WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q3 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-09-30, filed 2025-11-14

Horizon Kinetics (Murray Stahl) disclosed 334 US equity positions worth $8.2bn in its Q3 2025 13F filing. Its largest position is TPL at 39.9% of the reported book, followed by GBTC and WPM. Versus Q2 2025 it opened 10 new positions, added to 46, reduced 221 and exited 25.

$8.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
334
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
39.9%
Largest position
The largest single position as a share of the reported equity book.
75.0%
Top 10 weight
The ten largest positions together, as a share of the reported equity book.
5
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 2025: 10 new, 46 added, 221 reduced, 25 exited

50 of 334
TPL TEXAS PACIFIC LAND CORPORATIEnergy39.9%$3.3bn3.50m−2.0%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–15.5%$1.3bn14.18m−2.5%reduced
WPM WHEATON PRECIOUS METALS CORPBasic Materials3.8%$312m2.79m−6.5%reduced
LB LANDBRIDGE COMPANY LLCEnergy3.7%$300m5.63m+2.4%added
FNV FRANCO NEVADA CORPBasic Materials2.8%$226m1.01m−3.0%reduced
HE HAWAIIAN ELEC INDUSTRIESUtilities2.5%$202m18.26m+12%added
WBI WATERBRIDGE INFRASTRUCTURE LEnergy2.0%$160m6.35m–new
BTC GRAYSCALE BITCOIN MINI TR ET–1.9%$152m3.00m−2.3%reduced
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.7%$140m831,061−0.1%held
PERMIAN BASIN RTY TR no ticker–1.4%$111m6.10m+4.4%added
LNG CHENIERE ENERGY INCEnergy1.4%$111m472,959−2.5%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$100m409,459−0.8%reduced
MESABI TR no ticker–1.1%$87.8m3.00m+1.3%added
CACI CACI INTL INCTechnology1.0%$80.1m160,665−0.6%reduced
BN BROOKFIELD CORPFinancial Services0.9%$75.4m1.65m+41%added
CME CME GROUP INCFinancial Services0.9%$74.8m276,773+117%added
OR OR ROYALTIES INC.Basic Materials0.9%$73.1m1.82m+0.3%held
VNOM VIPER ENERGY INCEnergy0.8%$65.8m1.72m+0.6%added
CVEO CIVEO CORP CDAConsumer Cyclical0.8%$61.9m2.69m−6.6%reduced
AN AUTONATION INCConsumer Cyclical0.7%$56.7m259,335−0.9%reduced
CCJ CAMECO CORPEnergy0.7%$56.7m676,0320.0%held
MIAX MIAMI INTL HLDGS INCFinancial Services0.7%$55.7m1.38m–new
IBIT ISHARES BITCOIN TRUST ETF–0.7%$53.7m826,901−14%reduced
MSTR STRATEGY INCTechnology0.5%$44.6m138,488−4.8%reduced
GLXY GALAXY DIGITAL INC.Financial Services0.5%$42.4m1.25m−8.1%reduced
HORIZON KINETICS HLDG CORP no ticker–0.5%$40.5m1.08m+6471%added
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.5%$38.5m3.29m−9.2%reduced
SAN JUAN BASIN RTY TR no ticker–0.4%$33.9m5.61m+22%added
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$31.7m157,219+0.3%held
TRC TEJON RANCH COIndustrials0.4%$30.6m1.91m+16%added
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$29.7m170,610−0.4%held
BG BUNGE GLOBAL SAConsumer Defensive0.3%$28.4m350,083−0.3%held
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.3%$28.1m172,112−45%reduced
CCL CARNIVAL CORPConsumer Cyclical0.3%$27.8m961,734−0.8%reduced
JOE ST JOE COReal Estate0.3%$27.5m555,7290.0%held
ACGP ASSOCIATED CAP GROUP INCFinancial Services0.3%$27.0m805,348−7.0%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.3%$25.2m306,248−26%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$22.9m885,615−3.4%reduced
WHITE MTNS INS GROUP LTD no ticker–0.3%$21.9m13,084+19%added
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$20.3m40,349−5.1%reduced
WFG WEST FRASER TIMBER LTDBasic Materials0.2%$20.1m296,006−2.9%reduced
SII SPROTT INCFinancial Services0.2%$17.9m214,814+0.9%added
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$17.5m54,033−3.8%reduced
AYS1 SANDSTORM GOLD LTD–0.2%$16.0m1.27m−65%reduced
OSK OSHKOSH CORPIndustrials0.2%$15.1m116,700−6.0%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.2%$13.7m138,817−0.7%reduced
VUSB VANGUARD BD INDEX FDS–0.2%$13.2m263,822−27%reduced
RGLD ROYAL GOLD INCBasic Materials0.2%$12.8m63,820−12%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.2%$12.5m354,685+0.3%held
RBA RB GLOBAL INCIndustrials0.1%$11.9m109,696−0.3%held

Exited since Q2 2025

25 rows
SB9 SITIO ROYALTIES CORP0.2%$16.9m
HODL VANECK BITCOIN ETF0.01%$930k
BROOKFIELD INFRAST PARTNERS no ticker0.01%$910k
CM CANADIAN IMPERIAL BANK OF CO0.01%$744k
DOW DOW HLDGS INC0.01%$719k
ENB ENBRIDGE INC0.01%$568k
KVUE KENVUE INC0.01%$502k
PIMCO NEW YORK MUN INCOME FD no ticker0.0%$412k
M Macy's, Inc0.0%$379k
PWR QUANTA SVCS INC0.0%$340k
COIN COINBASE GLOBAL INC0.0%$251k
EATON VANCE NEW YORK MUN BD no ticker0.0%$226k
DAL DELTA AIR LINES INC0.0%$226k
IFF INTERNATIONAL FLAVORS&FRAGRA0.0%$224k
COST COSTCO WHOLESALE CORPORATION0.0%$203k
BLACKROCK N Y MUN INCOME TRU no ticker0.0%$176k
EATON VANCE FLTING RATE INC no ticker0.0%$150k
BLACKROCK MUNI INCOME TR II no ticker0.0%$145k
INVESCO MUNI INCOME OPP TRST no ticker0.0%$114k
EATON VANCE MUNI INCOME TRUS no ticker0.0%$102k
EATON VANCE CALIF MUN BD FD no ticker0.0%$95.3k
WESTERN ASSET INTER MUNI FD no ticker0.0%$85.2k
INVESCO SR INCOME TR no ticker0.0%$56.5k
PIMCO NEW YORK MUN INCOME FD no ticker0.0%$54.3k
WESTERN ASSET HIGH INCOME OP no ticker0.0%$40.1k

Sector mix

  • Energy49.1%
  • Unclassified24.1%
  • Financial Services8.1%
  • Basic Materials8.0%
  • Consumer Cyclical2.5%
  • Utilities2.5%
  • Technology1.9%
  • Industrials1.1%
  • Real Estate0.7%
  • Communication Services0.7%
  • Consumer Defensive0.7%
  • 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