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 | |
|---|---|---|---|---|---|---|
76
Nutrien
NTR
$35.9B
| $3.83M | 0.09% |
71,167
+47,415
| +200% | +$2.58M |
|
|
TPH
77
DELISTED
Tri Pointe Homes
TPH
| $3.67M | 0.08% |
180,062
| – | – |
|
|
ECHO
78
EchoStar
ECHO
$25.2B
| $3.54M | 0.08% |
147,345
-8,100
| -5% | -$194K |
|
79
Williams Companies
WMB
$86.2B
| $3.51M | 0.08% |
148,056
-10,991
| -7% | -$250K |
|
|
BCPC
80
Balchem Corp
BCPC
$5.78B
| $3.38M | 0.08% |
26,959
| – | – |
|
81
PIMCO Dynamic Income Fund
PDI
$6.98B
| $3.26M | 0.07% |
115,687
-844
| -0.7% | -$23K |
|
82
OR Royalties Inc
OR
$6.76B
| $3.25M | 0.07% |
294,731
+279,870
| +1,883% | +$3.19M |
|
83
Sphere Entertainment
SPHR
$5.69B
| $3.19M | 0.07% |
38,976
+2,582
| +7% | +$257K |
|
84
AbbVie
ABBV
$468B
| $3.14M | 0.07% |
29,007
-1,226
| -4% | -$131K |
|
85
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $3.13M | 0.07% |
138,736
-494
| -0.4% | -$11.3K |
|
86
Rayonier
RYN
$6.31B
| $3.1M | 0.07% |
106,049
+342
| +0.3% | +$10.1K |
|
|
LGF.B
87
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $3.05M | 0.07% |
236,483
-13,160
| -5% | -$173K |
|
88
Johnson & Johnson
JNJ
$651B
| $3.05M | 0.07% |
18,537
-804
| -4% | -$130K |
|
89
Bristol-Myers Squibb
BMY
$137B
| $3.01M | 0.07% |
47,721
-20
| -0% | -$1.24K |
|
90
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
| $2.95M | 0.07% |
54,000
| – | – |
|
91
Patterson-UTI
PTEN
$4.71B
| $2.95M | 0.07% |
414,076
-486
| -0.1% | -$3.42K |
|
92
VanEck Gold Miners ETF
GDX
$31.8B
| $2.94M | 0.07% |
90,547
-36,978
| -29% | -$1.26M |
|
93
Enterprise Products Partners
EPD
$82.1B
| $2.91M | 0.07% |
132,153
+1,402
| +1% | +$30.8K |
|
94
Merck
MRK
$376B
| $2.88M | 0.07% |
39,147
+248
| +0.6% | +$18.3K |
|
95
RB Global
RBA
$16.1B
| $2.88M | 0.07% |
49,192
+3,631
| +8% | +$213K |
|
|
CTT
96
DELISTED
CATCHMARK TIMBER TRUST, INC.
CTT
| $2.87M | 0.06% |
281,457
+7,995
| +3% | +$81.3K |
|
97
ExxonMobil
XOM
$679B
| $2.8M | 0.06% |
50,206
-6,608
| -12% | -$346K |
|
98
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $2.77M | 0.06% |
61,588
-7,266
| -11% | -$357K |
|
|
DISCK
99
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $2.6M | 0.06% |
70,365
-100
| -0.1% | -$4.24K |
|
100
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $2.58M | 0.06% |
170,676
| – | – |
|
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.