WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2020

Long-only investorSEC filingsCompare with another fundHoldings as of 2020-12-31, filed 2021-02-16

Horizon Kinetics (Murray Stahl) disclosed 342 US equity positions worth $3.0bn in its Q4 2020 13F filing. Its largest position is TEXAS PAC LD TR at 39.1% of the reported book, followed by WPM and FNV. Versus Q3 2020 it opened 10 new positions, added to 38, reduced 198 and exited 25.

$3.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
342
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
39.1%
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.
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 2020: 10 new, 38 added, 198 reduced, 25 exited

50 of 342
TEXAS PAC LD TR no ticker–39.1%$1.2bn1.61m−2.3%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.5%$106m2.53m−7.4%reduced
FNV FRANCO NEVADA CORPBasic Materials3.2%$96.1m766,828−5.8%reduced
CACI CACI INTL INCTechnology3.2%$95.9m384,579−2.6%reduced
HHH HOWARD HUGHES CORPReal Estate2.3%$67.8m859,010−9.7%reduced
BROOKFIELD ASSET MGMT INC no ticker–2.3%$67.8m1.64m−6.2%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.1%$62.9m545,449−0.6%reduced
PROSHARES TR no ticker–1.7%$51.4m1.24m+8.1%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.7%$49.9m678,543−7.4%reduced
WEN The Wendy's CoConsumer Cyclical1.6%$47.9m2.18m−8.2%reduced
8L8C LIBERTY BROADBAND CORP–1.6%$47.0m296,667+11%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.6%$46.8m1.33m−4.3%reduced
LIBERTY MEDIA CORP DEL no ticker–1.4%$42.9m984,869−11%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.4%$42.0m3.02m–new
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.4%$41.2m442,060−5.1%reduced
MESABI TR no ticker–1.3%$40.2m1.43m+25%added
SAIC SCIENCE APPLICATIONS INTL COTechnology1.3%$39.5m417,095−6.2%reduced
IEP ICAHN ENTERPRISES LPEnergy1.1%$33.1m653,261−17%reduced
LNG CHENIERE ENERGY INCEnergy1.0%$30.1m501,429−17%reduced
CHENIERE ENERGY INC no ticker–1.0%$28.8m36.88m−5.7%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.9%$27.9m111,718−2.5%reduced
CME CME GROUP INCFinancial Services0.9%$27.8m152,900−11%reduced
AN AUTONATION INCConsumer Cyclical0.9%$27.8m398,192−4.2%reduced
IHS MARKIT LTD no ticker–0.7%$21.1m234,803−2.3%reduced
BA BOEING COIndustrials0.7%$20.3m94,679−2.7%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.7%$19.9m84,797−0.5%held
LIBERTY MEDIA CORP DEL no ticker–0.6%$19.0m440,390−7.2%reduced
AYS1 SANDSTORM GOLD LTD–0.6%$18.4m2.56m−5.4%reduced
RGLD ROYAL GOLD INCBasic Materials0.6%$18.0m169,150−7.6%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.6%$17.2m74,018−14%reduced
MA MASTERCARD INCFinancial Services0.5%$16.2m45,316−8.8%reduced
OSK OSHKOSH CORPIndustrials0.5%$15.2m176,094−4.9%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$15.0m252,855−3.2%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.5%$14.6m231,156−5.8%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.4%$12.5m203,584−6.0%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$11.8m195,703−3.1%reduced
IAA-WUSD IAA INC–0.4%$10.8m166,408−5.4%reduced
SHV ISHARES TR–0.3%$10.5m94,616−21%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$10.1m236,525−6.9%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.3%$9.6m60,970−14%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.3%$9.3m184,980+102%added
YUSD ALLEGHANY CORP DEL–0.3%$9.1m15,097−1.5%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$8.7m793,417+4.1%added
BGCPEUR BGC PARTNERS INC–0.3%$8.2m2.05m−20%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.3%$8.1m538,5180.0%held
NVGS NAVIGATOR HLDGS LTDEnergy0.3%$8.0m730,560−19%reduced
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.2%$7.1m38,460−4.9%reduced
V VISA INCFinancial Services0.2%$7.0m31,817−9.7%reduced
LIBERTY MEDIA CORP DELAWARE no ticker–0.2%$6.6m173,906−4.0%reduced
MKL MARKEL GROUP INCFinancial Services0.2%$6.6m6,377−30%reduced

Exited since Q3 2020

25 rows
CVEO1EUR CIVEO CORP CDA1.0%$25.9m
GLIBAEUR GCI LIBERTY INC0.3%$8.1m
AXP AMERICAN EXPRESS CO0.03%$729k
RVTY REVVITY INC0.03%$678k
GWW WW GRAINGER INC0.03%$642k
AMD ADVANCED MICRO DEVICES INC0.02%$570k
META META PLATFORMS INC0.02%$557k
ENB ENBRIDGE INC0.02%$502k
ISRG INTUITIVE SURGICAL INC0.02%$442k
WESTERN ASSET CORPORATE LN FD no ticker0.02%$400k
NOC NORTHROP GRUMMAN CORP0.01%$330k
ORCL ORACLE CORP0.01%$320k
HD HOME DEPOT INC0.01%$265k
AMP AMERIPRISE FINL INC0.01%$259k
MAS MASCO CORP0.01%$248k
VYM VANGUARD WHITEHALL FDS0.01%$244k
ELV ELEVANCE HEALTH INC0.01%$236k
SIL GLOBAL X FDS0.01%$229k
PENN PENN ENTERTAINMENT INC0.01%$219k
WESTERN ASSET INTM MUNI FD I no ticker0.01%$207k
JEF JEFFERIES FINANCIAL GROUP IN0.01%$197k
SLB SLB LIMITED0.01%$193k
ARCC ARES CAPITAL CORP0.01%$146k
CLEARBRIDGE MLP AND MIDSTRM FD no ticker0.0%$123k
DUFF & PHELPS SLCT MLP & MIDSTREAM ENGY FD no ticker0.0%$25.0k

Sector mix

  • Unclassified59.2%
  • Financial Services8.4%
  • Basic Materials7.8%
  • Technology5.2%
  • Consumer Cyclical5.1%
  • Energy3.1%
  • Real Estate3.0%
  • Communication Services3.0%
  • Healthcare2.3%
  • Industrials1.9%
  • Consumer Defensive1.0%
  • 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