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 |
Intercontinental Exchange
ICE
|
+$39.1M |
| 2 |
AutoNation
AN
|
+$14.8M |
| 3 |
Charles River Laboratories
CRL
|
+$12M |
| 4 |
Oshkosh
OSK
|
+$11.4M |
| 5 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$9.97M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$39.2M |
| 2 |
Franco-Nevada
FNV
|
+$37.9M |
| 3 |
iShares MSCI ACWI ETF
ACWI
|
+$35.8M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$21.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$21.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.08% |
| 2 | Financials | 12.33% |
| 3 | Materials | 11.41% |
| 4 | Communication Services | 8.81% |
| 5 | Technology | 5.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Union Pacific
UNP
$183B
| $2.03M | 0.07% |
12,016
-74
| -0.6% | -$11.9K |
|
102
Pfizer
PFE
$160B
| $2.01M | 0.07% |
64,802
-3,945
| -6% | -$134K |
|
|
OPLN
103
Openlane
OPLN
$4.08B
| $2M | 0.07% |
+145,512
| New | +$2M |
|
104
Novartis
NVS
$302B
| $1.99M | 0.07% |
22,755
-2,055
| -8% | -$177K |
|
105
PepsiCo
PEP
$196B
| $1.91M | 0.07% |
14,436
-1,598
| -10% | -$211K |
|
106
CALL
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| $1.89M | 0.07% |
+16
| New | +$1.64M |
|
|
PFL
107
PIMCO Income Strategy Fund
PFL
$379M
| $1.85M | 0.07% |
190,670
-7,601
| -4% | -$69.7K |
|
108
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $1.81M | 0.07% |
21,919
| – | – |
|
109
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $1.74M | 0.06% |
88,251
-68,665
| -44% | -$1.36M |
|
110
Kimbell Royalty Partners
KRP
$1.55B
| $1.72M | 0.06% |
200,097
-60,363
| -23% | -$438K |
|
111
L3Harris
LHX
$49.7B
| $1.72M | 0.06% |
10,125
-250
| -2% | -$47K |
|
|
MANT
112
DELISTED
Mantech International Corp
MANT
| $1.71M | 0.06% |
25,000
| – | – |
|
113
Verizon
VZ
$205B
| $1.68M | 0.06% |
30,432
-5,066
| -14% | -$285K |
|
114
Brookfield Infrastructure Partners
BIP
$17.9B
| $1.67M | 0.06% |
60,990
-9,302
| -13% | -$248K |
|
115
Energy Transfer Partners
ET
$73B
| $1.58M | 0.06% |
221,441
+78,612
| +55% | +$583K |
|
|
DISCK
116
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $1.57M | 0.06% |
81,600
-4,742
| -5% | -$92.9K |
|
117
Philip Morris
PM
$293B
| $1.56M | 0.06% |
22,272
-9,682
| -30% | -$706K |
|
118
Newmont
NEM
$139B
| $1.54M | 0.06% |
25,012
+17,792
| +246% | +$1.05M |
|
119
Cohen & Steers
CNS
$4.19B
| $1.5M | 0.05% |
+22,053
| New | +$1.33M |
|
120
Altria Group
MO
$110B
| $1.48M | 0.05% |
37,652
-1,950
| -5% | -$76.1K |
|
121
Abbott
ABT
$202B
| $1.47M | 0.05% |
16,085
-3,370
| -17% | -$305K |
|
122
Patterson-UTI
PTEN
$4.71B
| $1.47M | 0.05% |
423,162
| – | – |
|
123
iShares Silver Trust
SLV
$33.8B
| $1.44M | 0.05% |
84,697
+17,721
| +26% | +$271K |
|
124
RB Global
RBA
$16.1B
| $1.44M | 0.05% |
+35,263
| New | +$1.44M |
|
125
Walt Disney
DIS
$186B
| $1.43M | 0.05% |
12,860
-5,267
| -29% | -$581K |
|
Similar funds
Murray Stahl's Q2 2020 Portfolio in Review
As of Q2 2020, Murray Stahl held 437 positions worth $2.76B, up 22% from $2.26B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $282M in Q2 2020, closing 32 positions and reducing 216 holdings. Its most notable exit was iShares MSCI ACWI ETF, an estimated $35.8M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Oshkosh worth $11.9M.
- Murray Stahl's largest Q2 2020 buy was Oshkosh: 166,692 shares worth $11.9M.
- Murray Stahl added most to Intercontinental Exchange in Q2 2020, an estimated $39.1M increase.
- Murray Stahl's biggest Q2 2020 reduction was Brookfield, cutting an estimated $39.2M.
- Murray Stahl fully exited iShares MSCI ACWI ETF in Q2 2020, selling an estimated $35.8M.
- Murray Stahl's ten largest holdings make up 60% of its $2.76B portfolio in Q2 2020.
- Murray Stahl opened 55 new positions and closed 32 in Q2 2020.
- Murray Stahl's portfolio value rose 22% quarter-over-quarter to $2.76B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2020, filed 14 Aug 2020.