WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-06-30, filed 2023-08-14

Horizon Kinetics (Murray Stahl) disclosed 329 US equity positions worth $4.6bn in its Q2 2023 13F filing. Its largest position is TPL at 40.0% of the reported book, followed by GBTC and CACI. Versus Q1 2023 it opened 8 new positions, added to 41, reduced 122 and exited 8.

$4.6bn
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.
40.0%
Largest position
The largest single position as a share of the reported equity book.
65.8%
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 Q1 2023: 8 new, 41 added, 122 reduced, 8 exited

50 of 329
TPL TEXAS PACIFIC LAND CORPORATIEnergy40.0%$1.8bn1.40m−1.1%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–6.6%$303m15.80m−0.3%held
CACI CACI INTL INCTechnology3.2%$150m440,077−2.4%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.1%$144m3.34m−3.7%reduced
FNV FRANCO NEVADA CORPBasic Materials3.1%$143m1.01m−3.2%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.3%$104m924,006−4.4%reduced
PERMIAN BASIN RTY TR no ticker–2.2%$99.6m3.99m−1.1%reduced
LNG CHENIERE ENERGY INCEnergy2.1%$97.9m642,851−4.9%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.7%$79.3m4.07m+0.4%held
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.5%$67.8m896,771−7.4%reduced
MESABI TR no ticker–1.3%$60.3m2.96m+0.1%held
PROSHARES TR II SHT VIX ST TRM no ticker–1.3%$59.8m706,554−6.7%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$55.9m405,246−0.9%reduced
AN AUTONATION INCConsumer Cyclical1.1%$51.8m314,544−0.9%reduced
CRL CHARLES RIV LABS INTL INCHealthcare1.1%$48.9m232,500−5.9%reduced
VIPER ENERGY PARTNERS LP no ticker–1.1%$48.6m1.81m−10.0%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.1%$48.5m431,366−0.2%held
HHH HOWARD HUGHES CORPReal Estate1.0%$47.4m600,006−4.1%reduced
SB9 SITIO ROYALTIES CORP–1.0%$45.0m1.71m−9.8%reduced
BN BROOKFIELD CORPFinancial Services1.0%$44.2m1.31m−38%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$43.3m1.22m−1.2%reduced
CME CME GROUP INCFinancial Services0.9%$42.9m231,427−3.8%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.9%$40.3m442,466−2.2%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.8%$39.2m208,674−10%reduced
BUNGE LIMITED no ticker–0.8%$37.9m402,072−8.9%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.8%$35.3m410,803−9.7%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.7%$32.9m197,362−0.4%held
JOE ST JOE COReal Estate0.7%$32.1m663,413−6.3%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.7%$30.2m1.97m−9.5%reduced
AYS1 SANDSTORM GOLD LTD–0.7%$30.0m5.87m−4.4%reduced
DMLP DORCHESTER MINERALS LPEnergy0.6%$29.7m991,056−2.5%reduced
WEN The Wendy's CoConsumer Cyclical0.6%$26.1m1.20m−1.4%reduced
CBRE CBRE GROUP INCReal Estate0.6%$26.0m321,994−10%reduced
NTR NUTRIEN LTDBasic Materials0.5%$25.0m424,098−8.5%reduced
CCJ CAMECO CORPEnergy0.5%$22.8m728,312–new
IPAR INTERPARFUMS INCConsumer Defensive0.5%$22.2m164,024−0.2%held
CCL CARNIVAL CORPConsumer Cyclical0.5%$21.7m1.15m+1.8%added
TRC TEJON RANCH COIndustrials0.4%$20.2m1.17m+1.7%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$16.6m48,659−0.1%held
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$15.5m475,930−6.3%reduced
RGLD ROYAL GOLD INCBasic Materials0.3%$15.5m134,793−1.8%reduced
LIBERTY MEDIA CORP DEL no ticker–0.3%$15.5m205,514−0.5%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$15.0m305,467+1.9%added
LIBERTY MEDIA CORP DEL no ticker–0.3%$13.8m420,849−5.0%reduced
MA MASTERCARD INCFinancial Services0.3%$12.9m32,790−0.9%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.3%$12.9m222,623+59%added
BA BOEING COIndustrials0.3%$12.7m59,938−0.3%held
OSK OSHKOSH CORPIndustrials0.3%$11.8m136,535+0.3%held
LIBERTY MEDIA CORP DELAWARE no ticker–0.2%$11.1m164,758−0.4%held
SPGI S&P GLOBAL INCFinancial Services0.2%$11.1m27,788−0.9%reduced

Exited since Q1 2023

8 rows
IEP ICAHN ENTERPRISES LP0.4%$22.1m
RBAGBP RITCHIE BROS AUCTIONEERS0.1%$5.7m
CORE LABORATORIES N V no ticker0.06%$3.2m
LAND GLADSTONE LD CORP0.01%$482k
DE DEERE & CO0.0%$231k
BHP BHP BILLITON LIMITED0.0%$208k
AMCX AMC GLOBAL MEDIA INC0.0%$181k
VCSH VANGUARD SCOTTSDALE FDS0.0%$114k

Sector mix

  • Energy43.8%
  • Unclassified19.9%
  • Financial Services8.6%
  • Basic Materials8.1%
  • Consumer Cyclical5.0%
  • Technology4.8%
  • Real Estate2.7%
  • Healthcare2.1%
  • Consumer Defensive2.1%
  • Industrials1.6%
  • Communication Services1.2%
  • 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