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 |
Archer Daniels Midland
ADM
|
+$7.84M |
| 2 |
MSB
Mesabi Trust
MSB
|
+$7.59M |
| 3 |
Intercontinental Exchange
ICE
|
+$4.96M |
| 4 |
West Fraser Timber
WFG
|
+$4.33M |
| 5 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$4.25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$54.2M |
| 2 |
iShares 0-1 Year Treasury Bond ETF
SHV
|
+$8.9M |
| 3 |
Howard Hughes
HHH
|
+$5.53M |
| 4 |
Wendy's
WEN
|
+$4.62M |
| 5 |
Icahn Enterprises
IEP
|
+$3.47M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 58.84% |
| 2 | Financials | 8.71% |
| 3 | Materials | 6.9% |
| 4 | Communication Services | 5.93% |
| 5 | Consumer Discretionary | 4.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CXE
101
DELISTED
MFS High Income Municipal Trust
CXE
| $2.49M | 0.06% |
488,614
-3,264
| -0.7% | -$16.6K |
|
102
MarketAxess Holdings
MKTX
$5.71B
| $2.49M | 0.06% |
5,000
| – | – |
|
103
Danaher
DHR
$154B
| $2.43M | 0.06% |
12,173
+618
| +5% | +$126K |
|
104
St. Joe Company
JOE
$3.92B
| $2.36M | 0.05% |
+55,087
| New | +$2.63M |
|
105
Costamare
CMRE
$1.89B
| $2.28M | 0.05% |
237,237
-4,000
| -2% | -$37.3K |
|
106
Altria Group
MO
$110B
| $2.23M | 0.05% |
43,582
-1,010
| -2% | -$45.3K |
|
107
Resideo Technologies
REZI
$3.08B
| $2.22M | 0.05% |
78,650
-7,632
| -9% | -$202K |
|
108
Microsoft
MSFT
$3.59T
| $2.19M | 0.05% |
9,293
-3,277
| -26% | -$760K |
|
|
MANT
109
DELISTED
Mantech International Corp
MANT
| $2.17M | 0.05% |
25,000
| – | – |
|
|
PFL
110
PIMCO Income Strategy Fund
PFL
$379M
| $2.17M | 0.05% |
180,825
-1,394
| -0.8% | -$16.3K |
|
111
Royalty Pharma
RPRX
$27.3B
| $2.17M | 0.05% |
+49,765
| New | +$2.36M |
|
112
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.17M | 0.05% |
5,470
-428
| -7% | -$165K |
|
113
BlackRock MuniHoldings Fund
MHD
$594M
| $2.15M | 0.05% |
+134,194
| New | +$2.17M |
|
114
Brookfield Infrastructure Partners
BIP
$17.9B
| $2.1M | 0.05% |
59,088
-2,415
| -4% | -$84.2K |
|
115
Dorman Products
DORM
$3.92B
| $2.1M | 0.05% |
20,436
| – | – |
|
116
Philip Morris
PM
$293B
| $2.1M | 0.05% |
23,603
-750
| -3% | -$63.7K |
|
117
Pfizer
PFE
$160B
| $2.09M | 0.05% |
57,685
+2,253
| +4% | +$80K |
|
118
KLA
KLAC
$240B
| $2M | 0.05% |
60,650
-6,000
| -9% | -$181K |
|
119
Cisco
CSCO
$438B
| $2M | 0.05% |
38,657
-2,519
| -6% | -$118K |
|
120
L3Harris
LHX
$49.7B
| $1.99M | 0.05% |
9,838
-67
| -0.7% | -$12.6K |
|
|
OPLN
121
Openlane
OPLN
$4.08B
| $1.99M | 0.05% |
132,740
+1,862
| +1% | +$31.7K |
|
|
PKO
122
DELISTED
Pimco Income Opportunity Fund
PKO
| $1.97M | 0.04% |
74,751
-15,200
| -17% | -$389K |
|
123
Energy Transfer Partners
ET
$73B
| $1.92M | 0.04% |
249,696
+8,290
| +3% | +$60.5K |
|
|
EQC
124
DELISTED
Equity Commonwealth
EQC
| $1.91M | 0.04% |
68,842
-460
| -0.7% | -$13K |
|
125
Novartis
NVS
$302B
| $1.89M | 0.04% |
22,060
| – | – |
|
Similar funds
Murray Stahl's Q1 2021 Portfolio in Review
As of Q1 2021, Murray Stahl held 366 positions worth $4.41B, up 47% from $3B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Murray Stahl's Q1 2021 filing shows 19 new, 62 increased, 170 reduced and 26 closed positions. Its largest new stake was West Fraser Timber: 64,459 shares worth $4.64M. The largest sale was Texas Pacific Land, an estimated $54.2M.
By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 42% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2021 buy was West Fraser Timber: 64,459 shares worth $4.64M.
- Murray Stahl added most to Archer Daniels Midland in Q1 2021, an estimated $7.84M increase.
- Murray Stahl's biggest Q1 2021 reduction was Texas Pacific Land, cutting an estimated $54.2M.
- Murray Stahl fully exited BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST in Q1 2021, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 71% of its $4.41B portfolio in Q1 2021.
- Murray Stahl opened 19 new positions and closed 26 in Q1 2021.
- Murray Stahl's portfolio value rose 47% quarter-over-quarter to $4.41B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2021, filed 11 May 2021.