WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2022

Long-only investorSEC filingsCompare with another fundHoldings as of 2022-03-31, filed 2022-05-13

Horizon Kinetics (Murray Stahl) disclosed 340 US equity positions worth $5.0bn in its Q1 2022 13F filing. Its largest position is TPL at 41.4% of the reported book, followed by FNV and WPM. Versus Q4 2021 it opened 10 new positions, added to 70, reduced 117 and exited 16.

$5.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
340
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
41.4%
Largest position
The largest single position as a share of the reported equity book.
62.9%
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 Q4 2021: 10 new, 70 added, 117 reduced, 16 exited

50 of 340
TPL TEXAS PACIFIC LAND CORPORATIEnergy41.4%$2.1bn1.52m−0.1%held
FNV FRANCO NEVADA CORPBasic Materials3.5%$173m1.08m+10%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.2%$158m3.32m+7.1%added
CACI CACI INTL INCTechnology2.9%$143m474,540+2.4%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.7%$133m1.01m+16%added
BROOKFIELD ASSET MGMT INC no ticker–2.6%$128m2.27m+9.0%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.8%$88.8m983,882+27%added
CVEO CIVEO CORP CDAConsumer Cyclical1.7%$83.3m3.53m+1.1%added
LNG CHENIERE ENERGY INCEnergy1.7%$83.2m599,809+15%added
CRL CHARLES RIV LABS INTL INCHealthcare1.6%$78.2m275,239+21%added
HHH HOWARD HUGHES CORPReal Estate1.5%$73.3m707,529−3.5%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services1.4%$67.3m571,785−6.7%reduced
MESABI TR no ticker–1.3%$66.5m2.49m+17%added
VIPER ENERGY PARTNERS LP no ticker–1.3%$65.1m2.20m+41%added
CME CME GROUP INCFinancial Services1.2%$58.4m245,675+16%added
PROSHARES TR II no ticker–1.1%$53.0m971,841+1.7%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services1.1%$52.8m1.26m+0.5%added
MNRLUSD BRIGHAM MINERALS INC–1.0%$50.0m1.96m+36%added
AYS1 SANDSTORM GOLD LTD–1.0%$48.7m6.03m+10%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$47.6m416,427−0.5%held
NTR NUTRIEN LTDBasic Materials0.9%$46.1m443,614+52%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.8%$41.8m245,536+31%added
BUNGE LIMITED no ticker–0.8%$39.0m351,540–new
WFG WEST FRASER TIMBER LTDBasic Materials0.8%$37.8m459,112+31%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.7%$36.7m398,706−1.5%reduced
AN AUTONATION INCConsumer Cyclical0.7%$36.7m368,195−4.9%reduced
LIBERTY MEDIA CORP DEL no ticker–0.7%$36.3m793,377−2.9%reduced
WY WEYERHAEUSER COReal Estate0.7%$35.0m923,034+35%added
CBRE CBRE GROUP INCReal Estate0.7%$34.6m378,418+33%added
WEN The Wendy's CoConsumer Cyclical0.7%$32.3m1.47m−6.0%reduced
JOE ST JOE COReal Estate0.6%$31.5m531,594+18%added
VRSK VERISK ANALYTICS INCIndustrials0.6%$30.3m141,183+27%added
OREUR OSISKO GOLD ROYALTIES LTD–0.6%$29.5m2.23m+40%added
8L8C LIBERTY BROADBAND CORP–0.6%$27.5m203,557−16%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$26.7m1.03m−2.0%reduced
IEP ICAHN ENTERPRISES LPEnergy0.5%$24.9m479,737−9.2%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$22.5m239,926−1.6%reduced
SPGI S&P GLOBAL INCFinancial Services0.4%$21.7m53,000+3930%added
CNS COHEN & STEERS INCFinancial Services0.4%$21.3m247,443+13%added
RGLD ROYAL GOLD INCBasic Materials0.4%$21.0m148,342−3.7%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$18.0m51,051−9.6%reduced
LIBERTY MEDIA CORP DEL no ticker–0.4%$17.7m387,141−3.6%reduced
OSK OSHKOSH CORPIndustrials0.3%$16.3m162,3370.0%held
IPAR INTERPARFUMS INCConsumer Defensive0.3%$16.2m183,639−2.8%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.3%$15.3m199,621−3.7%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.3%$15.2m390,918+38%added
LIBERTY MEDIA CORP DEL no ticker–0.3%$14.8m211,773−1.5%reduced
TRC TEJON RANCH COIndustrials0.3%$14.7m807,510+8.4%added
MA MASTERCARD INCFinancial Services0.3%$13.8m38,583−2.6%reduced
PERMIAN BASIN RTY TR no ticker–0.3%$13.8m1.10m+189%added

Exited since Q4 2021

16 rows
CHENIERE ENERGY INC CONV SR no ticker0.6%$26.9m
IHS MARKIT LTD no ticker0.6%$25.9m
COLFAX CORP no ticker0.03%$1.4m
BROOKFIELD ASSET MGMT REINS no ticker0.01%$621k
BLACKROCK MUNIHLDGS INVESTMENT QUALITY FUND no ticker0.01%$606k
ARNAEUR ARENA PHARMACEUTICALS INC0.01%$418k
NEE NEXTERA ENERGY INC0.01%$282k
INVESCO CURRENCYSHARES TRUST no ticker0.01%$274k
ETN EATON CORP PLC0.01%$250k
TSLA TESLA INC0.01%$241k
BROOKFIELD BUSINESS PARTNERS no ticker0.01%$231k
CCL CARNIVAL CORP0.0%$214k
EDIT EDITAS MEDICINE INC0.0%$214k
MAS MASCO CORP0.0%$211k
VSAT VIASAT INC0.0%$205k
INVESCO TR INVT GRADE NEW YO no ticker0.0%$140k

Sector mix

  • Energy44.6%
  • Unclassified16.3%
  • Basic Materials9.0%
  • Financial Services8.8%
  • Consumer Cyclical4.0%
  • Real Estate4.0%
  • Technology4.0%
  • Healthcare2.7%
  • Consumer Defensive2.3%
  • Communication Services2.2%
  • Industrials2.0%
  • 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