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 |
Tejon Ranch
TRC
|
+$7.39M |
| 2 |
Charles River Laboratories
CRL
|
+$4.58M |
| 3 |
Franco-Nevada
FNV
|
+$3.6M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.07M |
| 5 |
Intercontinental Exchange
ICE
|
+$2.78M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$11.5M |
| 2 |
Enovis
ENOV
|
+$3.49M |
| 3 |
Howard Hughes
HHH
|
+$2.23M |
| 4 |
Markel Group
MKL
|
+$1.84M |
| 5 |
BGC Group
BGC
|
+$1.83M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 47.72% |
| 2 | Financials | 11.6% |
| 3 | Materials | 9.56% |
| 4 | Communication Services | 6.28% |
| 5 | Consumer Discretionary | 5.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CXE
101
DELISTED
MFS High Income Municipal Trust
CXE
| $2.57M | 0.06% |
488,614
| – | – |
|
102
VanEck Gold Miners ETF
GDX
$31.8B
| $2.53M | 0.06% |
85,910
-2,418
| -3% | -$78.8K |
|
103
Black Stone Minerals
BSM
$3.17B
| $2.49M | 0.06% |
206,347
-4,350
| -2% | -$46.1K |
|
104
Microsoft
MSFT
$3.59T
| $2.46M | 0.06% |
8,736
-157
| -2% | -$45.7K |
|
|
LGF.B
105
DELISTED
Lions Gate Entertainment Corp. Class B Non-Voting Shares
LGF.B
| $2.44M | 0.06% |
187,335
-14,062
| -7% | -$185K |
|
106
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $2.34M | 0.05% |
61,061
-511
| -0.8% | -$21.9K |
|
107
Pfizer
PFE
$160B
| $2.29M | 0.05% |
53,317
-1,100
| -2% | -$48.7K |
|
108
Energy Transfer Partners
ET
$73B
| $2.25M | 0.05% |
234,695
+3,129
| +1% | +$30K |
|
109
CALL
United States Natural Gas Fund
UNG
$506M
| $2.25M | 0.05% |
25,250
+4,250
| +20% | +$256K |
|
110
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $2.24M | 0.05% |
5,223
-96
| -2% | -$42.3K |
|
111
BlackRock MuniHoldings Fund
MHD
$594M
| $2.2M | 0.05% |
134,194
| – | – |
|
112
Brookfield Infrastructure Partners
BIP
$17.9B
| $2.2M | 0.05% |
58,695
| – | – |
|
113
MarketAxess Holdings
MKTX
$5.71B
| $2.17M | 0.05% |
5,154
| – | – |
|
|
OPLN
114
Openlane
OPLN
$4.08B
| $2.13M | 0.05% |
129,997
-2,457
| -2% | -$41.4K |
|
115
Philip Morris
PM
$293B
| $2.12M | 0.05% |
22,308
-645
| -3% | -$64.9K |
|
116
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $2.08M | 0.05% |
71,330
+5,692
| +9% | +$170K |
|
117
L3Harris
LHX
$49.7B
| $2.08M | 0.05% |
9,435
-3
| -0% | -$682 |
|
118
Cisco
CSCO
$438B
| $2.04M | 0.05% |
37,507
-1,200
| -3% | -$67.3K |
|
119
CALL
United States Oil Fund
USO
$2.24B
| $1.98M | 0.05% |
36,000
-110,800
| -75% | -$5.42M |
|
|
SEE
120
DELISTED
Sealed Air
SEE
| $1.94M | 0.05% |
35,385
-1,200
| -3% | -$69.7K |
|
121
Eli Lilly
LLY
$1.12T
| $1.94M | 0.05% |
8,386
| – | – |
|
122
Fidelity National Financial
FNF
$12.7B
| $1.92M | 0.05% |
44,133
-1,456
| -3% | -$64.6K |
|
123
Apple
AAPL
$4.51T
| $1.92M | 0.04% |
13,574
-594
| -4% | -$87.5K |
|
|
MANT
124
DELISTED
Mantech International Corp
MANT
| $1.9M | 0.04% |
25,000
| – | – |
|
|
PBT
125
Permian Basin Royalty Trust
PBT
$1.6B
| $1.87M | 0.04% |
327,082
-6,825
| -2% | -$36.2K |
|
Similar funds
Murray Stahl's Q3 2021 Portfolio in Review
As of Q3 2021, Murray Stahl held 349 positions worth $4.28B, down 13% from $4.91B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Trading was light in Q3 2021: portfolio turnover was 4.3%. Murray Stahl opened 4 new positions and exited 11, leaving the 349-position portfolio largely intact.
By sector, the portfolio is most concentrated in Energy at 48% of assets, down from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2021 buy was Tejon Ranch: 415,895 shares worth $7.39M.
- Murray Stahl added most to Charles River Laboratories in Q3 2021, an estimated $4.58M increase.
- Murray Stahl's biggest Q3 2021 reduction was Texas Pacific Land, cutting an estimated $11.5M.
- Murray Stahl fully exited MSG Networks Inc. in Q3 2021, selling an estimated $1.31M.
- Murray Stahl's ten largest holdings make up 63% of its $4.28B portfolio in Q3 2021.
- Murray Stahl opened 4 new positions and closed 11 in Q3 2021.
- Murray Stahl's portfolio value fell 13% quarter-over-quarter to $4.28B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2021, filed 15 Nov 2021.