WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-03-31, filed 2025-05-15

Horizon Kinetics (Murray Stahl) disclosed 342 US equity positions worth $8.8bn in its Q1 2025 13F filing. Its largest position is TPL at 54.1% of the reported book, followed by GBTC and LB. Versus Q4 2024 it opened 7 new positions, added to 71, reduced 106 and exited 10.

$8.8bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
342
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
54.1%
Largest position
The largest single position as a share of the reported equity book.
80.6%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
3
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 2024: 7 new, 71 added, 106 reduced, 10 exited

50 of 342
TPL TEXAS PACIFIC LAND CORPORATIEnergy54.1%$4.8bn3.60m−0.3%held
GBTC GRAYSCALE BITCOIN TRUST ETF–10.9%$958m14.70m−3.1%reduced
LB LANDBRIDGE COMPANY LLCEnergy4.5%$395m5.49m+1.6%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.6%$230m2.96m+0.9%added
FNV FRANCO NEVADA CORPBasic Materials1.8%$160m1.02m+2.9%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.6%$141m818,261+1.7%added
HE HAWAIIAN ELEC INDUSTRIESUtilities1.6%$139m12.66m+432%added
LNG CHENIERE ENERGY INCEnergy1.3%$112m484,096−1.1%reduced
BTC GRAYSCALE BITCOIN MINI TR ET–1.3%$112m3.06m−0.1%held
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.1%$94.6m418,256+0.9%added
MESABI TR no ticker–0.9%$78.9m2.90m+2.1%added
VNOM VIPER ENERGY INCEnergy0.8%$72.8m1.61m+1.4%added
CACI CACI INTL INCTechnology0.8%$69.6m189,652−47%reduced
CVEO CIVEO CORP CDAConsumer Cyclical0.8%$68.3m2.97m−3.0%reduced
BN BROOKFIELD CORPFinancial Services0.7%$63.5m1.21m−0.6%reduced
ARISUSD ARIS WATER SOLUTIONS INC–0.5%$46.9m1.46m+539%added
MSTR STRATEGY INCTechnology0.5%$46.6m161,495−2.3%reduced
AN AUTONATION INCConsumer Cyclical0.5%$45.4m280,493−0.6%reduced
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.5%$42.6m325,976−1.1%reduced
PERMIAN BASIN RTY TR no ticker–0.5%$41.0m4.13m+4.8%added
IBIT ISHARES BITCOIN TRUST ETF–0.5%$40.7m870,320+0.7%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$36.3m148,593+2.7%added
OREUR OSISKO GOLD ROYALTIES LTD–0.4%$36.0m1.70m+2.6%added
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.4%$34.8m907,945−1.1%reduced
CME CME GROUP INCFinancial Services0.4%$34.0m128,253+1.9%added
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.4%$32.4m437,006−4.7%reduced
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.3%$30.4m3.45m−23%reduced
AYS1 SANDSTORM GOLD LTD–0.3%$27.7m3.67m−3.1%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$27.4m912,463+0.4%held
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.3%$26.6m184,863+1.0%added
CCJ CAMECO CORPEnergy0.3%$26.0m632,707+2.6%added
JOE ST JOE COReal Estate0.3%$25.8m550,339−2.5%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.3%$25.1m328,171+2.8%added
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.3%$24.3m506,448−7.2%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$23.0m43,121−1.1%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$22.2m288,632+2.6%added
WHITE MTNS INS GROUP LTD no ticker–0.2%$21.8m11,345+12%added
CCL CARNIVAL CORPConsumer Cyclical0.2%$21.2m1.09m+0.1%held
VUSB VANGUARD BD INDEX FDS–0.2%$19.7m395,341+132%added
SB9 SITIO ROYALTIES CORP–0.2%$17.6m885,494+2.7%added
IPAR INTERPARFUMS INCConsumer Defensive0.2%$16.8m147,1210.0%held
VGSH VANGUARD SCOTTSDALE FDS–0.2%$14.0m237,864+11%added
SAN JUAN BASIN RTY TR no ticker–0.2%$13.7m2.47m+36%added
LISTED FD TR no ticker–0.2%$13.3m131,597+4.9%added
OSK OSHKOSH CORPIndustrials0.1%$13.1m138,973−0.8%reduced
TRC TEJON RANCH COIndustrials0.1%$13.1m824,062−3.2%reduced
RGLD ROYAL GOLD INCBasic Materials0.1%$12.2m74,628−0.2%held
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.1%$11.6m56,561−1.0%reduced
WEN The Wendy's CoConsumer Cyclical0.1%$11.2m762,174−2.6%reduced
RBA RB GLOBAL INCIndustrials0.1%$11.1m110,839+0.2%held

Exited since Q4 2024

10 rows
MRX MAREX GROUP PLC0.05%$4.4m
FITLIFE BRANDS INC no ticker0.03%$2.5m
BLACKROCK MUNI INCOME FD no ticker0.02%$1.2m
D DOMINION ENERGY INC0.01%$579k
KO COCA COLA CO0.0%$365k
CMCSA COMCAST CORP NEW0.0%$340k
BEAM BEAM THERAPEUTICS INC0.0%$238k
BA BOEING CO0.0%$234k
AXP AMERICAN EXPRESS CO0.0%$208k
APLD APPLIED DIGITAL CORP0.0%$182k

Sector mix

  • Energy61.8%
  • Unclassified18.0%
  • Financial Services5.9%
  • Basic Materials5.0%
  • Consumer Cyclical2.2%
  • Technology1.6%
  • Utilities1.6%
  • Consumer Defensive0.9%
  • Real Estate0.8%
  • Communication Services0.8%
  • Industrials0.8%
  • Healthcare0.6%

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