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 |
Cheniere Energy
LNG
|
+$17.7M |
| 2 |
Dorchester Minerals
DMLP
|
+$14.4M |
| 3 |
Franco-Nevada
FNV
|
+$4.26M |
| 4 |
CACI
CACI
|
+$3.58M |
| 5 |
Saic
SAIC
|
+$3.08M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Treasury ETF
VGSH
|
+$24.5M |
| 2 |
Howard Hughes
HHH
|
+$12.5M |
| 3 |
Icahn Enterprises
IEP
|
+$11.7M |
| 4 |
Wendy's
WEN
|
+$9.81M |
| 5 |
RMT
Royce Micro-Cap Trust
RMT
|
+$7.74M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.71% |
| 2 | Communication Services | 11.57% |
| 3 | Financials | 10.51% |
| 4 | Real Estate | 6.39% |
| 5 | Materials | 6.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PFL
101
PIMCO Income Strategy Fund
PFL
$379M
| $2.47M | 0.07% |
208,787
-438
| -0.2% | -$5.11K |
|
102
Kimbell Royalty Partners
KRP
$1.55B
| $2.3M | 0.06% |
142,322
+33,369
| +31% | +$571K |
|
103
CALL
Akebia Therapeutics
AKBA
$251M
| $2.3M | 0.06% |
+297,500
| New | +$1.69M |
|
104
Novartis
NVS
$302B
| $2.29M | 0.06% |
25,133
-3,752
| -13% | -$318K |
|
|
LEXEA
105
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
| $2.27M | 0.06% |
47,434
-1,729
| -4% | -$76.3K |
|
106
L3Harris
LHX
$49.7B
| $2.25M | 0.06% |
11,869
-470
| -4% | -$84.8K |
|
107
AbbVie
ABBV
$468B
| $2.23M | 0.06% |
30,661
+508
| +2% | +$39.9K |
|
108
Bristol-Myers Squibb
BMY
$137B
| $2.19M | 0.06% |
48,403
+1,615
| +3% | +$75.2K |
|
109
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $2.18M | 0.06% |
78,514
-2,615
| -3% | -$71.8K |
|
110
Danaher
DHR
$154B
| $2.18M | 0.06% |
17,193
-1,077
| -6% | -$128K |
|
111
Verizon
VZ
$205B
| $2.14M | 0.06% |
37,454
-620
| -2% | -$35.7K |
|
112
PepsiCo
PEP
$196B
| $2.13M | 0.06% |
16,250
-2,150
| -12% | -$276K |
|
113
Union Pacific
UNP
$183B
| $2.05M | 0.06% |
12,110
-1,434
| -11% | -$246K |
|
114
Honeywell
HON
$68.4B
| $2.01M | 0.06% |
12,188
-61
| -0.5% | -$9.71K |
|
115
Dorman Products
DORM
$3.92B
| $1.96M | 0.05% |
22,471
| – | – |
|
116
Royal Caribbean
RCL
$78.1B
| $1.93M | 0.05% |
15,936
-65
| -0.4% | -$7.92K |
|
117
Liberty Global Class C
LBTYK
$3.55B
| $1.92M | 0.05% |
72,215
-1,656
| -2% | -$42.5K |
|
118
Suncor Energy
SU
$80B
| $1.87M | 0.05% |
59,981
+100
| +0.2% | +$3.2K |
|
119
BP
BP
$115B
| $1.83M | 0.05% |
44,517
+1,355
| +3% | +$56.8K |
|
120
Vanguard Morningstar Small-Cap ETF
VB
$82.4B
| $1.82M | 0.05% |
11,592
-1,850
| -14% | -$286K |
|
121
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $1.8M | 0.05% |
22,271
-100
| -0.4% | -$7.98K |
|
122
Chevron
CVX
$403B
| $1.76M | 0.05% |
14,181
+528
| +4% | +$63.8K |
|
|
TPH
123
DELISTED
Tri Pointe Homes
TPH
| $1.76M | 0.05% |
146,905
-469
| -0.3% | -$6.11K |
|
124
Altria Group
MO
$110B
| $1.74M | 0.05% |
36,746
+150
| +0.4% | +$7.86K |
|
125
Abbott
ABT
$202B
| $1.72M | 0.05% |
20,438
-1,046
| -5% | -$82.3K |
|
Similar funds
Murray Stahl's Q2 2019 Portfolio in Review
As of Q2 2019, Murray Stahl held 503 positions worth $3.62B, up 0.59% from $3.6B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Murray Stahl withdrew a net $125M in Q2 2019, closing 9 positions and reducing 273 holdings. Its most notable exit was Osiris Therapeutics, Inc. Common Stock, an estimated $361K position sold in full.
By sector, the portfolio is most concentrated in Energy at 46% of assets, up from 45% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in Dorchester Minerals worth $14M.
- Murray Stahl's largest Q2 2019 buy was Dorchester Minerals: 767,044 shares worth $14M.
- Murray Stahl added most to Cheniere Energy in Q2 2019, an estimated $17.7M increase.
- Murray Stahl's biggest Q2 2019 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $24.5M.
- Murray Stahl fully exited Osiris Therapeutics, Inc. Common Stock in Q2 2019, selling an estimated $361K.
- Murray Stahl's ten largest holdings make up 63% of its $3.62B portfolio in Q2 2019.
- Murray Stahl opened 15 new positions and closed 9 in Q2 2019.
- Murray Stahl's portfolio value rose 0.59% quarter-over-quarter to $3.62B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2019, filed 14 Aug 2019.