Murray Stahl Horizon Kinetics Asset Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$1.27B |
| 2 |
Howard Hughes
HHH
|
+$194M |
| 3 |
Icahn Enterprises
IEP
|
+$135M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$102M |
| 5 |
Civeo
CVEO
|
+$94.4M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.16% |
| 2 | Communication Services | 11.83% |
| 3 | Financials | 10.32% |
| 4 | Real Estate | 6.12% |
| 5 | Materials | 5.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
Akebia Therapeutics
AKBA
$251M
| $536K | 0.01% |
+65,432
| New | +$449K |
|
252
Revvity
RVTY
$13.9B
| $533K | 0.01% |
+5,530
| New | +$498K |
|
253
Invesco Value Municipal Income Trust
IIM
$586M
| $525K | 0.01% |
+36,403
| New | +$522K |
|
254
Expedia Group
EXPE
$38.6B
| $524K | 0.01% |
+4,397
| New | +$534K |
|
255
Paychex
PAYX
$44.3B
| $513K | 0.01% |
+6,389
| New | +$471K |
|
|
JPS
256
DELISTED
Nuveen Preferred & Income Securities Fund
JPS
| $505K | 0.01% |
+56,123
| New | +$498K |
|
257
Lennar Class A
LEN
$21B
| $497K | 0.01% |
+10,461
| New | +$473K |
|
258
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
MINT
$17.2B
| $489K | 0.01% |
+4,816
| New | +$488K |
|
|
BPY
259
DELISTED
Brookfield Property Partners L.P. Limited Partnership Units
BPY
| $488K | 0.01% |
+23,738
| New | +$449K |
|
260
Vail Resorts
MTN
$5.45B
| $485K | 0.01% |
+2,233
| New | +$456K |
|
261
Quest Diagnostics
DGX
$27B
| $477K | 0.01% |
+5,300
| New | +$459K |
|
262
Fidelity National Information Services
FIS
$21.3B
| $473K | 0.01% |
+4,178
| New | +$445K |
|
263
BOK Financial
BOKF
$8.54B
| $464K | 0.01% |
+5,696
| New | +$479K |
|
264
Deluxe
DLX
$1.08B
| $463K | 0.01% |
+10,600
| New | +$475K |
|
265
Manitowoc
MTW
$710M
| $462K | 0.01% |
+28,158
| New | +$469K |
|
266
iShares Micro-Cap ETF
IWC
$1.52B
| $456K | 0.01% |
+4,912
| New | +$453K |
|
267
SandRidge Energy
SD
$532M
| $450K | 0.01% |
+56,112
| New | +$459K |
|
268
Intuitive Surgical
ISRG
$134B
| $444K | 0.01% |
+2,337
| New | +$415K |
|
269
M&T Bank
MTB
$34.7B
| $444K | 0.01% |
+2,828
| New | +$464K |
|
270
AutoNation
AN
$6.6B
| $438K | 0.01% |
+12,253
| New | +$444K |
|
|
BNY
271
Bank of New York Mellon
BNY
$108B
| $438K | 0.01% |
+8,686
| New | +$448K |
|
272
Intel
INTC
$476B
| $428K | 0.01% |
+7,978
| New | +$405K |
|
273
3M
MMM
$92.3B
| $423K | 0.01% |
+2,436
| New | +$410K |
|
274
Cincinnati Financial
CINF
$25.8B
| $421K | 0.01% |
+4,896
| New | +$404K |
|
275
ImmunityBio
IBRX
$8.26B
| $410K | 0.01% |
+259,420
| New | +$326K |
|
Similar funds
Murray Stahl's Q1 2019 Portfolio in Review
Q1 2019 is the first quarter with a 13F filing on record for Murray Stahl, which disclosed 488 positions worth $3.6B. Its ten largest holdings account for 63% of the portfolio.
Its largest position is Texas Pacific Land: 16,202,835 shares worth $1.39B.
By sector, the portfolio is most concentrated in Energy at 45% of assets, followed by Communication Services and Financials.
- Murray Stahl's largest Q1 2019 buy was Texas Pacific Land: 16,202,835 shares worth $1.39B.
- Murray Stahl's ten largest holdings make up 63% of its $3.6B portfolio in Q1 2019.
- Murray Stahl disclosed 488 positions in Q1 2019, its first 13F filing on record.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2019, filed 15 May 2019.