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 |
Texas Pacific Land
TPL
|
+$1.27B |
| 2 |
Howard Hughes
HHH
|
+$194M |
| 3 |
Icahn Enterprises
IEP
|
+$135M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$102M |
| 5 |
Civeo
CVEO
|
+$94.4M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.16% |
| 2 | Communication Services | 11.83% |
| 3 | Financials | 10.32% |
| 4 | Real Estate | 6.12% |
| 5 | Materials | 5.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
AbbVie
ABBV
$468B
| $2.43M | 0.07% |
+30,153
| New | +$2.47M |
|
|
PFL
102
PIMCO Income Strategy Fund
PFL
$379M
| $2.4M | 0.07% |
+209,225
| New | +$2.37M |
|
103
Microsoft
MSFT
$3.59T
| $2.28M | 0.06% |
+19,315
| New | +$2.11M |
|
104
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $2.27M | 0.06% |
+81,129
| New | +$2.23M |
|
105
Union Pacific
UNP
$183B
| $2.27M | 0.06% |
+13,544
| New | +$2.18M |
|
106
PepsiCo
PEP
$196B
| $2.25M | 0.06% |
+18,400
| New | +$2.1M |
|
107
Verizon
VZ
$205B
| $2.25M | 0.06% |
+38,074
| New | +$2.16M |
|
108
Eli Lilly
LLY
$1.12T
| $2.24M | 0.06% |
+17,254
| New | +$2.1M |
|
109
Bristol-Myers Squibb
BMY
$137B
| $2.23M | 0.06% |
+46,788
| New | +$2.33M |
|
110
Danaher
DHR
$154B
| $2.14M | 0.06% |
+18,270
| New | +$1.87M |
|
|
LEXEA
111
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $2.1M | 0.06% |
+49,163
| New | +$2.11M |
|
112
Altria Group
MO
$110B
| $2.1M | 0.06% |
+36,596
| New | +$1.87M |
|
113
Vanguard Morningstar Small-Cap ETF
VB
$82.4B
| $2.05M | 0.06% |
+13,442
| New | +$2M |
|
114
Kimbell Royalty Partners
KRP
$1.55B
| $1.99M | 0.06% |
+108,953
| New | +$1.85M |
|
115
Dorman Products
DORM
$3.92B
| $1.98M | 0.06% |
+22,471
| New | +$1.95M |
|
116
L3Harris
LHX
$49.7B
| $1.97M | 0.05% |
+12,339
| New | +$1.9M |
|
117
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.9B
| $1.95M | 0.05% |
+5,642
| New | +$1.9M |
|
118
Suncor Energy
SU
$80B
| $1.94M | 0.05% |
+59,881
| New | +$1.95M |
|
|
TPH
119
DELISTED
Tri Pointe Homes
TPH
| $1.86M | 0.05% |
+147,374
| New | +$1.87M |
|
120
BP
BP
$115B
| $1.86M | 0.05% |
+43,162
| New | +$1.77M |
|
121
Honeywell
HON
$68.4B
| $1.83M | 0.05% |
+12,249
| New | +$1.71M |
|
122
Royal Caribbean
RCL
$78.1B
| $1.83M | 0.05% |
+16,001
| New | +$1.82M |
|
123
Liberty Global Class C
LBTYK
$3.55B
| $1.79M | 0.05% |
+73,871
| New | +$1.75M |
|
124
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $1.78M | 0.05% |
+22,371
| New | +$1.76M |
|
125
Abbott
ABT
$202B
| $1.72M | 0.05% |
+21,484
| New | +$1.6M |
|
Similar funds
Murray Stahl's Q1 2019 Portfolio in Review
Q1 2019 is the first quarter with a 13F filing on record for Murray Stahl, which disclosed 488 positions worth $3.6B. Its ten largest holdings account for 63% of the portfolio.
Its largest position is Texas Pacific Land: 16,202,835 shares worth $1.39B.
By sector, the portfolio is most concentrated in Energy at 45% of assets, followed by Communication Services and Financials.
- Murray Stahl's largest Q1 2019 buy was Texas Pacific Land: 16,202,835 shares worth $1.39B.
- Murray Stahl's ten largest holdings make up 63% of its $3.6B portfolio in Q1 2019.
- Murray Stahl disclosed 488 positions in Q1 2019, its first 13F filing on record.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2019, filed 15 May 2019.