WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-03-31, filed 2023-05-12

Horizon Kinetics (Murray Stahl) disclosed 329 US equity positions worth $5.2bn in its Q1 2023 13F filing. Its largest position is TPL at 46.4% of the reported book, followed by GBTC and WPM. Versus Q4 2022 it opened 30 new positions, added to 63, reduced 129 and exited 19.

$5.2bn
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.
46.4%
Largest position
The largest single position as a share of the reported equity book.
69.0%
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 Q4 2022: 30 new, 63 added, 129 reduced, 19 exited

50 of 329
TPL TEXAS PACIFIC LAND CORPORATIEnergy46.4%$2.4bn1.42m−1.0%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–5.0%$259m15.84m+0.2%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.2%$167m3.47m+0.6%added
FNV FRANCO NEVADA CORPBasic Materials2.9%$151m1.04m−3.3%reduced
CACI CACI INTL INCTechnology2.6%$134m451,081−0.9%reduced
LNG CHENIERE ENERGY INCEnergy2.0%$107m675,984−2.5%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.9%$101m966,669−2.6%reduced
PERMIAN BASIN RTY TR no ticker–1.9%$98.5m4.04m+7.8%added
CVEO CIVEO CORP CDAConsumer Cyclical1.6%$83.7m4.05m+4.8%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.5%$77.1m967,941−4.7%reduced
MESABI TR no ticker–1.4%$74.4m2.95m+10%added
BN BROOKFIELD CORPFinancial Services1.3%$69.2m2.12m−2.9%reduced
VIPER ENERGY PARTNERS LP no ticker–1.1%$56.3m2.01m−6.5%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.1%$54.9m408,995+0.6%added
HHH HOWARD HUGHES CORPReal Estate1.0%$50.0m625,391−1.4%reduced
CRL CHARLES RIV LABS INTL INCHealthcare1.0%$49.8m246,968−5.0%reduced
PROSHARES TR II no ticker–0.9%$48.3m757,324−0.2%held
SAIC SCIENCE APPLICATIONS INTL COTechnology0.9%$46.4m432,223+1.4%added
CME CME GROUP INCFinancial Services0.9%$46.1m240,587−1.7%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$45.7m1.24m−0.7%reduced
SB9 SITIO ROYALTIES CORP–0.8%$42.9m1.90m−13%reduced
AN AUTONATION INCConsumer Cyclical0.8%$42.6m317,404−7.0%reduced
BUNGE LIMITED no ticker–0.8%$42.2m441,437−5.3%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.7%$38.7m232,254−6.8%reduced
AYS1 SANDSTORM GOLD LTD–0.7%$35.7m6.14m−3.6%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.7%$34.4m2.17m−5.7%reduced
NTR NUTRIEN LTDBasic Materials0.7%$34.2m463,358−1.1%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.6%$32.4m454,723−5.8%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.6%$31.7m452,427−11%reduced
DMLP DORCHESTER MINERALS LPEnergy0.6%$30.8m1.02m−0.9%reduced
JOE ST JOE COReal Estate0.6%$29.5m708,134+3.6%added
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$28.1m198,184−8.2%reduced
WEN The Wendy's CoConsumer Cyclical0.5%$26.5m1.22m−2.4%reduced
CBRE CBRE GROUP INCReal Estate0.5%$26.1m358,255−7.0%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$23.4m164,361−0.1%held
IEP ICAHN ENTERPRISES LPEnergy0.4%$22.1m427,694−4.4%reduced
TRC TEJON RANCH COIndustrials0.4%$21.1m1.15m+14%added
RGLD ROYAL GOLD INCBasic Materials0.3%$17.8m137,263−1.0%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$16.6m507,835−7.2%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$15.5m206,547−0.6%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$15.0m48,710+16%added
VUSB VANGUARD BD INDEX FDS–0.3%$14.8m299,788+187%added
CNS COHEN & STEERS INCFinancial Services0.3%$13.6m213,246−6.8%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.3%$13.4m373,120−6.7%reduced
BA BOEING COIndustrials0.2%$12.8m60,109−6.0%reduced
LIBERTY MEDIA CORP DEL no ticker–0.2%$12.4m442,983−39%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.2%$12.1m179,582−4.1%reduced
MA MASTERCARD INCFinancial Services0.2%$12.0m33,087+0.3%held
CCL CARNIVAL CORPConsumer Cyclical0.2%$11.5m1.13m+59%added
OSK OSHKOSH CORPIndustrials0.2%$11.3m136,168−9.1%reduced

Exited since Q4 2022

19 rows
GAMI GAMCO INVS INC0.1%$7.0m
IAA-WUSD IAA INC0.08%$5.1m
IGSB ISHARES TR0.04%$2.7m
LLY ELI LILLY & CO0.04%$2.5m
HP5A EQUITY COMWLTH0.02%$1.4m
EXPE EXPEDIA GROUP INC0.01%$754k
SPSB SPDR SERIES TRUST0.01%$705k
TFX TELEFLEX INCORPORATED0.01%$571k
MAVERIX METALS INC no ticker0.01%$500k
MINT PIMCO ETF TR0.01%$464k
ENOV ENOVIS CORPORATION0.01%$357k
ESAB ESAB CORPORATION0.01%$319k
BIPC BROOKFIELD INFRASTRUCTURE CO0.0%$288k
CQP CHENIERE ENERGY PARTNERS LP0.0%$227k
VTRS VIATRIS INC0.0%$214k
NOC NORTHROP GRUMMAN CORP0.0%$207k
BLACKROCK MUNI INCOME TR II no ticker0.0%$105k
LGL LGL GROUP INC0.0%$43.3k
TDAY USA TODAY CO INC0.0%$20.3k

Sector mix

  • Energy50.0%
  • Unclassified17.2%
  • Financial Services8.4%
  • Basic Materials7.9%
  • Consumer Cyclical4.0%
  • Technology3.8%
  • Real Estate2.4%
  • Consumer Defensive2.1%
  • Healthcare1.9%
  • Industrials1.3%
  • Communication Services1.0%
  • 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