WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-06-30, filed 2020-08-14

Horizon Kinetics (Murray Stahl) disclosed 401 US equity positions worth $2.7bn in its Q2 2020 13F filing. Its largest position is TEXAS PAC LD TR at 36.8% of the reported book, followed by WPM and FNV. Versus Q1 2020 it opened 53 new positions, added to 66, reduced 209 and exited 32.

$2.7bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
401
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
36.8%
Largest position
The largest single position as a share of the reported equity book.
60.7%
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 Q1 2020: 53 new, 66 added, 209 reduced, 32 exited

50 of 401
TEXAS PAC LD TR no ticker–36.8%$1.0bn1.70m−2.2%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials4.7%$129m2.93m−16%reduced
FNV FRANCO NEVADA CORPBasic Materials4.3%$117m838,085−25%reduced
CACI CACI INTL INCTechnology3.1%$85.2m392,782−6.2%reduced
BROOKFIELD ASSET MGMT INC no ticker–2.2%$61.0m1.85m−8.7%reduced
HHH HOWARD HUGHES CORPReal Estate2.1%$56.4m1.09m−21%reduced
WEN The Wendy's CoConsumer Cyclical2.0%$56.0m2.57m−4.5%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.9%$51.8m1.41m−2.5%reduced
IEP ICAHN ENTERPRISES LPEnergy1.9%$50.9m1.05m−15%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.7%$47.3m516,883+473%added
PROSHARES TR II no ticker–1.7%$45.7m1.45m+20%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.6%$45.3m485,863−4.8%reduced
LIBERTY MEDIA CORP DEL no ticker–1.6%$44.1m1.28m−32%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.4%$37.3m841,564−3.3%reduced
8L8C LIBERTY BROADBAND CORP–1.3%$36.7m296,453−32%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.3%$36.3m467,581−8.4%reduced
LNG CHENIERE ENERGY INCEnergy1.1%$31.4m649,949−10%reduced
CME CME GROUP INCFinancial Services1.1%$29.7m182,605−3.1%reduced
CHENIERE ENERGY INC no ticker–1.0%$26.8m42.46m−19%reduced
AYS1 SANDSTORM GOLD LTD–0.9%$25.7m2.68m+8.6%added
CVEO1EUR CIVEO CORP CDA–0.9%$24.8m40.24m−5.3%reduced
RGLD ROYAL GOLD INCBasic Materials0.9%$23.6m189,457−7.7%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.7%$19.9m113,953+195%added
BA BOEING COIndustrials0.7%$18.4m100,159+163%added
IHS MARKIT LTD no ticker–0.7%$18.0m238,644+159%added
LIBERTY MEDIA CORP DEL no ticker–0.6%$17.5m507,087−21%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.6%$16.2m90,919−9.2%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.6%$16.1m257,886+9.0%added
VGSH VANGUARD SCOTTSDALE FDS–0.6%$15.8m253,551−28%reduced
AN AUTONATION INCConsumer Cyclical0.6%$15.6m415,778+5135%added
PYPL PAYPAL HLDGS INCFinancial Services0.6%$15.3m87,660−1.3%reduced
MA MASTERCARD INCFinancial Services0.6%$15.2m51,345−20%reduced
SHV ISHARES TR–0.5%$14.3m129,541−25%reduced
OSK OSHKOSH CORPIndustrials0.4%$11.9m166,692–new
MESABI TR no ticker–0.4%$10.3m586,773+88%added
IPAR INTERPARFUMS INCConsumer Defensive0.4%$10.1m209,721+5.9%added
MKL MARKEL GROUP INCFinancial Services0.4%$10.0m10,845−10%reduced
DMLP DORCHESTER MINERALS LPEnergy0.4%$9.7m762,025+11%added
LBRDAEUR LIBERTY BROADBAND CORP–0.4%$9.7m79,516−9.8%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$9.7m249,892+1635%added
LIBERTY MEDIA CORP DEL no ticker–0.3%$9.0m282,849−10%reduced
GOOG ALPHABET INCCommunication Services0.3%$8.1m5,722−12%reduced
GOOGL ALPHABET INCCommunication Services0.3%$8.1m5,696−14%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.3%$7.5m538,518−2.4%reduced
BGCPEUR BGC PARTNERS INC–0.3%$7.4m2.72m−5.3%reduced
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$7.4m390,930−6.3%reduced
GLIBAEUR GCI LIBERTY INC–0.3%$7.4m104,128−1.0%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.2%$6.8m46,382−9.7%reduced
V VISA INCFinancial Services0.2%$6.6m34,377−0.8%reduced
IAA-WUSD IAA INC–0.2%$6.3m163,828–new

Exited since Q1 2020

32 rows
ACWI ISHARES TR1.6%$35.8m
REM ISHARES TR0.2%$4.8m
RTN1USD RAYTHEON CO0.03%$572k
BOC BOSTON OMAHA CORP0.02%$522k
TROW PRICE T ROWE GROUP INC0.02%$380k
KDMN KADMON HLDGS INC0.02%$376k
ROYCE VALUE TR INC no ticker0.02%$339k
VNQ VANGUARD INDEX FDS0.02%$336k
HXL HEXCEL CORP NEW0.01%$287k
CABO CABLE ONE INC0.01%$253k
CSX CSX CORP0.01%$251k
GLPI GAMING & LEISURE P0.01%$247k
NUVEEN ENERGY MLP TOTL RTRNF no ticker0.01%$236k
AL1 AIR LEASE CORP0.01%$234k
HTZ-WEUR HERTZ GLOBAL HLDGS INC0.01%$233k
SH1USD PROSHARES TR0.01%$221k
VAC MARRIOTT VACATIONS WORLDWIDE0.01%$211k
AFG AMERICAN FINANCIAL GROUP INC0.01%$208k
CYCN CYCLERION THERAPEUTICS INC0.01%$194k
NMRK NEWMARK GROUP INC0.01%$189k
NATIONAL GEN HLDGS CORP no ticker0.01%$188k
WW6 WW INTL INC0.01%$176k
WESTERN ASSET INFLATION LINKED INCOME FD no ticker0.01%$169k
BLACKROCK MUNICIPAL INCOME INVEST TRUST no ticker0.01%$131k
TGNA TEGNA INC0.01%$130k
TORTOISE MIDSTREAM ENERGY FD INC no ticker0.01%$122k
EATON VANCE FLTING RATE INC no ticker0.0%$105k
M Macy's, Inc0.0%$64.0k
TYGEUR TORTOISE ENERGY INFRSTRCTR C0.0%$45.0k
DOEUR DIAMOND OFFSHORE DRILLING IN0.0%$32.0k
TPHS TRINITY PL HLDGS INC0.0%$18.0k
GTE GRAN TIERRA ENERGY INC0.0%$7.0k

Sector mix

  • Unclassified57.5%
  • Basic Materials10.1%
  • Financial Services8.9%
  • Technology5.1%
  • Energy4.2%
  • Consumer Cyclical3.7%
  • Communication Services2.9%
  • Real Estate2.8%
  • Healthcare2.2%
  • Industrials1.8%
  • Consumer Defensive0.8%
  • Utilities0.05%

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