6m1.48m−1.8%reduced
8L8C LIBERTY BROADBAND CORP–1.6%$52.0m497,202−9.9%reduced
WEN The Wendy's CoConsumer Cyclical1.6%$51.3m2.57m−3.0%reduced
CVEO1EUR CIVEO CORP CDA–1.6%$51.1m40.20m−2.6%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.5%$49.8m570,182−1.2%reduced
CHENIERE ENERGY INC no ticker–1.4%$47.0m60.91m−3.9%reduced
CME CME GROUP INCFinancial Services1.3%$43.2m204,626−1.7%reduced
LNG CHENIERE ENERGY INCEnergy1.3%$42.2m669,932+9.6%added
LIBERTY MEDIA CORP DEL no ticker–1.1%$37.0m890,509−11%reduced
RGLD ROYAL GOLD INCBasic Materials0.9%$28.7m233,033−2.8%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.7%$23.3m381,769−1.5%reduced
MKL MARKEL GROUP INCFinancial Services0.7%$22.6m19,123−3.2%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.7%$22.5m108,257−1.8%reduced
MA MASTERCARD INCFinancial Services0.6%$19.6m72,003−1.5%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.5%$17.8m67,567−2.2%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.5%$16.9m252,778+99%added
AMCX AMC GLOBAL MEDIA INCCommunication Services0.5%$15.9m323,393−3.4%reduced
DOUBLELINE INCOME SOLUTIONS no ticker–0.5%$15.3m768,126−5.4%reduced
NVGS NAVIGATOR HLDGS LTDEnergy0.4%$14.5m1.36m−3.1%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$14.5m348,933−8.3%reduced
DMLP DORCHESTER MINERALS LPEnergy0.4%$14.3m767,0440.0%held
IPAR INTERPARFUMS INCConsumer Defensive0.4%$13.8m196,643−0.6%reduced
BGCPEUR BGC PARTNERS INC–0.4%$13.2m2.40m+43%added
AYS1 SANDSTORM GOLD LTD–0.4%$12.9m2.29m−3.2%reduced
ROYCE MICRO-CAP TR INC no ticker–0.3%$11.3m1.41m−6.2%reduced
ECHO ECHOSTAR CORPCommunication Services0.3%$10.6m268,578−11%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.3%$10.3m98,861−12%reduced
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$9.7m467,269+0.8%added
LIBERTY MEDIA CORP DELAWARE no ticker–0.3%$9.4m237,261−12%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.3%$9.2m89,208+0.2%held
GOOGL ALPHABET INCCommunication Services0.3%$8.2m6,741−1.3%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.2%$8.2m570,4600.0%held
GOOG ALPHABET INCCommunication Services0.2%$8.1m6,641−1.5%reduced
LGF/BEUR LIONS GATE ENTMNT CORP–0.2%$7.8m897,255−6.5%reduced
MESABI TR no ticker–0.2%$7.8m325,199+9.1%added
PIMCO DYNAMIC INCOME FD no ticker–0.2%$7.6m234,240−0.8%reduced
GLIBAEUR GCI LIBERTY INC–0.2%$7.3m118,348−1.0%reduced
EXMOC EXXON MOBIL CORP–0.2%$7.1m100,780+0.3%held
ICE INTERCONTINENTAL EXCHANGE INFinancial Services0.2%$6.2m66,999+20%added
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.2%$6.1m105,973−7.2%reduced

Exited since Q2 2019

20 rows
OAK OAKTREE CAP GROUP LLC0.3%$11.3m
LEXEA LIBERTY EXPEDIA HLDGS INC0.06%$2.3m
HRSEUR HARRIS CORP DEL0.06%$2.2m
IOVA IOVANCE BIOTHERAPEUTICS INC0.02%$688k
AMERICAN INTL GROUP INC no ticker0.02%$630k
BXUSD BLACKSTONE GROUP L P0.01%$525k
MTW MANITOWOC CO INC0.01%$498k
ISCAUSD INTERNATIONAL SPEEDWAY CORP0.01%$324k
XRXCHF XEROX CORP0.01%$323k
WFC WELLS FARGO & CO0.01%$302k
WTWEUR WEIGHT WATCHERS INTL INC NEW0.01%$290k
FLAHERTY & CRUMRINE PFD AND INC OPPTY FD no ticker0.01%$232k
EOG EOG Resources Inc0.01%$222k
SBUX STARBUCKS CORP0.01%$219k
FLAHERTY & CRMN PFD AND INC SEC FD no ticker0.01%$203k
CLF CLEVELAND CLIFFS INC0.0%$126k
AMERICAS SILVER CORP no ticker0.0%$117k
HORNBECK OFFSHORE SERV no ticker0.0%$54.0k
MCEWEN MNG INC no ticker0.0%$22.0k
ASCMA ASCENT CAP GROUP INC0.0%$12.0k

Sector mix

  • Unclassified57.8%
  • Financial Services7.9%
  • Basic Materials7.2%
  • Real Estate6.9%
  • Energy5.9%
  • Technology4.8%
  • Communication Services4.1%
  • Consumer Cyclical2.6%
  • Healthcare1.1%
  • Consumer Defensive0.9%
  • Industrials0.8%
  • Utilities0.10%

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