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 |
Grayscale Bitcoin Trust
GBTC
|
+$729M |
| 2 |
iShares Bitcoin Trust
IBIT
|
+$22.4M |
| 3 |
Bakkt Inc
BKKT
|
+$7.36M |
| 4 |
Eagle Materials
EXP
|
+$5.25M |
| 5 |
SJT
San Juan Basin Royalty Trust
SJT
|
+$3.82M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$123M |
| 2 |
Wheaton Precious Metals
WPM
|
+$11.1M |
| 3 |
Boeing
BA
|
+$9.99M |
| 4 |
Civeo
CVEO
|
+$9.65M |
| 5 |
CACI
CACI
|
+$7.98M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 46.58% |
| 2 | Financials | 7.97% |
| 3 | Materials | 7.35% |
| 4 | Technology | 4.66% |
| 5 | Consumer Discretionary | 4.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SEE
126
DELISTED
Sealed Air
SEE
| $1.31M | 0.02% |
35,160
-4,200
| -11% | -$151K |
|
127
Sonoco
SON
$5.88B
| $1.3M | 0.02% |
22,550
-100
| -0.4% | -$5.71K |
|
128
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.3M | 0.02% |
113,607
-55,365
| -33% | -$625K |
|
129
Federated Hermes
FHI
$4.76B
| $1.3M | 0.02% |
35,874
-1,612
| -4% | -$56.6K |
|
130
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| $1.27M | 0.02% |
10,575
| – | – |
|
131
Honeywell
HON
$68.4B
| $1.26M | 0.02% |
6,528
| – | – |
|
132
Toronto Dominion Bank
TD
$194B
| $1.25M | 0.02% |
20,775
+75
| +0.4% | +$4.53K |
|
133
Weyerhaeuser
WY
$17.6B
| $1.25M | 0.02% |
34,918
-5,626
| -14% | -$190K |
|
134
Blackstone
BX
$108B
| $1.25M | 0.02% |
9,510
-340
| -3% | -$42.5K |
|
|
MTA
135
Metalla Royalty & Streaming
MTA
$1.04B
| $1.24M | 0.02% |
399,518
| – | – |
|
|
MUI
136
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.23M | 0.02% |
102,157
-3,304
| -3% | -$38.9K |
|
137
W.P. Carey
WPC
$16.2B
| $1.23M | 0.02% |
21,800
+2,000
| +10% | +$120K |
|
138
RTX Corp
RTX
$283B
| $1.23M | 0.02% |
12,564
+50
| +0.4% | +$4.51K |
|
139
Visa
V
$693B
| $1.21M | 0.02% |
4,339
| – | – |
|
140
Marathon Petroleum
MPC
$101B
| $1.2M | 0.02% |
5,970
-150
| -2% | -$25.7K |
|
141
NVIDIA
NVDA
$5.2T
| $1.2M | 0.02% |
13,260
-740
| -5% | -$53.6K |
|
142
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $1.16M | 0.02% |
27,670
-1,535
| -5% | -$64.8K |
|
143
McDonald's
MCD
$192B
| $1.16M | 0.02% |
4,107
| – | – |
|
144
Kimbell Royalty Partners
KRP
$1.55B
| $1.16M | 0.02% |
74,595
-2,828
| -4% | -$43K |
|
145
GE Aerospace
GE
$361B
| $1.15M | 0.02% |
8,243
-712
| -8% | -$83.9K |
|
146
Abbott
ABT
$202B
| $1.15M | 0.02% |
10,091
-100
| -1% | -$11.5K |
|
147
Novartis
NVS
$302B
| $1.14M | 0.02% |
11,797
| – | – |
|
148
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $1.12M | 0.02% |
28,823
-2,896
| -9% | -$100K |
|
|
DBL
149
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $1.09M | 0.02% |
70,809
| – | – |
|
150
CVS Health
CVS
$119B
| $1.09M | 0.02% |
13,657
-200
| -1% | -$15.3K |
|
Similar funds
Murray Stahl's Q1 2024 Portfolio in Review
As of Q1 2024, Murray Stahl held 335 positions worth $5.29B, up 11% from $4.78B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Murray Stahl's Q1 2024 filing shows 9 new, 56 increased, 154 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M. The largest sale was Texas Pacific Land, an estimated $123M.
By sector, the portfolio is most concentrated in Energy at 47% of assets, down from 50% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2024 buy was Grayscale Bitcoin Trust: 16,576,425 shares worth $946M.
- Murray Stahl added most to Bakkt Inc in Q1 2024, an estimated $7.36M increase.
- Murray Stahl's biggest Q1 2024 reduction was Texas Pacific Land, cutting an estimated $123M.
- Murray Stahl fully exited Paramount Global Class B in Q1 2024, selling an estimated $721K.
- Murray Stahl's ten largest holdings make up 74% of its $5.29B portfolio in Q1 2024.
- Murray Stahl opened 9 new positions and closed 12 in Q1 2024.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $5.29B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2024, filed 14 May 2024.