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 |
Equity Lifestyle Properties
ELS
|
+$16.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$16M |
| 3 |
CACI
CACI
|
+$13.9M |
| 4 |
Franco-Nevada
FNV
|
+$8.98M |
| 5 |
BGC Group
BGC
|
+$3.84M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$21.5M |
| 2 |
Howard Hughes
HHH
|
+$13.3M |
| 3 |
Icahn Enterprises
IEP
|
+$12M |
| 4 |
OAK
OAKTREE CAPITAL GROUP, LLC
OAK
|
+$11.3M |
| 5 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$5.68M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.27% |
| 2 | Communication Services | 12.15% |
| 3 | Financials | 11.72% |
| 4 | Materials | 7.75% |
| 5 | Real Estate | 6.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
MarketAxess Holdings
MKTX
$5.71B
| $1.64M | 0.05% |
5,000
| – | – |
|
127
Fidelity National Financial
FNF
$12.7B
| $1.63M | 0.05% |
38,120
-1,514
| -4% | -$63K |
|
128
Altria Group
MO
$110B
| $1.62M | 0.05% |
39,571
+2,825
| +8% | +$130K |
|
129
Bank of America
BAC
$431B
| $1.62M | 0.05% |
55,425
-3,421
| -6% | -$98.4K |
|
130
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.61M | 0.05% |
112,236
| – | – |
|
131
CMS Energy
CMS
$21.4B
| $1.54M | 0.05% |
24,036
-500
| -2% | -$30.4K |
|
132
Mondelez International
MDLZ
$82.3B
| $1.52M | 0.05% |
27,431
-713
| -3% | -$39K |
|
133
Eli Lilly
LLY
$1.12T
| $1.47M | 0.04% |
13,154
| – | – |
|
|
SBR
134
Sabine Royalty Trust
SBR
$1.08B
| $1.46M | 0.04% |
33,580
-949
| -3% | -$42.3K |
|
135
Emerson Electric
EMR
$87.7B
| $1.42M | 0.04% |
21,292
-680
| -3% | -$42.7K |
|
136
Carnival Corporation Ltd
CCL
$35.2B
| $1.42M | 0.04% |
32,479
+342
| +1% | +$15.8K |
|
|
SEE
137
DELISTED
Sealed Air
SEE
| $1.41M | 0.04% |
34,000
+100
| +0.3% | +$4.24K |
|
|
EQC
138
DELISTED
Equity Commonwealth
EQC
| $1.4M | 0.04% |
40,910
-131
| -0.3% | -$4.4K |
|
139
American Express
AXP
$227B
| $1.36M | 0.04% |
11,493
-110
| -0.9% | -$13.5K |
|
140
CenterPoint Energy
CNP
$25.5B
| $1.33M | 0.04% |
44,205
-1
| -0% | -$29 |
|
|
PPLI
141
People Inc
PPLI
$2.86B
| $1.29M | 0.04% |
33,209
-778
| -2% | -$33.2K |
|
|
MUE
142
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $1.25M | 0.04% |
97,680
+488
| +0.5% | +$6.21K |
|
|
MUI
143
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.24M | 0.04% |
87,232
| – | – |
|
144
Sonoco
SON
$5.88B
| $1.22M | 0.04% |
21,000
-1,050
| -5% | -$62.5K |
|
145
Caterpillar
CAT
$381B
| $1.21M | 0.04% |
9,581
-1,320
| -12% | -$168K |
|
146
BlackRock Credit Allocation Income Trust
BTZ
$947M
| $1.21M | 0.04% |
88,600
-8,581
| -9% | -$115K |
|
147
CALL
Akebia Therapeutics
AKBA
$251M
| $1.16M | 0.03% |
116,000
-181,500
| -61% | -$778K |
|
148
Amazon
AMZN
$2.79T
| $1.16M | 0.03% |
13,340
-220
| -2% | -$20.4K |
|
149
Sanofi
SNY
$110B
| $1.16M | 0.03% |
25,000
| – | – |
|
150
JPMorgan Chase
JPM
$935B
| $1.15M | 0.03% |
9,735
-759
| -7% | -$85.8K |
|
Similar funds
Murray Stahl's Q3 2019 Portfolio in Review
As of Q3 2019, Murray Stahl held 498 positions worth $3.32B, down 8.2% from $3.62B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Murray Stahl withdrew a net $104M in Q3 2019, closing 14 positions and reducing 267 holdings. Its most notable exit was OAKTREE CAPITAL GROUP, LLC, an estimated $11.3M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, down from 46% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in StoneCo worth $535K.
- Murray Stahl's largest Q3 2019 buy was StoneCo: 15,391 shares worth $535K.
- Murray Stahl added most to Equity Lifestyle Properties in Q3 2019, an estimated $16.4M increase.
- Murray Stahl's biggest Q3 2019 reduction was GE Aerospace, cutting an estimated $21.5M.
- Murray Stahl fully exited OAKTREE CAPITAL GROUP, LLC in Q3 2019, selling an estimated $11.3M.
- Murray Stahl's ten largest holdings make up 62% of its $3.32B portfolio in Q3 2019.
- Murray Stahl opened 5 new positions and closed 14 in Q3 2019.
- Murray Stahl's portfolio value fell 8.2% quarter-over-quarter to $3.32B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2019, filed 14 Nov 2019.