WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2021

Long-only investorSEC filingsCompare with another fundHoldings as of 2021-09-30, filed 2021-11-15

Horizon Kinetics (Murray Stahl) disclosed 335 US equity positions worth $4.3bn in its Q3 2021 13F filing. Its largest position is TPL at 43.6% of the reported book, followed by FNV and CACI. Versus Q2 2021 it opened 4 new positions, added to 52, reduced 140 and exited 11.

$4.3bn
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.
43.6%
Largest position
The largest single position as a share of the reported equity book.
63.5%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
5
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 2021: 4 new, 52 added, 140 reduced, 11 exited

50 of 335
TPL TEXAS PACIFIC LAND CORPORATIEnergy43.6%$1.9bn1.54m−0.5%reduced
FNV FRANCO NEVADA CORPBasic Materials2.9%$123m948,285+2.7%added
CACI CACI INTL INCTechnology2.8%$119m453,265+1.4%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.6%$113m3.00m+2.0%added
BROOKFIELD ASSET MGMT INC no ticker–2.5%$108m2.01m+1.9%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.2%$94.7m824,551+2.9%added
CRL CHARLES RIV LABS INTL INCHealthcare2.0%$85.7m207,792+5.6%added
CVEO CIVEO CORP CDAConsumer Cyclical1.8%$78.3m3.48m+0.7%added
HHH HOWARD HUGHES CORPReal Estate1.6%$67.1m763,743−3.1%reduced
PROSHARES TR II no ticker–1.4%$61.6m1.13m−1.2%reduced
MESABI TR no ticker–1.4%$58.6m1.97m+2.7%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.3%$57.6m632,492−1.2%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$53.1m428,673−1.6%reduced
LNG CHENIERE ENERGY INCEnergy1.2%$49.7m508,720−1.8%reduced
AN AUTONATION INCConsumer Cyclical1.1%$47.6m390,582−1.2%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.1%$47.2m1.26m−0.2%held
8L8C LIBERTY BROADBAND CORP–1.0%$43.4m251,202−2.1%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.0%$41.6m693,248+8.0%added
LIBERTY MEDIA CORP DEL no ticker–0.9%$39.8m839,134−2.3%reduced
CME CME GROUP INCFinancial Services0.9%$39.1m202,124+1.0%added
WEN The Wendy's CoConsumer Cyclical0.9%$37.6m1.73m−2.9%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$34.6m404,466−0.2%held
AYS1 SANDSTORM GOLD LTD–0.7%$31.1m5.40m+3.4%added
CHENIERE ENERGY INC no ticker–0.7%$31.1m36.22m−0.7%reduced
VIPER ENERGY PARTNERS LP no ticker–0.7%$29.8m1.36m+12%added
IEP ICAHN ENTERPRISES LPEnergy0.7%$28.0m561,214−3.8%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.6%$25.2m299,006+13%added
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.6%$25.1m249,874−1.1%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.6%$24.1m158,968+13%added
MNRLUSD BRIGHAM MINERALS INC–0.6%$23.7m1.24m+9.9%added
CBRE CBRE GROUP INCReal Estate0.5%$23.5m241,354+13%added
IHS MARKIT LTD no ticker–0.5%$23.1m198,273−1.8%reduced
WY WEYERHAEUSER COReal Estate0.5%$21.0m589,012+8.8%added
PYPL PAYPAL HLDGS INCFinancial Services0.5%$20.7m79,655−0.6%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$19.3m1.01m−4.1%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$19.2m406,797−1.3%reduced
VRSK VERISK ANALYTICS INCIndustrials0.4%$19.0m94,978+12%added
BA BOEING COIndustrials0.4%$17.3m78,484−2.2%reduced
OSK OSHKOSH CORPIndustrials0.4%$17.0m165,797−1.1%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.4%$16.7m214,030−1.4%reduced
CNS COHEN & STEERS INCFinancial Services0.4%$16.4m196,161+10.0%added
NTR NUTRIEN LTDBasic Materials0.4%$16.3m252,020+11%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$15.8m58,053−4.5%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$15.3m1.36m+12%added
RGLD ROYAL GOLD INCBasic Materials0.4%$15.1m158,427−2.4%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.3%$14.2m190,3110.0%held
MA MASTERCARD INCFinancial Services0.3%$13.8m39,730−3.2%reduced
EBAY EBAY INC.Consumer Cyclical0.3%$12.7m182,268+0.3%held
JOE ST JOE COReal Estate0.3%$11.2m265,852+13%added
LIBERTY MEDIA CORP DEL no ticker–0.3%$11.2m217,633−2.6%reduced

Exited since Q2 2021

11 rows
MSGN MSG NETWORK INC0.03%$1.3m
BABA ALIBABA GROUP HLDG LTD0.01%$542k
BROOKFIELD PROPERTY PARTRS L no ticker0.01%$352k
BHP BHP BILLITON LIMITED0.0%$242k
SLP SIMULATIONS PLUS INC0.0%$240k
MTB M & T BK CORP0.0%$225k
CSX CSX CORP0.0%$219k
CCI CROWN CASTLE INC0.0%$211k
CLEARBRIDGE MLP AND MIDSTRM FD no ticker0.0%$205k
RIO RIO TINTO PLC0.0%$203k
PIONEER MUN HIGH INC ADV FD no ticker0.0%$161k

Sector mix

  • Energy46.4%
  • Unclassified16.9%
  • Financial Services8.0%
  • Basic Materials7.1%
  • Consumer Cyclical5.1%
  • Technology4.1%
  • Real Estate3.4%
  • Healthcare3.3%
  • Communication Services2.4%
  • Industrials1.9%
  • Consumer Defensive1.5%
  • 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