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 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$3.58M |
| 2 |
BGC Group
BGC
|
+$2.55M |
| 3 |
CACI
CACI
|
+$2.37M |
| 4 |
Intercontinental Exchange
ICE
|
+$1.42M |
| 5 |
Vanguard Extended Market ETF
VXF
|
+$1.33M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Equity Lifestyle Properties
ELS
|
+$17.7M |
| 2 |
Icahn Enterprises
IEP
|
+$14.7M |
| 3 |
Cboe Global Markets
CBOE
|
+$13M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$12.5M |
| 5 |
Howard Hughes
HHH
|
+$7.82M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 44.76% |
| 2 | Communication Services | 11.53% |
| 3 | Financials | 10.96% |
| 4 | Materials | 8.1% |
| 5 | Real Estate | 6.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
Iron Mountain
IRM
$36.3B
| $289K | 0.01% |
+9,058
| New | +$297K |
|
|
JBGS
352
JBG SMITH
JBGS
$732M
| $289K | 0.01% |
7,233
-724
| -9% | -$28.6K |
|
353
Lands' End
LE
$375M
| $289K | 0.01% |
17,220
-7,364
| -30% | -$96.4K |
|
|
SRG
354
Seritage Growth Properties
SRG
$120M
| $289K | 0.01% |
7,220
+62
| +0.9% | +$2.63K |
|
355
Urban Edge Properties
UE
$2.71B
| $289K | 0.01% |
15,086
-1,273
| -8% | -$25.7K |
|
356
Marriott Vacations Worldwide
VAC
$3.87B
| $289K | 0.01% |
2,248
-698
| -24% | -$81.7K |
|
|
ATCO
357
DELISTED
Atlas Corp.
ATCO
| $289K | 0.01% |
20,360
-7,103
| -26% | -$84.8K |
|
358
Aflac
AFL
$58.2B
| $288K | 0.01% |
5,450
| – | – |
|
359
Costco
COST
$420B
| $288K | 0.01% |
979
| – | – |
|
360
Cintas
CTAS
$81.6B
| $288K | 0.01% |
4,284
-724
| -14% | -$47.6K |
|
361
Estee Lauder
EL
$36.9B
| $288K | 0.01% |
1,394
-236
| -14% | -$45.8K |
|
|
VMRK
362
Vivmark Residential
VMRK
$25B
| $288K | 0.01% |
3,553
-124
| -3% | -$10.6K |
|
363
Marriott International
MAR
$92.9B
| $288K | 0.01% |
1,902
-501
| -21% | -$67.1K |
|
364
Monster Beverage
MNST
$93.6B
| $288K | 0.01% |
18,104
-3,332
| -16% | -$48.9K |
|
365
NewMarket
NEU
$8.62B
| $288K | 0.01% |
591
-90
| -13% | -$43.3K |
|
|
RP
366
DELISTED
RealPage, Inc.
RP
| $288K | 0.01% |
5,363
+439
| +9% | +$25K |
|
367
Heartland Express
HTLD
$993M
| $287K | 0.01% |
13,640
-1,038
| -7% | -$22.2K |
|
|
JWN
368
DELISTED
Nordstrom
JWN
| $287K | 0.01% |
7,020
-2,558
| -27% | -$94.7K |
|
369
Marcus & Millichap
MMI
$1.22B
| $287K | 0.01% |
7,711
-749
| -9% | -$26.9K |
|
370
SS&C Technologies
SSNC
$19.5B
| $287K | 0.01% |
4,669
-1,540
| -25% | -$86.4K |
|
371
Under Armour Class C
UA
$2.25B
| $287K | 0.01% |
14,953
-1,617
| -10% | -$28.5K |
|
|
CVA
372
DELISTED
Covanta Holding Corporation
CVA
| $287K | 0.01% |
19,317
+1,173
| +6% | +$17.9K |
|
373
Fox Class A
FOXA
$28.8B
| $286K | 0.01% |
7,709
-1,873
| -20% | -$64.1K |
|
374
Morningstar
MORN
$8.1B
| $286K | 0.01% |
1,891
-74
| -4% | -$11.4K |
|
375
News Corp Class A
NWSA
$16.4B
| $286K | 0.01% |
20,221
-1,753
| -8% | -$23.6K |
|
Similar funds
Murray Stahl's Q4 2019 Portfolio in Review
As of Q4 2019, Murray Stahl held 496 positions worth $3.52B, up 6.1% from $3.32B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Murray Stahl withdrew a net $211M in Q4 2019, closing 20 positions and reducing 263 holdings. Its most notable exit was MGM Resorts International, an estimated $997K position sold in full.
By sector, the portfolio is most concentrated in Energy at 45% of assets, up from 41% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in IHS Markit Ltd. Common Shares worth $3.8M.
- Murray Stahl's largest Q4 2019 buy was IHS Markit Ltd. Common Shares: 50,377 shares worth $3.8M.
- Murray Stahl added most to BGC Group in Q4 2019, an estimated $2.55M increase.
- Murray Stahl's biggest Q4 2019 reduction was Equity Lifestyle Properties, cutting an estimated $17.7M.
- Murray Stahl fully exited MGM Resorts International in Q4 2019, selling an estimated $997K.
- Murray Stahl's ten largest holdings make up 65% of its $3.52B portfolio in Q4 2019.
- Murray Stahl opened 12 new positions and closed 20 in Q4 2019.
- Murray Stahl's portfolio value rose 6.1% quarter-over-quarter to $3.52B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2019, filed 14 Feb 2020.