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 |
LB
LandBridge Co
LB
|
+$109M |
| 2 |
Viper Energy
VNOM
|
+$5.99M |
| 3 |
Wheaton Precious Metals
WPM
|
+$4.09M |
| 4 |
Archer Daniels Midland
ADM
|
+$3.26M |
| 5 |
Bunge Global
BG
|
+$3.03M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$51.5M |
| 2 |
CME Group
CME
|
+$12.1M |
| 3 |
Liberty Media Series C
FWONK
|
+$6.32M |
| 4 |
Brookfield Asset Management
BAM
|
+$3.94M |
| 5 |
Grayscale Bitcoin Trust
GBTC
|
+$3.31M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 54.47% |
| 2 | Materials | 7.08% |
| 3 | Financials | 6.88% |
| 4 | Technology | 4.54% |
| 5 | Consumer Discretionary | 3.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
WisdomTree
WT
$3.56B
| $2.1M | 0.04% |
211,573
+762
| +0.4% | +$7.17K |
|
102
Emerson Electric
EMR
$87.7B
| $1.99M | 0.03% |
18,097
-200
| -1% | -$22.1K |
|
|
PFN
103
PIMCO Income Strategy Fund II
PFN
$687M
| $1.98M | 0.03% |
276,534
-3,200
| -1% | -$23.4K |
|
104
Kinder Morgan
KMI
$69B
| $1.98M | 0.03% |
99,785
| – | – |
|
105
CRA International
CRAI
$1.11B
| $1.97M | 0.03% |
+11,465
| New | +$1.86M |
|
106
Cisco
CSCO
$438B
| $1.94M | 0.03% |
40,812
+1,626
| +4% | +$77.2K |
|
107
Enterprise Products Partners
EPD
$82.1B
| $1.92M | 0.03% |
66,258
-9,389
| -12% | -$269K |
|
|
CSW
108
CSW Industrials
CSW
$5.38B
| $1.91M | 0.03% |
7,200
-800
| -10% | -$198K |
|
109
Verisk Analytics
VRSK
$24.4B
| $1.89M | 0.03% |
7,000
| – | – |
|
110
Bristol-Myers Squibb
BMY
$137B
| $1.87M | 0.03% |
45,018
+1,530
| +4% | +$68.5K |
|
111
Sphere Entertainment
SPHR
$5.69B
| $1.84M | 0.03% |
52,571
+3,272
| +7% | +$127K |
|
112
Fidelity National Information Services
FIS
$21.3B
| $1.83M | 0.03% |
24,340
| – | – |
|
113
Altria Group
MO
$110B
| $1.82M | 0.03% |
40,056
+750
| +2% | +$33.3K |
|
|
OPLN
114
Openlane
OPLN
$4.08B
| $1.82M | 0.03% |
109,414
-5
| -0% | -$86 |
|
115
Apple
AAPL
$4.51T
| $1.76M | 0.03% |
8,357
-700
| -8% | -$131K |
|
116
Vanguard S&P 500 ETF
VOO
$1.02T
| $1.72M | 0.03% |
3,441
-125
| -4% | -$60.1K |
|
117
BlackRock MuniHoldings Fund
MHD
$594M
| $1.69M | 0.03% |
140,030
| – | – |
|
118
Madison Square Garden
MSGE
$3.78B
| $1.61M | 0.03% |
47,010
-190
| -0.4% | -$7.02K |
|
119
Pfizer
PFE
$160B
| $1.61M | 0.03% |
57,445
+300
| +0.5% | +$8.26K |
|
120
NVIDIA
NVDA
$5.2T
| $1.6M | 0.03% |
12,960
-300
| -2% | -$30.3K |
|
121
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $1.56M | 0.03% |
25,428
-27,468
| -52% | -$1.58M |
|
122
Liberty Live Group Series C
LLYVK
$9.7B
| $1.36M | 0.02% |
35,469
-6,993
| -16% | -$271K |
|
123
Honeywell
HON
$68.4B
| $1.31M | 0.02% |
6,528
| – | – |
|
|
TEF
124
DELISTED
Telefonica
TEF
| $1.31M | 0.02% |
+310,865
| New | +$1.37M |
|
125
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.31M | 0.02% |
111,432
-2,175
| -2% | -$24.5K |
|
Similar funds
Murray Stahl's Q2 2024 Portfolio in Review
As of Q2 2024, Murray Stahl held 334 positions worth $5.72B, up 8.2% from $5.29B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q2 2024 filing shows 12 new, 75 increased, 133 reduced and 10 closed positions. Its largest new stake was LandBridge Co: 4,705,899 shares worth $109M. The largest sale was Texas Pacific Land, an estimated $51.5M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, up from 47% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q2 2024 buy was LandBridge Co: 4,705,899 shares worth $109M.
- Murray Stahl added most to Viper Energy in Q2 2024, an estimated $5.99M increase.
- Murray Stahl's biggest Q2 2024 reduction was Texas Pacific Land, cutting an estimated $51.5M.
- Murray Stahl fully exited Core Laboratories in Q2 2024, selling an estimated $1.87M.
- Murray Stahl's ten largest holdings make up 76% of its $5.72B portfolio in Q2 2024.
- Murray Stahl opened 12 new positions and closed 10 in Q2 2024.
- Murray Stahl's portfolio value rose 8.2% quarter-over-quarter to $5.72B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2024, filed 14 Aug 2024.