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 |
Burford Capital
BUR
|
+$5.12M |
| 2 |
Liberty Live Group Series C
LLYVK
|
+$3.25M |
| 3 |
Horizon Kinetics SPAC Active ETF
SPAQ
|
+$1.93M |
| 4 |
MSB
Mesabi Trust
MSB
|
+$1.78M |
| 5 |
Liberty Live Group Series A
LLYVA
|
+$1.38M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$60.1M |
| 2 |
Texas Pacific Land
TPL
|
+$39.7M |
| 3 |
STR
Sitio Royalties
STR
|
+$12.7M |
| 4 |
Wheaton Precious Metals
WPM
|
+$7.44M |
| 5 |
Archer Daniels Midland
ADM
|
+$7.18M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.85% |
| 2 | Materials | 8.62% |
| 3 | Financials | 8.12% |
| 4 | Consumer Discretionary | 4.41% |
| 5 | Technology | 3.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Amazon
AMZN
$2.79T
| – | – |
-1,544
| Closed | -$201K |
|
327
Applied Digital
APLD
$7.74B
| – | – |
-14,470
| Closed | -$135K |
|
328
Dow Inc
DOW
$23.4B
| – | – |
-3,804
| Closed | -$203K |
|
329
Graham Holdings Company
GHC
$4.94B
| – | – |
-806
| Closed | -$461K |
|
330
RUM Group Inc
RUM
$4.49B
| – | – |
-64,707
| Closed | -$577K |
|
331
Revvity
RVTY
$13.9B
| – | – |
-2,035
| Closed | -$242K |
|
332
SandRidge Energy
SD
$532M
| – | – |
-10,013
| Closed | -$153K |
|
333
AT&T
T
$173B
| – | – |
-12,745
| Closed | -$203K |
|
|
VMEO
334
DELISTED
Vimeo
VMEO
| – | – |
-10,779
| Closed | -$44.4K |
|
|
BKI
335
DELISTED
Black Knight, Inc. Common Stock
BKI
| – | – |
-15,234
| Closed | -$910K |
|
|
NSL
336
DELISTED
NUVEEN SENIOR INCM FD
NSL
| – | – |
-105,209
| Closed | -$482K |
|
|
ABB
337
DELISTED
ABB Ltd
ABB
| – | – |
-29,771
| Closed | -$1.17M |
|
|
JRO
338
DELISTED
Nuveen Floating Rate Income Opportunty Fund
JRO
| – | – |
-56,673
| Closed | -$442K |
|
Similar funds
Murray Stahl's Q3 2023 Portfolio in Review
As of Q3 2023, Murray Stahl held 345 positions worth $5.05B, up 8.7% from $4.64B the previous quarter. Its ten largest holdings account for 72% of the portfolio.
Murray Stahl withdrew a net $225M in Q3 2023, closing 14 positions and reducing 153 holdings. Its most notable exit was ABB Ltd, an estimated $1.17M position sold in full.
By sector, the portfolio is most concentrated in Energy at 57% of assets, up from 48% a quarter earlier, followed by Materials and Financials.
Against the trend, Murray Stahl opened a new position in Burford Capital worth $5.27M.
- Murray Stahl's largest Q3 2023 buy was Burford Capital: 376,073 shares worth $5.27M.
- Murray Stahl added most to Horizon Kinetics SPAC Active ETF in Q3 2023, an estimated $1.93M increase.
- Murray Stahl's biggest Q3 2023 reduction was ProShares Short VIX Short-Term Futures ETF, cutting an estimated $60.1M.
- Murray Stahl fully exited ABB Ltd in Q3 2023, selling an estimated $1.17M.
- Murray Stahl's ten largest holdings make up 72% of its $5.05B portfolio in Q3 2023.
- Murray Stahl opened 11 new positions and closed 14 in Q3 2023.
- Murray Stahl's portfolio value rose 8.7% quarter-over-quarter to $5.05B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2023, filed 14 Nov 2023.