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Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
1-Year Est. Return 23.05%
 

Murray Stahl is chairman of Horizon Kinetics, an investment firm known for independent research and unconventional long-term themes. The firm has been closely associated with ideas such as hard assets, owner-operator businesses, and differentiated equity research outside the consensus. Stahl’s commentaries are followed by investors interested in structural market inefficiencies and long-duration themes.

This Fund
S&P 500
This Quarter Est. Return
-10.74%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$5.21B
AUM Growth
-$852M
Cap. Flow
-$95.3M
Cap. Flow %
-1.83%
Top 10 Hldgs %
68.97%
Holding
354
New
30
Increased
78
Reduced
145
Closed
20

Top Buys

Rank Stock Value
1
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$9.59M
2
SPAQ icon
Horizon Kinetics SPAC Active ETF
SPAQ
+$7.93M
3
PBT
Permian Basin Royalty Trust
PBT
+$6.98M
4
MSB
Mesabi Trust
MSB
+$6.24M
5
CVEO icon
Civeo
CVEO
+$5.25M

Top Sells

Rank Stock Value
1
WY icon
Weyerhaeuser
WY
+$27.6M
2
TPL icon
Texas Pacific Land
TPL
+$26.5M
3
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$9.83M
4
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$7.38M
5
STR
Sitio Royalties
STR
+$7.02M

Sector Composition

Rank Sector Weight
1 Energy 53.96%
2 Materials 10.74%
3 Financials 8.73%
4 Consumer Discretionary 4.06%
5 Technology 3.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OGN icon
226
Organon & Co
OGN
$3.61B
$419K 0.01%
17,803
-4,440
-20% -$119K
KMB icon
227
Kimberly-Clark
KMB
$36.4B
$416K 0.01%
3,100
-1,200
-28% -$156K
NZF icon
228
Nuveen Municipal Credit Income Fund
NZF
$2.4B
$412K 0.01%
34,485
– –
VZ icon
229
Verizon
VZ
$205B
$410K 0.01%
10,544
-2,271
-18% -$89.6K
GPC icon
230
Genuine Parts
GPC
$18.5B
$410K 0.01%
2,450
– –
AJG icon
231
Arthur J. Gallagher & Co
AJG
$67.6B
$407K 0.01%
2,130
-32
-1% -$6.07K
PEP icon
232
PepsiCo
PEP
$196B
$402K 0.01%
2,204
+100
+5% +$17.5K
FMN
233
Federated Hermes Premier Municipal Income Fund
FMN
$85.9M
$401K 0.01%
+37,089
New +$399K
IIM icon
234
Invesco Value Municipal Income Trust
IIM
$586M
$399K 0.01%
32,702
– –
IAU icon
235
iShares Gold Trust
IAU
$68.4B
$394K 0.01%
10,530
– –
GS icon
236
Goldman Sachs
GS
$303B
$390K 0.01%
1,193
– –
BXMT icon
237
Blackstone Mortgage Trust
BXMT
$2.41B
$376K 0.01%
21,040
+2,650
+14% +$56.5K
RIO icon
238
Rio Tinto
RIO
$171B
$370K 0.01%
5,400
– –
L icon
239
Loews
L
$22.5B
$363K 0.01%
6,264
-98
-2% -$5.81K
JPM icon
240
JPMorgan Chase
JPM
$935B
$360K 0.01%
2,761
+210
+8% +$28.8K
SLB icon
241
SLB Ltd
SLB
$79.9B
$353K 0.01%
7,192
+1,692
+31% +$89.8K
BP icon
242
BP
BP
$115B
$347K 0.01%
9,159
– –
MTN icon
243
Vail Resorts
MTN
$5.45B
$347K 0.01%
1,487
-50
-3% -$12K
CMCSA icon
244
Comcast
CMCSA
$95.3B
$347K 0.01%
9,150
-250
-3% -$9.45K
GDLC
245
Grayscale CoinDesk Crypto 5 ETF
GDLC
$430M
$339K 0.01%
49,079
– –
KHC icon
246
Kraft Heinz
KHC
$30.3B
$330K 0.01%
8,524
-156
-2% -$6.18K
MQT
247
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$322K 0.01%
31,008
– –
MVF
248
DELISTED
BlackRock MuniVest Fund
MVF
$321K 0.01%
46,440
– –
BCYC
249
Bicycle Therapeutics
BCYC
$306M
$319K 0.01%
+15,000
New +$376K
RA
250
Brookfield Real Assets Income Fund
RA
$693M
$309K 0.01%
18,810
– –
8 9
10
11 12

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WJWM
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IMRF
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Murray Stahl's Q1 2023 Portfolio in Review

As of Q1 2023, Murray Stahl held 354 positions worth $5.21B, down 14% from $6.06B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Murray Stahl's Q1 2023 filing shows 30 new, 78 increased, 145 reduced and 20 closed positions. Its largest new stake was Horizon Kinetics SPAC Active ETF: 83,059 shares worth $7.97M. The largest sale was Weyerhaeuser, an estimated $27.6M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 62% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q1 2023 buy was Horizon Kinetics SPAC Active ETF: 83,059 shares worth $7.97M.
  • Murray Stahl added most to Vanguard Ultra-Short Bond ETF in Q1 2023, an estimated $9.59M increase.
  • Murray Stahl's biggest Q1 2023 reduction was Weyerhaeuser, cutting an estimated $27.6M.
  • Murray Stahl fully exited GAMCO Investors, Inc. in Q1 2023, selling an estimated $6.96M.
  • Murray Stahl's ten largest holdings make up 69% of its $5.21B portfolio in Q1 2023.
  • Murray Stahl opened 30 new positions and closed 20 in Q1 2023.
  • Murray Stahl's portfolio value fell 14% quarter-over-quarter to $5.21B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2023, filed 12 May 2023.