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 |
Equity Lifestyle Properties
ELS
|
+$16.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$16M |
| 3 |
CACI
CACI
|
+$13.9M |
| 4 |
Franco-Nevada
FNV
|
+$8.98M |
| 5 |
BGC Group
BGC
|
+$3.84M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$21.5M |
| 2 |
Howard Hughes
HHH
|
+$13.3M |
| 3 |
Icahn Enterprises
IEP
|
+$12M |
| 4 |
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
|
+$11.3M |
| 5 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$5.68M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.27% |
| 2 | Communication Services | 12.15% |
| 3 | Financials | 11.72% |
| 4 | Materials | 7.75% |
| 5 | Real Estate | 6.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PARA
76
DELISTED
Paramount Global Class B
PARA
| $2.96M | 0.09% |
73,194
+666
| +0.9% | +$31.2K |
|
77
Apple
AAPL
$4.51T
| $2.94M | 0.09% |
52,484
-8,332
| -14% | -$436K |
|
|
JMF
78
DELISTED
NUVEEN ENERGY MLP TOTAL RETURN FUND
JMF
| $2.93M | 0.09% |
338,783
-38,054
| -10% | -$331K |
|
79
Boeing
BA
$169B
| $2.93M | 0.09% |
7,697
-459
| -6% | -$164K |
|
80
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
| $2.9M | 0.09% |
54,000
| – | – |
|
|
GBL
81
DELISTED
GAMCO Investors, Inc.
GBL
| $2.85M | 0.09% |
145,670
-4,269
| -3% | -$81.9K |
|
|
PKO
82
DELISTED
Pimco Income Opportunity Fund
PKO
| $2.75M | 0.08% |
103,102
-471
| -0.5% | -$12.6K |
|
|
CEM
83
DELISTED
ClearBridge MLP and Midstream Fund Inc.
CEM
| $2.7M | 0.08% |
47,420
-3,735
| -7% | -$217K |
|
84
Viper Energy
VNOM
$16.3B
| $2.63M | 0.08% |
94,953
-50,958
| -35% | -$1.52M |
|
|
DISCK
85
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $2.57M | 0.08% |
104,334
-2,968
| -3% | -$80.2K |
|
86
Microsoft
MSFT
$3.59T
| $2.56M | 0.08% |
18,451
-361
| -2% | -$49.6K |
|
87
LendingTree
TREE
$433M
| $2.56M | 0.08% |
8,233
| – | – |
|
88
L3Harris
LHX
$49.7B
| $2.53M | 0.08% |
12,130
+261
| +2% | +$53.4K |
|
89
Philip Morris
PM
$293B
| $2.47M | 0.07% |
32,554
+249
| +0.8% | +$19.7K |
|
90
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
| $2.45M | 0.07% |
48,600
-452
| -0.9% | -$22.8K |
|
91
Bristol-Myers Squibb
BMY
$137B
| $2.45M | 0.07% |
48,318
-85
| -0.2% | -$4K |
|
92
Expedia Group
EXPE
$38.6B
| $2.44M | 0.07% |
18,118
+14,026
| +343% | +$1.85M |
|
93
Kimbell Royalty Partners
KRP
$1.55B
| $2.41M | 0.07% |
163,845
+21,523
| +15% | +$326K |
|
94
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.39M | 0.07% |
8,054
-3,146
| -28% | -$930K |
|
|
PFL
95
PIMCO Income Strategy Fund
PFL
$379M
| $2.37M | 0.07% |
207,387
-1,400
| -0.7% | -$16.4K |
|
|
PBT
96
Permian Basin Royalty Trust
PBT
$1.6B
| $2.37M | 0.07% |
456,063
-6,360
| -1% | -$32.8K |
|
97
Loews
L
$22.5B
| $2.36M | 0.07% |
45,892
-7,811
| -15% | -$403K |
|
98
AbbVie
ABBV
$468B
| $2.35M | 0.07% |
31,092
+431
| +1% | +$29.5K |
|
99
Cisco
CSCO
$438B
| $2.34M | 0.07% |
47,293
-3,198
| -6% | -$166K |
|
|
QVCGA
100
DELISTED
QVC Group Inc Series A
QVCGA
| $2.27M | 0.07% |
4,544
-204
| -4% | -$120K |
|
Similar funds
Murray Stahl's Q3 2019 Portfolio in Review
As of Q3 2019, Murray Stahl held 498 positions worth $3.32B, down 8.2% from $3.62B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Murray Stahl withdrew a net $104M in Q3 2019, closing 14 positions and reducing 267 holdings. Its most notable exit was OAKTREE CAPITAL GROUP, LLC, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, down from 46% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in StoneCo worth $535K.
- Murray Stahl's largest Q3 2019 buy was StoneCo: 15,391 shares worth $535K.
- Murray Stahl added most to Equity Lifestyle Properties in Q3 2019, an estimated $16.4M increase.
- Murray Stahl's biggest Q3 2019 reduction was GE Aerospace, cutting an estimated $21.5M.
- Murray Stahl fully exited OAKTREE CAPITAL GROUP, LLC in Q3 2019, selling an estimated $11.3M.
- Murray Stahl's ten largest holdings make up 62% of its $3.32B portfolio in Q3 2019.
- Murray Stahl opened 5 new positions and closed 14 in Q3 2019.
- Murray Stahl's portfolio value fell 8.2% quarter-over-quarter to $3.32B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2019, filed 14 Nov 2019.