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 |
Equity Lifestyle Properties
ELS
|
+$16.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$16M |
| 3 |
CACI
CACI
|
+$13.9M |
| 4 |
Franco-Nevada
FNV
|
+$8.98M |
| 5 |
BGC Group
BGC
|
+$3.84M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$21.5M |
| 2 |
Howard Hughes
HHH
|
+$13.3M |
| 3 |
Icahn Enterprises
IEP
|
+$12M |
| 4 |
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
|
+$11.3M |
| 5 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$5.68M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.27% |
| 2 | Communication Services | 12.15% |
| 3 | Financials | 11.72% |
| 4 | Materials | 7.75% |
| 5 | Real Estate | 6.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
276
iShares Silver Trust
SLV
$33.8B
| $404K | 0.01% |
25,368
+15,343
| +153% | +$244K |
|
277
CVR Energy
CVI
$3.97B
| $401K | 0.01% |
9,095
-7,874
| -46% | -$367K |
|
|
NVO
278
Novo Nordisk
NVO
$207B
| $400K | 0.01% |
15,480
| – | – |
|
279
Rafael Holdings
RFL
$112M
| $388K | 0.01% |
18,753
| – | – |
|
280
Delta Air Lines
DAL
$54.2B
| $374K | 0.01% |
6,500
-100
| -2% | -$5.92K |
|
281
iShares Micro-Cap ETF
IWC
$1.52B
| $371K | 0.01% |
4,205
-520
| -11% | -$46.7K |
|
|
NBO
282
DELISTED
Neuberger Berman New York Municipal Fund Inc.
NBO
| $370K | 0.01% |
29,549
| – | – |
|
283
Urban Outfitters
URBN
$6.36B
| $369K | 0.01% |
13,122
-244
| -2% | -$5.69K |
|
284
CALL
W&T Offshore
WTI
$592M
| $366K | 0.01% |
+45,800
| New | +$209K |
|
285
Wabtec
WAB
$50.3B
| $361K | 0.01% |
5,020
-6,285
| -56% | -$447K |
|
286
Pricesmart
PSMT
$5.33B
| $360K | 0.01% |
5,063
-1,043
| -17% | -$63.2K |
|
287
Simon Property Group
SPG
$70.6B
| $357K | 0.01% |
2,290
+94
| +4% | +$14.6K |
|
288
Spectrum Brands
SPB
$2B
| $354K | 0.01% |
6,711
+1,105
| +20% | +$57.7K |
|
289
Walmart Inc
WMT
$825B
| $352K | 0.01% |
8,892
| – | – |
|
290
NovaGold Resources
NG
$3.83B
| $350K | 0.01% |
57,720
-15,911
| -22% | -$104K |
|
291
Dillards
DDS
$9.71B
| $347K | 0.01% |
5,252
-112
| -2% | -$7.16K |
|
292
Northrop Grumman
NOC
$78.3B
| $347K | 0.01% |
925
-127
| -12% | -$45K |
|
293
Dick's Sporting Goods
DKS
$16.4B
| $340K | 0.01% |
8,322
-1,054
| -11% | -$38K |
|
294
BlackRock MuniYield Quality Fund III
MYI
$711M
| $340K | 0.01% |
25,028
+462
| +2% | +$6.21K |
|
|
PGNX
295
DELISTED
Progenics Pharmaceuticals Inc
PGNX
| $340K | 0.01% |
67,200
| – | – |
|
296
Lockheed Martin
LMT
$130B
| $338K | 0.01% |
866
| – | – |
|
297
Meta Platforms (Facebook)
META
$1.4T
| $338K | 0.01% |
1,896
-46
| -2% | -$8.74K |
|
|
WW
298
DELISTED
WW International
WW
| $338K | 0.01% |
8,946
-6,241
| -41% | -$176K |
|
299
Cintas
CTAS
$81.6B
| $336K | 0.01% |
5,008
-484
| -9% | -$31K |
|
300
LyondellBasell Industries
LYB
$21.8B
| $336K | 0.01% |
3,756
+87
| +2% | +$7.09K |
|
Similar funds
Murray Stahl's Q3 2019 Portfolio in Review
As of Q3 2019, Murray Stahl held 498 positions worth $3.32B, down 8.2% from $3.62B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Murray Stahl withdrew a net $104M in Q3 2019, closing 14 positions and reducing 267 holdings. Its most notable exit was OAKTREE CAPITAL GROUP, LLC, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, down from 46% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in StoneCo worth $535K.
- Murray Stahl's largest Q3 2019 buy was StoneCo: 15,391 shares worth $535K.
- Murray Stahl added most to Equity Lifestyle Properties in Q3 2019, an estimated $16.4M increase.
- Murray Stahl's biggest Q3 2019 reduction was GE Aerospace, cutting an estimated $21.5M.
- Murray Stahl fully exited OAKTREE CAPITAL GROUP, LLC in Q3 2019, selling an estimated $11.3M.
- Murray Stahl's ten largest holdings make up 62% of its $3.32B portfolio in Q3 2019.
- Murray Stahl opened 5 new positions and closed 14 in Q3 2019.
- Murray Stahl's portfolio value fell 8.2% quarter-over-quarter to $3.32B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2019, filed 14 Nov 2019.