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 |
Charles River Laboratories
CRL
|
+$25.4M |
| 2 |
Intercontinental Exchange
ICE
|
+$24.4M |
| 3 |
Franco-Nevada
FNV
|
+$22.6M |
| 4 |
Archer Daniels Midland
ADM
|
+$19.9M |
| 5 |
Wheaton Precious Metals
WPM
|
+$19.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$16.6M |
| 2 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$5.17M |
| 3 |
Wendy's
WEN
|
+$4.05M |
| 4 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$3.06M |
| 5 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$2.93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 53.99% |
| 2 | Financials | 10.14% |
| 3 | Materials | 9.23% |
| 4 | Communication Services | 5.56% |
| 5 | Consumer Discretionary | 4.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Danaher
DHR
$154B
| $2.85M | 0.06% |
11,978
-195
| -2% | -$43.2K |
|
102
Merck
MRK
$376B
| $2.78M | 0.06% |
35,753
-3,394
| -9% | -$252K |
|
103
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $2.73M | 0.06% |
170,276
-400
| -0.2% | -$6.22K |
|
104
Costamare
CMRE
$1.89B
| $2.71M | 0.06% |
229,237
-8,000
| -3% | -$86.1K |
|
|
CXE
105
DELISTED
MFS High Income Municipal Trust
CXE
| $2.58M | 0.05% |
488,614
| – | – |
|
106
Energy Transfer Partners
ET
$73B
| $2.46M | 0.05% |
231,566
-18,130
| -7% | -$174K |
|
107
Microsoft
MSFT
$3.59T
| $2.41M | 0.05% |
8,893
-400
| -4% | -$102K |
|
108
MarketAxess Holdings
MKTX
$5.71B
| $2.39M | 0.05% |
5,154
+154
| +3% | +$73.3K |
|
|
OPLN
109
Openlane
OPLN
$4.08B
| $2.33M | 0.05% |
132,454
-286
| -0.2% | -$4.84K |
|
110
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.28M | 0.05% |
5,319
-151
| -3% | -$63K |
|
111
Philip Morris
PM
$293B
| $2.27M | 0.05% |
22,953
-650
| -3% | -$62.4K |
|
112
Black Stone Minerals
BSM
$3.17B
| $2.27M | 0.05% |
210,697
-2,653
| -1% | -$26.8K |
|
113
Resideo Technologies
REZI
$3.08B
| $2.26M | 0.05% |
75,450
-3,200
| -4% | -$94.8K |
|
114
BlackRock MuniHoldings Fund
MHD
$594M
| $2.25M | 0.05% |
134,194
| – | – |
|
115
Brookfield Infrastructure Partners
BIP
$17.9B
| $2.17M | 0.04% |
58,695
-393
| -0.7% | -$14.2K |
|
|
PFL
116
PIMCO Income Strategy Fund
PFL
$379M
| $2.17M | 0.04% |
170,225
-10,600
| -6% | -$131K |
|
|
SEE
117
DELISTED
Sealed Air
SEE
| $2.17M | 0.04% |
36,585
+150
| +0.4% | +$8.09K |
|
|
MANT
118
DELISTED
Mantech International Corp
MANT
| $2.16M | 0.04% |
25,000
| – | – |
|
119
Pfizer
PFE
$160B
| $2.13M | 0.04% |
54,417
-3,268
| -6% | -$127K |
|
120
Dorman Products
DORM
$3.92B
| $2.12M | 0.04% |
20,436
| – | – |
|
121
Cisco
CSCO
$438B
| $2.05M | 0.04% |
38,707
+50
| +0.1% | +$2.63K |
|
122
L3Harris
LHX
$49.7B
| $2.04M | 0.04% |
9,438
-400
| -4% | -$86K |
|
|
DISCK
123
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $2.04M | 0.04% |
70,365
| – | – |
|
124
Altria Group
MO
$110B
| $2.01M | 0.04% |
42,214
-1,368
| -3% | -$67.2K |
|
125
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $1.97M | 0.04% |
65,638
+20,263
| +45% | +$597K |
|
Similar funds
Murray Stahl's Q2 2021 Portfolio in Review
As of Q2 2021, Murray Stahl held 354 positions worth $4.91B, up 11% from $4.41B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Murray Stahl deployed $259M of net new capital in Q2 2021, opening 14 new positions and adding to 75 existing holdings. Its largest new stake was Vimeo: 40,140 shares worth $1.97M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 59% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was Texas Pacific Land, an estimated $16.6M trimmed.
- Murray Stahl's largest Q2 2021 buy was Vimeo: 40,140 shares worth $1.97M.
- Murray Stahl added most to Charles River Laboratories in Q2 2021, an estimated $25.4M increase.
- Murray Stahl's biggest Q2 2021 reduction was Texas Pacific Land, cutting an estimated $16.6M.
- Murray Stahl fully exited Corelogic, Inc. in Q2 2021, selling an estimated $1.35M.
- Murray Stahl's ten largest holdings make up 68% of its $4.91B portfolio in Q2 2021.
- Murray Stahl opened 14 new positions and closed 9 in Q2 2021.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $4.91B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2021, filed 16 Aug 2021.