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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
+22.93%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.03B
AUM Growth
+$1.35B
Cap. Flow
+$30.6M
Cap. Flow %
0.38%
Top 10 Hldgs %
78.69%
Holding
361
New
15
Increased
107
Reduced
132
Closed
12

Top Buys

Rank Stock Value
1
DBRG icon
DigitalBridge
DBRG
+$54.1M
2
HE icon
Hawaiian Electric Industries
HE
+$24.1M
3
VNOM icon
Viper Energy
VNOM
+$13.9M
4
LB
LandBridge Co
LB
+$12.5M
5
WPM icon
Wheaton Precious Metals
WPM
+$11M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$108M
2
NTR icon
Nutrien
NTR
+$11.9M
3
CRL icon
Charles River Laboratories
CRL
+$10.6M
4
MSTR icon
Strategy Inc
MSTR
+$8.3M
5
ADM icon
Archer Daniels Midland
ADM
+$5.85M

Sector Composition

Rank Sector Weight
1 Energy 58.65%
2 Financials 6.78%
3 Materials 5.84%
4 Technology 3.37%
5 Consumer Discretionary 2.7%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AWK icon
301
American Water Works
AWK
$26.9B
$216K ﹤0.01%
1,734
+1
+0.1% +$135
CQP icon
302
Cheniere Energy
CQP
$33.1B
$212K ﹤0.01%
+4,000
New +$209K
AXP icon
303
American Express
AXP
$227B
$208K ﹤0.01%
+700
New +$201K
NEE icon
304
NextEra Energy
NEE
$174B
$205K ﹤0.01%
2,860
– –
BCYC
305
Bicycle Therapeutics
BCYC
$306M
$202K ﹤0.01%
14,396
+604
+4% +$12.9K
EVF
306
Eaton Vance Senior Income Trust
EVF
$89.9M
$197K ﹤0.01%
32,130
– –
TFPM icon
307
Triple Flag Precious Metals
TFPM
$6.96B
$195K ﹤0.01%
12,992
-9,304
-42% -$154K
MHD icon
308
BlackRock MuniHoldings Fund
MHD
$594M
$194K ﹤0.01%
16,653
-123,852
-88% -$1.53M
PML
309
PIMCO Municipal Income Fund II
PML
$484M
$189K ﹤0.01%
23,325
– –
NIM icon
310
Nuveen Select Maturities Municipal Fund
NIM
$115M
$187K ﹤0.01%
21,500
– –
ETHE
311
Grayscale Ethereum Staking ETF Shares
ETHE
$1.84B
$187K ﹤0.01%
6,683
– –
NMZ icon
312
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.16B
$187K ﹤0.01%
17,322
– –
BNY
313
DELISTED
BlackRock New York Municipal Income Trust
BNY
$186K ﹤0.01%
18,237
– –
APLD icon
314
Applied Digital
APLD
$7.74B
$182K ﹤0.01%
23,870
– –
REPL icon
315
Replimune Group
REPL
$1.39B
$174K ﹤0.01%
14,396
+604
+4% +$7.34K
NTLA icon
316
Intellia Therapeutics
NTLA
$1.8B
$168K ﹤0.01%
14,396
+604
+4% +$9.43K
EFT
317
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$154K ﹤0.01%
12,000
– –
KYN icon
318
Kayne Anderson Energy Infrastructure Fund
KYN
$2.47B
$154K ﹤0.01%
12,088
-416
-3% -$5.13K
EVV
319
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$153K ﹤0.01%
15,668
– –
BLE
320
DELISTED
BlackRock Municipal Income Trust II
BLE
$152K ﹤0.01%
14,426
-370
-3% -$4.03K
HLN icon
321
Haleon
HLN
$44B
$134K ﹤0.01%
14,082
+591
+4% +$5.78K
CXE
322
DELISTED
MFS High Income Municipal Trust
CXE
$130K ﹤0.01%
35,414
– –
VNDA icon
323
Vanda Pharmaceuticals
VNDA
$319M
$124K ﹤0.01%
25,912
+1,088
+4% +$5.22K
OIA icon
324
Invesco Municipal Income Opportunities Trust
OIA
$287M
$117K ﹤0.01%
19,911
– –
VTN icon
325
Invesco Trust for Investment Grade New York Municipals
VTN
$157M
$109K ﹤0.01%
10,414
– –
11 12
13
14 15

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Murray Stahl's Q4 2024 Portfolio in Review

As of Q4 2024, Murray Stahl held 361 positions worth $8.03B, up 20% from $6.68B the previous quarter. Its ten largest holdings account for 79% of the portfolio.

Murray Stahl's Q4 2024 filing shows 15 new, 107 increased, 132 reduced and 12 closed positions. Its largest new stake was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M. The largest sale was Texas Pacific Land, an estimated $108M.

By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 57% a quarter earlier, followed by Financials and Materials.

  • Murray Stahl's largest Q4 2024 buy was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M.
  • Murray Stahl added most to DigitalBridge in Q4 2024, an estimated $54.1M increase.
  • Murray Stahl's biggest Q4 2024 reduction was Texas Pacific Land, cutting an estimated $108M.
  • Murray Stahl fully exited CVS Health in Q4 2024, selling an estimated $807K.
  • Murray Stahl's ten largest holdings make up 79% of its $8.03B portfolio in Q4 2024.
  • Murray Stahl opened 15 new positions and closed 12 in Q4 2024.
  • Murray Stahl's portfolio value rose 20% quarter-over-quarter to $8.03B.

Based on Horizon Kinetics Asset Management's 13F filing for Q4 2024, filed 10 Feb 2025.