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 | |
|---|---|---|---|---|---|---|
26
Berkshire Hathaway Class B
BRK.B
$1.06T
| $18.2M | 0.73% |
85,697
-5,222
| -6% | -$1.07M |
|
27
Mastercard
MA
$509B
| $16.8M | 0.67% |
49,698
-1,647
| -3% | -$536K |
|
28
PayPal
PYPL
$52.7B
| $16.8M | 0.67% |
85,205
-2,455
| -3% | -$462K |
|
29
Boeing
BA
$169B
| $16.1M | 0.65% |
97,260
-2,899
| -3% | -$494K |
|
|
LSXMA
30
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $15.7M | 0.63% |
645,992
-44,153
| -6% | -$1.14M |
|
31
Equity Lifestyle Properties
ELS
$12.7B
| $15M | 0.6% |
245,453
-12,433
| -5% | -$805K |
|
32
Oshkosh
OSK
$9.7B
| $13.6M | 0.55% |
185,162
+18,470
| +11% | +$1.42M |
|
33
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $13.4M | 0.54% |
216,487
-37,064
| -15% | -$2.3M |
|
34
iShares 0-1 Year Treasury Bond ETF
SHV
$20.8B
| $13.2M | 0.53% |
119,362
-10,179
| -8% | -$1.13M |
|
35
Penske Automotive Group
PAG
$14.2B
| $12.5M | 0.5% |
261,309
+11,417
| +5% | +$530K |
|
|
LBRDA
36
DELISTED
Liberty Broadband Class A
LBRDA
| $10.1M | 0.41% |
71,209
-8,307
| -10% | -$1.13M |
|
37
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| $9.23M | 0.37% |
3,402
+1,747
| +106% | +$3.1M |
|
38
Liberty Media Series C
FWONK
$26.3B
| $9.22M | 0.37% |
262,879
-29,669
| -10% | -$1.04M |
|
|
IAA
39
DELISTED
IAA, Inc. Common Stock
IAA
| $9.16M | 0.37% |
175,930
+12,102
| +7% | +$563K |
|
40
Markel Group
MKL
$22.2B
| $8.86M | 0.36% |
9,096
-1,749
| -16% | -$1.78M |
|
|
GLIBA
41
DELISTED
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
| $8.07M | 0.32% |
98,490
-5,638
| -5% | -$444K |
|
|
Y
42
DELISTED
Alleghany Corp
Y
| $7.97M | 0.32% |
15,320
+4,307
| +39% | +$2.26M |
|
43
Dorchester Minerals
DMLP
$1.42B
| $7.87M | 0.32% |
762,025
| – | – |
|
44
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
| $7.72M | 0.31% |
538,518
| – | – |
|
45
Interparfums
IPAR
$3.7B
| $7.54M | 0.3% |
201,950
-7,771
| -4% | -$334K |
|
46
Navigator Holdings
NVGS
$1.36B
| $7.54M | 0.3% |
901,762
-58,987
| -6% | -$490K |
|
47
Visa
V
$693B
| $7.04M | 0.28% |
35,227
+850
| +2% | +$170K |
|
|
DBL
48
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $6.83M | 0.27% |
358,482
-32,448
| -8% | -$624K |
|
49
VanEck Gold Miners ETF
GDX
$31.8B
| $6.63M | 0.27% |
169,284
+17,274
| +11% | +$704K |
|
50
BGC Group
BGC
$5.63B
| $6.16M | 0.25% |
2,567,140
-151,422
| -6% | -$395K |
|
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.