WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q2 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-06-30, filed 2025-08-12

Horizon Kinetics (Murray Stahl) disclosed 349 US equity positions worth $8.4bn in its Q2 2025 13F filing. Its largest position is TPL at 44.8% of the reported book, followed by GBTC and LB. Versus Q1 2025 it opened 18 new positions, added to 85, reduced 130 and exited 11.

$8.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
349
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
44.8%
Largest position
The largest single position as a share of the reported equity book.
77.2%
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 Q1 2025: 18 new, 85 added, 130 reduced, 11 exited

50 of 349
TPL TEXAS PACIFIC LAND CORPORATIEnergy44.8%$3.8bn3.58m−0.5%held
GBTC GRAYSCALE BITCOIN TRUST ETF–14.6%$1.2bn14.55m−1.0%reduced
LB LANDBRIDGE COMPANY LLCEnergy4.4%$372m5.50m+0.2%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.2%$268m2.99m+1.0%added
HE HAWAIIAN ELEC INDUSTRIESUtilities2.1%$173m16.28m+29%added
FNV FRANCO NEVADA CORPBasic Materials2.0%$171m1.04m+2.6%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.8%$153m831,758+1.6%added
BTC GRAYSCALE BITCOIN MINI TR ET–1.7%$147m3.07m+0.4%held
LNG CHENIERE ENERGY INCEnergy1.4%$118m484,912+0.2%held
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.1%$96.2m412,717−1.3%reduced
CACI CACI INTL INCTechnology0.9%$77.1m161,672−15%reduced
PERMIAN BASIN RTY TR no ticker–0.9%$72.8m5.84m+41%added
BN BROOKFIELD CORPFinancial Services0.9%$72.6m1.17m−3.1%reduced
MESABI TR no ticker–0.8%$70.9m2.96m+2.0%added
CVEO CIVEO CORP CDAConsumer Cyclical0.8%$66.5m2.88m−3.0%reduced
VNOM VIPER ENERGY INCEnergy0.8%$65.2m1.71m+6.1%added
IBIT ISHARES BITCOIN TRUST ETF–0.7%$58.9m961,927+11%added
MSTR STRATEGY INCTechnology0.7%$58.8m145,499−9.9%reduced
AN AUTONATION INCConsumer Cyclical0.6%$52.0m261,774−6.7%reduced
CCJ CAMECO CORPEnergy0.6%$50.2m675,700+6.8%added
ARISUSD ARIS WATER SOLUTIONS INC–0.6%$49.6m2.10m+43%added
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.6%$47.1m311,116−4.6%reduced
OR OR ROYALTIES INC.Basic Materials0.6%$46.7m1.82m–new
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.4%$37.4m3.62m+5.0%added
CME CME GROUP INCFinancial Services0.4%$35.1m127,398−0.7%reduced
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$34.3m156,787+5.5%added
AYS1 SANDSTORM GOLD LTD–0.4%$34.3m3.64m−0.8%reduced
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.4%$32.5m866,379−4.6%reduced
GLXY GALAXY DIGITAL INC.Financial Services0.4%$29.9m1.36m–new
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.3%$29.4m171,327−7.3%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.3%$28.2m351,309+7.1%added
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.3%$28.1m416,373−4.7%reduced
TRC TEJON RANCH COIndustrials0.3%$27.9m1.65m+100%added
SAN JUAN BASIN RTY TR no ticker–0.3%$27.5m4.59m+86%added
CCL CARNIVAL CORPConsumer Cyclical0.3%$27.3m969,428−11%reduced
ADM ARCHER DANIELS MIDLAND COConsumer Defensive0.3%$26.7m505,969−0.1%held
JOE ST JOE COReal Estate0.3%$26.5m555,891+1.0%added
DMLP DORCHESTER MINERALS LPEnergy0.3%$25.5m916,849+0.5%held
WFG WEST FRASER TIMBER LTDBasic Materials0.3%$22.3m304,838+5.6%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$20.7m42,526−1.4%reduced
WHITE MTNS INS GROUP LTD no ticker–0.2%$19.7m10,971−3.3%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.2%$18.4m139,780−5.0%reduced
VUSB VANGUARD BD INDEX FDS–0.2%$18.1m362,083−8.4%reduced
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$17.6m56,172−0.7%reduced
SB9 SITIO ROYALTIES CORP–0.2%$16.9m921,938+4.1%added
SII SPROTT INCFinancial Services0.2%$14.7m212,898+7.0%added
OSK OSHKOSH CORPIndustrials0.2%$14.1m124,206−11%reduced
VGSH VANGUARD SCOTTSDALE FDS–0.2%$14.0m237,388−0.2%held
RGLD ROYAL GOLD INCBasic Materials0.2%$13.0m72,892−2.3%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.2%$12.7m353,471+7.3%added

Exited since Q1 2025

11 rows
OREUR OSISKO GOLD ROYALTIES LTD0.4%$36.0m
IWM ISHARES TR0.01%$590k
KHC KRAFT HEINZ CO0.01%$461k
PBH PRESTIGE CONSMR HEALTHCARE I0.0%$279k
EXE EXPAND ENERGY CORPORATION0.0%$245k
ABX BARRICK GOLD CORP0.0%$206k
NEE NEXTERA ENERGY INC0.0%$203k
WYNN WYNN RESORTS LTD0.0%$200k
KYN KAYNE ANDERSON MLP INVT CO0.0%$154k
TSVT* 2SEVENTY BIO INC0.0%$85.3k
OIS OIL STS INTL INC0.0%$58.2k

Sector mix

  • Energy52.8%
  • Unclassified22.8%
  • Financial Services6.8%
  • Basic Materials6.4%
  • Consumer Cyclical2.5%
  • Utilities2.1%
  • Technology2.0%
  • Industrials1.1%
  • Consumer Defensive1.0%
  • Communication Services0.9%
  • Real Estate0.8%
  • 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