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% |
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.