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 |
Intercontinental Exchange
ICE
|
+$39.1M |
| 2 |
AutoNation
AN
|
+$14.8M |
| 3 |
Charles River Laboratories
CRL
|
+$12M |
| 4 |
Oshkosh
OSK
|
+$11.4M |
| 5 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$9.97M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$39.2M |
| 2 |
Franco-Nevada
FNV
|
+$37.9M |
| 3 |
iShares MSCI ACWI ETF
ACWI
|
+$35.8M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$21.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$21.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.08% |
| 2 | Financials | 12.33% |
| 3 | Materials | 11.41% |
| 4 | Communication Services | 8.81% |
| 5 | Technology | 5.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
PPLI
126
People Inc
PPLI
$2.86B
| $1.42M | 0.05% |
24,603
-6,267
| -20% | -$278K |
|
127
Freeport-McMoran
FCX
$110B
| $1.37M | 0.05% |
118,748
+23,152
| +24% | +$212K |
|
128
Chevron
CVX
$403B
| $1.37M | 0.05% |
15,379
-2,084
| -12% | -$187K |
|
129
KLA
KLAC
$240B
| $1.37M | 0.05% |
70,550
-19,100
| -21% | -$327K |
|
130
Expedia Group
EXPE
$38.6B
| $1.36M | 0.05% |
16,591
-1,068
| -6% | -$77.7K |
|
131
Loews
L
$22.5B
| $1.35M | 0.05% |
39,518
-3,769
| -9% | -$127K |
|
132
Dorman Products
DORM
$3.92B
| $1.33M | 0.05% |
19,871
-1,000
| -5% | -$64.3K |
|
133
Honeywell
HON
$68.4B
| $1.33M | 0.05% |
9,727
-1,598
| -14% | -$211K |
|
134
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
| $1.31M | 0.05% |
25,847
-13,499
| -34% | -$680K |
|
|
MUE
135
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $1.28M | 0.05% |
103,037
-2,273
| -2% | -$27.3K |
|
136
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$883M
| $1.27M | 0.05% |
98,746
| – | – |
|
137
Costamare
CMRE
$1.89B
| $1.26M | 0.05% |
226,118
-22,861
| -9% | -$111K |
|
|
PBT
138
Permian Basin Royalty Trust
PBT
$1.6B
| $1.21M | 0.04% |
366,285
-12,450
| -3% | -$41.4K |
|
|
CLGX
139
DELISTED
Corelogic, Inc.
CLGX
| $1.21M | 0.04% |
17,988
-1,381
| -7% | -$61.4K |
|
140
CVS Health
CVS
$119B
| $1.21M | 0.04% |
18,581
-256
| -1% | -$16.1K |
|
141
Verisk Analytics
VRSK
$24.4B
| $1.19M | 0.04% |
7,000
| – | – |
|
142
Amgen
AMGN
$238B
| $1.19M | 0.04% |
5,041
| – | – |
|
143
Emerson Electric
EMR
$87.7B
| $1.19M | 0.04% |
19,142
-1,900
| -9% | -$108K |
|
144
Black Stone Minerals
BSM
$3.17B
| $1.19M | 0.04% |
182,382
-3,778
| -2% | -$24K |
|
145
Fidelity National Financial
FNF
$12.7B
| $1.19M | 0.04% |
40,181
+447
| +1% | +$12.3K |
|
146
Resideo Technologies
REZI
$3.08B
| $1.18M | 0.04% |
100,731
+1,850
| +2% | +$12.9K |
|
147
Suncor Energy
SU
$80B
| $1.17M | 0.04% |
69,237
+2,667
| +4% | +$45.6K |
|
148
Viper Energy
VNOM
$16.3B
| $1.16M | 0.04% |
112,397
-19,789
| -15% | -$190K |
|
|
MUI
149
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.15M | 0.04% |
83,075
-3,008
| -3% | -$40.1K |
|
150
BP
BP
$115B
| $1.14M | 0.04% |
48,927
-1,175
| -2% | -$28.2K |
|
Similar funds
Murray Stahl's Q2 2020 Portfolio in Review
As of Q2 2020, Murray Stahl held 437 positions worth $2.76B, up 22% from $2.26B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $282M in Q2 2020, closing 32 positions and reducing 216 holdings. Its most notable exit was iShares MSCI ACWI ETF, an estimated $35.8M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Oshkosh worth $11.9M.
- Murray Stahl's largest Q2 2020 buy was Oshkosh: 166,692 shares worth $11.9M.
- Murray Stahl added most to Intercontinental Exchange in Q2 2020, an estimated $39.1M increase.
- Murray Stahl's biggest Q2 2020 reduction was Brookfield, cutting an estimated $39.2M.
- Murray Stahl fully exited iShares MSCI ACWI ETF in Q2 2020, selling an estimated $35.8M.
- Murray Stahl's ten largest holdings make up 60% of its $2.76B portfolio in Q2 2020.
- Murray Stahl opened 55 new positions and closed 32 in Q2 2020.
- Murray Stahl's portfolio value rose 22% quarter-over-quarter to $2.76B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2020, filed 14 Aug 2020.