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 |
St. Joe Company
JOE
|
+$8.95M |
| 2 |
KraneShares Global Carbon Strategy ETF
KRBN
|
+$8.37M |
| 3 |
Charles River Laboratories
CRL
|
+$7.58M |
| 4 |
Tejon Ranch
TRC
|
+$6.22M |
| 5 |
Intercontinental Exchange
ICE
|
+$6.21M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Cheniere Energy
LNG
|
+$53.1M |
| 2 |
Texas Pacific Land
TPL
|
+$27.2M |
| 3 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$10.5M |
| 4 |
BGC Group
BGC
|
+$5.15M |
| 5 |
Navigator Holdings
NVGS
|
+$3.89M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.94% |
| 2 | Financials | 12.39% |
| 3 | Materials | 10.2% |
| 4 | Communication Services | 6.28% |
| 5 | Consumer Discretionary | 4.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
AT&T
T
$173B
| – | – |
-13,844
| Closed | -$282K |
|
|
XYZ
352
Block Inc
XYZ
$49.4B
| – | – |
-1,055
| Closed | -$253K |
|
|
CTR
353
DELISTED
ClearBridge MLP and Midstream Total Return Fund Inc.
CTR
| – | – |
-9,789
| Closed | -$235K |
|
|
KMF
354
DELISTED
Kayne Anderson NextGen Energy & Infrastructure, Inc.
KMF
| – | – |
-20,636
| Closed | -$150K |
|
|
PCI
355
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
| – | – |
-43,042
| Closed | -$909K |
|
|
PKO
356
DELISTED
Pimco Income Opportunity Fund
PKO
| – | – |
-65,861
| Closed | -$1.61M |
|
Similar funds
Murray Stahl's Q4 2021 Portfolio in Review
As of Q4 2021, Murray Stahl held 357 positions worth $4.54B, up 6.1% from $4.28B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Murray Stahl's Q4 2021 filing shows 20 new, 80 increased, 134 reduced and 8 closed positions. Its largest new stake was KraneShares Global Carbon Strategy ETF: 185,371 shares worth $9.44M. The largest sale was Cheniere Energy, an estimated $53.1M.
By sector, the portfolio is most concentrated in Energy at 46% of assets, down from 48% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q4 2021 buy was KraneShares Global Carbon Strategy ETF: 185,371 shares worth $9.44M.
- Murray Stahl added most to St. Joe Company in Q4 2021, an estimated $8.95M increase.
- Murray Stahl's biggest Q4 2021 reduction was Texas Pacific Land, cutting an estimated $27.2M.
- Murray Stahl fully exited Cheniere Energy in Q4 2021, selling an estimated $53.1M.
- Murray Stahl's ten largest holdings make up 62% of its $4.54B portfolio in Q4 2021.
- Murray Stahl opened 20 new positions and closed 8 in Q4 2021.
- Murray Stahl's portfolio value rose 6.1% quarter-over-quarter to $4.54B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2021, filed 15 Feb 2022.