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Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
1-Year Est. Return 23.05%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+3.11%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$3.62B
AUM Growth
+$21.3M
Cap. Flow
-$125M
Cap. Flow %
-3.45%
Top 10 Hldgs %
62.85%
Holding
503
New
15
Increased
96
Reduced
273
Closed
9

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$17.7M
2
DMLP icon
Dorchester Minerals
DMLP
+$14.4M
3
FNV icon
Franco-Nevada
FNV
+$4.26M
4
CACI icon
CACI
CACI
+$3.58M
5
SAIC icon
Saic
SAIC
+$3.08M

Top Sells

Rank Stock Value
1
VGSH icon
Vanguard Short-Term Treasury ETF
VGSH
+$24.5M
2
HHH icon
Howard Hughes
HHH
+$12.5M
3
IEP icon
Icahn Enterprises
IEP
+$11.7M
4
WEN icon
Wendy's
WEN
+$9.81M
5
RMT
Royce Micro-Cap Trust
RMT
+$7.74M

Sector Composition

Rank Sector Weight
1 Energy 45.71%
2 Communication Services 11.57%
3 Financials 10.51%
4 Real Estate 6.39%
5 Materials 6.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PGLC
501
DELISTED
Pershing Gold Corporation. Common Stock
PGLC
– –
-69,842
Closed -$81K
17 18 19 20
21

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Murray Stahl's Q2 2019 Portfolio in Review

As of Q2 2019, Murray Stahl held 503 positions worth $3.62B, up 0.59% from $3.6B the previous quarter. Its ten largest holdings account for 63% of the portfolio.

Murray Stahl withdrew a net $125M in Q2 2019, closing 9 positions and reducing 273 holdings. Its most notable exit was Osiris Therapeutics, Inc. Common Stock, an estimated $361K position sold in full.

By sector, the portfolio is most concentrated in Energy at 46% of assets, up from 45% a quarter earlier, followed by Communication Services and Financials.

Against the trend, Murray Stahl opened a new position in Dorchester Minerals worth $14M.

  • Murray Stahl's largest Q2 2019 buy was Dorchester Minerals: 767,044 shares worth $14M.
  • Murray Stahl added most to Cheniere Energy in Q2 2019, an estimated $17.7M increase.
  • Murray Stahl's biggest Q2 2019 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $24.5M.
  • Murray Stahl fully exited Osiris Therapeutics, Inc. Common Stock in Q2 2019, selling an estimated $361K.
  • Murray Stahl's ten largest holdings make up 63% of its $3.62B portfolio in Q2 2019.
  • Murray Stahl opened 15 new positions and closed 9 in Q2 2019.
  • Murray Stahl's portfolio value rose 0.59% quarter-over-quarter to $3.62B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2019, filed 14 Aug 2019.