WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2019

Long-only investorSEC filingsCompare with another fundHoldings as of 2019-12-31, filed 2020-02-14

Horizon Kinetics (Murray Stahl) disclosed 472 US equity positions worth $3.5bn in its Q4 2019 13F filing. Its largest position is TEXAS PAC LD TR at 39.5% of the reported book, followed by HHH and FNV. Versus Q3 2019 it opened 14 new positions, added to 69, reduced 242 and exited 20.

$3.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
472
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
39.5%
Largest position
The largest single position as a share of the reported equity book.
65.5%
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 Q3 2019: 14 new, 69 added, 242 reduced, 20 exited

50 of 472
TEXAS PAC LD TR no ticker–39.5%$1.4bn1.77m−0.4%held
HHH HOWARD HUGHES CORPReal Estate5.4%$191m1.50m−4.3%reduced
FNV FRANCO NEVADA CORPBasic Materials3.3%$117m1.13m−0.3%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.0%$106m3.57m−0.1%held
LIBERTY MEDIA CORP DEL no ticker–2.8%$100.0m2.08m−12%reduced
CACI CACI INTL INCTechnology2.8%$98.0m392,100+2.7%added
IEP ICAHN ENTERPRISES LPEnergy2.4%$84.4m1.37m−14%reduced
BROOKFIELD ASSET MGMT INC no ticker–2.4%$83.8m1.45m−4.6%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services2.0%$68.8m962,495−4.3%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.8%$63.2m526,560−17%reduced
8L8C LIBERTY BROADBAND CORP–1.7%$59.5m473,311−4.8%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.6%$57.2m1.46m−1.3%reduced
WEN The Wendy's CoConsumer Cyclical1.6%$54.4m2.45m−4.5%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.4%$47.8m549,192−3.7%reduced
CVEO1EUR CIVEO CORP CDA–1.3%$47.1m36.49m−9.2%reduced
CHENIERE ENERGY INC no ticker–1.2%$43.8m55.58m−8.8%reduced
CME CME GROUP INCFinancial Services1.1%$39.4m196,415−4.0%reduced
LNG CHENIERE ENERGY INCEnergy1.1%$37.1m608,175−9.2%reduced
LIBERTY MEDIA CORP DEL no ticker–1.0%$35.1m725,249−19%reduced
RGLD ROYAL GOLD INCBasic Materials0.8%$27.0m220,751−5.3%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.7%$23.7m104,528−3.4%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.7%$23.0m377,670−1.1%reduced
MA MASTERCARD INCFinancial Services0.6%$20.6m68,831−4.4%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.5%$17.6m250,311−1.0%reduced
NVGS NAVIGATOR HLDGS LTDEnergy0.5%$17.4m1.29m−5.0%reduced
AYS1 SANDSTORM GOLD LTD–0.5%$17.2m2.31m+1.1%added
BGCPEUR BGC PARTNERS INC–0.5%$16.9m2.85m+19%added
MKL MARKEL GROUP INCFinancial Services0.5%$16.7m14,642−23%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.5%$16.3m55,249−18%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$15.7m340,738−2.3%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$14.5m199,822+1.6%added
DMLP DORCHESTER MINERALS LPEnergy0.4%$13.4m687,111−10%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.3%$12.1m96,795−2.1%reduced
DOUBLELINE INCOME SOLUTIONS no ticker–0.3%$10.9m553,352−28%reduced
ROYCE MICRO-CAP TR INC no ticker–0.3%$10.9m1.28m−9.3%reduced
ECHO ECHOSTAR CORPCommunication Services0.3%$10.4m241,049−10%reduced
LIBERTY MEDIA CORP DELAWARE no ticker–0.3%$10.1m230,503−2.8%reduced
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$9.9m481,469+3.0%added
AMCX AMC GLOBAL MEDIA INCCommunication Services0.3%$9.9m249,461−23%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.3%$9.7m89,410+0.2%held
GOOGL ALPHABET INCCommunication Services0.3%$8.9m6,676−1.0%reduced
GOOG ALPHABET INCCommunication Services0.2%$8.7m6,525−1.7%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.2%$8.2m569,993−0.1%held
GLIBAEUR GCI LIBERTY INC–0.2%$8.1m114,946−2.9%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services0.2%$7.6m82,337+23%added
PIMCO DYNAMIC INCOME FD no ticker–0.2%$7.6m233,960−0.1%held
MESABI TR no ticker–0.2%$7.2m306,290−5.8%reduced
LVS LAS VEGAS SANDS CORPConsumer Cyclical0.2%$7.0m101,735−4.0%reduced
EXMOC EXXON MOBIL CORP–0.2%$6.9m98,505−2.3%reduced
V VISA INCFinancial Services0.2%$6.5m34,4480.0%held

Exited since Q3 2019

20 rows
CBS CORP NEW no ticker0.09%$3.0m
MGM MGM RESORTS INTERNATIONAL0.03%$997k
VIAB VIACOM INC NEW0.02%$777k
CELG CELGENE CORP0.02%$697k
CINF CINCINNATI FINL CORP0.01%$434k
PGNXUSD PROGENICS PHARMACEUTICALS IN0.01%$340k
SHOSUSD SEARS HOMETOWN & OUTLET STOR0.01%$322k
CZREUR CAESARS ENTMT CORP0.01%$306k
DUK DUKE ENERGY CORP NEW0.01%$255k
ARCC ARES CAPITAL CORP0.01%$200k
AKBA AKEBIA THERAPEUTICS INC0.0%$126k
SPMEUR AMERICAS GOLD AND SILVER COR0.0%$126k
NEWMEUR NEW MEDIA INVT GROUP INC0.0%$112k
FRO FRONTLINE LTD0.0%$91.0k
CRREUR CARBO CERAMICS INC0.0%$84.0k
RIBTEUR RICEBRAN TECHNOLOGIES0.0%$54.0k
SD SANDRIDGE ENERGY INC0.0%$52.0k
S&W SEED CO no ticker0.0%$49.0k
APVO APTEVO THERAPEUTICS INC0.0%$22.0k
SECOND SIGHT MED PRODS INC no ticker0.0%$21.0k

Sector mix

  • Unclassified60.5%
  • Basic Materials7.4%
  • Financial Services7.0%
  • Real Estate6.1%
  • Energy5.0%
  • Technology4.8%
  • Communication Services3.8%
  • Consumer Cyclical2.5%
  • Healthcare1.2%
  • Consumer Defensive0.8%
  • Industrials0.8%
  • Utilities0.07%

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