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 |
MSB
Mesabi Trust
MSB
|
+$7.07M |
| 2 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$4.64M |
| 3 |
Archer Daniels Midland
ADM
|
+$4.61M |
| 4 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$3.61M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$2.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$21.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$9.08M |
| 3 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$8.07M |
| 4 |
Icahn Enterprises
IEP
|
+$6.81M |
| 5 |
Howard Hughes
HHH
|
+$6.49M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 42.22% |
| 2 | Financials | 12.07% |
| 3 | Materials | 9.7% |
| 4 | Communication Services | 8.72% |
| 5 | Consumer Discretionary | 5.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
LendingTree
TREE
$433M
| $2.25M | 0.08% |
8,233
| – | – |
|
102
Weyerhaeuser
WY
$17.6B
| $2.24M | 0.07% |
66,911
+3,997
| +6% | +$120K |
|
|
MANT
103
DELISTED
Mantech International Corp
MANT
| $2.22M | 0.07% |
25,000
| – | – |
|
104
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.21M | 0.07% |
5,898
-1,588
| -21% | -$563K |
|
105
Patterson-UTI
PTEN
$4.71B
| $2.18M | 0.07% |
414,562
-8,600
| -2% | -$33.8K |
|
106
Vanguard S&P 500 ETF
VOO
$1.02T
| $2.12M | 0.07% |
6,174
-2,165
| -26% | -$706K |
|
|
PFL
107
PIMCO Income Strategy Fund
PFL
$379M
| $2.08M | 0.07% |
182,219
-600
| -0.3% | -$6.42K |
|
108
Novartis
NVS
$302B
| $2.08M | 0.07% |
22,060
-1,255
| -5% | -$110K |
|
109
CALL
United States Oil Fund
USO
$2.24B
| $2.07M | 0.07% |
55,200
+37,000
| +203% | +$1.1M |
|
110
Pfizer
PFE
$160B
| $2.04M | 0.07% |
55,432
-11,030
| -17% | -$405K |
|
111
Brookfield Infrastructure Partners
BIP
$17.9B
| $2.02M | 0.07% |
61,503
-5,756
| -9% | -$187K |
|
112
Philip Morris
PM
$293B
| $2.02M | 0.07% |
24,353
-283
| -1% | -$22K |
|
113
Caterpillar
CAT
$381B
| $2.01M | 0.07% |
11,033
+3,186
| +41% | +$540K |
|
114
Costamare
CMRE
$1.89B
| $2M | 0.07% |
241,237
-3,500
| -1% | -$24.4K |
|
|
EQC
115
DELISTED
Equity Commonwealth
EQC
| $1.89M | 0.06% |
69,302
-4,803
| -6% | -$128K |
|
116
Eli Lilly
LLY
$1.12T
| $1.88M | 0.06% |
11,154
-1,000
| -8% | -$149K |
|
117
L3Harris
LHX
$49.7B
| $1.87M | 0.06% |
9,905
-100
| -1% | -$18.3K |
|
|
DISCK
118
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $1.84M | 0.06% |
70,465
| – | – |
|
119
Cisco
CSCO
$438B
| $1.84M | 0.06% |
41,176
-10,847
| -21% | -$446K |
|
120
Resideo Technologies
REZI
$3.08B
| $1.83M | 0.06% |
86,282
-8,912
| -9% | -$143K |
|
121
Altria Group
MO
$110B
| $1.83M | 0.06% |
44,592
+1,440
| +3% | +$57.8K |
|
122
Vanguard Short-Term Corporate Bond ETF
VCSH
$45B
| $1.82M | 0.06% |
21,919
| – | – |
|
123
Union Pacific
UNP
$183B
| $1.81M | 0.06% |
8,687
-3,309
| -28% | -$661K |
|
124
PepsiCo
PEP
$196B
| $1.79M | 0.06% |
12,084
-2,500
| -17% | -$355K |
|
125
Dorman Products
DORM
$3.92B
| $1.77M | 0.06% |
20,436
| – | – |
|
Similar funds
Murray Stahl's Q4 2020 Portfolio in Review
As of Q4 2020, Murray Stahl held 371 positions worth $3B, up 21% from $2.49B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $168M in Q4 2020, closing 24 positions and reducing 209 holdings. Its most notable exit was GCI Liberty, Inc. Class A Common Stock (DE), an estimated $8.07M position sold in full.
By sector, the portfolio is most concentrated in Energy at 42% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Deere & Co worth $581K.
- Murray Stahl's largest Q4 2020 buy was Deere & Co: 2,161 shares worth $581K.
- Murray Stahl added most to Mesabi Trust in Q4 2020, an estimated $7.07M increase.
- Murray Stahl's biggest Q4 2020 reduction was Texas Pacific Land, cutting an estimated $21.4M.
- Murray Stahl fully exited GCI Liberty, Inc. Class A Common Stock (DE) in Q4 2020, selling an estimated $8.07M.
- Murray Stahl's ten largest holdings make up 60% of its $3B portfolio in Q4 2020.
- Murray Stahl opened 9 new positions and closed 24 in Q4 2020.
- Murray Stahl's portfolio value rose 21% quarter-over-quarter to $3B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2020, filed 16 Feb 2021.