WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2022

Long-only investorSEC filingsCompare with another fundHoldings as of 2022-06-30, filed 2022-08-05

Horizon Kinetics (Murray Stahl) disclosed 330 US equity positions worth $4.8bn in its Q2 2022 13F filing. Its largest position is TPL at 47.0% of the reported book, followed by FNV and CACI. Versus Q1 2022 it opened 10 new positions, added to 74, reduced 134 and exited 20.

$4.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
330
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
47.0%
Largest position
The largest single position as a share of the reported equity book.
66.8%
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 2022: 10 new, 74 added, 134 reduced, 20 exited

50 of 330
TPL TEXAS PACIFIC LAND CORPORATIEnergy47.0%$2.2bn1.51m−0.7%reduced
FNV FRANCO NEVADA CORPBasic Materials3.1%$147m1.11m+2.8%added
CACI CACI INTL INCTechnology2.8%$131m466,651−1.7%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.6%$123m3.41m+2.7%added
BROOKFIELD ASSET MGMT INC no ticker–2.2%$103m2.32m+2.5%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.1%$100m1.07m+5.6%added
LNG CHENIERE ENERGY INCEnergy2.1%$99.5m748,280+25%added
CVEO CIVEO CORP CDAConsumer Cyclical1.9%$89.9m3.47m−1.5%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.8%$85.8m1.11m+12%added
VIPER ENERGY PARTNERS LP no ticker–1.4%$67.2m2.52m+14%added
MESABI TR no ticker–1.4%$64.5m2.63m+5.4%added
CRL CHARLES RIV LABS INTL INCHealthcare1.3%$64.0m298,974+8.6%added
MNRLUSD BRIGHAM MINERALS INC–1.2%$55.3m2.24m+15%added
CME CME GROUP INCFinancial Services1.1%$54.1m264,149+7.5%added
PROSHARES TR II no ticker–1.0%$46.8m970,989−0.1%held
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$46.7m412,560−0.9%reduced
HHH HOWARD HUGHES CORPReal Estate1.0%$46.4m681,875−3.6%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.9%$45.2m547,246−4.3%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$44.9m1.25m−0.5%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.9%$43.4m279,309+14%added
NTR NUTRIEN LTDBasic Materials0.9%$42.9m538,075+21%added
WFG WEST FRASER TIMBER LTDBasic Materials0.9%$41.3m538,038+17%added
AN AUTONATION INCConsumer Cyclical0.9%$40.8m365,140−0.8%reduced
AYS1 SANDSTORM GOLD LTD–0.8%$38.2m6.43m+6.6%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$37.3m400,467+0.4%held
BUNGE LIMITED no ticker–0.8%$36.2m398,837+13%added
WY WEYERHAEUSER COReal Estate0.7%$35.2m1.06m+15%added
PERMIAN BASIN RTY TR no ticker–0.7%$34.6m2.09m+90%added
CBRE CBRE GROUP INCReal Estate0.7%$31.9m433,396+15%added
LIBERTY MEDIA CORP DEL no ticker–0.6%$27.7m768,156−3.2%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.5%$25.8m2.56m+14%added
WEN The Wendy's CoConsumer Cyclical0.5%$25.1m1.33m−9.8%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$24.5m1.03m−0.1%held
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$24.4m233,022−2.9%reduced
JOE ST JOE COReal Estate0.5%$23.4m592,397+11%added
IEP ICAHN ENTERPRISES LPEnergy0.5%$22.2m461,242−3.9%reduced
8L8C LIBERTY BROADBAND CORP–0.4%$19.3m167,011−18%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.4%$19.1m453,556+16%added
SPGI S&P GLOBAL INCFinancial Services0.4%$16.8m49,874−5.9%reduced
CNS COHEN & STEERS INCFinancial Services0.3%$16.4m258,430+4.4%added
RGLD ROYAL GOLD INCBasic Materials0.3%$15.3m143,378−3.3%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.3%$13.7m194,427−2.6%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$13.7m378,960−2.1%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$13.3m209,863−0.9%reduced
OSK OSHKOSH CORPIndustrials0.3%$12.9m157,151−3.2%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.3%$12.6m172,367−6.1%reduced
SII SPROTT INCFinancial Services0.3%$12.3m353,995+56%added
TRC TEJON RANCH COIndustrials0.2%$11.8m759,794−5.9%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$11.8m43,181−15%reduced
KRBN KRANESHARES TR–0.2%$10.7m217,795+1.3%added

Exited since Q1 2022

20 rows
DISCAUSD DISCOVERY INC0.06%$3.0m
DISCKUSD DISCOVERY INC0.04%$1.8m
BLACKROCK MUNIYIELD QUALITY no ticker0.01%$390k
SHV ISHARES TR0.01%$381k
OXY OCCIDENTAL PETE CORP0.01%$321k
AMZN AMAZON COM INC0.01%$290k
DE DEERE & CO0.01%$266k
CLF CLEVELAND CLIFFS INC0.01%$265k
BHP BHP BILLITON LIMITED0.01%$250k
SLB SLB LIMITED0.01%$248k
WYNN WYNN RESORTS LTD0.0%$244k
DOW DOW HLDGS INC0.0%$241k
COIN COINBASE GLOBAL INC0.0%$238k
CQP CHENIERE ENERGY PARTNERS LP0.0%$225k
MARA MARA HOLDINGS INC0.0%$224k
WMT WALMART INC0.0%$217k
FTV FORTIVE CORP0.0%$216k
TRECORA RES no ticker0.0%$212k
NWL NEWELL BRANDS INC0.0%$212k
NKTR NEKTAR THERAPEUTICS0.0%$158k

Sector mix

  • Energy50.6%
  • Unclassified15.0%
  • Basic Materials7.9%
  • Financial Services7.8%
  • Consumer Cyclical4.1%
  • Technology3.8%
  • Real Estate3.3%
  • Healthcare2.6%
  • Consumer Defensive2.2%
  • Communication Services1.4%
  • Industrials1.1%
  • 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