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 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$81.5M |
| 2 |
LB
LandBridge Co
LB
|
+$16.3M |
| 3 |
White Mountains Insurance
WTM
|
+$10.1M |
| 4 |
DigitalBridge
DBRG
|
+$6.14M |
| 5 |
Blackstone
BX
|
+$3.29M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grayscale Bitcoin Trust
GBTC
|
+$63.5M |
| 2 |
Charles River Laboratories
CRL
|
+$9.48M |
| 3 |
Vanguard Ultra-Short Bond ETF
VUSB
|
+$6.29M |
| 4 |
Brookfield
BN
|
+$4.46M |
| 5 |
Liberty Media Series A
FWONA
|
+$3.75M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.7% |
| 2 | Financials | 7.08% |
| 3 | Materials | 6.99% |
| 4 | Technology | 4.52% |
| 5 | Consumer Discretionary | 3.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
CME Group
CME
$98.9B
| $28.4M | 0.43% |
128,713
-11,899
| -8% | -$2.46M |
|
27
Dorchester Minerals
DMLP
$1.42B
| $27M | 0.4% |
896,893
+5,210
| +0.6% | +$160K |
|
|
MRSH
28
Marsh
MRSH
$91.6B
| $26.6M | 0.4% |
119,074
-640
| -0.5% | -$142K |
|
29
Bunge Global
BG
$21.7B
| $26.1M | 0.39% |
270,075
-17,763
| -6% | -$1.82M |
|
30
OR Royalties Inc
OR
$6.76B
| $25.8M | 0.39% |
1,392,145
-2,334
| -0.2% | -$40.4K |
|
31
Cameco
CCJ
$44.6B
| $24.7M | 0.37% |
517,828
-1,400
| -0.3% | -$61K |
|
|
SAND
32
DELISTED
Sandstorm Gold
SAND
| $23.4M | 0.35% |
3,901,719
-83,975
| -2% | -$477K |
|
33
West Fraser Timber
WFG
$5.46B
| $23.1M | 0.35% |
236,943
-233
| -0.1% | -$20K |
|
|
34
Charles River Laboratories
CRL
$14.1B
| $22.6M | 0.34% |
114,762
-45,619
| -28% | -$9.48M |
|
35
Berkshire Hathaway Class B
BRK.B
$1.06T
| $20.7M | 0.31% |
44,978
-143
| -0.3% | -$63.2K |
|
36
Carnival Corporation Ltd
CCL
$35.2B
| $20M | 0.3% |
1,082,949
-8,800
| -0.8% | -$149K |
|
37
Interparfums
IPAR
$3.7B
| $19.7M | 0.29% |
151,815
-3,999
| -3% | -$500K |
|
|
STR
38
DELISTED
Sitio Royalties
STR
| $16.1M | 0.24% |
770,741
-4,209
| -0.5% | -$95.4K |
|
39
Tejon Ranch
TRC
$444M
| $15.8M | 0.24% |
899,106
-9,838
| -1% | -$175K |
|
40
Nutrien
NTR
$35.9B
| $15.3M | 0.23% |
317,633
+8,531
| +3% | +$411K |
|
41
Wendy's
WEN
$1.72B
| $14.8M | 0.22% |
847,516
-154,316
| -15% | -$2.63M |
|
42
Oshkosh
OSK
$9.7B
| $14.1M | 0.21% |
141,140
+4,680
| +3% | +$488K |
|
43
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $13.2M | 0.2% |
223,499
-1,917
| -0.9% | -$112K |
|
44
Horizon Kinetics SPAC Active ETF
SPAQ
$10M
| $12.8M | 0.19% |
128,691
+5,992
| +5% | +$594K |
|
|
45
White Mountains Insurance
WTM
$5.04B
| $12.1M | 0.18% |
7,138
+5,773
| +423% | +$10.1M |
|
46
Brookfield Asset Management
BAM
$83.5B
| $11.4M | 0.17% |
240,580
-29,712
| -11% | -$1.24M |
|
47
Royal Gold
RGLD
$21.9B
| $10.7M | 0.16% |
76,367
-12,621
| -14% | -$1.73M |
|
48
Royal Caribbean
RCL
$78.1B
| $10.3M | 0.15% |
57,881
+1,709
| +3% | +$277K |
|
49
Mastercard
MA
$509B
| $9.7M | 0.15% |
19,638
-1,490
| -7% | -$693K |
|
50
S&P Global
SPGI
$127B
| $9.54M | 0.14% |
18,465
-171
| -0.9% | -$84.6K |
|
Similar funds
Murray Stahl's Q3 2024 Portfolio in Review
As of Q3 2024, Murray Stahl held 358 positions worth $6.68B, up 17% from $5.72B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q3 2024 filing shows 34 new, 151 increased, 120 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M. The largest sale was Grayscale Bitcoin Trust, an estimated $63.5M.
By sector, the portfolio is most concentrated in Energy at 57% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2024 buy was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M.
- Murray Stahl added most to LandBridge Co in Q3 2024, an estimated $16.3M increase.
- Murray Stahl's biggest Q3 2024 reduction was Grayscale Bitcoin Trust, cutting an estimated $63.5M.
- Murray Stahl fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $2.18M.
- Murray Stahl's ten largest holdings make up 76% of its $6.68B portfolio in Q3 2024.
- Murray Stahl opened 34 new positions and closed 12 in Q3 2024.
- Murray Stahl's portfolio value rose 17% quarter-over-quarter to $6.68B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2024, filed 13 Nov 2024.