WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2021

Long-only investorSEC filingsCompare with another fundHoldings as of 2021-12-31, filed 2022-02-15

Horizon Kinetics (Murray Stahl) disclosed 346 US equity positions worth $4.5bn in its Q4 2021 13F filing. Its largest position is TPL at 42.0% of the reported book, followed by FNV and WPM. Versus Q3 2021 it opened 20 new positions, added to 64, reduced 106 and exited 9.

$4.5bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
346
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
42.0%
Largest position
The largest single position as a share of the reported equity book.
62.7%
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 Q3 2021: 20 new, 64 added, 106 reduced, 9 exited

50 of 346
TPL TEXAS PACIFIC LAND CORPORATIEnergy42.0%$1.9bn1.52m−1.4%reduced
FNV FRANCO NEVADA CORPBasic Materials3.0%$136m983,505+3.7%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.9%$133m3.10m+3.4%added
BROOKFIELD ASSET MGMT INC no ticker–2.8%$125m2.08m+3.2%added
CACI CACI INTL INCTechnology2.8%$125m463,342+2.2%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.6%$119m871,399+5.7%added
CRL CHARLES RIV LABS INTL INCHealthcare1.9%$85.6m227,306+9.4%added
HHH HOWARD HUGHES CORPReal Estate1.7%$74.6m732,878−4.0%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.6%$73.4m613,121−3.1%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.5%$66.9m3.49m+0.2%held
PROSHARES TR II no ticker–1.3%$58.8m955,236−16%reduced
MESABI TR no ticker–1.2%$56.3m2.13m+8.0%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$54.6m418,430−2.4%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.2%$53.9m1.25m−0.6%reduced
LNG CHENIERE ENERGY INCEnergy1.2%$52.8m520,112+2.2%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.2%$52.3m774,164+12%added
CME CME GROUP INCFinancial Services1.1%$48.2m210,922+4.4%added
AN AUTONATION INCConsumer Cyclical1.0%$45.2m386,970−0.9%reduced
LIBERTY MEDIA CORP DEL no ticker–0.9%$41.6m817,417−2.6%reduced
8L8C LIBERTY BROADBAND CORP–0.9%$38.8m240,915−4.1%reduced
WEN The Wendy's CoConsumer Cyclical0.8%$37.3m1.56m−9.8%reduced
AYS1 SANDSTORM GOLD LTD–0.7%$33.9m5.46m+1.2%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.7%$33.8m404,770+0.1%held
WFG WEST FRASER TIMBER LTDBasic Materials0.7%$33.5m351,531+18%added
VIPER ENERGY PARTNERS LP no ticker–0.7%$33.4m1.57m+15%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.7%$32.5m186,873+18%added
CBRE CBRE GROUP INCReal Estate0.7%$30.8m284,164+18%added
MNRLUSD BRIGHAM MINERALS INC–0.7%$30.4m1.44m+16%added
WY WEYERHAEUSER COReal Estate0.6%$28.1m683,397+16%added
CHENIERE ENERGY INC CONV SR no ticker–0.6%$26.9m31.98m−12%reduced
IEP ICAHN ENTERPRISES LPEnergy0.6%$26.2m528,318−5.9%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.6%$26.2m243,917−2.4%reduced
IHS MARKIT LTD no ticker–0.6%$25.9m195,052−1.6%reduced
VRSK VERISK ANALYTICS INCIndustrials0.6%$25.3m110,775+17%added
JOE ST JOE COReal Estate0.5%$23.4m450,512+69%added
NTR NUTRIEN LTDBasic Materials0.5%$21.9m291,023+15%added
DMLP DORCHESTER MINERALS LPEnergy0.5%$20.8m1.05m+4.1%added
LIBERTY MEDIA CORP DEL no ticker–0.5%$20.4m401,782−1.2%reduced
CNS COHEN & STEERS INCFinancial Services0.4%$20.3m219,625+12%added
IPAR INTERPARFUMS INCConsumer Defensive0.4%$20.2m188,847−0.8%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$19.6m1.60m+17%added
OSK OSHKOSH CORPIndustrials0.4%$18.3m162,275−2.1%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.4%$18.2m207,371−3.1%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$16.9m56,469−2.7%reduced
RGLD ROYAL GOLD INCBasic Materials0.4%$16.2m153,977−2.8%reduced
PYPL PAYPAL HLDGS INCFinancial Services0.3%$14.8m78,599−1.3%reduced
MA MASTERCARD INCFinancial Services0.3%$14.2m39,631−0.2%held
TRC TEJON RANCH COIndustrials0.3%$14.2m744,662+79%added
BA BOEING COIndustrials0.3%$14.0m69,394−12%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$13.6m215,068−1.2%reduced

Exited since Q3 2021

9 rows
PIMCO INCOME OPPORTUNITY FD no ticker0.04%$1.6m
PIMCO DYNAMIC CR INCOME FD no ticker0.02%$909k
VPC IMPACT ACQUISITION HLDNG no ticker0.01%$527k
T AT&T INC0.01%$282k
STNE STONECO LTD0.01%$272k
XYZ BLOCK INC0.01%$253k
CLEARBRIDGE MLP AND MIDSTRM TR no ticker0.01%$235k
KAYNE ANDERSON NEXTGEN ENERGY no ticker0.0%$150k
GNLN GREENLANE HLDGS INC0.0%$24.0k

Sector mix

  • Energy44.6%
  • Unclassified16.7%
  • Financial Services8.7%
  • Basic Materials7.8%
  • Consumer Cyclical4.5%
  • Real Estate4.1%
  • Technology4.0%
  • Healthcare3.2%
  • Communication Services2.6%
  • Industrials2.1%
  • Consumer Defensive1.8%
  • 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