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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
+23.45%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$6.06B
AUM Growth
+$1.09B
Cap. Flow
-$94.2K
Cap. Flow %
-0%
Top 10 Hldgs %
73%
Holding
357
New
28
Increased
53
Reduced
150
Closed
33

Top Buys

Rank Stock Value
1
STR
Sitio Royalties
STR
+$63.2M
2
BAM icon
Brookfield Asset Management
BAM
+$16.5M
3
PBT
Permian Basin Royalty Trust
PBT
+$13.8M
4
CVEO icon
Civeo
CVEO
+$8.37M
5
BG icon
Bunge Global
BG
+$7.31M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$134M
2
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
+$50M
3
BN icon
Brookfield
BN
+$19.2M
4
SVXY icon
ProShares Short VIX Short-Term Futures ETF
SVXY
+$9.03M
5
KRBN icon
KraneShares Global Carbon Strategy ETF
KRBN
+$7.35M

Sector Composition

Rank Sector Weight
1 Energy 62.36%
2 Materials 8%
3 Financials 7.58%
4 Consumer Discretionary 3.95%
5 Technology 3.32%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LBRDK
51
DELISTED
Liberty Broadband Class C
LBRDK
$9.6M 0.16%
125,893
-34,223
-21% -$2.78M
SII
52
Sprott
SII
$3.41B
$9.19M 0.15%
275,812
-13,225
-5% -$460K
FWONA icon
53
Liberty Media Series A
FWONA
$24.2B
$8.9M 0.15%
173,887
-637
-0.4% -$32.4K
VGSH icon
54
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$8.11M 0.13%
140,275
+7,611
+6% +$440K
GBL
55
DELISTED
GAMCO Investors, Inc.
GBL
$6.96M 0.11%
456,794
+64
+0% +$1.05K
PTEN icon
56
Patterson-UTI
PTEN
$4.71B
$6.84M 0.11%
406,297
-5,300
-1% -$87.4K
NDAQ icon
57
Nasdaq
NDAQ
$54.9B
$6.75M 0.11%
110,086
-8,032
-7% -$500K
MSGS icon
58
Madison Square Garden
MSGS
$9.78B
$6.2M 0.1%
33,831
-159
-0.5% -$24.9K
PCH
59
DELISTED
PotlatchDeltic
PCH
$5.79M 0.1%
131,609
-6,724
-5% -$304K
CCL icon
60
Carnival Corporation Ltd
CCL
$35.2B
$5.73M 0.09%
+710,490
New +$6.12M
IAA
61
DELISTED
IAA, Inc. Common Stock
IAA
$5.13M 0.08%
128,318
-6,372
-5% -$240K
VUSB icon
62
Vanguard Ultra-Short Bond ETF
VUSB
$9.34B
$5.12M 0.08%
+104,473
New +$5.11M
XOM icon
63
ExxonMobil
XOM
$679B
$5M 0.08%
45,362
-1,288
-3% -$138K
NEA icon
64
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
$4.84M 0.08%
425,950
-90,689
-18% -$989K
WMB icon
65
Williams Companies
WMB
$86.2B
$4.64M 0.08%
140,983
-430
-0.3% -$14K
RYN icon
66
Rayonier
RYN
$6.31B
$4.42M 0.07%
147,804
+1,020
+0.7% +$31.3K
ABBV icon
67
AbbVie
ABBV
$468B
$4.41M 0.07%
27,287
– –
FCX icon
68
Freeport-McMoran
FCX
$110B
$4.07M 0.07%
107,197
-1,140
-1% -$39.8K
MRK icon
69
Merck
MRK
$376B
$3.91M 0.06%
35,261
-441
-1% -$45.1K
AMLP icon
70
Alerian MLP ETF
AMLP
$13.2B
$3.81M 0.06%
100,162
-26
-0% -$1.02K
MKL icon
71
Markel Group
MKL
$22.2B
$3.66M 0.06%
2,780
-12
-0.4% -$14.8K
BMY icon
72
Bristol-Myers Squibb
BMY
$137B
$3.42M 0.06%
47,468
-333
-0.7% -$25.1K
JNJ icon
73
Johnson & Johnson
JNJ
$651B
$3.3M 0.05%
18,691
-77
-0.4% -$13.3K
VXX icon
74
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
$3.02M 0.05%
+5,244
New +$1.44M
KMI icon
75
Kinder Morgan
KMI
$69B
$2.87M 0.05%
158,610
+2,609
+2% +$46.9K
1 2
3
4 5

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Murray Stahl's Q4 2022 Portfolio in Review

As of Q4 2022, Murray Stahl held 357 positions worth $6.06B, up 22% from $4.97B the previous quarter. Its ten largest holdings account for 73% of the portfolio.

Murray Stahl's Q4 2022 filing shows 28 new, 53 increased, 150 reduced and 33 closed positions. Its largest new stake was Sitio Royalties: 2,181,929 shares worth $62.9M. The largest sale was Texas Pacific Land, an estimated $134M.

By sector, the portfolio is most concentrated in Energy at 62% of assets, up from 61% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q4 2022 buy was Sitio Royalties: 2,181,929 shares worth $62.9M.
  • Murray Stahl added most to Permian Basin Royalty Trust in Q4 2022, an estimated $13.8M increase.
  • Murray Stahl's biggest Q4 2022 reduction was Texas Pacific Land, cutting an estimated $134M.
  • Murray Stahl fully exited Brigham Minerals, Inc. Class A Common Stock in Q4 2022, selling an estimated $50M.
  • Murray Stahl's ten largest holdings make up 73% of its $6.06B portfolio in Q4 2022.
  • Murray Stahl opened 28 new positions and closed 33 in Q4 2022.
  • Murray Stahl's portfolio value rose 22% quarter-over-quarter to $6.06B.

Based on Horizon Kinetics Asset Management's 13F filing for Q4 2022, filed 7 Feb 2023.