WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2022

Long-only investorSEC filingsCompare with another fundHoldings as of 2022-09-30, filed 2022-11-15

Horizon Kinetics (Murray Stahl) disclosed 329 US equity positions worth $5.0bn in its Q3 2022 13F filing. Its largest position is TPL at 53.3% of the reported book, followed by FNV and CACI. Versus Q2 2022 it opened 19 new positions, added to 75, reduced 129 and exited 20.

$5.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
329
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
53.3%
Largest position
The largest single position as a share of the reported equity book.
71.2%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
3
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 2022: 19 new, 75 added, 129 reduced, 20 exited

50 of 329
TPL TEXAS PACIFIC LAND CORPORATIEnergy53.3%$2.6bn1.49m−1.1%reduced
FNV FRANCO NEVADA CORPBasic Materials2.6%$129m1.08m−3.2%reduced
CACI CACI INTL INCTechnology2.4%$118m453,039−2.9%reduced
LNG CHENIERE ENERGY INCEnergy2.4%$118m709,091−5.2%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.1%$105m3.26m−4.5%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.9%$91.9m1.02m−4.5%reduced
BROOKFIELD ASSET MGMT INC no ticker–1.8%$91.2m2.23m−4.0%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.8%$90.0m3.58m+3.1%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.7%$82.5m1.02m−7.3%reduced
VIPER ENERGY PARTNERS LP no ticker–1.3%$63.0m2.20m−13%reduced
CRL CHARLES RIV LABS INTL INCHealthcare1.1%$56.0m284,389−4.9%reduced
MESABI TR no ticker–1.1%$55.4m2.57m−2.1%reduced
PERMIAN BASIN RTY TR no ticker–1.0%$50.2m3.08m+47%added
MNRLUSD BRIGHAM MINERALS INC–1.0%$50.0m2.03m−9.6%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$48.1m409,544−0.7%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$46.0m1.25m−0.3%held
PROSHARES TR II no ticker–0.9%$45.0m926,196−4.6%reduced
CME CME GROUP INCFinancial Services0.9%$44.7m252,162−4.5%reduced
NTR NUTRIEN LTDBasic Materials0.8%$39.9m478,271−11%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.8%$39.0m513,382−6.2%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.8%$38.0m254,669−8.8%reduced
HHH HOWARD HUGHES CORPReal Estate0.8%$37.5m677,436−0.7%reduced
AN AUTONATION INCConsumer Cyclical0.7%$35.9m352,404−3.5%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.7%$35.8m494,012−8.2%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology0.7%$34.3m387,827−3.2%reduced
AYS1 SANDSTORM GOLD LTD–0.7%$33.5m6.47m+0.7%added
BUNGE LIMITED no ticker–0.6%$32.2m389,975−2.2%reduced
LIBERTY MEDIA CORP DEL no ticker–0.6%$28.1m745,134−3.0%reduced
WY WEYERHAEUSER COReal Estate0.5%$26.9m941,465−11%reduced
CBRE CBRE GROUP INCReal Estate0.5%$26.6m393,705−9.2%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$25.7m1.03m0.0%held
WEN The Wendy's CoConsumer Cyclical0.5%$24.0m1.28m−3.3%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.5%$23.9m2.35m−8.0%reduced
IEP ICAHN ENTERPRISES LPEnergy0.5%$22.5m453,071−1.8%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$21.8m221,347−5.0%reduced
JOE ST JOE COReal Estate0.4%$19.5m609,993+3.0%added
RPRX ROYALTY PHARMA PLCHealthcare0.3%$16.4m408,546−9.9%reduced
CNS COHEN & STEERS INCFinancial Services0.3%$14.6m233,451−9.7%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$14.3m376,865−0.6%reduced
TRC TEJON RANCH COIndustrials0.3%$14.2m986,573+30%added
RGLD ROYAL GOLD INCBasic Materials0.3%$13.3m141,873−1.0%reduced
SPGI S&P GLOBAL INCFinancial Services0.3%$13.1m42,954−14%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.3%$12.7m168,467−2.3%reduced
LIBERTY MEDIA CORP DEL no ticker–0.2%$12.2m208,749−0.5%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.2%$12.0m191,051−1.7%reduced
8L8C LIBERTY BROADBAND CORP–0.2%$11.8m160,116−4.1%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$11.4m42,783−0.9%reduced
OSK OSHKOSH CORPIndustrials0.2%$11.0m157,0740.0%held
SII SPROTT INCFinancial Services0.2%$9.7m289,037−18%reduced
MA MASTERCARD INCFinancial Services0.2%$9.5m33,452−1.3%reduced

Exited since Q2 2022

20 rows
CTT1USD CATCHMARK TIMBER TR INC0.1%$5.8m
MANTUSD MANTECH INTL CORP0.05%$2.4m
MKTX MARKETAXESS HLDGS INC0.03%$1.5m
CF ACQUISITION CORP VI no ticker0.01%$705k
GSK PLC no ticker0.01%$703k
TREE LENDINGTREE INC0.01%$438k
MFS1EUR WELBILT INC0.01%$405k
BROOKFIELD ASSET MGMT REINS no ticker0.01%$400k
BLACKROCK MUNIYIELD QULT FD I no ticker0.01%$363k
NUVEEN INT DUR QUAL MUN TRM no ticker0.01%$264k
MMM 3M CO0.01%$245k
NVDA NVIDIA CORPORATION0.01%$243k
FXC INVESCO CURRENCYSHARES CDN D0.0%$229k
CCI CROWN CASTLE INC0.0%$226k
INVESCO CURRENCYSHARES AUSTR no ticker0.0%$223k
ACCENTURE PLC IRELAND no ticker0.0%$221k
DNP SELECT INCOME FD no ticker0.0%$130k
NLYEUR ANNALY CAPITAL MANAGEMENT IN0.0%$113k
INVESCO TR INVT GRADE MUNS no ticker0.0%$112k
RIOT RIOT PLATFORMS INC0.0%$42.0k

Sector mix

  • Energy57.1%
  • Unclassified13.3%
  • Financial Services6.8%
  • Basic Materials6.6%
  • Consumer Cyclical3.7%
  • Technology3.4%
  • Real Estate2.6%
  • Healthcare2.2%
  • Consumer Defensive2.0%
  • Communication Services1.1%
  • Industrials1.0%
  • 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