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 |
DigitalBridge
DBRG
|
+$54.1M |
| 2 |
Hawaiian Electric Industries
HE
|
+$24.1M |
| 3 |
Viper Energy
VNOM
|
+$13.9M |
| 4 |
LB
LandBridge Co
LB
|
+$12.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$11M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$108M |
| 2 |
Nutrien
NTR
|
+$11.9M |
| 3 |
Charles River Laboratories
CRL
|
+$10.6M |
| 4 |
Strategy Inc
MSTR
|
+$8.3M |
| 5 |
Archer Daniels Midland
ADM
|
+$5.85M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 58.65% |
| 2 | Financials | 6.78% |
| 3 | Materials | 5.84% |
| 4 | Technology | 3.37% |
| 5 | Consumer Discretionary | 2.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MRX
76
Marex Group Limited Ordinary Shares
MRX
$5.25B
| $4.41M | 0.05% |
+141,374
| New | +$3.96M |
|
77
Burford Capital
BUR
$946M
| $4.37M | 0.05% |
342,950
-10,365
| -3% | -$139K |
|
78
Markel Group
MKL
$22.2B
| $4.32M | 0.05% |
2,505
-9
| -0.4% | -$14.9K |
|
79
Costamare
CMRE
$1.89B
| $4.13M | 0.05% |
321,600
-1,400
| -0.4% | -$19.3K |
|
80
Enterprise Products Partners
EPD
$82.1B
| $4.1M | 0.05% |
130,752
+580
| +0.4% | +$17.8K |
|
81
Black Stone Minerals
BSM
$3.17B
| $4.02M | 0.05% |
275,638
| – | – |
|
82
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
| $3.88M | 0.05% |
343,633
-35,904
| -9% | -$418K |
|
83
Liberty Media Series A
FWONA
$24.2B
| $3.77M | 0.05% |
44,818
-447
| -1% | -$34.8K |
|
84
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $3.63M | 0.05% |
95,267
+3,803
| +4% | +$152K |
|
85
L3Harris
LHX
$49.7B
| $3.46M | 0.04% |
16,455
-150
| -0.9% | -$35.9K |
|
86
Iron Mountain
IRM
$36.3B
| $3.46M | 0.04% |
32,900
-1,550
| -4% | -$182K |
|
87
Bristol-Myers Squibb
BMY
$137B
| $3.42M | 0.04% |
60,476
+1,094
| +2% | +$61.1K |
|
88
Horizon Kinetics Blockchain Development ETF
BCDF
$24.6M
| $3.39M | 0.04% |
122,143
+9,119
| +8% | +$263K |
|
89
Cisco
CSCO
$438B
| $3.35M | 0.04% |
56,641
+50
| +0.1% | +$2.86K |
|
90
Merck
MRK
$376B
| $3.34M | 0.04% |
33,574
+382
| +1% | +$39.4K |
|
91
Altria Group
MO
$110B
| $3.3M | 0.04% |
63,197
-470
| -0.7% | -$25K |
|
92
Eli Lilly
LLY
$1.12T
| $3.29M | 0.04% |
4,257
+141
| +3% | +$117K |
|
93
Fidelity National Financial
FNF
$12.7B
| $3.26M | 0.04% |
58,066
-5
| -0% | -$301 |
|
94
NVIDIA
NVDA
$5.2T
| $3.24M | 0.04% |
24,160
-1,900
| -7% | -$262K |
|
95
Las Vegas Sands
LVS
$30.5B
| $3.1M | 0.04% |
60,395
+100
| +0.2% | +$5.19K |
|
96
KLA
KLAC
$240B
| $3.04M | 0.04% |
48,240
-250
| -0.5% | -$16.9K |
|
|
97
Nutrien
NTR
$35.9B
| $3M | 0.04% |
67,026
-250,607
| -79% | -$11.9M |
|
98
Alerian MLP ETF
AMLP
$13.2B
| $2.94M | 0.04% |
61,057
+3,330
| +6% | +$160K |
|
99
Emerson Electric
EMR
$87.7B
| $2.93M | 0.04% |
23,662
-635
| -3% | -$77K |
|
100
Caterpillar
CAT
$381B
| $2.88M | 0.04% |
7,943
-273
| -3% | -$106K |
|
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Murray Stahl's Q4 2024 Portfolio in Review
As of Q4 2024, Murray Stahl held 361 positions worth $8.03B, up 20% from $6.68B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Murray Stahl's Q4 2024 filing shows 15 new, 107 increased, 132 reduced and 12 closed positions. Its largest new stake was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M. The largest sale was Texas Pacific Land, an estimated $108M.
By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 57% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q4 2024 buy was Hawaiian Electric Industries: 2,379,498 shares worth $23.2M.
- Murray Stahl added most to DigitalBridge in Q4 2024, an estimated $54.1M increase.
- Murray Stahl's biggest Q4 2024 reduction was Texas Pacific Land, cutting an estimated $108M.
- Murray Stahl fully exited CVS Health in Q4 2024, selling an estimated $807K.
- Murray Stahl's ten largest holdings make up 79% of its $8.03B portfolio in Q4 2024.
- Murray Stahl opened 15 new positions and closed 12 in Q4 2024.
- Murray Stahl's portfolio value rose 20% quarter-over-quarter to $8.03B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2024, filed 10 Feb 2025.