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Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
1-Year Est. Return 23.05%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-4.58%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$3.32B
AUM Growth
-$298M
Cap. Flow
-$104M
Cap. Flow %
-3.14%
Top 10 Hldgs %
62.32%
Holding
498
New
5
Increased
93
Reduced
267
Closed
14

Top Buys

Rank Stock Value
1
ELS icon
Equity Lifestyle Properties
ELS
+$16.4M
2
WPM icon
Wheaton Precious Metals
WPM
+$16M
3
CACI icon
CACI
CACI
+$13.9M
4
FNV icon
Franco-Nevada
FNV
+$8.98M
5
BGC icon
BGC Group
BGC
+$3.84M

Top Sells

Rank Stock Value
1
GE icon
GE Aerospace
GE
+$21.5M
2
HHH icon
Howard Hughes
HHH
+$13.3M
3
IEP icon
Icahn Enterprises
IEP
+$12M
4
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
+$11.3M
5
LBRDK
Liberty Broadband Class C
LBRDK
+$5.68M

Sector Composition

Rank Sector Weight
1 Energy 41.27%
2 Communication Services 12.15%
3 Financials 11.72%
4 Materials 7.75%
5 Real Estate 6.92%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RTX icon
451
RTX Corp
RTX
$283B
$210K 0.01%
2,449
-395
-14% -$32.8K
UNH icon
452
UnitedHealth
UNH
$350B
$209K 0.01%
960
-20
-2% -$4.83K
DLX icon
453
Deluxe
DLX
$1.08B
$206K 0.01%
4,200
-1,400
-25% -$62.4K
ARNA
454
DELISTED
Arena Pharmaceuticals Inc
ARNA
$206K 0.01%
4,500
– –
EVV
455
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$204K 0.01%
16,302
-4,930
-23% -$61.9K
ET icon
456
Energy Transfer Partners
ET
$73B
$203K 0.01%
15,536
+1,500
+11% +$20.9K
ARCC icon
457
Ares Capital
ARCC
$14.3B
$200K 0.01%
10,750
-125
-1% -$2.32K
TGNA
458
DELISTED
TEGNA Inc
TGNA
$186K 0.01%
11,950
– –
VTN icon
459
Invesco Trust for Investment Grade New York Municipals
VTN
$157M
$173K 0.01%
12,714
– –
NUV icon
460
Nuveen Municipal Value Fund
NUV
$1.88B
$161K ﹤0.01%
15,296
– –
EVF
461
Eaton Vance Senior Income Trust
EVF
$89.9M
$158K ﹤0.01%
25,848
– –
BGT icon
462
BlackRock Floating Rate Income Trust
BGT
$324M
$156K ﹤0.01%
12,678
– –
BBF
463
DELISTED
BlackRock Municipal Income Investment Trust
BBF
$155K ﹤0.01%
11,019
– –
DO
464
DELISTED
Diamond Offshore Drilling
DO
$148K ﹤0.01%
26,703
-306
-1% -$2.24K
EFT
465
Eaton Vance Floating-Rate Income Trust
EFT
$285M
$135K ﹤0.01%
10,200
– –
AKBA icon
466
Akebia Therapeutics
AKBA
$251M
$126K ﹤0.01%
32,133
– –
GRBK icon
467
Green Brick Partners
GRBK
$3.09B
$126K ﹤0.01%
11,800
-2,001
-14% -$19.2K
USAS
468
Americas Gold and Silver
USAS
$1.82B
$126K ﹤0.01%
19,974
– –
DUC
469
DELISTED
Duff & Phelps Utility & Corporate Bond Trust
DUC
$115K ﹤0.01%
12,425
– –
TDAY
470
USA Today Co
TDAY
$950M
$112K ﹤0.01%
12,705
– –
VVR icon
471
Invesco Senior Income Trust
VVR
$454M
$102K ﹤0.01%
24,228
-400
-2% -$1.68K
FRO icon
472
Frontline
FRO
$9.72B
$91K ﹤0.01%
10,000
– –
CRR
473
DELISTED
Carbo Ceramics Inc.
CRR
$84K ﹤0.01%
35,000
– –
PACB icon
474
Pacific Biosciences
PACB
$420M
$62K ﹤0.01%
12,000
– –
RIBT
475
DELISTED
RiceBran Technologies
RIBT
$54K ﹤0.01%
2,095
– –
16 17 18
19
20

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Murray Stahl's Q3 2019 Portfolio in Review

As of Q3 2019, Murray Stahl held 498 positions worth $3.32B, down 8.2% from $3.62B the previous quarter. Its ten largest holdings account for 62% of the portfolio.

Murray Stahl withdrew a net $104M in Q3 2019, closing 14 positions and reducing 267 holdings. Its most notable exit was OAKTREE CAPITAL GROUP, LLC, an estimated $11.3M position sold in full.

By sector, the portfolio is most concentrated in Energy at 41% of assets, down from 46% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Murray Stahl opened a new position in StoneCo worth $535K.

  • Murray Stahl's largest Q3 2019 buy was StoneCo: 15,391 shares worth $535K.
  • Murray Stahl added most to Equity Lifestyle Properties in Q3 2019, an estimated $16.4M increase.
  • Murray Stahl's biggest Q3 2019 reduction was GE Aerospace, cutting an estimated $21.5M.
  • Murray Stahl fully exited OAKTREE CAPITAL GROUP, LLC in Q3 2019, selling an estimated $11.3M.
  • Murray Stahl's ten largest holdings make up 62% of its $3.32B portfolio in Q3 2019.
  • Murray Stahl opened 5 new positions and closed 14 in Q3 2019.
  • Murray Stahl's portfolio value fell 8.2% quarter-over-quarter to $3.32B.

Based on Horizon Kinetics Asset Management's 13F filing for Q3 2019, filed 14 Nov 2019.