WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2021

Long-only investorSEC filingsCompare with another fundHoldings as of 2021-03-31, filed 2021-05-11

Horizon Kinetics (Murray Stahl) disclosed 335 US equity positions worth $4.4bn in its Q1 2021 13F filing. Its largest position is TPL at 56.3% of the reported book, followed by CACI and FNV. Versus Q4 2020 it opened 20 new positions, added to 54, reduced 153 and exited 27.

$4.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
335
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
56.3%
Largest position
The largest single position as a share of the reported equity book.
71.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
3
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 2020: 20 new, 54 added, 153 reduced, 27 exited

50 of 335
TPL TEXAS PACIFIC LAND CORPORATIEnergy56.3%$2.5bn1.56m–new
CACI CACI INTL INCTechnology2.2%$97.3m394,339+2.5%added
FNV FRANCO NEVADA CORPBasic Materials2.2%$96.2m767,786+0.1%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.2%$95.9m2.51m−1.0%reduced
HHH HOWARD HUGHES CORPReal Estate1.7%$76.0m799,036−7.0%reduced
BROOKFIELD ASSET MGMT INC no ticker–1.7%$75.3m1.69m+3.0%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.5%$65.8m589,155+8.0%added
PROSHARES TR II no ticker–1.3%$58.7m1.25m+0.5%held
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.2%$54.5m643,429−5.2%reduced
MESABI TR no ticker–1.2%$51.3m1.70m+19%added
CVEO CIVEO CORP CDAConsumer Cyclical1.1%$49.7m3.24m+7.3%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.0%$46.1m1.28m−3.6%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$43.2m437,473−1.0%reduced
8L8C LIBERTY BROADBAND CORP–0.9%$41.4m275,532−7.1%reduced
LIBERTY MEDIA CORP DEL no ticker–0.9%$40.8m924,946−6.1%reduced
WEN The Wendy's CoConsumer Cyclical0.9%$39.7m1.96m−10%reduced
LNG CHENIERE ENERGY INCEnergy0.9%$37.8m525,220+4.7%added
AN AUTONATION INCConsumer Cyclical0.8%$36.9m395,759−0.6%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.8%$35.0m120,792+8.1%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$34.7m415,107−0.5%held
CME CME GROUP INCFinancial Services0.7%$32.8m160,638+5.1%added
IEP ICAHN ENTERPRISES LPEnergy0.7%$31.9m594,421−9.0%reduced
CHENIERE ENERGY INC no ticker–0.7%$29.8m36.48m−1.1%reduced
BA BOEING COIndustrials0.5%$21.4m83,845−11%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$20.2m252,108−0.3%held
OSK OSHKOSH CORPIndustrials0.5%$20.0m168,145−4.5%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.4%$19.5m80,308−5.3%reduced
IHS MARKIT LTD no ticker–0.4%$19.4m200,907−14%reduced
AYS1 SANDSTORM GOLD LTD–0.4%$19.4m2.86m+12%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.4%$18.7m327,745+77%added
LIBERTY MEDIA CORP DEL no ticker–0.4%$18.4m418,010−5.1%reduced
RGLD ROYAL GOLD INCBasic Materials0.4%$18.1m168,627−0.3%held
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$16.1m63,175−15%reduced
MA MASTERCARD INCFinancial Services0.3%$14.8m41,485−8.5%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.3%$13.9m218,512−5.5%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.3%$13.5m190,552−2.6%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.3%$11.8m192,457−5.5%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$11.8m865,730+9.1%added
BGCPEUR BGC PARTNERS INC–0.2%$10.3m2.13m+3.5%added
LIBERTY MEDIA CORP DEL no ticker–0.2%$9.8m225,474−4.7%reduced
IAA-WUSD IAA INC–0.2%$9.3m168,019+1.0%added
AMCX AMC GLOBAL MEDIA INCCommunication Services0.2%$8.8m165,078−2.1%reduced
YUSD ALLEGHANY CORP DEL–0.2%$8.7m13,938−7.7%reduced
NUVEEN AMT-FREE QLTY MUN INCOME no ticker–0.2%$7.9m532,542−1.1%reduced
LBRDAEUR LIBERTY BROADBAND CORP–0.2%$7.8m53,759−12%reduced
MSTR STRATEGY INCTechnology0.2%$7.7m11,275+5.9%added
MSGS MADISON SQUARE GRDN SPRT CORCommunication Services0.2%$7.1m39,778+3.4%added
LIBERTY MEDIA CORP DELAWARE no ticker–0.1%$6.6m172,426−0.9%reduced
WY WEYERHAEUSER COReal Estate0.1%$6.5m183,954+175%added
V VISA INCFinancial Services0.1%$6.4m30,001−5.7%reduced

Exited since Q4 2020

27 rows
TEXAS PAC LD TR no ticker39.1%$1.2bn
BLACKROCK MUN INC INVESTMENT QUALITY TRUST no ticker0.04%$1.1m
BLACKROCK MUNIHLDGS QUALITY FUND INC no ticker0.03%$997k
CEO CNOOC LTD0.03%$950k
AMZN AMAZON COM INC0.03%$749k
VUG VANGUARD INDEX FDS0.02%$646k
WMT WALMART INC0.02%$633k
BMO BANK MONTREAL MEDIUM0.02%$461k
ABX BARRICK GOLD CORP0.01%$424k
UPS UNITED PARCEL SERVICE INC0.01%$418k
BROOKFIELD PROPERTY REIT INC no ticker0.01%$381k
FDX FEDEX CORP0.01%$360k
SOXX ISHARES TR0.01%$347k
QSR RESTAURANT BRANDS INTL INC0.01%$344k
LMT LOCKHEED MARTIN CORP0.01%$313k
KMB KIMBERLY-CLARK CORP0.01%$253k
FLO FLOWERS FOODS INC0.01%$252k
AGNC AGNC INVT CORP0.01%$239k
BNS BANK NOVA SCOTIA B C0.01%$227k
GD GENERAL DYNAMICS CORP0.01%$223k
SII SPROTT INC0.01%$222k
UNH UNITEDHEALTH GROUP INC0.01%$219k
BROOKFIELD RENEWABLE ENERGY no ticker0.01%$209k
COST COSTCO WHOLESALE CORPORATION0.01%$208k
QCOM QUALCOMM INC0.01%$206k
MS MORGAN STANLEY0.01%$202k
DUFF & PHELPS UTIL CORP BD T no ticker0.0%$124k

Sector mix

  • Energy58.7%
  • Unclassified13.9%
  • Financial Services6.0%
  • Basic Materials5.2%
  • Consumer Cyclical3.8%
  • Technology3.5%
  • Real Estate2.5%
  • Communication Services2.2%
  • Healthcare1.8%
  • Industrials1.5%
  • Consumer Defensive0.9%
  • Utilities0.04%

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