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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
-6.91%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$4.64B
AUM Growth
-$565M
Cap. Flow
-$109M
Cap. Flow %
-2.35%
Top 10 Hldgs %
65.42%
Holding
341
New
7
Increased
67
Reduced
144
Closed
7

Top Buys

Rank Stock Value
1
CCJ icon
Cameco
CCJ
+$20.5M
2
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$4.81M
3
LLY icon
Eli Lilly
LLY
+$2.28M
4
MSGE icon
Madison Square Garden
MSGE
+$1.72M
5
SPAQ icon
Horizon Kinetics SPAC Active ETF
SPAQ
+$731K

Top Sells

Rank Stock Value
1
BN icon
Brookfield
BN
+$25.8M
2
IEP icon
Icahn Enterprises
IEP
+$22.1M
3
TPL icon
Texas Pacific Land
TPL
+$22M
4
CNS icon
Cohen & Steers
CNS
+$12.2M
5
WPM icon
Wheaton Precious Metals
WPM
+$6.13M

Sector Composition

Rank Sector Weight
1 Energy 48.05%
2 Materials 10.65%
3 Financials 8.97%
4 Consumer Discretionary 5.04%
5 Technology 4.85%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MANA
326
DELISTED
MANATRON INC
MANA
$4.08K ﹤0.01%
691
– –
POL.WS
327
DELISTED
Polished.com Inc. Warrants to Purchase Common Stock
POL.WS
$2.45K ﹤0.01%
37,752
– –
AMCX icon
328
AMC Global Media
AMCX
$511M
– –
-10,292
Closed -$181K
BHP icon
329
BHP
BHP
$246B
– –
-3,275
Closed -$208K
DE icon
330
Deere & Co
DE
$175B
– –
-560
Closed -$231K
IEP icon
331
Icahn Enterprises
IEP
$4.83B
– –
-427,694
Closed -$22.1M
LAND
332
Gladstone Land Corp
LAND
$373M
– –
-28,945
Closed -$482K
USO icon
333
CALL
United States Oil Fund
USO
$2.24B
– –
-2,000
Closed -$200K
VCSH icon
334
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
– –
-1,498
Closed -$114K
10 11 12 13
14

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Murray Stahl's Q2 2023 Portfolio in Review

As of Q2 2023, Murray Stahl held 341 positions worth $4.64B, down 11% from $5.21B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Trading was light in Q2 2023: portfolio turnover was 4.1%. Murray Stahl opened 7 new positions and exited 7, leaving the 341-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 48% of assets, down from 54% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q2 2023 buy was Cameco: 728,312 shares worth $22.8M.
  • Murray Stahl added most to Vanguard Short-Term Treasury ETF in Q2 2023, an estimated $4.81M increase.
  • Murray Stahl's biggest Q2 2023 reduction was Brookfield, cutting an estimated $25.8M.
  • Murray Stahl fully exited Icahn Enterprises in Q2 2023, selling an estimated $22.1M.
  • Murray Stahl's ten largest holdings make up 65% of its $4.64B portfolio in Q2 2023.
  • Murray Stahl opened 7 new positions and closed 7 in Q2 2023.
  • Murray Stahl's portfolio value fell 11% quarter-over-quarter to $4.64B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2023, filed 14 Aug 2023.