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 |
LB
LandBridge Co
LB
|
+$109M |
| 2 |
Viper Energy
VNOM
|
+$5.99M |
| 3 |
Wheaton Precious Metals
WPM
|
+$4.09M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.26M |
| 5 |
Bunge Global
BG
|
+$3.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$51.5M |
| 2 |
CME Group
CME
|
+$12.1M |
| 3 |
Liberty Media Series C
FWONK
|
+$6.32M |
| 4 |
Brookfield Asset Management
BAM
|
+$3.94M |
| 5 |
Grayscale Bitcoin Trust
GBTC
|
+$3.31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 54.47% |
| 2 | Materials | 7.08% |
| 3 | Financials | 6.88% |
| 4 | Technology | 4.54% |
| 5 | Consumer Discretionary | 3.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
| $3.54M | 0.06% |
38,983
+108
| +0.3% | +$9.88K |
|
77
Merck
MRK
$376B
| $3.21M | 0.06% |
25,934
-27
| -0.1% | -$3.48K |
|
78
KLA
KLAC
$240B
| $3.07M | 0.05% |
37,280
-1,790
| -5% | -$132K |
|
79
Energy Transfer Partners
ET
$73B
| $2.77M | 0.05% |
170,622
-3,974
| -2% | -$62.5K |
|
80
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $2.76M | 0.05% |
84,352
+637
| +0.8% | +$20.9K |
|
81
Alerian MLP ETF
AMLP
$13.2B
| $2.66M | 0.05% |
55,497
+2,391
| +5% | +$112K |
|
82
Black Stone Minerals
BSM
$3.17B
| $2.6M | 0.05% |
166,138
-1,700
| -1% | -$27.2K |
|
83
FitLife Brands
FTLF
$94.1M
| $2.57M | 0.04% |
154,456
| – | – |
|
|
PCH
84
DELISTED
PotlatchDeltic
PCH
| $2.55M | 0.04% |
64,814
-5,856
| -8% | -$248K |
|
85
White Mountains Insurance
WTM
$5.04B
| $2.48M | 0.04% |
+1,365
| New | +$2.41M |
|
86
Rayonier
RYN
$6.31B
| $2.48M | 0.04% |
93,872
+2,377
| +3% | +$65.3K |
|
87
Johnson & Johnson
JNJ
$651B
| $2.42M | 0.04% |
16,579
-601
| -3% | -$89.4K |
|
88
Philip Morris
PM
$293B
| $2.3M | 0.04% |
22,714
-150
| -0.7% | -$14.7K |
|
89
Horizon Kinetics Blockchain Development ETF
BCDF
$24.6M
| $2.27M | 0.04% |
92,222
+5,686
| +7% | +$138K |
|
90
Danaher
DHR
$154B
| $2.25M | 0.04% |
9,008
-63
| -0.7% | -$15.9K |
|
91
Suncor Energy
SU
$80B
| $2.22M | 0.04% |
58,344
-800
| -1% | -$30.9K |
|
|
NVO
92
Novo Nordisk
NVO
$207B
| $2.21M | 0.04% |
15,468
| – | – |
|
93
Chevron
CVX
$403B
| $2.2M | 0.04% |
14,033
-50
| -0.4% | -$7.97K |
|
94
L3Harris
LHX
$49.7B
| $2.19M | 0.04% |
9,744
-20
| -0.2% | -$4.32K |
|
95
Las Vegas Sands
LVS
$30.5B
| $2.18M | 0.04% |
49,272
-3,037
| -6% | -$142K |
|
|
LSXMK
96
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $2.18M | 0.04% |
98,358
-12,546
| -11% | -$298K |
|
97
Iron Mountain
IRM
$36.3B
| $2.16M | 0.04% |
24,100
-400
| -2% | -$32.4K |
|
98
Caterpillar
CAT
$381B
| $2.16M | 0.04% |
6,473
-200
| -3% | -$69.3K |
|
99
Fidelity National Financial
FNF
$12.7B
| $2.12M | 0.04% |
42,971
| – | – |
|
100
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $2.11M | 0.04% |
53,605
-348
| -0.6% | -$13.5K |
|
Similar funds
Murray Stahl's Q2 2024 Portfolio in Review
As of Q2 2024, Murray Stahl held 334 positions worth $5.72B, up 8.2% from $5.29B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q2 2024 filing shows 12 new, 75 increased, 133 reduced and 10 closed positions. Its largest new stake was LandBridge Co: 4,705,899 shares worth $109M. The largest sale was Texas Pacific Land, an estimated $51.5M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, up from 47% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q2 2024 buy was LandBridge Co: 4,705,899 shares worth $109M.
- Murray Stahl added most to Viper Energy in Q2 2024, an estimated $5.99M increase.
- Murray Stahl's biggest Q2 2024 reduction was Texas Pacific Land, cutting an estimated $51.5M.
- Murray Stahl fully exited Core Laboratories in Q2 2024, selling an estimated $1.87M.
- Murray Stahl's ten largest holdings make up 76% of its $5.72B portfolio in Q2 2024.
- Murray Stahl opened 12 new positions and closed 10 in Q2 2024.
- Murray Stahl's portfolio value rose 8.2% quarter-over-quarter to $5.72B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2024, filed 14 Aug 2024.