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 |
Bunge Global
BG
|
+$36M |
| 2 |
S&P Global
SPGI
|
+$21.1M |
| 3 |
Intercontinental Exchange
ICE
|
+$17.8M |
| 4 |
Viper Energy
VNOM
|
+$17.6M |
| 5 |
Archer Daniels Midland
ADM
|
+$16.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$25.9M |
| 2 |
PayPal
PYPL
|
+$9.06M |
| 3 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$5.44M |
| 4 |
Live Nation Entertainment
LYV
|
+$4.72M |
| 5 |
Icahn Enterprises
IEP
|
+$2.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 47.32% |
| 2 | Financials | 12.25% |
| 3 | Materials | 11.94% |
| 4 | Communication Services | 4.66% |
| 5 | Consumer Discretionary | 4.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Sphere Entertainment
SPHR
$5.69B
| $4.45M | 0.09% |
53,354
-813
| -2% | -$61.2K |
|
77
Markel Group
MKL
$22.2B
| $4.14M | 0.08% |
2,804
-87
| -3% | -$112K |
|
78
Apyx Medical
APYX
$131M
| $4.02M | 0.08% |
615,000
| – | – |
|
|
LBRDA
79
DELISTED
Liberty Broadband Class A
LBRDA
| $3.97M | 0.08% |
30,322
-16,421
| -35% | -$2.34M |
|
80
ExxonMobil
XOM
$679B
| $3.92M | 0.08% |
47,440
-500
| -1% | -$38.9K |
|
81
PIMCO Dynamic Income Fund
PDI
$6.98B
| $3.91M | 0.08% |
160,435
-1,265
| -0.8% | -$31.1K |
|
82
Costamare
CMRE
$1.89B
| $3.86M | 0.08% |
226,537
-600
| -0.3% | -$8.56K |
|
|
DSL
83
DoubleLine Income Solutions Fund
DSL
$1.21B
| $3.51M | 0.07% |
241,637
-5,387
| -2% | -$81.2K |
|
84
Bristol-Myers Squibb
BMY
$137B
| $3.5M | 0.07% |
47,864
-120
| -0.3% | -$8.06K |
|
|
TPH
85
DELISTED
Tri Pointe Homes
TPH
| $3.44M | 0.07% |
171,312
-1,800
| -1% | -$41.8K |
|
86
Alerian MLP ETF
AMLP
$13.2B
| $3.41M | 0.07% |
89,120
+1,742
| +2% | +$64.1K |
|
87
Johnson & Johnson
JNJ
$651B
| $3.29M | 0.07% |
18,554
-19
| -0.1% | -$3.23K |
|
|
PFN
88
PIMCO Income Strategy Fund II
PFN
$687M
| $3.12M | 0.06% |
359,788
-13,653
| -4% | -$123K |
|
89
Enterprise Products Partners
EPD
$82.1B
| $3.06M | 0.06% |
118,743
-17,612
| -13% | -$428K |
|
90
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| $3.02M | 0.06% |
3,781
+450
| +14% | +$166K |
|
91
Warner Bros
WBD
$71.6B
| $2.95M | 0.06% |
118,493
-1,849
| -2% | -$50.7K |
|
92
Merck
MRK
$376B
| $2.91M | 0.06% |
35,499
+102
| +0.3% | +$8.04K |
|
93
Danaher
DHR
$154B
| $2.9M | 0.06% |
11,159
-552
| -5% | -$138K |
|
94
Microsoft
MSFT
$3.59T
| $2.8M | 0.06% |
9,088
-126
| -1% | -$37.9K |
|
95
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $2.8M | 0.06% |
59,688
-394
| -0.7% | -$16.9K |
|
96
iShares 1-5 Year Investment Grade Corporate Bond ETF
IGSB
$23.4B
| $2.79M | 0.06% |
54,000
| – | – |
|
97
Pfizer
PFE
$160B
| $2.77M | 0.06% |
53,506
| – | – |
|
|
ECHO
98
EchoStar
ECHO
$25.2B
| $2.74M | 0.06% |
112,622
-6,100
| -5% | -$150K |
|
99
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $2.67M | 0.05% |
133,649
-2,193
| -2% | -$45.4K |
|
100
Las Vegas Sands
LVS
$30.5B
| $2.66M | 0.05% |
68,489
-600
| -0.9% | -$24.9K |
|
Similar funds
Murray Stahl's Q1 2022 Portfolio in Review
As of Q1 2022, Murray Stahl held 361 positions worth $4.96B, up 9.3% from $4.54B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Murray Stahl deployed $198M of net new capital in Q1 2022, opening 12 new positions and adding to 80 existing holdings. Its largest new stake was Bunge Global: 351,540 shares worth $39M.
By sector, the portfolio is most concentrated in Energy at 47% of assets, up from 46% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was PayPal, an estimated $9.06M trimmed.
- Murray Stahl's largest Q1 2022 buy was Bunge Global: 351,540 shares worth $39M.
- Murray Stahl added most to S&P Global in Q1 2022, an estimated $21.1M increase.
- Murray Stahl's biggest Q1 2022 reduction was PayPal, cutting an estimated $9.06M.
- Murray Stahl fully exited IHS Markit Ltd. Common Shares in Q1 2022, selling an estimated $25.9M.
- Murray Stahl's ten largest holdings make up 63% of its $4.96B portfolio in Q1 2022.
- Murray Stahl opened 12 new positions and closed 16 in Q1 2022.
- Murray Stahl's portfolio value rose 9.3% quarter-over-quarter to $4.96B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2022, filed 13 May 2022.