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 |
MSB
Mesabi Trust
MSB
|
+$10.5M |
| 2 |
iShares Silver Trust
SLV
|
+$3.51M |
| 3 |
iShares Global Timber & Forestry ETF
WOOD
|
+$3.16M |
| 4 |
Intercontinental Exchange
ICE
|
+$3.14M |
| 5 |
SPDR Gold Trust
GLD
|
+$2.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$31.1M |
| 2 |
Icahn Enterprises
IEP
|
+$13.2M |
| 3 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$10.4M |
| 4 |
Wheaton Precious Metals
WPM
|
+$9.79M |
| 5 |
Howard Hughes
HHH
|
+$7.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.85% |
| 2 | Financials | 13.83% |
| 3 | Materials | 13.24% |
| 4 | Communication Services | 9.25% |
| 5 | Consumer Discretionary | 5.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $1.51M | 0.06% |
71,752
-16,499
| -19% | -$319K |
|
127
Costamare
CMRE
$1.89B
| $1.49M | 0.06% |
244,737
+18,619
| +8% | +$95.3K |
|
128
Walt Disney
DIS
$186B
| $1.47M | 0.06% |
11,855
-1,005
| -8% | -$126K |
|
|
DISCK
129
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $1.38M | 0.06% |
70,465
-11,135
| -14% | -$220K |
|
|
SEE
130
DELISTED
Sealed Air
SEE
| $1.36M | 0.05% |
35,135
+1,500
| +4% | +$57.1K |
|
131
KLA
KLAC
$240B
| $1.36M | 0.05% |
70,150
-400
| -0.6% | -$7.91K |
|
132
Amazon
AMZN
$2.79T
| $1.35M | 0.05% |
8,560
-7,620
| -47% | -$1.2M |
|
133
Emerson Electric
EMR
$87.7B
| $1.33M | 0.05% |
20,242
+1,100
| +6% | +$72.5K |
|
134
Fidelity National Financial
FNF
$12.7B
| $1.33M | 0.05% |
44,029
+3,848
| +10% | +$121K |
|
|
MUE
135
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $1.31M | 0.05% |
102,863
-174
| -0.2% | -$2.24K |
|
136
Mondelez International
MDLZ
$82.3B
| $1.31M | 0.05% |
22,733
+825
| +4% | +$45.9K |
|
137
Verisk Analytics
VRSK
$24.4B
| $1.3M | 0.05% |
7,000
| – | – |
|
138
Amgen
AMGN
$238B
| $1.28M | 0.05% |
5,041
| – | – |
|
139
Invesco CurrencyShares Canadian Dollar Trust
FXC
$70.9M
| $1.27M | 0.05% |
+17,205
| New | +$1.27M |
|
140
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$883M
| $1.27M | 0.05% |
98,746
| – | – |
|
141
Energy Transfer Partners
ET
$73B
| $1.25M | 0.05% |
231,188
+9,747
| +4% | +$61.9K |
|
142
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
| $1.23M | 0.05% |
24,225
-1,622
| -6% | -$82.4K |
|
143
Black Stone Minerals
BSM
$3.17B
| $1.21M | 0.05% |
196,882
+14,500
| +8% | +$96.6K |
|
144
Patterson-UTI
PTEN
$4.71B
| $1.21M | 0.05% |
423,162
| – | – |
|
|
CLGX
145
DELISTED
Corelogic, Inc.
CLGX
| $1.2M | 0.05% |
17,724
-264
| -1% | -$17.8K |
|
146
Caterpillar
CAT
$381B
| $1.17M | 0.05% |
7,847
+870
| +12% | +$122K |
|
147
AstraZeneca
AZN
$257B
| $1.17M | 0.05% |
10,632
| – | – |
|
148
Loews
L
$22.5B
| $1.16M | 0.05% |
33,325
-6,193
| -16% | -$222K |
|
149
Biogen
BIIB
$32B
| $1.13M | 0.05% |
3,999
| – | – |
|
150
Rockwell Automation
ROK
$48.5B
| $1.13M | 0.05% |
5,098
+295
| +6% | +$65.9K |
|
Similar funds
Murray Stahl's Q3 2020 Portfolio in Review
As of Q3 2020, Murray Stahl held 428 positions worth $2.49B, down 9.8% from $2.76B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Murray Stahl withdrew a net $143M in Q3 2020, closing 66 positions and reducing 173 holdings. Its most notable exit was BP, an estimated $1.14M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in iShares Global Timber & Forestry ETF worth $3.26M.
- Murray Stahl's largest Q3 2020 buy was iShares Global Timber & Forestry ETF: 50,490 shares worth $3.26M.
- Murray Stahl added most to Mesabi Trust in Q3 2020, an estimated $10.5M increase.
- Murray Stahl's biggest Q3 2020 reduction was Texas Pacific Land, cutting an estimated $31.1M.
- Murray Stahl fully exited BP in Q3 2020, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 56% of its $2.49B portfolio in Q3 2020.
- Murray Stahl opened 23 new positions and closed 66 in Q3 2020.
- Murray Stahl's portfolio value fell 9.8% quarter-over-quarter to $2.49B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2020, filed 16 Nov 2020.