WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2024

Long-only investorSEC filingsCompare with another fundHoldings as of 2024-03-31, filed 2024-05-14

Horizon Kinetics (Murray Stahl) disclosed 318 US equity positions worth $5.3bn in its Q1 2024 13F filing. Its largest position is TPL at 41.3% of the reported book, followed by GBTC and CACI. Versus Q4 2023 it opened 9 new positions, added to 37, reduced 143 and exited 11.

$5.3bn
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.
41.3%
Largest position
The largest single position as a share of the reported equity book.
73.7%
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 Q4 2023: 9 new, 37 added, 143 reduced, 11 exited

50 of 318
TPL TEXAS PACIFIC LAND CORPORATIEnergy41.3%$2.2bn3.78m+182%added
GBTC GRAYSCALE BITCOIN TRUST ETF–17.9%$946m14.97m−4.0%reduced
CACI CACI INTL INCTechnology2.7%$141m371,135−5.7%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.4%$127m2.68m−8.4%reduced
FNV FRANCO NEVADA CORPBasic Materials2.0%$107m897,349+2.9%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.9%$100m728,543−6.8%reduced
CVEO CIVEO CORP CDAConsumer Cyclical1.7%$89.1m3.32m−11%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.4%$74.7m406,607+0.2%held
LNG CHENIERE ENERGY INCEnergy1.4%$74.0m458,556−7.6%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology1.0%$52.7m404,529−2.8%reduced
BN BROOKFIELD CORPFinancial Services1.0%$51.2m1.22m−2.7%reduced
AN AUTONATION INCConsumer Cyclical0.9%$48.5m293,116−2.6%reduced
MESABI TR no ticker–0.9%$46.0m2.60m−11%reduced
VNOM VIPER ENERGY INCEnergy0.8%$44.7m1.16m−4.4%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.8%$43.1m159,211−13%reduced
CME CME GROUP INCFinancial Services0.8%$42.9m199,400−0.7%reduced
PERMIAN BASIN RTY TR no ticker–0.8%$42.9m3.55m−1.1%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.8%$40.4m382,048−4.3%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.7%$39.0m621,284−7.6%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.7%$38.2m525,373−6.4%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.6%$34.0m1.04m−8.9%reduced
MSTR STRATEGY INCTechnology0.6%$32.3m18,968−4.9%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.6%$30.1m185,557−2.1%reduced
DMLP DORCHESTER MINERALS LPEnergy0.6%$30.0m889,648−1.9%reduced
JOE ST JOE COReal Estate0.6%$29.2m502,974−6.5%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.5%$29.0m716,932–new
BG BUNGE GLOBAL SAConsumer Defensive0.5%$26.5m258,966−7.1%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.5%$26.0m126,449−7.4%reduced
AYS1 SANDSTORM GOLD LTD–0.4%$23.3m4.43m−7.9%reduced
GRAYSCALE BITCOIN CASH TRUST BCH no ticker–0.4%$23.0m1.38m+0.1%held
IPAR INTERPARFUMS INCConsumer Defensive0.4%$22.3m158,657−0.1%held
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$20.4m1.24m−7.6%reduced
WEN The Wendy's CoConsumer Cyclical0.4%$20.1m1.07m−5.8%reduced
CCJ CAMECO CORPEnergy0.4%$20.1m462,927−6.9%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.4%$19.1m45,496−2.4%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$18.3m211,481−22%reduced
CCL CARNIVAL CORPConsumer Cyclical0.3%$18.0m1.10m−3.6%reduced
GRAYSCALE LITECOIN TRUST LTC SHS no ticker–0.3%$17.8m460,460−1.4%reduced
OSK OSHKOSH CORPIndustrials0.3%$17.0m136,150+0.1%held
SB9 SITIO ROYALTIES CORP–0.3%$16.9m682,761−25%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.3%$15.6m370,592−4.2%reduced
NTR NUTRIEN LTDBasic Materials0.3%$15.1m277,798−4.2%reduced
TRC TEJON RANCH COIndustrials0.3%$14.4m937,324−14%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$13.7m275,546−5.5%reduced
LLYVK LIBERTY MEDIA CORP DELCommunication Services0.2%$12.7m193,021−3.9%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.2%$12.6m216,450−2.1%reduced
EXP EAGLE MATERIALS INCBasic Materials0.2%$11.5m42,345+110%added
RGLD ROYAL GOLD INCBasic Materials0.2%$10.9m89,659−30%reduced
HORZN KNTCS SPAC no ticker–0.2%$10.7m109,284−1.0%reduced
MA MASTERCARD INCFinancial Services0.2%$10.2m21,239−2.8%reduced

Exited since Q4 2023

11 rows
0VVB PARAMOUNT GLOBAL0.02%$721k
INVESCO INSURED MUNICIPAL INCOME TRUST no ticker0.01%$384k
CSWC CAPITAL SOUTHWEST CORP0.01%$370k
MOS MOSAIC CO0.01%$297k
BLACKROCK MUN 2030 TAR TERM COM SHS BEN IN no ticker0.01%$269k
BHP BHP BILLITON LIMITED0.0%$214k
LBRDAEUR LIBERTY BROADBAND CORP0.0%$208k
LXU LSB INDS INC0.0%$164k
LILAB LIBERTY LATIN AMERICA LTD0.0%$124k
RAIN ONCOLOGY INC no ticker0.0%$28.8k
TCRT ALAUNOS THERAPEUTICS INC0.0%$2.4k

Sector mix

  • Energy45.1%
  • Unclassified25.2%
  • Financial Services7.6%
  • Basic Materials5.6%
  • Technology4.6%
  • Consumer Cyclical4.2%
  • Consumer Defensive1.8%
  • Healthcare1.6%
  • Real Estate1.6%
  • Communication Services1.5%
  • Industrials1.2%
  • 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