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 |
Texas Pacific Land
TPL
|
+$1.27B |
| 2 |
Howard Hughes
HHH
|
+$194M |
| 3 |
Icahn Enterprises
IEP
|
+$135M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$102M |
| 5 |
Civeo
CVEO
|
+$94.4M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.16% |
| 2 | Communication Services | 11.83% |
| 3 | Financials | 10.32% |
| 4 | Real Estate | 6.12% |
| 5 | Materials | 5.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Markel Group
MKL
$22.2B
| $19.9M | 0.55% |
+19,956
| New | +$20.3M |
|
27
Mastercard
MA
$509B
| $17.6M | 0.49% |
+74,625
| New | +$16.1M |
|
|
DSL
28
DoubleLine Income Solutions Fund
DSL
$1.21B
| $16.3M | 0.45% |
+816,770
| New | +$15.8M |
|
29
Navigator Holdings
NVGS
$1.36B
| $16.1M | 0.45% |
+1,465,025
| New | +$15M |
|
|
OAK
30
DELISTED
OAKTREE CAPITAL GROUP, LLC
OAK
| $16M | 0.44% |
+322,174
| New | +$14M |
|
|
LGF.B
31
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $15.2M | 0.42% |
+1,009,341
| New | +$15.8M |
|
32
Interparfums
IPAR
$3.7B
| $15.1M | 0.42% |
+198,482
| New | +$13.9M |
|
33
Equity Lifestyle Properties
ELS
$12.7B
| $14.7M | 0.41% |
+257,882
| New | +$13.8M |
|
34
CALL
Brighthouse Financial
BHF
$3.01B
| $14.6M | 0.41% |
+217,600
| New | +$8.15M |
|
35
Liberty Media Series C
FWONK
$26.3B
| $13.9M | 0.39% |
+410,201
| New | +$12.9M |
|
|
ECHO
36
EchoStar
ECHO
$25.2B
| $11.9M | 0.33% |
+404,150
| New | +$12.7M |
|
|
SAND
37
DELISTED
Sandstorm Gold
SAND
| $11.8M | 0.33% |
+2,158,955
| New | +$11.4M |
|
|
LBRDA
38
DELISTED
Liberty Broadband Class A
LBRDA
| $10.6M | 0.29% |
+115,520
| New | +$9.82M |
|
|
DBL
39
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $9.47M | 0.26% |
+468,737
| New | +$9.21M |
|
40
Liberty Media Series A
FWONA
$24.2B
| $9.37M | 0.26% |
+287,562
| New | +$8.71M |
|
41
PayPal
PYPL
$52.7B
| $9.24M | 0.26% |
+89,000
| New | +$8.43M |
|
42
Alphabet (Google) Class A
GOOGL
$4.22T
| $8.17M | 0.23% |
+138,840
| New | +$7.84M |
|
43
ExxonMobil
XOM
$679B
| $8.11M | 0.23% |
+100,339
| New | +$7.65M |
|
|
44
Alphabet (Google) Class C
GOOG
$4.18T
| $8.04M | 0.22% |
+137,060
| New | +$7.69M |
|
|
MSB
45
Mesabi Trust
MSB
$299M
| $7.92M | 0.22% |
+270,583
| New | +$7.74M |
|
46
PIMCO Dynamic Income Fund
PDI
$6.98B
| $7.64M | 0.21% |
+238,134
| New | +$7.51M |
|
47
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
| $7.63M | 0.21% |
+571,189
| New | +$7.42M |
|
48
Las Vegas Sands
LVS
$30.5B
| $7.3M | 0.2% |
+119,822
| New | +$7.06M |
|
49
PUT
NVIDIA
NVDA
$5.2T
| $6.91M | 0.19% |
+2,404,000
| New | +$9.33M |
|
50
Patterson-UTI
PTEN
$4.71B
| $6.83M | 0.19% |
+486,863
| New | +$6.38M |
|
Similar funds
Murray Stahl's Q1 2019 Portfolio in Review
Q1 2019 is the first quarter with a 13F filing on record for Murray Stahl, which disclosed 488 positions worth $3.6B. Its ten largest holdings account for 63% of the portfolio.
Its largest position is Texas Pacific Land: 16,202,835 shares worth $1.39B.
By sector, the portfolio is most concentrated in Energy at 45% of assets, followed by Communication Services and Financials.
- Murray Stahl's largest Q1 2019 buy was Texas Pacific Land: 16,202,835 shares worth $1.39B.
- Murray Stahl's ten largest holdings make up 63% of its $3.6B portfolio in Q1 2019.
- Murray Stahl disclosed 488 positions in Q1 2019, its first 13F filing on record.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2019, filed 15 May 2019.