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 |
Grayscale Bitcoin Trust
GBTC
|
+$729M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$22.4M |
| 3 |
Bakkt Inc
BKKT
|
+$7.36M |
| 4 |
Eagle Materials
EXP
|
+$5.25M |
| 5 |
SJT
San Juan Basin Royalty Trust
SJT
|
+$3.82M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$123M |
| 2 |
Wheaton Precious Metals
WPM
|
+$11.1M |
| 3 |
Boeing
BA
|
+$9.99M |
| 4 |
Civeo
CVEO
|
+$9.65M |
| 5 |
CACI
CACI
|
+$7.98M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 46.58% |
| 2 | Financials | 7.97% |
| 3 | Materials | 7.35% |
| 4 | Technology | 4.66% |
| 5 | Consumer Discretionary | 4.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PCH
76
DELISTED
PotlatchDeltic
PCH
| $3.32M | 0.06% |
70,670
-12,240
| -15% | -$564K |
|
|
LSXMK
77
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $3.29M | 0.06% |
110,904
-11,731
| -10% | -$352K |
|
78
Rayonier
RYN
$6.31B
| $2.76M | 0.05% |
91,495
-39,094
| -30% | -$1.17M |
|
79
Energy Transfer Partners
ET
$73B
| $2.75M | 0.05% |
174,596
-5,309
| -3% | -$77.3K |
|
80
KLA
KLAC
$240B
| $2.73M | 0.05% |
39,070
-1,300
| -3% | -$83.5K |
|
81
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $2.73M | 0.05% |
83,715
-1,397
| -2% | -$43.1K |
|
82
Johnson & Johnson
JNJ
$651B
| $2.72M | 0.05% |
17,180
+50
| +0.3% | +$7.96K |
|
83
Las Vegas Sands
LVS
$30.5B
| $2.7M | 0.05% |
52,309
-550
| -1% | -$28.3K |
|
84
Black Stone Minerals
BSM
$3.17B
| $2.68M | 0.05% |
167,838
| – | – |
|
85
Costamare
CMRE
$1.89B
| $2.62M | 0.05% |
230,600
-3,234
| -1% | -$35.8K |
|
86
Alerian MLP ETF
AMLP
$13.2B
| $2.52M | 0.05% |
53,106
-48,594
| -48% | -$2.18M |
|
87
Caterpillar
CAT
$381B
| $2.45M | 0.05% |
6,673
-286
| -4% | -$91.4K |
|
88
Sphere Entertainment
SPHR
$5.69B
| $2.42M | 0.05% |
49,299
+42
| +0.1% | +$1.68K |
|
89
Bristol-Myers Squibb
BMY
$137B
| $2.36M | 0.04% |
43,488
+952
| +2% | +$48.5K |
|
90
Fidelity National Financial
FNF
$12.7B
| $2.28M | 0.04% |
42,971
-900
| -2% | -$45.4K |
|
91
Danaher
DHR
$154B
| $2.27M | 0.04% |
9,071
-198
| -2% | -$48.3K |
|
92
Chevron
CVX
$403B
| $2.22M | 0.04% |
14,083
-100
| -0.7% | -$15.1K |
|
93
Enterprise Products Partners
EPD
$82.1B
| $2.21M | 0.04% |
75,647
-25,647
| -25% | -$704K |
|
94
Suncor Energy
SU
$80B
| $2.18M | 0.04% |
59,144
-1,200
| -2% | -$40.4K |
|
95
Horizon Kinetics Blockchain Development ETF
BCDF
$24.6M
| $2.16M | 0.04% |
86,536
+11,759
| +16% | +$287K |
|
96
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $2.11M | 0.04% |
53,953
-2,768
| -5% | -$109K |
|
97
Philip Morris
PM
$293B
| $2.09M | 0.04% |
22,864
| – | – |
|
|
PFN
98
PIMCO Income Strategy Fund II
PFN
$687M
| $2.09M | 0.04% |
279,734
| – | – |
|
99
L3Harris
LHX
$49.7B
| $2.08M | 0.04% |
9,764
-100
| -1% | -$21K |
|
100
Emerson Electric
EMR
$87.7B
| $2.08M | 0.04% |
18,297
-300
| -2% | -$30.8K |
|
Similar funds
Murray Stahl's Q1 2024 Portfolio in Review
As of Q1 2024, Murray Stahl held 335 positions worth $5.29B, up 11% from $4.78B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Murray Stahl's Q1 2024 filing shows 9 new, 56 increased, 154 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M. The largest sale was Texas Pacific Land, an estimated $123M.
By sector, the portfolio is most concentrated in Energy at 47% of assets, down from 50% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2024 buy was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M.
- Murray Stahl added most to Bakkt Inc in Q1 2024, an estimated $7.36M increase.
- Murray Stahl's biggest Q1 2024 reduction was Texas Pacific Land, cutting an estimated $123M.
- Murray Stahl fully exited Paramount Global Class B in Q1 2024, selling an estimated $721K.
- Murray Stahl's ten largest holdings make up 74% of its $5.29B portfolio in Q1 2024.
- Murray Stahl opened 9 new positions and closed 12 in Q1 2024.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $5.29B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2024, filed 14 May 2024.