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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
+34.95%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$2.76B
AUM Growth
+$504M
Cap. Flow
-$282M
Cap. Flow %
-10.19%
Top 10 Hldgs %
60.32%
Holding
437
New
55
Increased
71
Reduced
216
Closed
32

Top Buys

Rank Stock Value
1
ICE icon
Intercontinental Exchange
ICE
+$39.1M
2
AN icon
AutoNation
AN
+$14.8M
3
CRL icon
Charles River Laboratories
CRL
+$12M
4
OSK icon
Oshkosh
OSK
+$11.4M
5
INFO
IHS Markit Ltd. Common Shares
INFO
+$9.97M

Top Sells

Rank Stock Value
1
BN icon
Brookfield
BN
+$39.2M
2
FNV icon
Franco-Nevada
FNV
+$37.9M
3
ACWI icon
iShares MSCI ACWI ETF
ACWI
+$35.8M
4
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$21.5M
5
WPM icon
Wheaton Precious Metals
WPM
+$21.4M

Sector Composition

Rank Sector Weight
1 Energy 41.08%
2 Financials 12.33%
3 Materials 11.41%
4 Communication Services 8.81%
5 Technology 5.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MTN icon
276
Vail Resorts
MTN
$5.45B
$336K 0.01%
1,846
-392
-18% -$68.6K
WYNN icon
277
Wynn Resorts
WYNN
$10.3B
$334K 0.01%
4,486
+102
+2% +$8.18K
QVCGA
278
DELISTED
QVC Group Inc Series A
QVCGA
$322K 0.01%
698
-297
-30% -$116K
FIS icon
279
Fidelity National Information Services
FIS
$21.3B
$318K 0.01%
2,374
-1,700
-42% -$223K
NTR icon
280
Nutrien
NTR
$35.9B
$316K 0.01%
+9,850
New +$343K
NVG icon
281
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.64B
$316K 0.01%
20,690
– –
BELFB
282
Bel Fuse Inc Class B
BELFB
$3.69B
$311K 0.01%
28,988
-4,730
-14% -$43.2K
FLO icon
283
Flowers Foods
FLO
$1.47B
$309K 0.01%
13,806
-6,656
-33% -$150K
AJG icon
284
Arthur J. Gallagher & Co
AJG
$67.6B
$305K 0.01%
+3,125
New +$277K
UNH icon
285
UnitedHealth
UNH
$350B
$305K 0.01%
1,035
– –
ESI icon
286
Element Solutions
ESI
$8.6B
$304K 0.01%
28,012
-4,607
-14% -$46.3K
SBR
287
Sabine Royalty Trust
SBR
$1.08B
$303K 0.01%
10,927
-9,805
-47% -$268K
RDS.A
288
DELISTED
Royal Dutch Shell PLC ADS Class A
RDS.A
$302K 0.01%
9,228
-2,535
-22% -$87K
WIW
289
Western Asset Inflation-Linked Opportunities & Income Fund
WIW
$511M
$301K 0.01%
27,425
-9,637
-26% -$101K
NIQ
290
DELISTED
NUVEEN INTERMEDIATE DURATION QUALITY MUNICIPAL TERM FUND
NIQ
$300K 0.01%
21,130
– –
NOC icon
291
Northrop Grumman
NOC
$78.3B
$297K 0.01%
967
+37
+4% +$12.1K
PCM
292
PCM Fund
PCM
$67.1M
$296K 0.01%
31,374
-2,377
-7% -$21.3K
GS icon
293
Goldman Sachs
GS
$303B
$292K 0.01%
+1,477
New +$277K
IBRX icon
294
ImmunityBio
IBRX
$8.26B
$291K 0.01%
23,665
-30,037
-56% -$170K
VMI icon
295
Valmont Industries
VMI
$9.38B
$290K 0.01%
2,550
– –
ARNA
296
DELISTED
Arena Pharmaceuticals Inc
ARNA
$283K 0.01%
+4,500
New +$248K
PAYX icon
297
Paychex
PAYX
$44.3B
$278K 0.01%
3,681
-672
-15% -$46.6K
MAS icon
298
Masco
MAS
$14.5B
$274K 0.01%
+5,450
New +$236K
KMF
299
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
$273K 0.01%
60,281
-299
-0.5% -$1.33K
ENX
300
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$271K 0.01%
23,152
-2,930
-11% -$33.2K
10 11
12
13 14

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WJWM
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IMRF
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Murray Stahl's Q2 2020 Portfolio in Review

As of Q2 2020, Murray Stahl held 437 positions worth $2.76B, up 22% from $2.26B the previous quarter. Its ten largest holdings account for 60% of the portfolio.

Murray Stahl withdrew a net $282M in Q2 2020, closing 32 positions and reducing 216 holdings. Its most notable exit was iShares MSCI ACWI ETF, an estimated $35.8M position sold in full.

By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 34% a quarter earlier, followed by Financials and Materials.

Against the trend, Murray Stahl opened a new position in Oshkosh worth $11.9M.

  • Murray Stahl's largest Q2 2020 buy was Oshkosh: 166,692 shares worth $11.9M.
  • Murray Stahl added most to Intercontinental Exchange in Q2 2020, an estimated $39.1M increase.
  • Murray Stahl's biggest Q2 2020 reduction was Brookfield, cutting an estimated $39.2M.
  • Murray Stahl fully exited iShares MSCI ACWI ETF in Q2 2020, selling an estimated $35.8M.
  • Murray Stahl's ten largest holdings make up 60% of its $2.76B portfolio in Q2 2020.
  • Murray Stahl opened 55 new positions and closed 32 in Q2 2020.
  • Murray Stahl's portfolio value rose 22% quarter-over-quarter to $2.76B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2020, filed 14 Aug 2020.