WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2022

Long-only investorSEC filingsCompare with another fundHoldings as of 2022-12-31, filed 2023-02-09

Horizon Kinetics (Murray Stahl) disclosed 318 US equity positions worth $6.1bn in its Q4 2022 13F filing. Its largest position is TPL at 55.5% of the reported book, followed by FNV and CACI. Versus Q3 2022 it opened 23 new positions, added to 46, reduced 127 and exited 34.

$6.1bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
318
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
55.5%
Largest position
The largest single position as a share of the reported equity book.
73.1%
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 Q3 2022: 23 new, 46 added, 127 reduced, 34 exited

50 of 318
TPL TEXAS PACIFIC LAND CORPORATIEnergy55.5%$3.4bn1.43m−3.8%reduced
FNV FRANCO NEVADA CORPBasic Materials2.4%$147m1.07m−0.5%held
CACI CACI INTL INCTechnology2.3%$137m455,276+0.5%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.2%$135m3.45m+5.8%added
GBTC GRAYSCALE BITCOIN TRUST ETF–2.2%$131m15.81m–new
CVEO CIVEO CORP CDAConsumer Cyclical2.0%$120m3.87m+8.0%added
LNG CHENIERE ENERGY INCEnergy1.7%$104m693,594−2.2%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.7%$102m992,861−2.4%reduced
PERMIAN BASIN RTY TR no ticker–1.6%$94.4m3.74m+22%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.6%$94.3m1.02m−0.9%reduced
BN BROOKFIELD CORPFinancial Services1.1%$68.8m2.19m–new
VIPER ENERGY PARTNERS LP no ticker–1.1%$68.4m2.15m−2.2%reduced
SB9 SITIO ROYALTIES CORP–1.0%$62.9m2.18m–new
CRL CHARLES RIV LABS INTL INCHealthcare0.9%$56.7m260,093−8.5%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$52.3m1.24m−0.4%held
CBOE CBOE GLOBAL MARKETS INCFinancial Services0.8%$51.0m406,649−0.7%reduced
HHH HOWARD HUGHES CORPReal Estate0.8%$48.5m634,188−6.4%reduced
MESABI TR no ticker–0.8%$48.4m2.68m+4.3%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$47.3m426,048+9.9%added
BUNGE LIMITED no ticker–0.8%$46.5m466,116+20%added
PROSHARES TR II no ticker–0.7%$44.5m758,958−18%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.7%$41.3m249,295−2.1%reduced
CME CME GROUP INCFinancial Services0.7%$41.1m244,674−3.0%reduced
AN AUTONATION INCConsumer Cyclical0.6%$36.6m341,327−3.1%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.6%$35.3m505,841−1.5%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.6%$34.9m482,781−2.3%reduced
NTR NUTRIEN LTDBasic Materials0.6%$34.2m468,345−2.1%reduced
AYS1 SANDSTORM GOLD LTD–0.6%$33.5m6.37m−1.6%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$30.7m1.03m−0.4%held
CBRE CBRE GROUP INCReal Estate0.5%$29.6m385,125−2.2%reduced
LIBERTY MEDIA CORP DEL no ticker–0.5%$28.6m731,888−1.8%reduced
WY WEYERHAEUSER COReal Estate0.5%$28.6m921,920−2.1%reduced
WEN The Wendy's CoConsumer Cyclical0.5%$28.2m1.25m−2.9%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.5%$27.8m2.30m−2.0%reduced
JOE ST JOE COReal Estate0.4%$26.4m683,839+12%added
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$24.8m215,910−2.5%reduced
IEP ICAHN ENTERPRISES LPEnergy0.4%$22.6m447,156−1.3%reduced
TRC TEJON RANCH COIndustrials0.3%$19.0m1.01m+2.4%added
IPAR INTERPARFUMS INCConsumer Defensive0.3%$15.9m164,451−2.4%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.3%$15.8m399,880−2.1%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$15.7m547,220–new
RGLD ROYAL GOLD INCBasic Materials0.3%$15.6m138,636−2.3%reduced
CNS COHEN & STEERS INCFinancial Services0.2%$14.8m228,910−1.9%reduced
LIBERTY MEDIA CORP DEL no ticker–0.2%$14.6m370,472−1.7%reduced
SPGI S&P GLOBAL INCFinancial Services0.2%$13.5m40,346−6.1%reduced
OSK OSHKOSH CORPIndustrials0.2%$13.2m149,832−4.6%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$13.0m42,131−1.5%reduced
LIBERTY MEDIA CORP DEL no ticker–0.2%$12.4m207,855−0.4%held
BA BOEING COIndustrials0.2%$12.2m63,912−2.6%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.2%$12.1m187,355−1.9%reduced

Exited since Q3 2022

34 rows
BROOKFIELD ASSET MGMT INC no ticker1.8%$91.2m
MNRLUSD BRIGHAM MINERALS INC1.0%$50.0m
FHI FEDERATED HERMES INC0.07%$3.5m
BARCLAYS BANK PLC no ticker0.06%$2.8m
CORZQ CORE SCIENTIFIC INC0.05%$2.2m
FNF FIDELITY NATIONAL FINANCIAL0.03%$1.6m
NVGS NAVIGATOR HLDGS LTD0.03%$1.4m
WT WISDOMTREE INC0.02%$1.0m
PROSHARES TR II no ticker0.01%$728k
PROSHARES TR II no ticker0.01%$631k
USO UNITED STS OIL FD LP0.01%$600k
FIS FIDELITY NATL INFORMATION SV0.01%$428k
SICP SILVERGATE CAP CORP0.01%$428k
YUSD ALLEGHANY CORP DEL0.01%$421k
NUVEEN INTER DURATION MUN TE no ticker0.01%$395k
FEDERATED HERMES PREM MUN INC FD no ticker0.01%$384k
DISH DISH NETWORK CORPORATION0.01%$375k
WHITE MTNS INS GROUP LTD no ticker0.01%$371k
DUSTUSD DIREXION SHS ETF TR0.01%$304k
BAX BAXTER INTL INC0.0%$237k
PYPL PAYPAL HLDGS INC0.0%$222k
MTCH MATCH GROUP INC NEW0.0%$215k
SLP SIMULATIONS PLUS INC0.0%$212k
MTB M & T BK CORP0.0%$206k
FTV FORTIVE CORP0.0%$205k
IWC ISHARES TR0.0%$204k
LGF/BEUR LIONS GATE ENTMNT CORP0.0%$200k
BLACKROCK MUN INCOME QUALITY no ticker0.0%$198k
BLACKROCK N Y MUN INCOME TRU no ticker0.0%$190k
EATON VANCE NY MUN BD no ticker0.0%$181k
CRGY CRESCENT ENERGY COMPANY0.0%$151k
PIONEER MUN HIGH INCOME FD no ticker0.0%$98.0k
MAWSON INFRASTRUCTURE GROUP no ticker0.0%$14.0k
SALARIUS PHARMACEUTICALS INC no ticker0.0%$12.0k

Sector mix

  • Energy58.5%
  • Unclassified12.7%
  • Financial Services7.2%
  • Basic Materials6.2%
  • Consumer Cyclical3.8%
  • Technology3.3%
  • Real Estate2.5%
  • Consumer Defensive1.9%
  • Healthcare1.9%
  • Industrials1.1%
  • Communication Services0.8%
  • 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