WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2021

Long-only investorSEC filingsCompare with another fundHoldings as of 2021-06-30, filed 2021-08-16

Horizon Kinetics (Murray Stahl) disclosed 342 US equity positions worth $4.9bn in its Q2 2021 13F filing. Its largest position is TPL at 50.6% of the reported book, followed by FNV and WPM. Versus Q1 2021 it opened 15 new positions, added to 51, reduced 129 and exited 8.

$4.9bn
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.
50.6%
Largest position
The largest single position as a share of the reported equity book.
68.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
4
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 2021: 15 new, 51 added, 129 reduced, 8 exited

50 of 342
TPL TEXAS PACIFIC LAND CORPORATIEnergy50.6%$2.5bn1.55m−0.7%reduced
FNV FRANCO NEVADA CORPBasic Materials2.7%$134m923,734+20%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.6%$130m2.94m+17%added
CACI CACI INTL INCTechnology2.3%$114m447,162+13%added
BROOKFIELD ASSET MGMT INC no ticker–2.1%$101m1.98m+17%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.9%$95.1m801,157+36%added
HHH HOWARD HUGHES CORPReal Estate1.6%$76.8m788,306−1.3%reduced
CRL CHARLES RIV LABS INTL INCHealthcare1.5%$72.8m196,754+63%added
MESABI TR no ticker–1.4%$68.0m1.92m+13%added
PROSHARES TR II no ticker–1.3%$63.6m1.15m−8.1%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.3%$61.6m3.46m+6.6%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.1%$56.1m640,126−0.5%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.1%$51.9m435,819−0.4%held
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.0%$49.1m1.26m−1.6%reduced
LNG CHENIERE ENERGY INCEnergy0.9%$45.0m518,267−1.3%reduced
8L8C LIBERTY BROADBAND CORP–0.9%$44.5m256,532−6.9%reduced
CME CME GROUP INCFinancial Services0.9%$42.6m200,116+25%added
WEN The Wendy's CoConsumer Cyclical0.9%$41.8m1.78m−9.0%reduced
AYS1 SANDSTORM GOLD LTD–0.8%$41.2m5.22m+83%added
LIBERTY MEDIA CORP DEL no ticker–0.8%$39.8m859,008−7.1%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.8%$38.9m642,032+96%added
AN AUTONATION INCConsumer Cyclical0.8%$37.5m395,383−0.1%held
SAIC SCIENCE APPLICATIONS INTL COTechnology0.7%$35.6m405,288−2.4%reduced
IEP ICAHN ENTERPRISES LPEnergy0.7%$32.1m583,088−1.9%reduced
CHENIERE ENERGY INC no ticker–0.6%$30.7m36.48m0.0%held
MNRLUSD BRIGHAM MINERALS INC–0.5%$24.0m1.13m+285%added
PYPL PAYPAL HLDGS INCFinancial Services0.5%$23.4m80,144−0.2%held
VIPER ENERGY PARTNERS LP no ticker–0.5%$22.9m1.22m+249%added
IHS MARKIT LTD no ticker–0.5%$22.8m201,999+0.5%added
OSK OSHKOSH CORPIndustrials0.4%$20.9m167,705−0.3%held
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$19.9m141,152+315%added
BA BOEING COIndustrials0.4%$19.2m80,289−4.2%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$19.2m411,951−1.4%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$19.1m252,595+0.2%held
WFG WEST FRASER TIMBER LTDBasic Materials0.4%$19.0m265,487+312%added
WY WEYERHAEUSER COReal Estate0.4%$18.6m541,517+194%added
RGLD ROYAL GOLD INCBasic Materials0.4%$18.5m162,294−3.8%reduced
CBRE CBRE GROUP INCReal Estate0.4%$18.4m214,176+330%added
DMLP DORCHESTER MINERALS LPEnergy0.4%$17.7m1.05m+22%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$16.9m60,785−3.8%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.3%$16.6m1.21m+312%added
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.3%$16.1m216,989−0.7%reduced
MA MASTERCARD INCFinancial Services0.3%$15.0m41,059−1.0%reduced
VRSK VERISK ANALYTICS INCIndustrials0.3%$14.9m85,027+238%added
CNS COHEN & STEERS INCFinancial Services0.3%$14.6m178,388+164%added
NTR NUTRIEN LTDBasic Materials0.3%$13.7m226,033+218%added
IPAR INTERPARFUMS INCConsumer Defensive0.3%$13.7m190,263−0.2%held
EBAY EBAY INC.Consumer Cyclical0.3%$12.8m181,655+681%added
LIBERTY MEDIA CORP DEL no ticker–0.2%$10.8m223,482−0.9%reduced
AMCX AMC GLOBAL MEDIA INCCommunication Services0.2%$10.6m158,230−4.1%reduced

Exited since Q1 2021

8 rows
IAC INTERACTIVECORP NEW no ticker0.1%$5.3m
CLGX CORELOGIC INC0.03%$1.4m
CUBUSD CUBIC CORP0.01%$369k
BLACKROCK NY MUN INC QUALITY TRUST no ticker0.01%$299k
OXY OCCIDENTAL PETE CORP0.01%$261k
BWXT BWX TECHNOLOGIES INC0.0%$209k
MCF1EUR CONTANGO OIL & GAS CO0.0%$39.0k
TMQ TRILOGY METALS INC NEW0.0%$35.0k

Sector mix

  • Energy53.0%
  • Unclassified15.3%
  • Financial Services7.1%
  • Basic Materials6.7%
  • Consumer Cyclical3.9%
  • Technology3.5%
  • Real Estate3.0%
  • Healthcare2.6%
  • Communication Services2.1%
  • Industrials1.6%
  • Consumer Defensive1.2%
  • Utilities0.03%

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