We are live on ! Find out more
MS

Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
1-Year Est. Return 23.05%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-10.74%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$5.21B
AUM Growth
-$852M
Cap. Flow
-$95.3M
Cap. Flow %
-1.83%
Top 10 Hldgs %
68.97%
Holding
354
New
30
Increased
78
Reduced
145
Closed
20

Top Buys

Rank Stock Value
1
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$9.59M
2
SPAQ icon
Horizon Kinetics SPAC Active ETF
SPAQ
+$7.93M
3
PBT
Permian Basin Royalty Trust
PBT
+$6.98M
4
MSB
Mesabi Trust
MSB
+$6.24M
5
CVEO icon
Civeo
CVEO
+$5.25M

Top Sells

Rank Stock Value
1
WY icon
Weyerhaeuser
WY
+$27.6M
2
TPL icon
Texas Pacific Land
TPL
+$26.5M
3
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
+$9.83M
4
LSXMA
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
+$7.38M
5
STR
Sitio Royalties
STR
+$7.02M

Sector Composition

Rank Sector Weight
1 Energy 53.96%
2 Materials 10.74%
3 Financials 8.73%
4 Consumer Discretionary 4.06%
5 Technology 3.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MRK icon
76
Merck
MRK
$376B
$2.89M 0.06%
27,162
-8,099
-23% -$874K
KMI icon
77
Kinder Morgan
KMI
$69B
$2.85M 0.05%
162,648
+4,038
+3% +$71.8K
VXX icon
78
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
$2.83M 0.05%
8,050
+2,806
+54% +$543K
JNJ icon
79
Johnson & Johnson
JNJ
$651B
$2.76M 0.05%
17,813
-878
-5% -$142K
INFL icon
80
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
$2.76M 0.05%
89,480
+2,157
+2% +$67.3K
MSFT icon
81
Microsoft
MSFT
$3.59T
$2.75M 0.05%
9,536
+797
+9% +$203K
EPD icon
82
Enterprise Products Partners
EPD
$82.1B
$2.67M 0.05%
103,224
-3,695
-3% -$94.9K
WBD icon
83
Warner Bros
WBD
$71.6B
$2.63M 0.05%
174,049
-7,114
-4% -$101K
BSM icon
84
Black Stone Minerals
BSM
$3.17B
$2.56M 0.05%
162,938
-1,950
-1% -$30.5K
SBR
85
Sabine Royalty Trust
SBR
$1.08B
$2.53M 0.05%
35,170
+16,532
+89% +$1.3M
TPH
86
DELISTED
Tri Pointe Homes
TPH
$2.45M 0.05%
96,612
-500
-0.5% -$11.3K
DHR icon
87
Danaher
DHR
$154B
$2.44M 0.05%
10,901
+67
+0.6% +$15.2K
PDI icon
88
PIMCO Dynamic Income Fund
PDI
$6.98B
$2.37M 0.05%
131,369
-21,872
-14% -$428K
CVX icon
89
Chevron
CVX
$403B
$2.32M 0.04%
14,194
-325
-2% -$54.5K
PM icon
90
Philip Morris
PM
$293B
$2.23M 0.04%
22,944
+100
+0.4% +$9.97K
FHI icon
91
Federated Hermes
FHI
$4.76B
$2.22M 0.04%
+55,394
New +$2.17M
XES icon
92
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
$2.21M 0.04%
29,392
+5,971
+25% +$490K
ET icon
93
Energy Transfer Partners
ET
$73B
$2.19M 0.04%
175,580
-5,526
-3% -$69.8K
MTA
94
Metalla Royalty & Streaming
MTA
$1.04B
$2.18M 0.04%
+390,118
New +$1.93M
CMRE icon
95
Costamare
CMRE
$1.89B
$2.14M 0.04%
227,937
+200
+0.1% +$1.97K
CSCO icon
96
Cisco
CSCO
$438B
$2.08M 0.04%
39,743
+599
+2% +$29.3K
PFN
97
PIMCO Income Strategy Fund II
PFN
$687M
$2.01M 0.04%
280,301
-210
-0.1% -$1.57K
PFE icon
98
Pfizer
PFE
$160B
$1.97M 0.04%
48,362
-2,550
-5% -$110K
NAD icon
99
Nuveen Quality Municipal Income Fund
NAD
$2.73B
$1.95M 0.04%
169,026
– –
VIXY icon
100
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$200M
$1.93M 0.04%
4,835
+2,610
+117% +$509K
2 3
4
5 6

Similar funds

MT
Midwest Trust Overland Park, Kansas $8.83B AUM 27.45% 1-Year Est. Return
ASN
Advisory Services Network Atlanta, Georgia $8.83B AUM 38.5% 1-Year Est. Return
VT
Vise Technologies New York $8.83B AUM 27.11% 1-Year Est. Return
LGF
LGT Group Foundation Vaduz, Liechtenstein $8.84B AUM 31.56% 1-Year Est. Return
WJWM
Williams Jones Wealth Management New York $8.86B AUM 22.16% 1-Year Est. Return
IMRF
Illinois Municipal Retirement Fund Oak Brook, Illinois $8.87B AUM 36.45% 1-Year Est. Return
AMH
Aspex Management (HK) Central, Hong Kong $8.89B AUM 39.91% 1-Year Est. Return
GRQ
Gardner Russo & Quinn Lancaster, Pennsylvania $8.93B AUM 6.76% 1-Year Est. Return

Murray Stahl's Q1 2023 Portfolio in Review

As of Q1 2023, Murray Stahl held 354 positions worth $5.21B, down 14% from $6.06B the previous quarter. Its ten largest holdings account for 69% of the portfolio.

Murray Stahl's Q1 2023 filing shows 30 new, 78 increased, 145 reduced and 20 closed positions. Its largest new stake was Horizon Kinetics SPAC Active ETF: 83,059 shares worth $7.97M. The largest sale was Weyerhaeuser, an estimated $27.6M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 62% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q1 2023 buy was Horizon Kinetics SPAC Active ETF: 83,059 shares worth $7.97M.
  • Murray Stahl added most to Vanguard Ultra-Short Bond ETF in Q1 2023, an estimated $9.59M increase.
  • Murray Stahl's biggest Q1 2023 reduction was Weyerhaeuser, cutting an estimated $27.6M.
  • Murray Stahl fully exited GAMCO Investors, Inc. in Q1 2023, selling an estimated $6.96M.
  • Murray Stahl's ten largest holdings make up 69% of its $5.21B portfolio in Q1 2023.
  • Murray Stahl opened 30 new positions and closed 20 in Q1 2023.
  • Murray Stahl's portfolio value fell 14% quarter-over-quarter to $5.21B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2023, filed 12 May 2023.