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 |
Grayscale Bitcoin Trust
GBTC
|
+$729M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$22.4M |
| 3 |
Bakkt Inc
BKKT
|
+$7.36M |
| 4 |
Eagle Materials
EXP
|
+$5.25M |
| 5 |
SJT
San Juan Basin Royalty Trust
SJT
|
+$3.82M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$123M |
| 2 |
Wheaton Precious Metals
WPM
|
+$11.1M |
| 3 |
Boeing
BA
|
+$9.99M |
| 4 |
Civeo
CVEO
|
+$9.65M |
| 5 |
CACI
CACI
|
+$7.98M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 46.58% |
| 2 | Financials | 7.97% |
| 3 | Materials | 7.35% |
| 4 | Technology | 4.66% |
| 5 | Consumer Discretionary | 4.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
iShares Bitcoin Trust
IBIT
$57.7B
| $29M | 0.55% |
+716,932
| New | +$22.4M |
|
27
Bunge Global
BG
$21.7B
| $26.5M | 0.5% |
258,966
-19,854
| -7% | -$1.86M |
|
|
MRSH
28
Marsh
MRSH
$91.6B
| $26M | 0.49% |
126,449
-10,137
| -7% | -$2.02M |
|
|
SAND
29
DELISTED
Sandstorm Gold
SAND
| $23.3M | 0.44% |
4,429,446
-378,921
| -8% | -$1.75M |
|
30
Interparfums
IPAR
$3.7B
| $22.3M | 0.42% |
158,657
-150
| -0.1% | -$21.2K |
|
31
OR Royalties Inc
OR
$6.76B
| $20.4M | 0.39% |
1,242,035
-102,378
| -8% | -$1.51M |
|
32
Wendy's
WEN
$1.72B
| $20.1M | 0.38% |
1,065,402
-65,605
| -6% | -$1.23M |
|
33
Cameco
CCJ
$44.6B
| $20.1M | 0.38% |
462,927
-34,505
| -7% | -$1.51M |
|
34
Berkshire Hathaway Class B
BRK.B
$1.06T
| $19.1M | 0.36% |
45,496
-1,105
| -2% | -$435K |
|
35
West Fraser Timber
WFG
$5.46B
| $18.3M | 0.35% |
211,481
-58,341
| -22% | -$4.77M |
|
36
Carnival Corporation Ltd
CCL
$35.2B
| $18M | 0.34% |
1,098,718
-40,950
| -4% | -$666K |
|
37
Oshkosh
OSK
$9.7B
| $17M | 0.32% |
136,150
+156
| +0.1% | +$17.4K |
|
|
STR
38
DELISTED
Sitio Royalties
STR
| $16.9M | 0.32% |
682,761
-223,843
| -25% | -$5.04M |
|
39
Brookfield Asset Management
BAM
$83.5B
| $15.6M | 0.29% |
370,592
-16,296
| -4% | -$659K |
|
40
Nutrien
NTR
$35.9B
| $15.1M | 0.29% |
277,798
-12,084
| -4% | -$630K |
|
41
Tejon Ranch
TRC
$444M
| $14.4M | 0.27% |
937,324
-147,804
| -14% | -$2.39M |
|
42
Vanguard Ultra-Short Bond ETF
VUSB
$9.34B
| $13.7M | 0.26% |
275,546
-16,085
| -6% | -$796K |
|
43
Liberty Media Series C
FWONK
$26.3B
| $12.7M | 0.24% |
193,021
-7,772
| -4% | -$522K |
|
44
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $12.6M | 0.24% |
216,450
-4,581
| -2% | -$266K |
|
|
45
Eagle Materials
EXP
$6.35B
| $11.5M | 0.22% |
42,345
+22,219
| +110% | +$5.25M |
|
46
Royal Gold
RGLD
$21.9B
| $10.9M | 0.21% |
89,659
-38,330
| -30% | -$4.33M |
|
47
Horizon Kinetics SPAC Active ETF
SPAQ
$10M
| $10.7M | 0.2% |
109,284
-1,072
| -1% | -$104K |
|
48
Mastercard
MA
$509B
| $10.2M | 0.19% |
21,239
-617
| -3% | -$282K |
|
49
RB Global
RBA
$16.1B
| $8.84M | 0.17% |
116,100
+23,571
| +25% | +$1.65M |
|
50
Liberty Media Series A
FWONA
$24.2B
| $8.13M | 0.15% |
138,374
-5,502
| -4% | -$332K |
|
Similar funds
Murray Stahl's Q1 2024 Portfolio in Review
As of Q1 2024, Murray Stahl held 335 positions worth $5.29B, up 11% from $4.78B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Murray Stahl's Q1 2024 filing shows 9 new, 56 increased, 154 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M. The largest sale was Texas Pacific Land, an estimated $123M.
By sector, the portfolio is most concentrated in Energy at 47% of assets, down from 50% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2024 buy was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M.
- Murray Stahl added most to Bakkt Inc in Q1 2024, an estimated $7.36M increase.
- Murray Stahl's biggest Q1 2024 reduction was Texas Pacific Land, cutting an estimated $123M.
- Murray Stahl fully exited Paramount Global Class B in Q1 2024, selling an estimated $721K.
- Murray Stahl's ten largest holdings make up 74% of its $5.29B portfolio in Q1 2024.
- Murray Stahl opened 9 new positions and closed 12 in Q1 2024.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $5.29B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2024, filed 14 May 2024.