WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-03-31, filed 2020-05-13

Horizon Kinetics (Murray Stahl) disclosed 380 US equity positions worth $2.2bn in its Q1 2020 13F filing. Its largest position is TEXAS PAC LD TR at 29.9% of the reported book, followed by FNV and WPM. Versus Q4 2019 it opened 19 new positions, added to 108, reduced 186 and exited 111.

$2.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
380
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
29.9%
Largest position
The largest single position as a share of the reported equity book.
58.7%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
10
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 2019: 19 new, 108 added, 186 reduced, 111 exited

50 of 380
TEXAS PAC LD TR no ticker–29.9%$661m1.74m−2.0%reduced
FNV FRANCO NEVADA CORPBasic Materials5.0%$112m1.12m−0.9%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials4.3%$95.6m3.47m−2.9%reduced
CACI CACI INTL INCTechnology4.0%$88.4m418,563+6.7%added
HHH HOWARD HUGHES CORPReal Estate3.1%$69.7m1.38m−8.3%reduced
LIBERTY MEDIA CORP DEL no ticker–2.7%$59.9m1.90m−8.7%reduced
BROOKFIELD ASSET MGMT INC no ticker–2.7%$59.9m2.03m+40%added
IEP ICAHN ENTERPRISES LPEnergy2.7%$59.7m1.23m−10%reduced
8L8C LIBERTY BROADBAND CORP–2.2%$48.4m437,209−7.6%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services2.1%$45.6m510,431−3.1%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services2.0%$44.3m1.45m−0.7%reduced
WEN The Wendy's CoConsumer Cyclical1.8%$40.0m2.69m+9.8%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.8%$39.5m869,842−9.6%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.7%$38.1m510,588−7.0%reduced
PROSHARES TR II no ticker–1.7%$37.4m1.21m–new
ACWI ISHARES TR–1.6%$35.8m571,930–new
CME CME GROUP INCFinancial Services1.5%$32.6m188,443−4.1%reduced
CHENIERE ENERGY INC no ticker–1.2%$25.6m52.26m−6.0%reduced
LNG CHENIERE ENERGY INCEnergy1.1%$24.2m722,563+19%added
VGSH VANGUARD SCOTTSDALE FDS–1.0%$22.0m353,330−6.4%reduced
LIBERTY MEDIA CORP DEL no ticker–0.9%$20.2m638,811−12%reduced
SHV ISHARES TR–0.9%$19.2m173,209–new
BRK/B BERKSHIRE HATHAWAY INC DEL–0.8%$18.3m100,099−4.2%reduced
RGLD ROYAL GOLD INCBasic Materials0.8%$18.0m205,317−7.0%reduced
CVEO1EUR CIVEO CORP CDA–0.8%$17.5m42.50m+16%added
MA MASTERCARD INCFinancial Services0.7%$15.6m64,416−6.4%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.6%$13.6m236,670−5.4%reduced
AYS1 SANDSTORM GOLD LTD–0.6%$12.3m2.46m+6.4%added
MKL MARKEL GROUP INCFinancial Services0.5%$11.2m12,068−18%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.5%$10.9m51,373−7.0%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.4%$9.4m88,140−8.9%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$9.2m198,023−0.9%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$8.6m314,537−7.7%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.4%$8.5m88,794−0.7%reduced
GOOGL ALPHABET INCCommunication Services0.3%$7.7m6,647−0.4%held
GOOG ALPHABET INCCommunication Services0.3%$7.5m6,471−0.8%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.3%$7.5m551,507−3.2%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services0.3%$7.3m90,262+9.6%added
BGCPEUR BGC PARTNERS INC–0.3%$7.2m2.87m+0.6%added
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$7.1m417,250−13%reduced
ECHO ECHOSTAR CORPCommunication Services0.3%$6.8m213,802−11%reduced
ROYCE MICRO-CAP TR INC no ticker–0.3%$6.6m1.19m−7.2%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$6.4m687,1110.0%held
AMCX AMC GLOBAL MEDIA INCCommunication Services0.3%$6.2m253,589+1.7%added
GLIBAEUR GCI LIBERTY INC–0.3%$6.0m105,146−8.5%reduced
BA BOEING COIndustrials0.3%$5.7m38,094+401%added
V VISA INCFinancial Services0.3%$5.6m34,647+0.6%added
IHS MARKIT LTD no ticker–0.2%$5.5m92,223+83%added
NVGS NAVIGATOR HLDGS LTDEnergy0.2%$5.4m1.21m−6.8%reduced
LIBERTY MEDIA CORP DELAWARE no ticker–0.2%$5.3m206,408−10%reduced

Exited since Q4 2019

111 rows
MDY STATE STR SPDR S&P MIDCAP 400.02%$786k
SLB SLB LIMITED0.02%$725k
PFF ISHARES TR0.02%$609k
HD HOME DEPOT INC0.01%$390k
DAL DELTA AIR LINES INC0.01%$380k
CVI CVR ENERGY INC0.01%$356k
SPG SIMON PPTY GROUP INC NEW0.01%$335k
RFL RAFAEL HLDGS INC0.01%$330k
MTB M & T BK CORP0.01%$327k
WAB WABTEC0.01%$323k
MAS MASCO CORP0.01%$319k
BF/B BROWN FORMAN CORP0.01%$316k
TTEC TTEC HLDGS INC0.01%$311k
LYONDELLBASELL INDUSTRIES NV no ticker0.01%$304k
FCNCA FIRST CTZNS BANCSHARES INC N0.01%$303k
LIBERTY GLOBAL PLC no ticker0.01%$303k
TSLA TESLA INC0.01%$303k
EBAY EBAY INC.0.01%$301k
TR TOOTSIE ROLL INDS INC0.01%$300k
VNO VORNADO RLTY TR0.01%$300k
DDS DILLARDS INC0.01%$298k
H HYATT HOTELS CORP0.01%$298k
DKS DICKS SPORTING GOODS INC0.01%$297k
TCO TAUBMAN CTRS INC0.01%$297k
AXE3EUR ANIXTER INTL INC0.01%$296k
NOMD NOMAD FOODS LTD0.01%$296k
PEGA PEGASYSTEMS INC0.01%$296k
MSM MSC INDL DIRECT INC0.01%$294k
SAM BOSTON BEER INC0.01%$294k
STZ CONSTELLATION BRANDS INC0.01%$294k
BRKR BRUKER CORP0.01%$293k
AMH AMERICAN HOMES 4 RENT0.01%$292k
BEN FRANKLIN RESOURCES INC0.01%$292k
HES HESS CORP0.01%$292k
SMG SCOTTS MIRACLE-GRO CO0.01%$292k
MTZ MASTEC INC0.01%$290k
MZTI MARZETTI COMPANY0.01%$290k
SLGN SILGAN HLDGS INC0.01%$290k
CHH CHOICE HOTELS INTL INC0.01%$289k
CRM SALESFORCE INC0.01%$289k
JBGS JBG SMITH PPTYS0.01%$289k
SEASPAN CORP no ticker0.01%$289k
AFL AFLAC INC0.01%$288k
COST COSTCO WHOLESALE CORPORATION0.01%$288k
CTAS CINTAS CORP0.01%$288k
EL LAUDER ESTEE COS INC0.01%$288k
EQR EQUITY RESIDENTIAL0.01%$288k
MAR MARRIOTT INTL INC NEW0.01%$288k
MNST MONSTER BEVERAGE CORP NEW0.01%$288k
NEU NEWMARKET CORP0.01%$288k

Sector mix

  • Unclassified55.9%
  • Basic Materials10.5%
  • Financial Services8.4%
  • Technology6.4%
  • Energy4.8%
  • Real Estate3.9%
  • Communication Services3.8%
  • Consumer Cyclical2.5%
  • Healthcare1.8%
  • Industrials1.1%
  • Consumer Defensive0.9%
  • 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