WhaleCreep

Horizon Kinetics (Murray Stahl) 13F holdings, Q1 2026

Long-only investorSEC filingsCompare with another fundHoldings as of 2026-03-31, filed 2026-05-15

Horizon Kinetics (Murray Stahl) disclosed 350 US equity positions worth $9.2bn in its Q1 2026 13F filing. Its largest position is TPL at 51.5% of the reported book, followed by GBTC and LB. Versus Q4 2025 it opened 43 new positions, added to 70, reduced 134 and exited 14.

$9.2bn
Reported equity book
Sum of the long US equity positions in the filing, at the values filed. Options are excluded.
350
Positions
Distinct securities in the equity book with a reported value above zero. Options are excluded.
51.5%
Largest position
The largest single position as a share of the reported equity book.
78.2%
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 Q4 2025: 43 new, 70 added, 134 reduced, 14 exited

50 of 350
TPL TEXAS PACIFIC LAND CORPORATIEnergy51.5%$4.8bn10.02m−3.1%reduced
GBTC GRAYSCALE BITCOIN TRUST ETF–8.0%$739m14.00m−0.8%reduced
LB LANDBRIDGE COMPANY LLCEnergy4.2%$391m5.66m+0.3%held
HE HAWAIIAN ELEC INDUSTRIESUtilities3.5%$321m21.64m+12%added
WPM WHEATON PRECIOUS METALS CORPBasic Materials2.5%$231m1.76m−29%reduced
WBI WATERBRIDGE INFRASTRUCTURE LEnergy2.1%$197m7.34m+7.4%added
FNV FRANCO NEVADA CORPBasic Materials2.0%$187m757,297−22%reduced
PERMIAN BASIN RTY TR no ticker–1.5%$137m6.38m+3.1%added
MIAX MIAMI INTL HLDGS INCFinancial Services1.5%$134m3.45m+90%added
ICE INTERCONTINENTAL EXCHANGE INFinancial Services1.4%$132m838,899+1.0%added
LNG CHENIERE ENERGY INCEnergy1.3%$119m420,328−9.3%reduced
CBOE CBOE GLOBAL MARKETS INCFinancial Services1.2%$115m410,066+0.4%held
MESABI TR no ticker–1.1%$98.9m3.14m+3.7%added
BTC GRAYSCALE BITCOIN MINI TR ET–1.0%$90.1m3.00m+0.2%held
CACI CACI INTL INCTechnology0.9%$84.1m154,648−2.5%reduced
CME CME GROUP INCFinancial Services0.9%$79.8m270,253−1.9%reduced
VNOM VIPER ENERGY INCEnergy0.8%$78.1m1.66m−3.0%reduced
CCJ CAMECO CORPEnergy0.8%$70.8m651,825−3.3%reduced
OR OR ROYALTIES INC.Basic Materials0.7%$66.7m1.75m−3.4%reduced
BN BROOKFIELD CORPFinancial Services0.7%$63.6m1.57m−0.7%reduced
CVEO CIVEO CORP CDAConsumer Cyclical0.7%$62.2m2.35m−4.0%reduced
AN AUTONATION INCConsumer Cyclical0.5%$43.9m225,053−12%reduced
BG BUNGE GLOBAL SAConsumer Defensive0.5%$42.9m336,944−3.5%reduced
TRC TEJON RANCH COIndustrials0.4%$35.8m1.90m−0.5%reduced
HORIZON KINETICS HLDG CORP COM no ticker–0.4%$35.5m1.08m0.0%held
JOE ST JOE COReal Estate0.4%$34.1m542,609−2.2%reduced
SAN JUAN BASIN RTY TR no ticker–0.4%$33.6m6.98m+12%added
IBIT ISHARES BITCOIN TRUST ETF–0.3%$30.5m793,343−0.4%held
SII SPROTT INCFinancial Services0.3%$29.6m206,997−3.6%reduced
WHITE MTNS INS GROUP LTD no ticker–0.3%$28.8m13,112−0.1%held
MRSH MARSH & MCLENNAN COS INCFinancial Services0.3%$26.3m151,341−3.4%reduced
CCL CARNIVAL CORPConsumer Cyclical0.3%$24.8m957,6530.0%held
LYV LIVE NATION ENTERTAINMENT INCommunication Services0.3%$24.0m157,169−7.5%reduced
DMLP DORCHESTER MINERALS LPEnergy0.3%$23.3m860,226−1.8%reduced
GLXY GALAXY DIGITAL INC.Financial Services0.3%$23.1m1.25m+0.1%held
PAG PENSKE AUTOMOTIVE GRP INCConsumer Cyclical0.2%$21.3m142,507−16%reduced
BRK/B BERKSHIRE HATHAWAY INC DEL–0.2%$18.2m38,033+0.1%held
RBA RB GLOBAL INCIndustrials0.2%$17.9m186,731+73%added
MSTR STRATEGY INCTechnology0.2%$17.4m139,253−0.1%held
OSK OSHKOSH CORPIndustrials0.2%$17.0m115,789−0.3%held
VUSB VANGUARD BD INDEX FDS–0.2%$16.9m339,054−1.0%reduced
RPRX ROYALTY PHARMA PLCHealthcare0.2%$16.3m340,783−3.6%reduced
DBRG DIGITALBRIDGE GROUP INCFinancial Services0.2%$14.5m939,380−69%reduced
TFPM TRIPLE FLAG PRECIOUS METALBasic Materials0.2%$14.4m413,430−2.8%reduced
RCL ROYAL CARIBBEAN CRUISES LTDConsumer Cyclical0.2%$14.2m51,698−2.0%reduced
IPAR INTERPARFUMS INCConsumer Defensive0.1%$12.6m138,333−0.2%held
HHH HOWARD HUGHES HOLDINGS INCReal Estate0.1%$12.4m196,410−33%reduced
RGLD ROYAL GOLD INCBasic Materials0.1%$12.0m47,142−50%reduced
WMB WILLIAMS COS INCEnergy0.1%$10.1m138,301+0.7%added
MA MASTERCARD INCFinancial Services0.1%$9.8m19,516−0.3%held

Exited since Q4 2025

14 rows
PCH POTLATCHDELTIC CORPORATION0.01%$933k
TELFY TELEFONICA S A0.01%$822k
BLACKROCK MUNIVEST FD INC no ticker0.01%$645k
BLACKROCK MUNIHOLDINGS QUALI no ticker0.01%$606k
BLACKROCK MUNIVEST FD II INC no ticker0.01%$518k
BLACKROCK INVT QUALITY MUN T no ticker0.01%$472k
BLACKROCK MUNIYIELD QUALITY no ticker0.01%$429k
KKR KKR & CO INC0.0%$305k
VEA VANGUARD TAX-MANAGED FDS0.0%$257k
BGC BGC GROUP INC0.0%$237k
ADP AUTOMATIC DATA PROCESSING IN0.0%$233k
DORM DORMAN PRODUCTS INC0.0%$222k
CNS COHEN & STEERS INC0.0%$204k
EVLV EVOLV TECHNOLOGIES HLDNGS IN0.0%$96.7k

Sector mix

  • Energy61.7%
  • Unclassified14.9%
  • Financial Services7.2%
  • Basic Materials5.7%
  • Utilities3.5%
  • Consumer Cyclical1.9%
  • Technology1.4%
  • Industrials1.1%
  • Consumer Defensive0.7%
  • Real Estate0.6%
  • Communication Services0.6%
  • 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