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 |
Cameco
CCJ
|
+$20.5M |
| 2 |
Vanguard Short-Term Treasury ETF
VGSH
|
+$4.81M |
| 3 |
Eli Lilly
LLY
|
+$2.28M |
| 4 |
Madison Square Garden
MSGE
|
+$1.72M |
| 5 |
Horizon Kinetics SPAC Active ETF
SPAQ
|
+$731K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$25.8M |
| 2 |
Icahn Enterprises
IEP
|
+$22.1M |
| 3 |
Texas Pacific Land
TPL
|
+$22M |
| 4 |
Cohen & Steers
CNS
|
+$12.2M |
| 5 |
Wheaton Precious Metals
WPM
|
+$6.13M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 48.05% |
| 2 | Materials | 10.65% |
| 3 | Financials | 8.97% |
| 4 | Consumer Discretionary | 5.04% |
| 5 | Technology | 4.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Altria Group
MO
$110B
| $1.81M | 0.04% |
40,032
+250
| +0.6% | +$11.3K |
|
|
CSW
102
CSW Industrials
CSW
$5.38B
| $1.79M | 0.04% |
10,800
| – | – |
|
103
Pfizer
PFE
$160B
| $1.78M | 0.04% |
48,571
+209
| +0.4% | +$8.13K |
|
104
L3Harris
LHX
$49.7B
| $1.78M | 0.04% |
9,094
| – | – |
|
105
Suncor Energy
SU
$80B
| $1.75M | 0.04% |
59,751
-900
| -1% | -$26.9K |
|
106
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
| $1.74M | 0.04% |
34,684
-3,676
| -10% | -$184K |
|
|
MTA
107
Metalla Royalty & Streaming
MTA
$1.04B
| $1.69M | 0.04% |
390,118
| – | – |
|
|
108
Madison Square Garden
MSGE
$3.78B
| $1.69M | 0.04% |
+50,209
| New | +$1.72M |
|
|
OPLN
109
Openlane
OPLN
$4.08B
| $1.68M | 0.04% |
110,164
| – | – |
|
110
Federated Hermes
FHI
$4.76B
| $1.67M | 0.04% |
46,503
-8,891
| -16% | -$344K |
|
|
ECHO
111
EchoStar
ECHO
$25.2B
| $1.66M | 0.04% |
96,018
-5,389
| -5% | -$90.8K |
|
|
BELFB
112
Bel Fuse Inc Class B
BELFB
$3.69B
| $1.66M | 0.04% |
28,988
| – | – |
|
113
Caterpillar
CAT
$381B
| $1.62M | 0.04% |
6,598
+98
| +2% | +$21.9K |
|
114
Emerson Electric
EMR
$87.7B
| $1.62M | 0.03% |
17,886
| – | – |
|
115
Verisk Analytics
VRSK
$24.4B
| $1.58M | 0.03% |
7,000
| – | – |
|
116
Brookfield Infrastructure Partners
BIP
$17.9B
| $1.58M | 0.03% |
43,168
-2,462
| -5% | -$87.8K |
|
117
Fidelity National Financial
FNF
$12.7B
| $1.57M | 0.03% |
43,742
+5
| +0% | +$174 |
|
118
Rockwell Automation
ROK
$48.5B
| $1.56M | 0.03% |
4,723
-50
| -1% | -$14.4K |
|
119
Iron Mountain
IRM
$36.3B
| $1.55M | 0.03% |
27,358
| – | – |
|
120
BlackRock MuniHoldings Fund
MHD
$594M
| $1.51M | 0.03% |
129,817
-265
| -0.2% | -$3.08K |
|
|
SEE
121
DELISTED
Sealed Air
SEE
| $1.49M | 0.03% |
37,135
+250
| +0.7% | +$10.6K |
|
122
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $1.47M | 0.03% |
3,323
-190
| -5% | -$79.7K |
|
123
Vanguard S&P 500 ETF
VOO
$1.02T
| $1.46M | 0.03% |
3,591
-541
| -13% | -$209K |
|
124
Sphere Entertainment
SPHR
$5.69B
| $1.38M | 0.03% |
50,474
+136
| +0.3% | +$4.51K |
|
125
KraneShares Global Carbon Strategy ETF
KRBN
$133M
| $1.37M | 0.03% |
36,018
-680
| -2% | -$26.4K |
|
Similar funds
Murray Stahl's Q2 2023 Portfolio in Review
As of Q2 2023, Murray Stahl held 341 positions worth $4.64B, down 11% from $5.21B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Trading was light in Q2 2023: portfolio turnover was 4.1%. Murray Stahl opened 7 new positions and exited 7, leaving the 341-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 Materials and Financials.
- Murray Stahl's largest Q2 2023 buy was Cameco: 728,312 shares worth $22.8M.
- Murray Stahl added most to Vanguard Short-Term Treasury ETF in Q2 2023, an estimated $4.81M increase.
- Murray Stahl's biggest Q2 2023 reduction was Brookfield, cutting an estimated $25.8M.
- Murray Stahl fully exited Icahn Enterprises in Q2 2023, selling an estimated $22.1M.
- Murray Stahl's ten largest holdings make up 65% of its $4.64B portfolio in Q2 2023.
- Murray Stahl opened 7 new positions and closed 7 in Q2 2023.
- Murray Stahl's portfolio value fell 11% quarter-over-quarter to $4.64B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2023, filed 14 Aug 2023.