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 |
Charles River Laboratories
CRL
|
+$25.4M |
| 2 |
Intercontinental Exchange
ICE
|
+$24.4M |
| 3 |
Franco-Nevada
FNV
|
+$22.6M |
| 4 |
Archer Daniels Midland
ADM
|
+$19.9M |
| 5 |
Wheaton Precious Metals
WPM
|
+$19.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$16.6M |
| 2 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$5.17M |
| 3 |
Wendy's
WEN
|
+$4.05M |
| 4 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$3.06M |
| 5 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$2.93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 53.99% |
| 2 | Financials | 10.14% |
| 3 | Materials | 9.23% |
| 4 | Communication Services | 5.56% |
| 5 | Consumer Discretionary | 4.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
RMT
76
Royce Micro-Cap Trust
RMT
$768M
| $4.27M | 0.09% |
344,472
-14,889
| -4% | -$178K |
|
77
Las Vegas Sands
LVS
$30.5B
| $4.19M | 0.09% |
79,507
-4,849
| -6% | -$280K |
|
|
DSL
78
DoubleLine Income Solutions Fund
DSL
$1.21B
| $4.18M | 0.09% |
231,328
-765
| -0.3% | -$13.9K |
|
79
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| $4.18M | 0.09% |
3,481
+76
| +2% | +$45.3K |
|
80
Patterson-UTI
PTEN
$4.71B
| $4.12M | 0.08% |
414,076
| – | – |
|
|
PPLI
81
People Inc
PPLI
$2.86B
| $4.01M | 0.08% |
31,729
-13,111
| -29% | -$1.7M |
|
82
Warner Bros
WBD
$71.6B
| $3.92M | 0.08% |
127,861
-676
| -0.5% | -$23.4K |
|
|
TPH
83
DELISTED
Tri Pointe Homes
TPH
| $3.86M | 0.08% |
180,062
| – | – |
|
84
Williams Companies
WMB
$86.2B
| $3.76M | 0.08% |
141,754
-6,302
| -4% | -$161K |
|
|
LGF.B
85
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $3.69M | 0.08% |
201,397
-35,086
| -15% | -$538K |
|
|
ECHO
86
EchoStar
ECHO
$25.2B
| $3.56M | 0.07% |
146,422
-923
| -0.6% | -$23.7K |
|
|
BCPC
87
Balchem Corp
BCPC
$5.78B
| $3.54M | 0.07% |
26,959
| – | – |
|
88
Rayonier
RYN
$6.31B
| $3.53M | 0.07% |
108,366
+2,317
| +2% | +$76.1K |
|
89
PIMCO Dynamic Income Fund
PDI
$6.98B
| $3.32M | 0.07% |
115,197
-490
| -0.4% | -$14.1K |
|
90
AbbVie
ABBV
$468B
| $3.27M | 0.07% |
29,068
+61
| +0.2% | +$6.87K |
|
91
Sphere Entertainment
SPHR
$5.69B
| $3.25M | 0.07% |
38,756
-220
| -0.6% | -$19.5K |
|
92
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $3.25M | 0.07% |
138,738
+2
| +0% | +$46 |
|
93
Enterprise Products Partners
EPD
$82.1B
| $3.19M | 0.07% |
132,385
+232
| +0.2% | +$5.49K |
|
94
Bristol-Myers Squibb
BMY
$137B
| $3.19M | 0.06% |
47,709
-12
| -0% | -$782 |
|
95
ExxonMobil
XOM
$679B
| $3.18M | 0.06% |
50,372
+166
| +0.3% | +$9.91K |
|
96
Johnson & Johnson
JNJ
$651B
| $3.06M | 0.06% |
18,571
+34
| +0.2% | +$5.63K |
|
97
VanEck Gold Miners ETF
GDX
$31.8B
| $3M | 0.06% |
88,328
-2,219
| -2% | -$81.1K |
|
98
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
| $2.96M | 0.06% |
54,000
| – | – |
|
99
RB Global
RBA
$16.1B
| $2.92M | 0.06% |
49,290
+98
| +0.2% | +$6.03K |
|
100
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $2.88M | 0.06% |
61,572
-16
| -0% | -$808 |
|
Similar funds
Murray Stahl's Q2 2021 Portfolio in Review
As of Q2 2021, Murray Stahl held 354 positions worth $4.91B, up 11% from $4.41B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Murray Stahl deployed $259M of net new capital in Q2 2021, opening 14 new positions and adding to 75 existing holdings. Its largest new stake was Vimeo: 40,140 shares worth $1.97M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 59% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was Texas Pacific Land, an estimated $16.6M trimmed.
- Murray Stahl's largest Q2 2021 buy was Vimeo: 40,140 shares worth $1.97M.
- Murray Stahl added most to Charles River Laboratories in Q2 2021, an estimated $25.4M increase.
- Murray Stahl's biggest Q2 2021 reduction was Texas Pacific Land, cutting an estimated $16.6M.
- Murray Stahl fully exited Corelogic, Inc. in Q2 2021, selling an estimated $1.35M.
- Murray Stahl's ten largest holdings make up 68% of its $4.91B portfolio in Q2 2021.
- Murray Stahl opened 14 new positions and closed 9 in Q2 2021.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $4.91B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2021, filed 16 Aug 2021.