WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q4 2025

Long-only investorSEC filingsCompare with another fundHoldings as of 2025-12-31, filed 2026-02-11

Horizon Kinetics (Murray Stahl) disclosed 321 US equity positions worth $7.4bn in its Q4 2025 13F filing. Its largest position is TPL at 40.1% of the reported book, followed by GBTC and WPM. Versus Q3 2025 it opened 3 new positions, added to 38, reduced 162 and exited 16.

$7.4bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
321
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
40.1%
Largest position
The largest single position as a share of the reported equity book.
73.7%
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 Q3 2025: 3 new, 38 added, 162 reduced, 16 exited

50 of 321
TPL TEXAS PACIFIC LAND CORPORATIEnergy40.1%$3.0bn10.33m+195%added
GBTC GRAYSCALE BITCOIN TRUST ETF–13.0%$965m14.11m−0.5%held
WPM WHEATON PRECIOUS METALS CORPBasic Materials4.0%$293m2.49m−11%reduced
LB LANDBRIDGE COMPANY LLCEnergy3.7%$276m5.64m+0.2%held
HE HAWAIIAN ELEC INDUSTRIESUtilities3.2%$239m19.39m+6.2%added
FNV FRANCO NEVADA CORPBasic Materials2.7%$201m968,101−4.4%reduced
WBI WATERBRIDGE INFRASTRUCTURE LEnergy1.9%$137m6.84m+7.6%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.8%$135m830,7660.0%held
MESABI TR no ticker–1.6%$117m3.03m+0.9%added
BTC GRAYSCALE BITCOIN MINI TR ET–1.6%$116m3.00m−0.1%held
PERMIAN BASIN RTY TR no ticker–1.4%$105m6.19m+1.5%added
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.4%$103m408,398−0.3%held
LNG CHENIERE ENERGY INCEnergy1.2%$90.1m463,329−2.0%reduced
CACI CACI INTL INCTechnology1.1%$84.5m158,591−1.3%reduced
MIAX MIAMI INTL HLDGS INCFinancial Services1.1%$80.8m1.82m+32%added
CME CME GROUP INCFinancial Services1.0%$75.3m275,611−0.4%held
BN BROOKFIELD CORPFinancial Services1.0%$72.7m1.58m−4.0%reduced
VNOM VIPER ENERGY INCEnergy0.9%$66.2m1.71m−0.4%held
OR OR ROYALTIES INC.Basic Materials0.9%$64.2m1.82m−0.5%held
CCJ CAMECO CORPEnergy0.8%$61.7m674,096−0.3%held
CVEO CIVEO CORP CDAConsumer Cyclical0.8%$56.0m2.45m−9.0%reduced
AN AUTONATION INCConsumer Cyclical0.7%$53.0m256,479−1.1%reduced
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.6%$46.7m3.05m−7.3%reduced
IBIT ISHARES BITCOIN TRUST ETF–0.5%$39.6m796,863−3.6%reduced
SAN JUAN BASIN RTY TR no ticker–0.5%$35.0m6.23m+11%added
JOE ST JOE COReal Estate0.4%$32.9m554,837−0.2%held
BG BUNGE GLOBAL SAConsumer Defensive0.4%$31.1m348,994−0.3%held
TRC TEJON RANCH COIndustrials0.4%$30.2m1.91m−0.1%held
CCL CARNIVAL CORPConsumer Cyclical0.4%$29.2m957,548−0.4%held
MRSH MARSH & MCLENNAN COS INCFinancial Services0.4%$29.1m156,685−0.3%held
GLXY GALAXY DIGITAL INC.Financial Services0.4%$27.9m1.25m−0.3%held
WHITE MTNS INS GROUP LTD no ticker–0.4%$27.3m13,121+0.3%held
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.4%$26.9m169,874−0.4%held
HORIZON KINETICS HLDG CORP no ticker–0.3%$25.3m1.08m0.0%held
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.3%$24.2m169,884−1.3%reduced
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.3%$23.4m293,360−4.2%reduced
MSTR STRATEGY INCTechnology0.3%$21.2m139,377+0.6%added
RGLD ROYAL GOLD INCBasic Materials0.3%$21.1m94,876+49%added
SII SPROTT INCFinancial Services0.3%$21.0m214,626−0.1%held
DMLP DORCHESTER MINERALS LPEnergy0.3%$19.6m875,662−1.1%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.3%$19.1m37,988−5.9%reduced
VUSB VANGUARD BD INDEX FDS–0.2%$17.1m342,542+30%added
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$14.7m52,758−2.4%reduced
OSK OSHKOSH CORPIndustrials0.2%$14.6m116,193−0.4%held
TFPM TRIPLE FLAG PRECIOUS METALBasic Materials0.2%$14.1m425,303+1510%added
RPRX ROYALTY PHARMA PLCHealthcare0.2%$13.7m353,361−0.4%held
IPAR INTERPARFUMS INCConsumer Defensive0.2%$11.8m138,558−0.2%held
MA MASTERCARD INCFinancial Services0.2%$11.2m19,579−0.3%held
RBA RB GLOBAL INCIndustrials0.1%$11.1m107,627−1.9%reduced
BAM BROOKFIELD ASSET MANAGMT LTDFinancial Services0.1%$10.0m190,473−0.1%held

Exited since Q3 2025

16 rows
ACGP ASSOCIATED CAP GROUP INC0.3%$27.0m
WFG WEST FRASER TIMBER LTD0.2%$20.1m
AYS1 SANDSTORM GOLD LTD0.2%$16.0m
ARISUSD ARIS WATER SOLUTIONS INC0.07%$5.5m
SYK STRYKER CORPORATION0.01%$739k
LIBERTY MEDIA CORP DEL no ticker0.01%$565k
TQQQ PROSHARES TR0.01%$498k
PROSHARES TR no ticker0.01%$493k
CSW CSW INDUSTRIALS INC0.0%$340k
PIMCO NEW YORK MUN FD II no ticker0.0%$262k
LIBERTY MEDIA CORP DEL no ticker0.0%$232k
KRBN KRANESHARES TR0.0%$221k
MOD MODINE MFG CO0.0%$210k
SMR NUSCALE PWR CORP0.0%$207k
LMT LOCKHEED MARTIN CORP0.0%$203k
NUVEEN MUN HIGH INCOME OPPOR no ticker0.0%$110k

Sector mix

  • Energy49.5%
  • Unclassified21.6%
  • Financial Services8.7%
  • Basic Materials8.2%
  • Utilities3.3%
  • Consumer Cyclical2.6%
  • Technology1.8%
  • Industrials1.2%
  • Real Estate0.9%
  • Communication Services0.7%
  • Consumer Defensive0.7%
  • Healthcare0.7%

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