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 |
DigitalBridge
DBRG
|
+$54.1M |
| 2 |
Hawaiian Electric Industries
HE
|
+$24.1M |
| 3 |
Viper Energy
VNOM
|
+$13.9M |
| 4 |
LB
LandBridge Co
LB
|
+$12.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$108M |
| 2 |
Nutrien
NTR
|
+$11.9M |
| 3 |
Charles River Laboratories
CRL
|
+$10.6M |
| 4 |
Strategy Inc
MSTR
|
+$8.3M |
| 5 |
Archer Daniels Midland
ADM
|
+$5.85M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 58.65% |
| 2 | Financials | 6.78% |
| 3 | Materials | 5.84% |
| 4 | Technology | 3.37% |
| 5 | Consumer Discretionary | 2.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Dorchester Minerals
DMLP
$1.42B
| $30.3M | 0.38% |
908,646
+11,753
| +1% | +$384K |
|
27
OR Royalties Inc
OR
$6.76B
| $30M | 0.37% |
1,659,922
+267,777
| +19% | +$5.21M |
|
28
CME Group
CME
$98.9B
| $29.2M | 0.36% |
125,853
-2,860
| -2% | -$658K |
|
29
Penske Automotive Group
PAG
$14.2B
| $27.9M | 0.35% |
182,966
+1,486
| +0.8% | +$236K |
|
|
30
Archer Daniels Midland
ADM
$38.7B
| $27.6M | 0.34% |
545,719
-108,092
| -17% | -$5.85M |
|
31
Carnival Corporation Ltd
CCL
$35.2B
| $27M | 0.34% |
1,084,131
+1,182
| +0.1% | +$27.7K |
|
32
St. Joe Company
JOE
$3.92B
| $25.3M | 0.32% |
564,202
+40,354
| +8% | +$2.09M |
|
33
Bunge Global
BG
$21.7B
| $24.8M | 0.31% |
319,121
+49,046
| +18% | +$4.31M |
|
34
West Fraser Timber
WFG
$5.46B
| $24.4M | 0.3% |
281,367
+44,424
| +19% | +$4.16M |
|
|
35
Hawaiian Electric Industries
HE
$1.99B
| $23.2M | 0.29% |
+2,379,498
| New | +$24.1M |
|
|
SAND
36
DELISTED
Sandstorm Gold
SAND
| $21.1M | 0.26% |
3,788,672
-113,047
| -3% | -$656K |
|
37
Berkshire Hathaway Class B
BRK.B
$1.06T
| $19.8M | 0.25% |
43,600
-1,378
| -3% | -$636K |
|
38
White Mountains Insurance
WTM
$5.04B
| $19.6M | 0.24% |
10,089
+2,951
| +41% | +$5.58M |
|
39
Interparfums
IPAR
$3.7B
| $19.3M | 0.24% |
147,120
-4,695
| -3% | -$603K |
|
|
STR
40
DELISTED
Sitio Royalties
STR
| $16.5M | 0.21% |
862,426
+91,685
| +12% | +$2.05M |
|
41
Tejon Ranch
TRC
$444M
| $13.5M | 0.17% |
851,294
-47,812
| -5% | -$772K |
|
42
Oshkosh
OSK
$9.7B
| $13.3M | 0.17% |
140,119
-1,021
| -0.7% | -$107K |
|
43
Royal Caribbean
RCL
$78.1B
| $13.2M | 0.16% |
57,153
-728
| -1% | -$161K |
|
44
Wendy's
WEN
$1.72B
| $12.8M | 0.16% |
782,621
-64,895
| -8% | -$1.18M |
|
45
Brookfield Asset Management
BAM
$83.5B
| $12.7M | 0.16% |
234,360
-6,220
| -3% | -$336K |
|
46
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $12.5M | 0.16% |
215,098
-8,401
| -4% | -$490K |
|
47
Horizon Kinetics SPAC Active ETF
SPAQ
$10M
| $12.3M | 0.15% |
125,435
-3,256
| -3% | -$326K |
|
|
48
Charles River Laboratories
CRL
$14.1B
| $11M | 0.14% |
59,840
-54,922
| -48% | -$10.6M |
|
49
Mastercard
MA
$509B
| $10.2M | 0.13% |
19,291
-347
| -2% | -$180K |
|
50
RB Global
RBA
$16.1B
| $9.98M | 0.12% |
110,630
-7,379
| -6% | -$660K |
|
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Murray Stahl's Q4 2024 Portfolio in Review
As of Q4 2024, Murray Stahl held 361 positions worth $8.03B, up 20% from $6.68B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Murray Stahl's Q4 2024 filing shows 15 new, 107 increased, 132 reduced and 12 closed positions. Its largest new stake was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M. The largest sale was Texas Pacific Land, an estimated $108M.
By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 57% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q4 2024 buy was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M.
- Murray Stahl added most to DigitalBridge in Q4 2024, an estimated $54.1M increase.
- Murray Stahl's biggest Q4 2024 reduction was Texas Pacific Land, cutting an estimated $108M.
- Murray Stahl fully exited CVS Health in Q4 2024, selling an estimated $807K.
- Murray Stahl's ten largest holdings make up 79% of its $8.03B portfolio in Q4 2024.
- Murray Stahl opened 15 new positions and closed 12 in Q4 2024.
- Murray Stahl's portfolio value rose 20% quarter-over-quarter to $8.03B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2024, filed 10 Feb 2025.