WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2024

Long-only investorSEC filingsCompare with another fundHoldings as of 2024-09-30, filed 2024-11-13

Horizon Kinetics (Murray Stahl) disclosed 344 US equity positions worth $6.7bn in its Q3 2024 13F filing. Its largest position is TPL at 48.9% of the reported book, followed by GBTC and LB. Versus Q2 2024 it opened 33 new positions, added to 140, reduced 108 and exited 9.

$6.7bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
344
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
48.9%
Largest position
The largest single position as a share of the reported equity book.
76.2%
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 2024: 33 new, 140 added, 108 reduced, 9 exited

50 of 344
TPL TEXAS PACIFIC LAND CORPORATIEnergy48.9%$3.3bn3.69m0.0%held
GBTC GRAYSCALE BITCOIN TRUST ETF–11.5%$768m15.21m+1.9%added
LB LANDBRIDGE COMPANY LLCEnergy3.0%$203m5.19m+10%added
CACI CACI INTL INCTechnology2.8%$186m368,068−0.7%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.5%$168m2.75m−0.3%held
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.8%$120m745,526+0.2%held
FNV FRANCO NEVADA CORPBasic Materials1.7%$116m935,834+1.9%added
CVEO CIVEO CORP CDAConsumer Cyclical1.3%$89.1m3.25m−1.0%reduced
GRAYSCALE BITCOIN MINI TR BT no ticker–1.3%$86.0m15.28m–new
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.3%$85.6m417,664+3.3%added
LNG CHENIERE ENERGY INCEnergy1.3%$84.3m468,764−1.0%reduced
MESABI TR no ticker–0.9%$60.2m2.66m+1.4%added
VNOM VIPER ENERGY INCEnergy0.9%$59.6m1.32m0.0%held
BN BROOKFIELD CORPFinancial Services0.8%$56.2m1.06m−8.2%reduced
SAIC SCIENCE APPLICATIONS INTL COTechnology0.8%$56.1m402,965−1.3%reduced
AN AUTONATION INCConsumer Cyclical0.8%$51.3m286,763−1.7%reduced
PERMIAN BASIN RTY TR no ticker–0.7%$43.8m3.68m0.0%held
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.6%$39.1m653,811−3.1%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.6%$39.0m356,309−2.7%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.6%$38.4m495,811−1.6%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.5%$34.5m975,128−3.6%reduced
MSTR STRATEGY INCTechnology0.5%$32.5m192,905+924%added
JOE ST JOE COReal Estate0.5%$30.5m523,848−1.4%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$29.5m181,480−1.4%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.4%$29.1m805,803+12%added
CME CME GROUP INCFinancial Services0.4%$28.4m128,713−8.5%reduced
DMLP DORCHESTER MINERALS LPEnergy0.4%$27.0m896,893+0.6%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$26.6m119,074−0.5%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.4%$26.1m270,075−6.2%reduced
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$25.8m1.39m−0.2%held
CCJ CAMECO CORPEnergy0.4%$24.7m517,828−0.3%held
AYS1 SANDSTORM GOLD LTD–0.4%$23.4m3.90m−2.1%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$23.1m236,943−0.1%held
CRL CHARLES RIV LABS INTL INCHealthcare0.3%$22.6m114,762−28%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$20.7m44,978−0.3%held
CCL CARNIVAL CORPConsumer Cyclical0.3%$20.0m1.08m−0.8%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.3%$19.7m151,815−2.6%reduced
SB9 SITIO ROYALTIES CORP–0.2%$16.1m770,741−0.5%reduced
TRC TEJON RANCH COIndustrials0.2%$15.8m899,106−1.1%reduced
NTR NUTRIEN LTDBasic Materials0.2%$15.3m317,633+2.8%added
WEN The Wendy's CoConsumer Cyclical0.2%$14.8m847,516−15%reduced
OSK OSHKOSH CORPIndustrials0.2%$14.1m141,140+3.4%added
VGSH VANGUARD SCOTTSDALE FDS–0.2%$13.2m223,499−0.9%reduced
LISTED FD TR no ticker–0.2%$12.8m128,691+4.9%added
WHITE MTNS INS GROUP LTD no ticker–0.2%$12.1m7,138+423%added
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.2%$11.4m240,580−11%reduced
RGLD ROYAL GOLD INCBasic Materials0.2%$10.7m76,367−14%reduced
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$10.3m57,881+3.0%added
MA MASTERCARD INCFinancial Services0.1%$9.7m19,638−7.1%reduced
SPGI S&P GLOBAL INCFinancial Services0.1%$9.5m18,465−0.9%reduced

Exited since Q2 2024

9 rows
LIBERTY MEDIA CORP DEL no ticker0.04%$2.2m
EXE EXPAND ENERGY CORPORATION0.02%$1.2m
INTC INTEL CORP0.02%$957k
BROOKFIELD REINS LTD CL A-1 EXCH NO no ticker0.01%$802k
SEB SEABOARD CORP DEL0.01%$455k
LIBERTY MEDIA CORP DEL no ticker0.01%$432k
JPST J P MORGAN EXCHANGE TRADED F0.0%$211k
SLB SLB LIMITED0.0%$208k
COP CONOCOPHILLIPS0.0%$205k

Sector mix

  • Energy55.5%
  • Unclassified18.7%
  • Financial Services6.5%
  • Basic Materials5.3%
  • Technology4.5%
  • Consumer Cyclical3.4%
  • Consumer Defensive1.4%
  • Real Estate1.3%
  • Industrials1.1%
  • Healthcare1.0%
  • Communication Services1.0%
  • 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