WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-09-30, filed 2023-11-14

Horizon Kinetics (Murray Stahl) disclosed 326 US equity positions worth $5.0bn in its Q3 2023 13F filing. Its largest position is TPL at 49.9% of the reported book, followed by GBTC and CACI. Versus Q2 2023 it opened 18 new positions, added to 52, reduced 123 and exited 21.

$5.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
326
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
49.9%
Largest position
The largest single position as a share of the reported equity book.
72.1%
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 Q2 2023: 18 new, 52 added, 123 reduced, 21 exited

50 of 326
TPL TEXAS PACIFIC LAND CORPORATIEnergy49.9%$2.5bn1.38m−1.7%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–6.0%$303m15.78m−0.1%held
CACI CACI INTL INCTechnology2.6%$133m423,942−3.7%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.5%$129m3.17m−5.2%reduced
FNV FRANCO NEVADA CORPBasic Materials2.5%$128m956,749−4.8%reduced
LNG CHENIERE ENERGY INCEnergy2.0%$99.6m599,988−6.7%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.9%$96.1m873,766−5.4%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.7%$84.2m4.06m−0.2%held
PERMIAN BASIN RTY TR no ticker–1.7%$83.9m3.95m−1.2%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.3%$63.4m405,573+0.1%held
MESABI TR no ticker–1.2%$61.2m3.05m+3.1%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.2%$61.0m808,164−9.9%reduced
AN AUTONATION INCConsumer Cyclical0.9%$47.1m310,964−1.1%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology0.9%$44.8m424,174−1.7%reduced
CME CME GROUP INCFinancial Services0.9%$44.0m219,976−4.9%reduced
VIPER ENERGY PARTNERS LP no ticker–0.9%$43.7m1.57m−14%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$43.1m1.18m−3.4%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.9%$42.9m579,143−3.5%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.8%$42.0m214,235−7.9%reduced
BN BROOKFIELD CORPFinancial Services0.8%$40.2m1.29m−2.2%reduced
BUNGE LIMITED no ticker–0.8%$38.3m353,786−12%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.7%$34.5m415,374−6.1%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.7%$34.3m180,010−14%reduced
JOE ST JOE COReal Estate0.7%$33.4m613,947−7.5%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.6%$32.8m196,169−0.6%reduced
SB9 SITIO ROYALTIES CORP–0.6%$29.5m1.22m−29%reduced
DMLP DORCHESTER MINERALS LPEnergy0.6%$28.0m963,089−2.8%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.5%$25.9m356,916−13%reduced
AYS1 SANDSTORM GOLD LTD–0.5%$25.5m5.48m−6.6%reduced
CCJ CAMECO CORPEnergy0.5%$25.3m637,505−12%reduced
WEN The Wendy's CoConsumer Cyclical0.5%$23.8m1.17m−2.6%reduced
NTR NUTRIEN LTDBasic Materials0.5%$23.1m374,077−12%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.4%$22.0m163,609−0.3%held
CBRE CBRE GROUP INCReal Estate0.4%$20.5m277,434−14%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$20.2m1.72m−13%reduced
TRC TEJON RANCH COIndustrials0.4%$18.6m1.15m−2.4%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$16.9m48,341−0.7%reduced
CCL CARNIVAL CORPConsumer Cyclical0.3%$15.9m1.16m+0.7%added
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$14.4m431,647−9.3%reduced
RGLD ROYAL GOLD INCBasic Materials0.3%$14.0m131,398−2.5%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$13.7m278,252−8.9%reduced
OSK OSHKOSH CORPIndustrials0.3%$13.1m136,860+0.2%held
MA MASTERCARD INCFinancial Services0.3%$13.0m32,730−0.2%held
VGSH VANGUARD SCOTTSDALE FDS–0.3%$12.8m222,890+0.1%held
LLYVK LIBERTY MEDIA CORP DELCommunication Services0.2%$12.6m202,275–new
BA BOEING COIndustrials0.2%$11.3m59,027−1.5%reduced
HORIZON KINETICS SPAC ACTIVE ETF no ticker–0.2%$10.9m110,356+22%added
8L8C LIBERTY BROADBAND CORP–0.2%$9.9m108,368−4.0%reduced
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.2%$9.7m152,057−7.4%reduced
SPGI S&P GLOBAL INCFinancial Services0.2%$9.6m26,141−5.9%reduced

Exited since Q2 2023

21 rows
LIBERTY MEDIA CORP DEL no ticker0.3%$15.5m
LIBERTY MEDIA CORP DEL no ticker0.3%$13.8m
LIBERTY MEDIA CORP DELAWARE no ticker0.2%$11.1m
LIBERTY MEDIA CORP DEL no ticker0.1%$4.9m
LIBERTY MEDIA CORP DEL no ticker0.04%$1.9m
LIBERTY MEDIA CORP DEL no ticker0.03%$1.2m
ABBNY ABB LTD0.03%$1.2m
BKIEUR BLACK KNIGHT INC0.02%$910k
BGCPEUR BGC PARTNERS INC0.02%$719k
RUM RUMBLE INC0.01%$577k
NUVEEN SR INCOME FD no ticker0.01%$482k
GHC GRAHAM HLDGS CO0.01%$461k
NUVEEN FLTNG RTE INCM OPP FDCOM SHS no ticker0.01%$442k
RVTY REVVITY INC0.01%$242k
T AT&T INC0.0%$203k
DOW DOW HLDGS INC0.0%$203k
AMZN AMAZON COM INC0.0%$201k
ALCO ALICO INC0.0%$201k
SD SANDRIDGE ENERGY INC0.0%$153k
APLD APPLIED DIGITAL CORP0.0%$135k
VMEO* VIMEO INC0.0%$44.4k

Sector mix

  • Energy53.5%
  • Unclassified15.4%
  • Financial Services7.8%
  • Basic Materials6.5%
  • Consumer Cyclical4.3%
  • Technology4.0%
  • Real Estate2.3%
  • Consumer Defensive1.8%
  • Healthcare1.7%
  • Communication Services1.5%
  • Industrials1.3%
  • 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