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
|
+$7.07M |
| 2 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$4.64M |
| 3 |
Archer Daniels Midland
ADM
|
+$4.61M |
| 4 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$3.61M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$2.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$21.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$9.08M |
| 3 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$8.07M |
| 4 |
Icahn Enterprises
IEP
|
+$6.81M |
| 5 |
Howard Hughes
HHH
|
+$6.49M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 42.22% |
| 2 | Financials | 12.07% |
| 3 | Materials | 9.7% |
| 4 | Communication Services | 8.72% |
| 5 | Consumer Discretionary | 5.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
RB Global
RBA
$16.1B
| $3.17M | 0.11% |
45,561
-1,587
| -3% | -$105K |
|
77
Apple
AAPL
$4.51T
| $3.13M | 0.1% |
23,613
-18,111
| -43% | -$2.18M |
|
|
TPH
78
DELISTED
Tri Pointe Homes
TPH
| $3.11M | 0.1% |
180,062
| – | – |
|
|
BCPC
79
Balchem Corp
BCPC
$5.78B
| $3.11M | 0.1% |
26,959
-1,400
| -5% | -$148K |
|
80
SPDR Gold Trust
GLD
$152B
| $3.1M | 0.1% |
17,410
-16,323
| -48% | -$2.87M |
|
81
PIMCO Dynamic Income Fund
PDI
$6.98B
| $3.08M | 0.1% |
116,531
-3,830
| -3% | -$98.1K |
|
82
Johnson & Johnson
JNJ
$651B
| $3.04M | 0.1% |
19,341
-4,323
| -18% | -$638K |
|
83
Merck
MRK
$376B
| $3.04M | 0.1% |
38,899
-3,936
| -9% | -$301K |
|
84
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
| $2.98M | 0.1% |
54,000
| – | – |
|
85
Bristol-Myers Squibb
BMY
$137B
| $2.96M | 0.1% |
47,741
-3,133
| -6% | -$193K |
|
86
MarketAxess Holdings
MKTX
$5.71B
| $2.85M | 0.1% |
5,000
| – | – |
|
87
Rayonier
RYN
$6.31B
| $2.82M | 0.09% |
105,707
+2,286
| +2% | +$58.3K |
|
88
Microsoft
MSFT
$3.59T
| $2.8M | 0.09% |
12,570
-6,429
| -34% | -$1.38M |
|
89
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $2.62M | 0.09% |
170,676
| – | – |
|
|
LGF.B
90
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $2.59M | 0.09% |
249,643
-20,252
| -8% | -$168K |
|
91
Enterprise Products Partners
EPD
$82.1B
| $2.56M | 0.09% |
130,751
-1,910
| -1% | -$35.6K |
|
|
CTT
92
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
| $2.56M | 0.09% |
273,462
+233,627
| +586% | +$2.13M |
|
|
CXE
93
DELISTED
MFS High Income Municipal Trust
CXE
| $2.49M | 0.08% |
491,878
-62,014
| -11% | -$299K |
|
94
Cohen & Steers
CNS
$4.19B
| $2.47M | 0.08% |
33,244
-675
| -2% | -$44.5K |
|
95
Vanguard Extended Market ETF
VXF
$31.7B
| $2.46M | 0.08% |
14,953
+8,749
| +141% | +$1.3M |
|
|
OPLN
96
Openlane
OPLN
$4.08B
| $2.44M | 0.08% |
130,878
-10,379
| -7% | -$179K |
|
97
iShares Global Timber & Forestry ETF
WOOD
$270M
| $2.39M | 0.08% |
30,068
-20,422
| -40% | -$1.45M |
|
98
ExxonMobil
XOM
$679B
| $2.34M | 0.08% |
56,814
-32,587
| -36% | -$1.22M |
|
99
Danaher
DHR
$154B
| $2.28M | 0.08% |
11,555
-448
| -4% | -$89.8K |
|
|
PKO
100
DELISTED
Pimco Income Opportunity Fund
PKO
| $2.27M | 0.08% |
89,951
-8,050
| -8% | -$193K |
|
Similar funds
Murray Stahl's Q4 2020 Portfolio in Review
As of Q4 2020, Murray Stahl held 371 positions worth $3B, up 21% from $2.49B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $168M in Q4 2020, closing 24 positions and reducing 209 holdings. Its most notable exit was GCI Liberty, Inc. Class A Common Stock (DE), an estimated $8.07M position sold in full.
By sector, the portfolio is most concentrated in Energy at 42% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Deere & Co worth $581K.
- Murray Stahl's largest Q4 2020 buy was Deere & Co: 2,161 shares worth $581K.
- Murray Stahl added most to Mesabi Trust in Q4 2020, an estimated $7.07M increase.
- Murray Stahl's biggest Q4 2020 reduction was Texas Pacific Land, cutting an estimated $21.4M.
- Murray Stahl fully exited GCI Liberty, Inc. Class A Common Stock (DE) in Q4 2020, selling an estimated $8.07M.
- Murray Stahl's ten largest holdings make up 60% of its $3B portfolio in Q4 2020.
- Murray Stahl opened 9 new positions and closed 24 in Q4 2020.
- Murray Stahl's portfolio value rose 21% quarter-over-quarter to $3B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2020, filed 16 Feb 2021.