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 |
PBT
Permian Basin Royalty Trust
PBT
|
+$17.1M |
| 2 |
PCH
PotlatchDeltic
PCH
|
+$5.53M |
| 3 |
Tejon Ranch
TRC
|
+$3.6M |
| 4 |
Civeo
CVEO
|
+$2.97M |
| 5 |
Federated Hermes
FHI
|
+$2.52M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$27.9M |
| 2 |
Viper Energy
VNOM
|
+$9.31M |
| 3 |
Archer Daniels Midland
ADM
|
+$6.63M |
| 4 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$5.78M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$5.78M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 60.55% |
| 2 | Financials | 9.08% |
| 3 | Materials | 8.92% |
| 4 | Consumer Discretionary | 3.87% |
| 5 | Technology | 3.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SAND
26
DELISTED
Sandstorm Gold
SAND
| $33.5M | 0.67% |
6,473,010
+47,041
| +0.7% | +$275K |
|
27
Bunge Global
BG
$21.7B
| $32.2M | 0.65% |
389,975
-8,862
| -2% | -$825K |
|
|
LSXMK
28
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $28.1M | 0.57% |
961,968
-29,721
| -3% | -$924K |
|
29
Weyerhaeuser
WY
$17.6B
| $26.9M | 0.54% |
941,465
-121,972
| -11% | -$4.15M |
|
30
CBRE Group
CBRE
$44B
| $26.6M | 0.54% |
393,705
-39,691
| -9% | -$3.15M |
|
31
Dorchester Minerals
DMLP
$1.42B
| $25.7M | 0.52% |
1,029,371
+70
| +0% | +$1.91K |
|
32
Wendy's
WEN
$1.72B
| $24M | 0.48% |
1,282,845
-43,971
| -3% | -$885K |
|
33
OR Royalties Inc
OR
$6.76B
| $23.9M | 0.48% |
2,350,870
-205,537
| -8% | -$2.06M |
|
34
Icahn Enterprises
IEP
$4.83B
| $22.5M | 0.45% |
453,071
-8,171
| -2% | -$422K |
|
35
Penske Automotive Group
PAG
$14.2B
| $21.8M | 0.44% |
221,347
-11,675
| -5% | -$1.3M |
|
36
St. Joe Company
JOE
$3.92B
| $19.5M | 0.39% |
609,993
+17,596
| +3% | +$682K |
|
37
Royalty Pharma
RPRX
$27.3B
| $16.4M | 0.33% |
408,546
-45,010
| -10% | -$1.92M |
|
38
Cohen & Steers
CNS
$4.19B
| $14.6M | 0.29% |
233,451
-24,979
| -10% | -$1.79M |
|
|
LSXMA
39
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $14.3M | 0.29% |
512,913
-2,852
| -0.6% | -$84.4K |
|
|
40
Tejon Ranch
TRC
$444M
| $14.2M | 0.29% |
986,573
+226,779
| +30% | +$3.6M |
|
41
Royal Gold
RGLD
$21.9B
| $13.3M | 0.27% |
141,873
-1,505
| -1% | -$149K |
|
42
S&P Global
SPGI
$127B
| $13.1M | 0.26% |
42,954
-6,920
| -14% | -$2.48M |
|
43
Interparfums
IPAR
$3.7B
| $12.7M | 0.26% |
168,467
-3,900
| -2% | -$309K |
|
44
Liberty Media Series C
FWONK
$26.3B
| $12.2M | 0.25% |
215,907
-1,152
| -0.5% | -$71.3K |
|
45
Equity Lifestyle Properties
ELS
$12.7B
| $12M | 0.24% |
191,051
-3,376
| -2% | -$243K |
|
|
LBRDK
46
DELISTED
Liberty Broadband Class C
LBRDK
| $11.8M | 0.24% |
160,116
-6,895
| -4% | -$734K |
|
47
Berkshire Hathaway Class B
BRK.B
$1.06T
| $11.4M | 0.23% |
42,783
-398
| -0.9% | -$113K |
|
48
Oshkosh
OSK
$9.7B
| $11M | 0.22% |
157,074
-77
| -0% | -$6.26K |
|
|
SII
49
Sprott
SII
$3.41B
| $9.69M | 0.2% |
289,037
-64,958
| -18% | -$2.33M |
|
50
Mastercard
MA
$509B
| $9.51M | 0.19% |
33,452
-424
| -1% | -$141K |
|
Similar funds
Murray Stahl's Q3 2022 Portfolio in Review
As of Q3 2022, Murray Stahl held 353 positions worth $4.97B, up 4% from $4.78B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Murray Stahl's Q3 2022 filing shows 17 new, 83 increased, 151 reduced and 24 closed positions. Its largest new stake was Warner Bros: 182,843 shares worth $2.1M. The largest sale was Texas Pacific Land, an estimated $27.9M.
By sector, the portfolio is most concentrated in Energy at 61% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2022 buy was Warner Bros: 182,843 shares worth $2.1M.
- Murray Stahl added most to Permian Basin Royalty Trust in Q3 2022, an estimated $17.1M increase.
- Murray Stahl's biggest Q3 2022 reduction was Texas Pacific Land, cutting an estimated $27.9M.
- Murray Stahl fully exited CATCHMARK TIMBER TRUST, INC. in Q3 2022, selling an estimated $5.78M.
- Murray Stahl's ten largest holdings make up 71% of its $4.97B portfolio in Q3 2022.
- Murray Stahl opened 17 new positions and closed 24 in Q3 2022.
- Murray Stahl's portfolio value rose 4% quarter-over-quarter to $4.97B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2022, filed 15 Nov 2022.