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 |
Texas Pacific Land
TPL
|
+$1.27B |
| 2 |
Howard Hughes
HHH
|
+$194M |
| 3 |
Icahn Enterprises
IEP
|
+$135M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$102M |
| 5 |
Civeo
CVEO
|
+$94.4M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.16% |
| 2 | Communication Services | 11.83% |
| 3 | Financials | 10.32% |
| 4 | Real Estate | 6.12% |
| 5 | Materials | 5.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Chevron
CVX
$403B
| $1.68M | 0.05% |
+13,653
| New | +$1.62M |
|
127
Carnival Corporation Ltd
CCL
$35.2B
| $1.63M | 0.05% |
+32,227
| New | +$1.79M |
|
128
Cohen & Steers Quality Income Realty Fund
RQI
$1.67B
| $1.63M | 0.05% |
+127,507
| New | +$1.53M |
|
129
Bank of America
BAC
$431B
| $1.6M | 0.04% |
+58,146
| New | +$1.64M |
|
|
SBR
130
Sabine Royalty Trust
SBR
$1.08B
| $1.6M | 0.04% |
+34,394
| New | +$1.49M |
|
|
SEE
131
DELISTED
Sealed Air
SEE
| $1.6M | 0.04% |
+34,650
| New | +$1.44M |
|
132
Emerson Electric
EMR
$87.7B
| $1.56M | 0.04% |
+22,822
| New | +$1.5M |
|
133
KLA
KLAC
$240B
| $1.53M | 0.04% |
+128,500
| New | +$1.38M |
|
134
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.52M | 0.04% |
+112,236
| New | +$1.49M |
|
135
Caterpillar
CAT
$381B
| $1.51M | 0.04% |
+11,176
| New | +$1.48M |
|
136
Sonoco
SON
$5.88B
| $1.49M | 0.04% |
+24,150
| New | +$1.39M |
|
137
Fidelity National Financial
FNF
$12.7B
| $1.48M | 0.04% |
+42,026
| New | +$1.41M |
|
138
Movado Group
MOV
$774M
| $1.43M | 0.04% |
+39,422
| New | +$1.32M |
|
139
Costamare
CMRE
$1.89B
| $1.42M | 0.04% |
+273,872
| New | +$1.38M |
|
140
Mondelez International
MDLZ
$82.3B
| $1.42M | 0.04% |
+28,534
| New | +$1.31M |
|
141
CMS Energy
CMS
$21.4B
| $1.39M | 0.04% |
+25,086
| New | +$1.32M |
|
|
EQC
142
DELISTED
Equity Commonwealth
EQC
| $1.37M | 0.04% |
+41,983
| New | +$1.35M |
|
143
CenterPoint Energy
CNP
$25.5B
| $1.36M | 0.04% |
+44,206
| New | +$1.34M |
|
|
MANT
144
DELISTED
Mantech International Corp
MANT
| $1.35M | 0.04% |
+25,000
| New | +$1.37M |
|
|
PPLI
145
People Inc
PPLI
$2.86B
| $1.32M | 0.04% |
+35,106
| New | +$1.3M |
|
146
American Express
AXP
$227B
| $1.27M | 0.04% |
+11,603
| New | +$1.22M |
|
147
iShares Preferred and Income Securities ETF
PFF
$13.1B
| $1.27M | 0.04% |
+34,688
| New | +$1.25M |
|
148
Amazon
AMZN
$2.79T
| $1.26M | 0.04% |
+14,200
| New | +$1.18M |
|
149
E.W. Scripps
SSP
$303M
| $1.26M | 0.04% |
+60,000
| New | +$1.19M |
|
150
MarketAxess Holdings
MKTX
$5.71B
| $1.23M | 0.03% |
+5,000
| New | +$1.13M |
|
Similar funds
Murray Stahl's Q1 2019 Portfolio in Review
Q1 2019 is the first quarter with a 13F filing on record for Murray Stahl, which disclosed 488 positions worth $3.6B. Its ten largest holdings account for 63% of the portfolio.
Its largest position is Texas Pacific Land: 16,202,835 shares worth $1.39B.
By sector, the portfolio is most concentrated in Energy at 45% of assets, followed by Communication Services and Financials.
- Murray Stahl's largest Q1 2019 buy was Texas Pacific Land: 16,202,835 shares worth $1.39B.
- Murray Stahl's ten largest holdings make up 63% of its $3.6B portfolio in Q1 2019.
- Murray Stahl disclosed 488 positions in Q1 2019, its first 13F filing on record.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2019, filed 15 May 2019.