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 |
MSB
Mesabi Trust
MSB
|
+$10.5M |
| 2 |
iShares Silver Trust
SLV
|
+$3.51M |
| 3 |
iShares Global Timber & Forestry ETF
WOOD
|
+$3.16M |
| 4 |
Intercontinental Exchange
ICE
|
+$3.14M |
| 5 |
SPDR Gold Trust
GLD
|
+$2.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$31.1M |
| 2 |
Icahn Enterprises
IEP
|
+$13.2M |
| 3 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$10.4M |
| 4 |
Wheaton Precious Metals
WPM
|
+$9.79M |
| 5 |
Howard Hughes
HHH
|
+$7.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.85% |
| 2 | Financials | 13.83% |
| 3 | Materials | 13.24% |
| 4 | Communication Services | 9.25% |
| 5 | Consumer Discretionary | 5.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Madison Square Garden
MSGS
$9.78B
| $6.08M | 0.24% |
40,440
-5,942
| -13% | -$933K |
|
52
Alphabet (Google) Class A
GOOGL
$4.22T
| $6.08M | 0.24% |
82,960
-30,960
| -27% | -$2.36M |
|
53
Liberty Media Series A
FWONA
$24.2B
| $6.07M | 0.24% |
189,149
-6,269
| -3% | -$203K |
|
|
54
SPDR Gold Trust
GLD
$152B
| $5.97M | 0.24% |
33,733
+14,464
| +75% | +$2.6M |
|
|
55
Alphabet (Google) Class C
GOOG
$4.18T
| $5.93M | 0.24% |
80,740
-33,700
| -29% | -$2.57M |
|
|
56
iShares Silver Trust
SLV
$33.8B
| $5.17M | 0.21% |
239,079
+154,382
| +182% | +$3.51M |
|
57
Apple
AAPL
$4.51T
| $4.83M | 0.19% |
41,724
-6,560
| -14% | -$716K |
|
58
AMC Global Media
AMCX
$511M
| $4.75M | 0.19% |
192,368
-28,308
| -13% | -$680K |
|
59
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $4.67M | 0.19% |
84,287
+22,757
| +37% | +$1.31M |
|
60
Archer Daniels Midland
ADM
$38.7B
| $4.26M | 0.17% |
91,696
+36,253
| +65% | +$1.59M |
|
|
ECHO
61
EchoStar
ECHO
$25.2B
| $4.17M | 0.17% |
167,507
-32,168
| -16% | -$897K |
|
62
Nasdaq
NDAQ
$54.9B
| $4.06M | 0.16% |
99,162
+16,659
| +20% | +$710K |
|
|
PFN
63
PIMCO Income Strategy Fund II
PFN
$687M
| $4M | 0.16% |
440,813
+1,401
| +0.3% | +$12.6K |
|
64
Microsoft
MSFT
$3.59T
| $4M | 0.16% |
18,999
+59
| +0.3% | +$12.4K |
|
|
RMT
65
Royce Micro-Cap Trust
RMT
$768M
| $3.99M | 0.16% |
520,483
-153,177
| -23% | -$1.19M |
|
66
Las Vegas Sands
LVS
$30.5B
| $3.97M | 0.16% |
85,028
-3,835
| -4% | -$183K |
|
|
GBL
67
DELISTED
GAMCO Investors, Inc.
GBL
| $3.82M | 0.15% |
330,478
+28,265
| +9% | +$355K |
|
68
Enovis
ENOV
$1.5B
| $3.61M | 0.14% |
66,899
+979
| +1% | +$53.8K |
|
69
Johnson & Johnson
JNJ
$651B
| $3.52M | 0.14% |
23,664
-1,296
| -5% | -$192K |
|
70
Berkshire Hathaway Class A
BRK.A
$1.06T
| $3.52M | 0.14% |
11
| – | – |
|
71
Williams Companies
WMB
$86.2B
| $3.47M | 0.14% |
176,589
+26,200
| +17% | +$533K |
|
72
Merck
MRK
$376B
| $3.39M | 0.14% |
42,835
+912
| +2% | +$71.4K |
|
|
TPH
73
DELISTED
Tri Pointe Homes
TPH
| $3.27M | 0.13% |
180,062
+15,963
| +10% | +$270K |
|
|
74
iShares Global Timber & Forestry ETF
WOOD
$270M
| $3.26M | 0.13% |
+50,490
| New | +$3.16M |
|
75
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $3.12M | 0.13% |
139,227
+2
| +0% | +$45 |
|
Similar funds
Murray Stahl's Q3 2020 Portfolio in Review
As of Q3 2020, Murray Stahl held 428 positions worth $2.49B, down 9.8% from $2.76B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Murray Stahl withdrew a net $143M in Q3 2020, closing 66 positions and reducing 173 holdings. Its most notable exit was BP, an estimated $1.14M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in iShares Global Timber & Forestry ETF worth $3.26M.
- Murray Stahl's largest Q3 2020 buy was iShares Global Timber & Forestry ETF: 50,490 shares worth $3.26M.
- Murray Stahl added most to Mesabi Trust in Q3 2020, an estimated $10.5M increase.
- Murray Stahl's biggest Q3 2020 reduction was Texas Pacific Land, cutting an estimated $31.1M.
- Murray Stahl fully exited BP in Q3 2020, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 56% of its $2.49B portfolio in Q3 2020.
- Murray Stahl opened 23 new positions and closed 66 in Q3 2020.
- Murray Stahl's portfolio value fell 9.8% quarter-over-quarter to $2.49B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2020, filed 16 Nov 2020.