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 |
MSB
Mesabi Trust
MSB
|
+$7.07M |
| 2 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$4.64M |
| 3 |
Archer Daniels Midland
ADM
|
+$4.61M |
| 4 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$3.61M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$2.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$21.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$9.08M |
| 3 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$8.07M |
| 4 |
Icahn Enterprises
IEP
|
+$6.81M |
| 5 |
Howard Hughes
HHH
|
+$6.49M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 42.22% |
| 2 | Financials | 12.07% |
| 3 | Materials | 9.7% |
| 4 | Communication Services | 8.72% |
| 5 | Consumer Discretionary | 5.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WBT
301
DELISTED
Welbilt, Inc.
WBT
| $269K | 0.01% |
20,416
-176
| -0.9% | -$1.58K |
|
302
AT&T
T
$173B
| $266K | 0.01% |
12,227
+794
| +7% | +$17.1K |
|
303
The Greenbrier Companies
GBX
$1.42B
| $262K | 0.01% |
7,200
| – | – |
|
304
Kayne Anderson Energy Infrastructure Fund
KYN
$2.47B
| $259K | 0.01% |
44,962
-24,548
| -35% | -$132K |
|
305
Colgate-Palmolive
CL
$72.6B
| $255K | 0.01% |
2,978
| – | – |
|
|
EFR
306
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
| $255K | 0.01% |
20,001
| – | – |
|
307
Kimberly-Clark
KMB
$36.4B
| $253K | 0.01% |
1,878
-520
| -22% | -$72.8K |
|
308
Flowers Foods
FLO
$1.47B
| $252K | 0.01% |
11,125
| – | – |
|
309
BHP
BHP
$246B
| $248K | 0.01% |
4,256
-4,072
| -49% | -$204K |
|
310
Genuine Parts
GPC
$18.5B
| $241K | 0.01% |
2,400
-1,050
| -30% | -$103K |
|
311
AGNC Investment
AGNC
$12.9B
| $239K | 0.01% |
15,314
-13,018
| -46% | -$193K |
|
|
BNY
312
Bank of New York Mellon
BNY
$108B
| $237K | 0.01% |
+5,586
| New | +$215K |
|
313
Accenture
ACN
$113B
| $234K | 0.01% |
894
-60
| -6% | -$14.4K |
|
314
Nuveen Select Maturities Municipal Fund
NIM
$115M
| $230K | 0.01% |
21,500
| – | – |
|
315
Scotiabank
BNS
$107B
| $227K | 0.01% |
4,205
-4,647
| -52% | -$220K |
|
316
General Mills
GIS
$21.4B
| $226K | 0.01% |
3,850
-200
| -5% | -$12.1K |
|
317
General Dynamics
GD
$104B
| $223K | 0.01% |
1,496
-1,558
| -51% | -$228K |
|
318
CSX Corp
CSX
$95.6B
| $222K | 0.01% |
+7,332
| New | +$211K |
|
|
SII
319
Sprott
SII
$3.41B
| $222K | 0.01% |
7,665
-9,001
| -54% | -$278K |
|
320
UnitedHealth
UNH
$350B
| $219K | 0.01% |
625
-771
| -55% | -$258K |
|
|
PML
321
PIMCO Municipal Income Fund II
PML
$484M
| $215K | 0.01% |
15,050
-350
| -2% | -$4.85K |
|
|
JPS
322
DELISTED
Nuveen Preferred & Income Securities Fund
JPS
| $215K | 0.01% |
22,113
| – | – |
|
323
Brookfield Renewable
BEP
$9.83B
| $209K | 0.01% |
4,837
-3,391
| -41% | -$130K |
|
324
Costco
COST
$420B
| $208K | 0.01% |
553
-23
| -4% | -$8.59K |
|
325
Qualcomm
QCOM
$169B
| $206K | 0.01% |
+1,354
| New | +$189K |
|
Similar funds
Murray Stahl's Q4 2020 Portfolio in Review
As of Q4 2020, Murray Stahl held 371 positions worth $3B, up 21% from $2.49B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $168M in Q4 2020, closing 24 positions and reducing 209 holdings. Its most notable exit was GCI Liberty, Inc. Class A Common Stock (DE), an estimated $8.07M position sold in full.
By sector, the portfolio is most concentrated in Energy at 42% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Deere & Co worth $581K.
- Murray Stahl's largest Q4 2020 buy was Deere & Co: 2,161 shares worth $581K.
- Murray Stahl added most to Mesabi Trust in Q4 2020, an estimated $7.07M increase.
- Murray Stahl's biggest Q4 2020 reduction was Texas Pacific Land, cutting an estimated $21.4M.
- Murray Stahl fully exited GCI Liberty, Inc. Class A Common Stock (DE) in Q4 2020, selling an estimated $8.07M.
- Murray Stahl's ten largest holdings make up 60% of its $3B portfolio in Q4 2020.
- Murray Stahl opened 9 new positions and closed 24 in Q4 2020.
- Murray Stahl's portfolio value rose 21% quarter-over-quarter to $3B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2020, filed 16 Feb 2021.