WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2024

Long-only investorSEC filingsCompare with another fundHoldings as of 2024-06-30, filed 2024-08-14

Horizon Kinetics (Murray Stahl) disclosed 320 US equity positions worth $5.7bn in its Q2 2024 13F filing. Its largest position is TPL at 47.4% of the reported book, followed by GBTC and CACI. Versus Q1 2024 it opened 12 new positions, added to 60, reduced 113 and exited 10.

$5.7bn
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.
47.4%
Largest position
The largest single position as a share of the reported equity book.
76.3%
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 Q1 2024: 12 new, 60 added, 113 reduced, 10 exited

50 of 320
TPL TEXAS PACIFIC LAND CORPORATIEnergy47.4%$2.7bn3.69m−2.2%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–13.9%$794m14.92m−0.4%held
CACI CACI INTL INCTechnology2.8%$159m370,577−0.2%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.5%$145m2.76m+2.8%added
LB LANDBRIDGE COMPANY LLCEnergy1.9%$109m4.71m–new
FNV FRANCO NEVADA CORPBasic Materials1.9%$109m918,602+2.4%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.8%$102m743,788+2.1%added
LNG CHENIERE ENERGY INCEnergy1.4%$82.8m473,369+3.2%added
CVEO CIVEO CORP CDAConsumer Cyclical1.4%$81.9m3.29m−1.0%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$68.7m404,239−0.6%reduced
VNOM VIPER ENERGY INCEnergy0.9%$49.6m1.32m+14%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$48.0m408,206+0.9%added
BN BROOKFIELD CORPFinancial Services0.8%$47.8m1.15m−5.9%reduced
AN AUTONATION INCConsumer Cyclical0.8%$46.5m291,709−0.5%held
MESABI TR no ticker–0.8%$45.2m2.62m+0.8%added
PERMIAN BASIN RTY TR no ticker–0.7%$41.5m3.68m+3.9%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.7%$40.8m674,410+8.6%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.6%$34.4m1.01m−2.8%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.6%$34.3m366,259−4.1%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.6%$33.1m160,381+0.7%added
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.6%$32.7m503,797−4.1%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.5%$30.7m287,838+11%added
JOE ST JOE COReal Estate0.5%$29.1m531,305+5.6%added
CME CME GROUP INCFinancial Services0.5%$27.6m140,612−29%reduced
DMLP DORCHESTER MINERALS LPEnergy0.5%$27.5m891,683+0.2%held
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.5%$27.4m183,981−0.8%reduced
MSTR STRATEGY INCTechnology0.5%$25.9m18,836−0.7%reduced
CCJ CAMECO CORPEnergy0.4%$25.5m519,228+12%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$25.2m119,714−5.3%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.4%$24.6m720,040+0.4%held
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$21.7m1.39m+12%added
AYS1 SANDSTORM GOLD LTD–0.4%$21.7m3.99m−10%reduced
CCL CARNIVAL CORPConsumer Cyclical0.4%$20.4m1.09m−0.6%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$18.4m45,121−0.8%reduced
SB9 SITIO ROYALTIES CORP–0.3%$18.3m774,950+14%added
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$18.2m237,176+12%added
IPAR INTERPARFUMS INCConsumer Defensive0.3%$18.1m155,814−1.8%reduced
WEN The Wendy's CoConsumer Cyclical0.3%$17.0m1.00m−6.0%reduced
NTR NUTRIEN LTDBasic Materials0.3%$15.7m309,102+11%added
TRC TEJON RANCH COIndustrials0.3%$15.5m908,944−3.0%reduced
VUSB VANGUARD BD INDEX FDS–0.3%$14.9m300,704+9.1%added
OSK OSHKOSH CORPIndustrials0.3%$14.8m136,460+0.2%held
VGSH VANGUARD SCOTTSDALE FDS–0.2%$13.1m225,416+4.1%added
HORZN KNTCS SPAC no ticker–0.2%$12.1m122,699+12%added
RGLD ROYAL GOLD INCBasic Materials0.2%$11.1m88,988−0.7%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.2%$10.3m270,292−27%reduced
GRAYSCALE BITCOIN CASH no ticker–0.2%$9.8m953,437−31%reduced
MA MASTERCARD INCFinancial Services0.2%$9.3m21,128−0.5%reduced
RBA RB GLOBAL INCIndustrials0.2%$9.0m117,474+1.2%added
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$9.0m56,172+0.7%added

Exited since Q1 2024

10 rows
BAKKT HOLDINGS INC no ticker0.07%$3.6m
CLB CORE LABORATORIES INC0.04%$1.9m
UNP UNION PACIFIC CORP0.01%$357k
MTN VAIL RESORTS INC0.01%$325k
VZ VERIZON COMMUNICATIONS INC0.0%$259k
D DOMINION ENERGY INC0.0%$221k
IWC ISHARES TR0.0%$208k
INVESCO SR INCOME TR no ticker0.0%$42.8k
FLKSEUR SALARIUS PHARMACEUTICALS INC0.0%$16.4k
NCNA NUCANA PLC0.0%$5.1k

Sector mix

  • Energy53.1%
  • Unclassified20.2%
  • Financial Services6.5%
  • Basic Materials5.5%
  • Technology4.4%
  • Consumer Cyclical3.7%
  • Consumer Defensive1.7%
  • Real Estate1.3%
  • Healthcare1.3%
  • Industrials1.1%
  • Communication Services1.1%
  • Utilities0.03%

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