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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
+22.93%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.03B
AUM Growth
+$1.35B
Cap. Flow
+$30.6M
Cap. Flow %
0.38%
Top 10 Hldgs %
78.69%
Holding
361
New
15
Increased
107
Reduced
132
Closed
12

Top Buys

Rank Stock Value
1
DBRG icon
DigitalBridge
DBRG
+$54.1M
2
HE icon
Hawaiian Electric Industries
HE
+$24.1M
3
VNOM icon
Viper Energy
VNOM
+$13.9M
4
LB
LandBridge Co
LB
+$12.5M
5
WPM icon
Wheaton Precious Metals
WPM
+$11M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$108M
2
NTR icon
Nutrien
NTR
+$11.9M
3
CRL icon
Charles River Laboratories
CRL
+$10.6M
4
MSTR icon
Strategy Inc
MSTR
+$8.3M
5
ADM icon
Archer Daniels Midland
ADM
+$5.85M

Sector Composition

Rank Sector Weight
1 Energy 58.65%
2 Financials 6.78%
3 Materials 5.84%
4 Technology 3.37%
5 Consumer Discretionary 2.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BR icon
226
Broadridge
BR
$20.8B
$522K 0.01%
2,307
+59
+3% +$13.2K
M icon
227
Macy's
M
$6B
$516K 0.01%
30,500
– –
MVT
228
DELISTED
BlackRock MuniVest Fund II
MVT
$506K 0.01%
+47,926
New +$528K
MYI icon
229
BlackRock MuniYield Quality Fund III
MYI
$711M
$495K 0.01%
44,854
– –
GEV icon
230
GE Vernova
GEV
$255B
$489K 0.01%
1,486
-13
-0.9% -$4.06K
BIIB icon
231
Biogen
BIIB
$32B
$485K 0.01%
3,169
+129
+4% +$21.8K
KVUE icon
232
Kenvue
KVUE
$36.6B
$482K 0.01%
22,562
+4,300
+24% +$97.5K
WOOD icon
233
iShares Global Timber & Forestry ETF
WOOD
$270M
$481K 0.01%
6,295
-555
-8% -$44.7K
FBTC icon
234
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.3B
$480K 0.01%
5,881
-35
-0.6% -$2.54K
NZF icon
235
Nuveen Municipal Credit Income Fund
NZF
$2.4B
$477K 0.01%
39,202
– –
BKN
236
DELISTED
BlackRock Investment Quality Municipal Trust
BKN
$470K 0.01%
+42,157
New +$516K
L icon
237
Loews
L
$22.5B
$469K 0.01%
5,543
+2
+0% +$165
LADR
238
Ladder Capital
LADR
$1.26B
$459K 0.01%
+41,000
New +$471K
DBL
239
DoubleLine Opportunistic Credit Fund
DBL
$279M
$443K 0.01%
28,598
-40,183
-58% -$623K
KHC icon
240
Kraft Heinz
KHC
$30.3B
$440K 0.01%
14,321
-256
-2% -$8.39K
PNF
241
DELISTED
PIMCO New York Municipal Income Fund
PNF
$438K 0.01%
58,956
– –
IONS icon
242
Ionis Pharmaceuticals
IONS
$9.93B
$436K 0.01%
12,476
+524
+4% +$19.6K
NAN icon
243
Nuveen New York Quality Municipal Income Fund
NAN
$363M
$435K 0.01%
38,119
– –
C icon
244
Citigroup
C
$221B
$434K 0.01%
6,161
– –
IAU icon
245
iShares Gold Trust
IAU
$68.4B
$430K 0.01%
8,690
-100
-1% -$5.03K
NBH
246
Neuberger Municipal Fund Inc
NBH
$302M
$430K 0.01%
41,529
– –
CRSP icon
247
CRISPR Therapeutics
CRSP
$5.75B
$420K 0.01%
10,682
+443
+4% +$20.9K
NBB icon
248
Nuveen Taxable Municipal Income Fund
NBB
$451M
$393K ﹤0.01%
26,210
-744
-3% -$11.9K
VTI icon
249
Vanguard Morningstar Total Stock Market ETF
VTI
$685B
$392K ﹤0.01%
1,352
-53
-4% -$15.5K
MQT
250
DELISTED
BlackRock MuniYield Quality Fund II
MQT
$390K ﹤0.01%
39,579
– –
8 9
10
11 12

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Murray Stahl's Q4 2024 Portfolio in Review

As of Q4 2024, Murray Stahl held 361 positions worth $8.03B, up 20% from $6.68B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Murray Stahl's Q4 2024 filing shows 15 new, 107 increased, 132 reduced and 12 closed positions. Its largest new stake was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M. The largest sale was Texas Pacific Land, an estimated $108M.

By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 57% a quarter earlier, followed by Financials and Materials.

  • Murray Stahl's largest Q4 2024 buy was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M.
  • Murray Stahl added most to DigitalBridge in Q4 2024, an estimated $54.1M increase.
  • Murray Stahl's biggest Q4 2024 reduction was Texas Pacific Land, cutting an estimated $108M.
  • Murray Stahl fully exited CVS Health in Q4 2024, selling an estimated $807K.
  • Murray Stahl's ten largest holdings make up 79% of its $8.03B portfolio in Q4 2024.
  • Murray Stahl opened 15 new positions and closed 12 in Q4 2024.
  • Murray Stahl's portfolio value rose 20% quarter-over-quarter to $8.03B.

Based on Horizon Kinetics Asset Management's 13F filing for Q4 2024, filed 10 Feb 2025.