WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2023

Long-only investorSEC filingsCompare with another fundHoldings as of 2023-12-31, filed 2024-02-15

Horizon Kinetics (Murray Stahl) disclosed 320 US equity positions worth $4.8bn in its Q4 2023 13F filing. Its largest position is TPL at 44.1% of the reported book, followed by GBTC and WPM. Versus Q3 2023 it opened 18 new positions, added to 39, reduced 166 and exited 24.

$4.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
320
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
44.1%
Largest position
The largest single position as a share of the reported equity book.
71.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
5
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 2023: 18 new, 39 added, 166 reduced, 24 exited

50 of 320
TPL TEXAS PACIFIC LAND CORPORATIEnergy44.1%$2.1bn1.34m−3.0%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–11.3%$540m15.60m−1.1%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.0%$145m2.93m−7.5%reduced
CACI CACI INTL INCTechnology2.7%$127m393,605−7.2%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services2.1%$100m781,939−11%reduced
FNV FRANCO NEVADA CORPBasic Materials2.0%$96.6m872,143−8.8%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.8%$85.3m3.73m−8.1%reduced
LNG CHENIERE ENERGY INCEnergy1.8%$84.7m496,388−17%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.5%$72.4m405,6320.0%held
MESABI TR no ticker–1.3%$59.8m2.92m−4.2%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.1%$51.7m416,056−1.9%reduced
BN BROOKFIELD CORPFinancial Services1.1%$50.4m1.26m−2.2%reduced
PERMIAN BASIN RTY TR no ticker–1.0%$50.0m3.58m−9.2%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive1.0%$48.5m672,158−17%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate1.0%$48.0m561,287−3.1%reduced
AN AUTONATION INCConsumer Cyclical0.9%$45.2m300,803−3.3%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.9%$43.2m182,664−15%reduced
CME CME GROUP INCFinancial Services0.9%$42.3m200,730−8.7%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.9%$40.8m1.14m−3.2%reduced
VNOM VIPER ENERGY INCEnergy0.8%$38.2m1.22m–new
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.8%$37.4m399,263−3.9%reduced
JOE ST JOE COReal Estate0.7%$32.4m538,022−12%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.6%$30.4m189,536−3.4%reduced
DMLP DORCHESTER MINERALS LPEnergy0.6%$28.9m907,133−5.8%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.6%$28.1m278,820–new
MRSH MARSH & MCLENNAN COS INCFinancial Services0.5%$25.9m136,586−24%reduced
AYS1 SANDSTORM GOLD LTD–0.5%$24.2m4.81m−12%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.5%$23.1m269,822−24%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.5%$22.9m158,807−2.9%reduced
WEN The Wendy's CoConsumer Cyclical0.5%$22.0m1.13m−3.2%reduced
CCJ CAMECO CORPEnergy0.4%$21.4m497,432−22%reduced
SB9 SITIO ROYALTIES CORP–0.4%$21.3m906,604−26%reduced
CCL CARNIVAL CORPConsumer Cyclical0.4%$21.1m1.14m−1.8%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$19.2m1.34m−22%reduced
TRC TEJON RANCH COIndustrials0.4%$18.7m1.09m−5.3%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$16.6m46,601−3.6%reduced
NTR NUTRIEN LTDBasic Materials0.3%$16.3m289,882−23%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$15.5m386,888−10%reduced
RGLD ROYAL GOLD INCBasic Materials0.3%$15.5m127,989−2.6%reduced
OSK OSHKOSH CORPIndustrials0.3%$14.7m135,994−0.6%reduced
BA BOEING COIndustrials0.3%$14.5m55,514−6.0%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$14.4m291,631+4.8%added
VGSH VANGUARD SCOTTSDALE FDS–0.3%$12.9m221,031−0.8%reduced
LLYVK LIBERTY MEDIA CORP DELCommunication Services0.3%$12.7m200,793−0.7%reduced
MSTR STRATEGY INCTechnology0.3%$12.6m19,946+0.9%added
HORZN KNTCS SPAC no ticker–0.2%$10.7m110,3560.0%held
ELS EQUITY LIFESTYLE PROPERTIESReal Estate0.2%$9.8m138,689−8.8%reduced
MA MASTERCARD INCFinancial Services0.2%$9.3m21,856−33%reduced
SPGI S&P GLOBAL INCFinancial Services0.2%$9.2m20,787−20%reduced
FWONA LIBERTY MEDIA CORP DELCommunication Services0.2%$8.3m143,876−0.4%held

Exited since Q3 2023

24 rows
VIPER ENERGY PARTNERS LP no ticker0.9%$43.7m
BUNGE LIMITED no ticker0.8%$38.3m
CBRE CBRE GROUP INC0.4%$20.5m
WBD WARNER BROS DISCOVERY INC0.03%$1.7m
ECHO ECHOSTAR CORP0.03%$1.5m
BELFB BEL FUSE INC0.03%$1.4m
BR BROADRIDGE FINL SOLUTIONS IN0.02%$817k
SNY SANOFI SA0.01%$697k
GILD GILEAD SCIENCES INC0.01%$674k
BCPC BALCHEM CORP0.01%$669k
PPLI PEOPLE INC0.01%$445k
OGN ORGANON & CO0.01%$388k
KMB KIMBERLY-CLARK CORP0.01%$375k
BELFA BEL FUSE INC0.01%$357k
D DOMINION ENERGY INC0.0%$239k
HP5A EQUITY COMWLTH0.0%$217k
CQP CHENIERE ENERGY PARTNERS LP0.0%$217k
EQT EQT CORPORATION0.0%$211k
GIS GENERAL MILLS INC0.0%$211k
FANG DIAMONDBACK ENERGY INC0.0%$202k
NEUBERGER BERMAN NY MUN FD INC no ticker0.0%$142k
NUVEEN PREFERRED & INCOME SECURITIES FD no ticker0.0%$102k
EFXT ENERFLEX LTD0.0%$66.8k
POLISH COM INC WTS EXPIRE 6/2/26 no ticker0.0%$113

Sector mix

  • Energy48.3%
  • Unclassified18.6%
  • Financial Services8.4%
  • Basic Materials6.5%
  • Consumer Cyclical4.6%
  • Technology4.3%
  • Consumer Defensive2.2%
  • Real Estate2.1%
  • Healthcare1.8%
  • Industrials1.6%
  • Communication Services1.5%
  • 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