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 |
MSB
Mesabi Trust
MSB
|
+$10.5M |
| 2 |
iShares Silver Trust
SLV
|
+$3.51M |
| 3 |
iShares Global Timber & Forestry ETF
WOOD
|
+$3.16M |
| 4 |
Intercontinental Exchange
ICE
|
+$3.14M |
| 5 |
SPDR Gold Trust
GLD
|
+$2.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$31.1M |
| 2 |
Icahn Enterprises
IEP
|
+$13.2M |
| 3 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$10.4M |
| 4 |
Wheaton Precious Metals
WPM
|
+$9.79M |
| 5 |
Howard Hughes
HHH
|
+$7.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.85% |
| 2 | Financials | 13.83% |
| 3 | Materials | 13.24% |
| 4 | Communication Services | 9.25% |
| 5 | Consumer Discretionary | 5.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
Erie Indemnity
ERIE
$13.8B
| – | – |
-1,067
| Closed | -$205K |
|
377
Element Solutions
ESI
$8.6B
| – | – |
-28,012
| Closed | -$304K |
|
|
GDL
378
GDL Fund
GDL
$91.9M
| – | – |
-10,597
| Closed | -$87K |
|
379
Greenlight Captial
GLRE
$499M
| – | – |
-29,404
| Closed | -$191K |
|
380
Green Brick Partners
GRBK
$3.09B
| – | – |
-11,800
| Closed | -$140K |
|
381
Herc Holdings
HRI
$5.41B
| – | – |
-6,800
| Closed | -$209K |
|
382
Host Hotels & Resorts
HST
$15.9B
| – | – |
-15,791
| Closed | -$170K |
|
383
Hilltop Holdings
HTH
$2.22B
| – | – |
-10,455
| Closed | -$193K |
|
384
ImmunityBio
IBRX
$8.26B
| – | – |
-23,665
| Closed | -$291K |
|
|
JWN
385
DELISTED
Nordstrom
JWN
| – | – |
-10,579
| Closed | -$164K |
|
386
Lands' End
LE
$375M
| – | – |
-23,391
| Closed | -$188K |
|
387
Mohawk Industries
MHK
$9.23B
| – | – |
-2,031
| Closed | -$207K |
|
388
M&T Bank
MTB
$34.7B
| – | – |
-1,925
| Closed | -$200K |
|
389
MasTec
MTZ
$21.4B
| – | – |
-4,491
| Closed | -$202K |
|
390
NovaGold Resources
NG
$3.83B
| – | – |
-28,690
| Closed | -$263K |
|
391
PUT
NVIDIA
NVDA
$5.2T
| – | – |
-2,316,000
| Closed | -$7.82M |
|
392
News Corp Class A
NWSA
$16.4B
| – | – |
-16,155
| Closed | -$192K |
|
393
Occidental Petroleum
OXY
$61.3B
| – | – |
-36,069
| Closed | -$660K |
|
394
Par Pacific Holdings
PARR
$3.96B
| – | – |
-40,256
| Closed | -$362K |
|
395
Paychex
PAYX
$44.3B
| – | – |
-3,681
| Closed | -$278K |
|
396
Pegasystems
PEGA
$5.52B
| – | – |
-3,996
| Closed | -$202K |
|
397
Precigen
PGEN
$2.58B
| – | – |
-46,564
| Closed | -$232K |
|
398
PJT Partners
PJT
$4.47B
| – | – |
-3,994
| Closed | -$205K |
|
399
Pricesmart
PSMT
$5.33B
| – | – |
-3,376
| Closed | -$204K |
|
400
RPC Inc
RES
$1.41B
| – | – |
-57,501
| Closed | -$177K |
|
Similar funds
Murray Stahl's Q3 2020 Portfolio in Review
As of Q3 2020, Murray Stahl held 428 positions worth $2.49B, down 9.8% from $2.76B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Murray Stahl withdrew a net $143M in Q3 2020, closing 66 positions and reducing 173 holdings. Its most notable exit was BP, an estimated $1.14M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in iShares Global Timber & Forestry ETF worth $3.26M.
- Murray Stahl's largest Q3 2020 buy was iShares Global Timber & Forestry ETF: 50,490 shares worth $3.26M.
- Murray Stahl added most to Mesabi Trust in Q3 2020, an estimated $10.5M increase.
- Murray Stahl's biggest Q3 2020 reduction was Texas Pacific Land, cutting an estimated $31.1M.
- Murray Stahl fully exited BP in Q3 2020, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 56% of its $2.49B portfolio in Q3 2020.
- Murray Stahl opened 23 new positions and closed 66 in Q3 2020.
- Murray Stahl's portfolio value fell 9.8% quarter-over-quarter to $2.49B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2020, filed 16 Nov 2020.