WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2024

Long-only investorSEC filingsCompare with another fundHoldings as of 2024-12-31, filed 2025-02-10

Horizon Kinetics (Murray Stahl) disclosed 345 US equity positions worth $8.0bn in its Q4 2024 13F filing. Its largest position is TPL at 49.7% of the reported book, followed by GBTC and LB. Versus Q3 2024 it opened 15 new positions, added to 93, reduced 114 and exited 14.

$8.0bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
345
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
49.7%
Largest position
The largest single position as a share of the reported equity book.
78.7%
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 Q3 2024: 15 new, 93 added, 114 reduced, 14 exited

50 of 345
TPL TEXAS PACIFIC LAND CORPORATIEnergy49.7%$4.0bn3.61m−2.4%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–14.0%$1.1bn15.17m−0.3%held
LB LANDBRIDGE COMPANY LLCEnergy4.3%$349m5.40m+4.0%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.1%$165m2.93m+6.4%added
CACI CACI INTL INCTechnology1.8%$145m359,495−2.3%reduced
BTC GRAYSCALE BITCOIN MINI TR ET–1.6%$128m3.06m–new
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.5%$120m804,581+7.9%added
FNV FRANCO NEVADA CORPBasic Materials1.4%$116m988,033+5.6%added
LNG CHENIERE ENERGY INCEnergy1.3%$105m489,305+4.4%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.0%$81.0m414,474−0.8%reduced
MESABI TR no ticker–1.0%$79.9m2.84m+6.9%added
VNOM VIPER ENERGY INCEnergy1.0%$78.0m1.59m+20%added
BN BROOKFIELD CORPFinancial Services0.9%$70.0m1.22m+15%added
CVEO CIVEO CORP CDAConsumer Cyclical0.9%$69.6m3.06m−5.8%reduced
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.6%$50.6m4.48m+869%added
AN AUTONATION INCConsumer Cyclical0.6%$47.9m282,198−1.6%reduced
MSTR STRATEGY INCTechnology0.6%$47.9m165,315−14%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.6%$45.8m864,272+7.3%added
SAIC SCIENCE APPLICATIONS INTL COTechnology0.6%$45.5m406,695+0.9%added
PERMIAN BASIN RTY TR no ticker–0.5%$43.7m3.95m+7.1%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.5%$42.7m329,735−7.5%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.4%$35.3m458,597−7.5%reduced
CCJ CAMECO CORPEnergy0.4%$31.7m616,951+19%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.4%$31.4m917,630−5.9%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$30.7m144,628+21%added
DMLP DORCHESTER MINERALS LPEnergy0.4%$30.3m908,646+1.3%added
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$30.0m1.66m+19%added
CME CME GROUP INCFinancial Services0.4%$29.2m125,853−2.2%reduced
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.3%$27.9m182,966+0.8%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.3%$27.6m545,719−17%reduced
CCL CARNIVAL CORPConsumer Cyclical0.3%$27.0m1.08m+0.1%held
JOE ST JOE COReal Estate0.3%$25.3m564,202+7.7%added
BG BUNGE GLOBAL SAConsumer Defensive0.3%$24.8m319,121+18%added
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$24.4m281,367+19%added
HE HAWAIIAN ELEC INDUSTRIESUtilities0.3%$23.2m2.38m–new
AYS1 SANDSTORM GOLD LTD–0.3%$21.1m3.79m−2.9%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$19.8m43,600−3.1%reduced
WHITE MTNS INS GROUP LTD no ticker–0.2%$19.6m10,089+41%added
IPAR INTERPARFUMS INCConsumer Defensive0.2%$19.3m147,120−3.1%reduced
SB9 SITIO ROYALTIES CORP–0.2%$16.5m862,426+12%added
TRC TEJON RANCH COIndustrials0.2%$13.5m851,294−5.3%reduced
OSK OSHKOSH CORPIndustrials0.2%$13.3m140,119−0.7%reduced
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$13.2m57,153−1.3%reduced
WEN The Wendy's CoConsumer Cyclical0.2%$12.8m782,621−7.7%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.2%$12.7m234,360−2.6%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.2%$12.5m215,098−3.8%reduced
LISTED FD TR no ticker–0.2%$12.3m125,435−2.5%reduced
CRL CHARLES RIV LABS INTL INCHealthcare0.1%$11.0m59,840−48%reduced
MA MASTERCARD INCFinancial Services0.1%$10.2m19,291−1.8%reduced
RBA RB GLOBAL INCIndustrials0.1%$10.0m110,630−6.3%reduced

Exited since Q3 2024

14 rows
GRAYSCALE BITCOIN MINI TR BT no ticker1.3%$86.0m
CVS CVS HEALTH CORP0.01%$807k
BXMT BLACKSTONE MTG TR INC0.01%$720k
TQQQ PROSHARES TR0.01%$515k
PROSHARES TR no ticker0.01%$486k
BLACKROCK MUNIVEST FD INC no ticker0.01%$353k
VLTO VERALTO CORP0.0%$255k
ASTL ALGOMA STL GROUP INC0.0%$195k
PIMCO CORPORATE & INCOME OPP no ticker0.0%$164k
WSTRN AST INFL LKD OPP & I no ticker0.0%$106k
RLMD RELMADA THERAPEUTICS INC0.0%$97.2k
SSP SCRIPPS E W CO OHIO0.0%$44.9k
BLUEBIRD BIO INC no ticker0.0%$18.1k
GRAYSCALE ETHEREUM MINI TR E no ticker0.0%$16.3k

Sector mix

  • Energy57.6%
  • Unclassified21.2%
  • Financial Services6.2%
  • Basic Materials4.2%
  • Technology3.3%
  • Consumer Cyclical2.6%
  • Consumer Defensive1.0%
  • Real Estate1.0%
  • Communication Services0.9%
  • Industrials0.9%
  • Healthcare0.7%
  • Utilities0.3%

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