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 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$65.9M |
| 2 |
iShares MSCI ACWI ETF
ACWI
|
+$42.4M |
| 3 |
Brookfield
BN
|
+$33.5M |
| 4 |
iShares 0-1 Year Treasury Bond ETF
SHV
|
+$19.2M |
| 5 |
iShares Mortgage Real Estate ETF
REM
|
+$10.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$23.2M |
| 2 |
Howard Hughes
HHH
|
+$13.1M |
| 3 |
Icahn Enterprises
IEP
|
+$8.48M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$7.98M |
| 5 |
Live Nation Entertainment
LYV
|
+$5.72M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 34.3% |
| 2 | Financials | 12.41% |
| 3 | Communication Services | 11.69% |
| 4 | Materials | 11.03% |
| 5 | Technology | 6.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
Salesforce
CRM
$171B
| – | – |
-1,781
| Closed | -$289K |
|
402
Cintas
CTAS
$81.6B
| – | – |
-4,284
| Closed | -$288K |
|
403
CVR Energy
CVI
$3.97B
| – | – |
-8,789
| Closed | -$356K |
|
404
Delta Air Lines
DAL
$54.2B
| – | – |
-6,500
| Closed | -$380K |
|
405
Dillards
DDS
$9.71B
| – | – |
-4,049
| Closed | -$298K |
|
406
D.R. Horton
DHI
$41.5B
| – | – |
-5,390
| Closed | -$284K |
|
407
Dick's Sporting Goods
DKS
$16.4B
| – | – |
-5,997
| Closed | -$297K |
|
408
Deluxe
DLX
$1.08B
| – | – |
-4,200
| Closed | -$210K |
|
409
eBay
EBAY
$46.3B
| – | – |
-8,327
| Closed | -$301K |
|
410
Estee Lauder
EL
$36.9B
| – | – |
-1,394
| Closed | -$288K |
|
411
Elevance Health
ELV
$86.9B
| – | – |
-878
| Closed | -$265K |
|
412
EOG Resources
EOG
$80.3B
| – | – |
-3,082
| Closed | -$258K |
|
|
VMRK
413
Vivmark Residential
VMRK
$25B
| – | – |
-3,553
| Closed | -$288K |
|
414
Erie Indemnity
ERIE
$13.8B
| – | – |
-1,685
| Closed | -$280K |
|
415
First Citizens BancShares
FCNCA
$24.7B
| – | – |
-569
| Closed | -$303K |
|
416
Fox Class A
FOXA
$28.8B
| – | – |
-7,709
| Closed | -$286K |
|
|
GRMN
417
Garmin
GRMN
$56.9B
| – | – |
-2,918
| Closed | -$285K |
|
418
Goldman Sachs
GS
$303B
| – | – |
-1,157
| Closed | -$266K |
|
419
Hyatt Hotels
H
$17B
| – | – |
-3,317
| Closed | -$298K |
|
420
Home Depot
HD
$335B
| – | – |
-1,784
| Closed | -$390K |
|
|
HES
421
DELISTED
Hess
HES
| – | – |
-4,370
| Closed | -$292K |
|
422
Heartland Express
HTLD
$993M
| – | – |
-13,640
| Closed | -$287K |
|
423
Interactive Brokers
IBKR
$42.5B
| – | – |
-24,216
| Closed | -$282K |
|
424
Indaptus Therapeutics
INDP
$172M
| – | – |
-5
| Closed | -$5K |
|
425
Ingredion
INGR
$6.74B
| – | – |
-2,400
| Closed | -$223K |
|
Similar funds
Murray Stahl's Q1 2020 Portfolio in Review
As of Q1 2020, Murray Stahl held 493 positions worth $2.26B, down 36% from $3.52B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Murray Stahl deployed $131M of net new capital in Q1 2020, opening 17 new positions and adding to 115 existing holdings. Its largest new stake was ProShares Short VIX Short-Term Futures ETF: 2,414,666 shares worth $37.4M.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 45% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Texas Pacific Land, an estimated $23.2M trimmed.
- Murray Stahl's largest Q1 2020 buy was ProShares Short VIX Short-Term Futures ETF: 2,414,666 shares worth $37.4M.
- Murray Stahl added most to Brookfield in Q1 2020, an estimated $33.5M increase.
- Murray Stahl's biggest Q1 2020 reduction was Texas Pacific Land, cutting an estimated $23.2M.
- Murray Stahl fully exited State Street SPDR S&P MIDCAP 400 ETF Trust in Q1 2020, selling an estimated $786K.
- Murray Stahl's ten largest holdings make up 58% of its $2.26B portfolio in Q1 2020.
- Murray Stahl opened 17 new positions and closed 111 in Q1 2020.
- Murray Stahl's portfolio value fell 36% quarter-over-quarter to $2.26B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2020, filed 13 May 2020.