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 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$81.5M |
| 2 |
LB
LandBridge Co
LB
|
+$16.3M |
| 3 |
White Mountains Insurance
WTM
|
+$10.1M |
| 4 |
DigitalBridge
DBRG
|
+$6.14M |
| 5 |
Blackstone
BX
|
+$3.29M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grayscale Bitcoin Trust
GBTC
|
+$63.5M |
| 2 |
Charles River Laboratories
CRL
|
+$9.48M |
| 3 |
Vanguard Ultra-Short Bond ETF
VUSB
|
+$6.29M |
| 4 |
Brookfield
BN
|
+$4.46M |
| 5 |
Liberty Media Series A
FWONA
|
+$3.75M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.7% |
| 2 | Financials | 7.08% |
| 3 | Materials | 6.99% |
| 4 | Technology | 4.52% |
| 5 | Consumer Discretionary | 3.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
NVO
126
Novo Nordisk
NVO
$207B
| $1.87M | 0.03% |
15,718
+250
| +2% | +$33.3K |
|
127
Apple
AAPL
$4.51T
| $1.87M | 0.03% |
8,007
-350
| -4% | -$78.2K |
|
|
OPLN
128
Openlane
OPLN
$4.08B
| $1.82M | 0.03% |
107,639
-1,775
| -2% | -$30.4K |
|
129
Vanguard S&P 500 ETF
VOO
$1.02T
| $1.79M | 0.03% |
3,401
-40
| -1% | -$20.3K |
|
130
BlackRock MuniHoldings Fund
MHD
$594M
| $1.78M | 0.03% |
140,505
+475
| +0.3% | +$5.85K |
|
131
PIMCO Dynamic Income Fund
PDI
$6.98B
| $1.77M | 0.03% |
87,188
+30,940
| +55% | +$593K |
|
132
Resideo Technologies
REZI
$3.08B
| $1.75M | 0.03% |
87,112
+21,266
| +32% | +$422K |
|
133
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.71M | 0.03% |
138,117
+26,685
| +24% | +$320K |
|
134
Rockwell Automation
ROK
$48.5B
| $1.61M | 0.02% |
6,015
+1,515
| +34% | +$402K |
|
135
SiriusXM
SIRI
$9.67B
| $1.57M | 0.02% |
+66,406
| New | +$2.06M |
|
|
SEE
136
DELISTED
Sealed Air
SEE
| $1.56M | 0.02% |
43,100
+7,500
| +21% | +$262K |
|
137
GSK
GSK
$105B
| $1.56M | 0.02% |
38,192
+13,027
| +52% | +$533K |
|
138
Vertiv
VRT
$101B
| $1.53M | 0.02% |
+15,330
| New | +$1.27M |
|
|
SEG
139
Seaport Entertainment Group
SEG
$344M
| $1.52M | 0.02% |
+55,443
| New | +$1.58M |
|
|
RCG
140
RENN Fund
RCG
$20.5M
| $1.42M | 0.02% |
670,476
+90,668
| +16% | +$167K |
|
141
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
| $1.4M | 0.02% |
17,342
-21,641
| -56% | -$1.89M |
|
142
Novartis
NVS
$302B
| $1.4M | 0.02% |
12,144
+347
| +3% | +$39.4K |
|
143
Vanguard Extended Market ETF
VXF
$31.7B
| $1.33M | 0.02% |
7,332
+2,235
| +44% | +$391K |
|
144
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $1.33M | 0.02% |
26,617
+1,189
| +5% | +$64.3K |
|
|
RMT
145
Royce Micro-Cap Trust
RMT
$768M
| $1.32M | 0.02% |
137,570
-930
| -0.7% | -$8.85K |
|
146
BGC Group
BGC
$5.63B
| $1.32M | 0.02% |
143,462
+16,249
| +13% | +$152K |
|
147
3M
MMM
$92.3B
| $1.31M | 0.02% |
9,575
+3,625
| +61% | +$444K |
|
148
Newmont
NEM
$139B
| $1.29M | 0.02% |
24,089
+4,728
| +24% | +$235K |
|
|
MUI
149
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.29M | 0.02% |
102,157
| – | – |
|
150
Nuveen Floating Rate Income Fund
JFR
$1.21B
| $1.27M | 0.02% |
144,118
+23,594
| +20% | +$207K |
|
Similar funds
Murray Stahl's Q3 2024 Portfolio in Review
As of Q3 2024, Murray Stahl held 358 positions worth $6.68B, up 17% from $5.72B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q3 2024 filing shows 34 new, 151 increased, 120 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M. The largest sale was Grayscale Bitcoin Trust, an estimated $63.5M.
By sector, the portfolio is most concentrated in Energy at 57% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2024 buy was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M.
- Murray Stahl added most to LandBridge Co in Q3 2024, an estimated $16.3M increase.
- Murray Stahl's biggest Q3 2024 reduction was Grayscale Bitcoin Trust, cutting an estimated $63.5M.
- Murray Stahl fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $2.18M.
- Murray Stahl's ten largest holdings make up 76% of its $6.68B portfolio in Q3 2024.
- Murray Stahl opened 34 new positions and closed 12 in Q3 2024.
- Murray Stahl's portfolio value rose 17% quarter-over-quarter to $6.68B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2024, filed 13 Nov 2024.