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 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$81.5M |
| 2 |
LB
LandBridge Co
LB
|
+$16.3M |
| 3 |
White Mountains Insurance
WTM
|
+$10.1M |
| 4 |
DigitalBridge
DBRG
|
+$6.14M |
| 5 |
Blackstone
BX
|
+$3.29M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grayscale Bitcoin Trust
GBTC
|
+$63.5M |
| 2 |
Charles River Laboratories
CRL
|
+$9.48M |
| 3 |
Vanguard Ultra-Short Bond ETF
VUSB
|
+$6.29M |
| 4 |
Brookfield
BN
|
+$4.46M |
| 5 |
Liberty Media Series A
FWONA
|
+$3.75M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.7% |
| 2 | Financials | 7.08% |
| 3 | Materials | 6.99% |
| 4 | Technology | 4.52% |
| 5 | Consumer Discretionary | 3.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
276
GE HealthCare
GEHC
$33.8B
| $303K | ﹤0.01% |
3,232
-252
| -7% | -$21.2K |
|
277
BWX Technologies
BWXT
$14.4B
| $292K | ﹤0.01% |
2,690
-66
| -2% | -$6.56K |
|
278
Intellia Therapeutics
NTLA
$1.8B
| $283K | ﹤0.01% |
13,792
-604
| -4% | -$13.9K |
|
279
CenterPoint Energy
CNP
$25.5B
| $283K | ﹤0.01% |
9,633
+1,400
| +17% | +$39.2K |
|
280
Quanta Services
PWR
$96.1B
| $268K | ﹤0.01% |
+900
| New | +$238K |
|
281
Netflix
NFLX
$331B
| $266K | ﹤0.01% |
3,750
| – | – |
|
282
Boeing
BA
$169B
| $266K | ﹤0.01% |
1,748
-48
| -3% | -$8.23K |
|
283
BlackRock Floating Rate Income Trust
BGT
$324M
| $256K | ﹤0.01% |
19,778
+7,100
| +56% | +$91.4K |
|
284
Veralto
VLTO
$24.1B
| $255K | ﹤0.01% |
2,277
-98
| -4% | -$10.4K |
|
285
American Water Works
AWK
$26.9B
| $254K | ﹤0.01% |
1,733
-16
| -0.9% | -$2.27K |
|
286
Wynn Resorts
WYNN
$10.3B
| $250K | ﹤0.01% |
+2,611
| New | +$210K |
|
|
ENX
287
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
| $243K | ﹤0.01% |
+24,358
| New | +$242K |
|
288
NextEra Energy
NEE
$174B
| $242K | ﹤0.01% |
2,860
| – | – |
|
|
EIM
289
Eaton Vance Municipal Bond Fund
EIM
$492M
| $241K | ﹤0.01% |
22,431
+4,739
| +27% | +$49.9K |
|
|
RA
290
Brookfield Real Assets Income Fund
RA
$693M
| $241K | ﹤0.01% |
17,614
+5,533
| +46% | +$72.6K |
|
291
Affiliated Managers Group
AMG
$9.21B
| $240K | ﹤0.01% |
+1,351
| New | +$229K |
|
|
NVIR
292
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
| $239K | ﹤0.01% |
8,209
+267
| +3% | +$7.66K |
|
293
Prestige Consumer Healthcare
PBH
$2.43B
| $234K | ﹤0.01% |
3,247
+150
| +5% | +$10.6K |
|
294
Delta Air Lines
DAL
$54.2B
| $234K | ﹤0.01% |
+4,600
| New | +$200K |
|
295
Invesco Quality Municipal Securities
IQI
$530M
| $231K | ﹤0.01% |
22,115
| – | – |
|
296
Nuveen Preferred & Income Opportunities Fund
JPC
$2.82B
| $230K | ﹤0.01% |
28,538
+11,824
| +71% | +$91.7K |
|
297
Beam Therapeutics
BEAM
$3.07B
| $225K | ﹤0.01% |
9,194
-403
| -4% | -$10.4K |
|
298
Automatic Data Processing
ADP
$112B
| $221K | ﹤0.01% |
+800
| New | +$209K |
|
|
PML
299
PIMCO Municipal Income Fund II
PML
$484M
| $219K | ﹤0.01% |
23,325
+8,275
| +55% | +$72.5K |
|
300
Verizon
VZ
$205B
| $210K | ﹤0.01% |
+4,675
| New | +$195K |
|
Similar funds
Murray Stahl's Q3 2024 Portfolio in Review
As of Q3 2024, Murray Stahl held 358 positions worth $6.68B, up 17% from $5.72B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q3 2024 filing shows 34 new, 151 increased, 120 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M. The largest sale was Grayscale Bitcoin Trust, an estimated $63.5M.
By sector, the portfolio is most concentrated in Energy at 57% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2024 buy was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M.
- Murray Stahl added most to LandBridge Co in Q3 2024, an estimated $16.3M increase.
- Murray Stahl's biggest Q3 2024 reduction was Grayscale Bitcoin Trust, cutting an estimated $63.5M.
- Murray Stahl fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $2.18M.
- Murray Stahl's ten largest holdings make up 76% of its $6.68B portfolio in Q3 2024.
- Murray Stahl opened 34 new positions and closed 12 in Q3 2024.
- Murray Stahl's portfolio value rose 17% quarter-over-quarter to $6.68B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2024, filed 13 Nov 2024.