WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-09-30, filed 2020-11-16

Horizon Kinetics (Murray Stahl) disclosed 357 US equity positions worth $2.5bn in its Q3 2020 13F filing. Its largest position is TEXAS PAC LD TR at 30.0% of the reported book, followed by WPM and FNV. Versus Q2 2020 it opened 23 new positions, added to 78, reduced 158 and exited 67.

$2.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
357
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
30.0%
Largest position
The largest single position as a share of the reported equity book.
55.9%
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 Q2 2020: 23 new, 78 added, 158 reduced, 67 exited

50 of 357
TEXAS PAC LD TR no ticker–30.0%$742m1.64m−3.4%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials5.4%$134m2.74m−6.6%reduced
FNV FRANCO NEVADA CORPBasic Materials4.6%$114m814,298−2.8%reduced
CACI CACI INTL INCTechnology3.4%$84.2m394,976+0.6%added
BROOKFIELD ASSET MGMT INC no ticker–2.3%$57.9m1.75m−5.5%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.2%$54.9m548,743+6.2%added
HHH HOWARD HUGHES CORPReal Estate2.2%$54.8m951,326−12%reduced
WEN The Wendy's CoConsumer Cyclical2.1%$53.0m2.38m−7.5%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services2.0%$50.3m1.39m−1.4%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.6%$40.9m465,849−4.1%reduced
PROSHARES TR II SHT no ticker–1.6%$40.7m1.15m−21%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.6%$39.5m732,380−13%reduced
IEP ICAHN ENTERPRISES LPEnergy1.6%$38.8m787,077−25%reduced
8L8C LIBERTY BROADBAND CORP–1.5%$38.0m266,167−10%reduced
LIBERTY MEDIA CORP DEL no ticker–1.5%$36.4m1.10m−14%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.4%$34.9m444,897−4.9%reduced
CME CME GROUP INCFinancial Services1.2%$28.6m171,064−6.3%reduced
CHENIERE ENERGY INC no ticker–1.1%$28.0m39.13m−7.8%reduced
LNG CHENIERE ENERGY INCEnergy1.1%$27.9m602,180−7.3%reduced
CRL CHARLES RIV LABS INTL INCHealthcare1.0%$26.0m114,607+0.6%added
CVEO1EUR CIVEO CORP CDA–1.0%$25.9m38.36m−4.7%reduced
MESABI TR no ticker–1.0%$24.2m1.14m+95%added
AYS1 SANDSTORM GOLD LTD–0.9%$22.8m2.71m+1.2%added
AN AUTONATION INCConsumer Cyclical0.9%$22.0m415,7830.0%held
RGLD ROYAL GOLD INCBasic Materials0.9%$22.0m182,978−3.4%reduced
IHS MARKIT LTD no ticker–0.8%$18.9m240,425+0.7%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.7%$18.2m85,697−5.7%reduced
MA MASTERCARD INCFinancial Services0.7%$16.8m49,698−3.2%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.7%$16.8m85,205−2.8%reduced
BA BOEING COIndustrials0.6%$16.1m97,260−2.9%reduced
LIBERTY MEDIA CORP DEL no ticker–0.6%$15.7m474,645−6.4%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.6%$15.0m245,453−4.8%reduced
OSK OSHKOSH CORPIndustrials0.5%$13.6m185,162+11%added
VGSH VANGUARD SCOTTSDALE FDS–0.5%$13.4m216,487−15%reduced
SHV ISHARES TR–0.5%$13.2m119,362−7.9%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$12.5m261,309+4.6%added
LBRDAEUR LIBERTY BROADBAND CORP–0.4%$10.1m71,209−10%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$9.2m254,164−10%reduced
IAA-WUSD IAA INC–0.4%$9.2m175,930+7.4%added
MKL MARKEL GROUP INCFinancial Services0.4%$8.9m9,096−16%reduced
GLIBAEUR GCI LIBERTY INC–0.3%$8.1m98,490−5.4%reduced
YUSD ALLEGHANY CORP DEL–0.3%$8.0m15,320+39%added
DMLP DORCHESTER MINERALS LPEnergy0.3%$7.9m762,0250.0%held
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.3%$7.7m538,5180.0%held
IPAR INTERPARFUMS INCConsumer Defensive0.3%$7.5m201,950−3.7%reduced
NVGS NAVIGATOR HLDGS LTDEnergy0.3%$7.5m901,762−6.1%reduced
V VISA INCFinancial Services0.3%$7.0m35,227+2.5%added
DOUBLELINE OPPORTUNISTIC CR no ticker–0.3%$6.8m358,482−8.3%reduced
GDX VANECK ETF TRUST–0.3%$6.6m169,284+11%added
BGCPEUR BGC PARTNERS INC–0.2%$6.2m2.57m−5.6%reduced

Exited since Q2 2020

67 rows
IACIEUR IAC INTERACTIVECORP0.05%$1.4m
BP BP PLC0.04%$1.1m
OXY OCCIDENTAL PETE CORP0.02%$660k
CLEARBRIDGE MLP AND MIDSTREAM TR FD INC no ticker0.01%$382k
PARR PAR PACIFIC HOLDINGS INC0.01%$362k
QVCG QVC GROUP INC0.01%$322k
ESI ELEMENT SOLUTIONS INC0.01%$304k
RDS/A ROYAL DUTCH SHELL PLC0.01%$302k
NK1USD NANTKWEST INC0.01%$291k
PAYX PAYCHEX INC0.01%$278k
BOKF BOK FINL CORP0.01%$266k
NG NOVAGOLD RESOURCES INC0.01%$263k
PGEN PRECIGEN INC0.01%$232k
EBAY EBAY INC.0.01%$227k
EOG EOG Resources Inc0.01%$227k
GAP GAP INC0.01%$223k
SPB SPECTRUM BRANDS HLDGS INC NE0.01%$223k
VB VANGUARD INDEX FDS0.01%$221k
UE URBAN EDGE PPTYS0.01%$211k
CVI CVR ENERGY INC0.01%$210k
TSLA TESLA INC0.01%$210k
HRI HERC HLDGS INC0.01%$209k
AQB AQUABOUNTY TECHNOLOGIES INC0.01%$208k
MHK MOHAWK INDS INC0.01%$207k
ERIE ERIE INDTY CO0.01%$205k
PJT PJT PARTNERS INC0.01%$205k
SPG SIMON PPTY GROUP INC NEW0.01%$205k
TR TOOTSIE ROLL INDS INC0.01%$205k
NAV NAVISTAR INTL CORP NEW0.01%$204k
PSMT PRICESMART INC0.01%$204k
CLRUSD CONTINENTAL RES INC0.01%$202k
MTZ MASTEC INC0.01%$202k
PEGA PEGASYSTEMS INC0.01%$202k
WAB WABTEC0.01%$201k
MTB M & T BK CORP0.01%$200k
LBEUR L BRANDS INC0.01%$199k
AMKR AMKOR TECHNOLOGY INC0.01%$197k
CVA1EUR COVANTA HLDG CORP0.01%$197k
ATLAS CORP no ticker0.01%$197k
CLEARBRIDGE ENERGY MLP FD IN no ticker0.01%$196k
TWNKEUR HOSTESS BRANDS INC0.01%$195k
UA UNDER ARMOUR INC0.01%$194k
HTH HILLTOP HLDGS INC0.01%$193k
NWSA NEWS CORP NEW0.01%$192k
GLRE GREENLIGHT CAPITAL RE LTD0.01%$191k
LTRPAUSD LIBERTY TRIPADVISOR HLDGS IN0.01%$190k
THIRD PT REINS LTD no ticker0.01%$188k
LE LANDS END INC NEW0.01%$188k
BKE BUCKLE INC0.01%$187k
CNDT CONDUENT INC0.01%$186k

Sector mix

  • Unclassified53.3%
  • Basic Materials11.3%
  • Financial Services10.0%
  • Technology5.6%
  • Consumer Cyclical4.2%
  • Energy3.8%
  • Real Estate3.1%
  • Communication Services3.0%
  • Healthcare2.7%
  • Industrials2.0%
  • Consumer Defensive0.9%
  • Utilities0.06%

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