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 |
Archer Daniels Midland
ADM
|
+$7.84M |
| 2 |
MSB
Mesabi Trust
MSB
|
+$7.59M |
| 3 |
Intercontinental Exchange
ICE
|
+$4.96M |
| 4 |
West Fraser Timber
WFG
|
+$4.33M |
| 5 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$4.25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$54.2M |
| 2 |
iShares 0-1 Year Treasury Bond ETF
SHV
|
+$8.9M |
| 3 |
Howard Hughes
HHH
|
+$5.53M |
| 4 |
Wendy's
WEN
|
+$4.62M |
| 5 |
Icahn Enterprises
IEP
|
+$3.47M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 58.84% |
| 2 | Financials | 8.71% |
| 3 | Materials | 6.9% |
| 4 | Communication Services | 5.93% |
| 5 | Consumer Discretionary | 4.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Alphabet (Google) Class A
GOOGL
$4.22T
| $6.19M | 0.14% |
60,000
-12,020
| -17% | -$1.19M |
|
52
Navigator Holdings
NVGS
$1.36B
| $6.14M | 0.14% |
690,440
-40,120
| -5% | -$406K |
|
|
GBL
53
DELISTED
GAMCO Investors, Inc.
GBL
| $6.09M | 0.14% |
328,181
-1,719
| -0.5% | -$32.5K |
|
|
54
Alphabet (Google) Class C
GOOG
$4.18T
| $5.96M | 0.14% |
57,580
-12,740
| -18% | -$1.26M |
|
55
Apyx Medical
APYX
$131M
| $5.94M | 0.13% |
615,000
| – | – |
|
56
Nasdaq
NDAQ
$54.9B
| $5.91M | 0.13% |
120,156
+22,110
| +23% | +$1.05M |
|
57
Markel Group
MKL
$22.2B
| $5.63M | 0.13% |
4,942
-1,435
| -23% | -$1.55M |
|
58
Warner Bros
WBD
$71.6B
| $5.59M | 0.13% |
128,537
-4,015
| -3% | -$200K |
|
|
PPLI
59
People Inc
PPLI
$2.86B
| $5.29M | 0.12% |
44,840
+12,816
| +40% | +$1.59M |
|
|
DBL
60
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $5.25M | 0.12% |
266,048
+333
| +0.1% | +$6.58K |
|
61
Las Vegas Sands
LVS
$30.5B
| $5.13M | 0.12% |
84,356
-350
| -0.4% | -$20.5K |
|
62
Viper Energy
VNOM
$16.3B
| $5.08M | 0.12% |
348,836
+262,185
| +303% | +$4.02M |
|
63
Enovis
ENOV
$1.5B
| $4.83M | 0.11% |
64,120
-1,891
| -3% | -$139K |
|
|
64
West Fraser Timber
WFG
$5.46B
| $4.64M | 0.11% |
+64,459
| New | +$4.33M |
|
|
PFN
65
PIMCO Income Strategy Fund II
PFN
$687M
| $4.46M | 0.1% |
433,323
-3,930
| -0.9% | -$39.9K |
|
66
Verisk Analytics
VRSK
$24.4B
| $4.44M | 0.1% |
25,135
+18,135
| +259% | +$3.32M |
|
67
Cohen & Steers
CNS
$4.19B
| $4.41M | 0.1% |
67,503
+34,259
| +103% | +$2.34M |
|
|
MNRL
68
DELISTED
Brigham Minerals, Inc. Class A Common Stock
MNRL
| $4.29M | 0.1% |
+292,937
| New | +$4.25M |
|
69
Berkshire Hathaway Class A
BRK.A
$1.06T
| $4.24M | 0.1% |
11
| – | – |
|
|
DSL
70
DoubleLine Income Solutions Fund
DSL
$1.21B
| $4.21M | 0.1% |
232,093
-16,842
| -7% | -$291K |
|
71
Freeport-McMoran
FCX
$110B
| $4.17M | 0.09% |
126,555
-20,344
| -14% | -$660K |
|
|
MRSH
72
Marsh
MRSH
$91.6B
| $4.14M | 0.09% |
+34,021
| New | +$3.92M |
|
|
RMT
73
Royce Micro-Cap Trust
RMT
$768M
| $4.06M | 0.09% |
359,361
-58,506
| -14% | -$668K |
|
74
CALL
United States Oil Fund
USO
$2.24B
| $4.04M | 0.09% |
70,000
+14,800
| +27% | +$580K |
|
75
CBRE Group
CBRE
$44B
| $3.94M | 0.09% |
+49,795
| New | +$3.52M |
|
Similar funds
Murray Stahl's Q1 2021 Portfolio in Review
As of Q1 2021, Murray Stahl held 366 positions worth $4.41B, up 47% from $3B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Murray Stahl's Q1 2021 filing shows 19 new, 62 increased, 170 reduced and 26 closed positions. Its largest new stake was West Fraser Timber: 64,459 shares worth $4.64M. The largest sale was Texas Pacific Land, an estimated $54.2M.
By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 42% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2021 buy was West Fraser Timber: 64,459 shares worth $4.64M.
- Murray Stahl added most to Archer Daniels Midland in Q1 2021, an estimated $7.84M increase.
- Murray Stahl's biggest Q1 2021 reduction was Texas Pacific Land, cutting an estimated $54.2M.
- Murray Stahl fully exited BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST in Q1 2021, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 71% of its $4.41B portfolio in Q1 2021.
- Murray Stahl opened 19 new positions and closed 26 in Q1 2021.
- Murray Stahl's portfolio value rose 47% quarter-over-quarter to $4.41B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2021, filed 11 May 2021.