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 |
Cheniere Energy
LNG
|
+$17.7M |
| 2 |
Dorchester Minerals
DMLP
|
+$14.4M |
| 3 |
Franco-Nevada
FNV
|
+$4.26M |
| 4 |
CACI
CACI
|
+$3.58M |
| 5 |
Saic
SAIC
|
+$3.08M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard Short-Term Treasury ETF
VGSH
|
+$24.5M |
| 2 |
Howard Hughes
HHH
|
+$12.5M |
| 3 |
Icahn Enterprises
IEP
|
+$11.7M |
| 4 |
Wendy's
WEN
|
+$9.81M |
| 5 |
RMT
Royce Micro-Cap Trust
RMT
|
+$7.74M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.71% |
| 2 | Communication Services | 11.57% |
| 3 | Financials | 10.51% |
| 4 | Real Estate | 6.39% |
| 5 | Materials | 6.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
BlackRock Credit Allocation Income Trust
BTZ
$947M
| $1.26M | 0.03% |
97,181
+65
| +0.1% | +$825 |
|
|
MUI
152
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.23M | 0.03% |
87,232
-69
| -0.1% | -$958 |
|
|
MUE
153
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $1.22M | 0.03% |
97,192
+2,468
| +3% | +$30.3K |
|
154
MGM Resorts International
MGM
$11B
| $1.2M | 0.03% |
42,050
-4,500
| -10% | -$120K |
|
155
Walt Disney
DIS
$186B
| $1.19M | 0.03% |
8,518
+156
| +2% | +$20.7K |
|
156
JPMorgan Chase
JPM
$935B
| $1.17M | 0.03% |
10,494
-74
| -0.7% | -$8.16K |
|
157
Flowers Foods
FLO
$1.47B
| $1.11M | 0.03% |
47,801
-2,350
| -5% | -$52K |
|
158
Toronto Dominion Bank
TD
$194B
| $1.09M | 0.03% |
18,700
+50
| +0.3% | +$2.81K |
|
159
Biogen
BIIB
$32B
| $1.08M | 0.03% |
4,629
+125
| +3% | +$28.9K |
|
|
BAF
160
DELISTED
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST
BAF
| $1.08M | 0.03% |
76,014
+432
| +0.6% | +$6.1K |
|
161
Sanofi
SNY
$110B
| $1.08M | 0.03% |
25,000
| – | – |
|
162
Viasat
VSAT
$10.3B
| $1.08M | 0.03% |
13,353
-2,137
| -14% | -$187K |
|
163
General Motors
GM
$77.2B
| $1.08M | 0.03% |
27,975
-1,269
| -4% | -$47.6K |
|
164
Rockwell Automation
ROK
$48.5B
| $1.07M | 0.03% |
6,553
-50
| -0.8% | -$8.45K |
|
|
TYG
165
Tortoise Energy Infrastructure Corp
TYG
$1.14B
| $1.07M | 0.03% |
11,896
-1,180
| -9% | -$109K |
|
166
Movado Group
MOV
$774M
| $1.06M | 0.03% |
39,168
-254
| -0.6% | -$7.99K |
|
|
MUS
167
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
| $1.05M | 0.03% |
84,140
| – | – |
|
168
AstraZeneca
AZN
$257B
| $1.04M | 0.03% |
12,632
| – | – |
|
169
Nasdaq
NDAQ
$54.9B
| $1.04M | 0.03% |
32,463
| – | – |
|
|
CSW
170
CSW Industrials
CSW
$5.38B
| $1.04M | 0.03% |
15,240
-3
| -0% | -$188 |
|
171
Freeport-McMoran
FCX
$110B
| $1.03M | 0.03% |
89,088
+3,400
| +4% | +$39.6K |
|
172
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $1.03M | 0.03% |
65,586
| – | – |
|
173
Verisk Analytics
VRSK
$24.4B
| $1.02M | 0.03% |
7,000
| – | – |
|
174
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $987K | 0.03% |
9,157
+60
| +0.7% | +$6.35K |
|
175
GSK
GSK
$105B
| $984K | 0.03% |
19,677
+139
| +0.7% | +$6.97K |
|
Similar funds
Murray Stahl's Q2 2019 Portfolio in Review
As of Q2 2019, Murray Stahl held 503 positions worth $3.62B, up 0.59% from $3.6B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Murray Stahl withdrew a net $125M in Q2 2019, closing 9 positions and reducing 273 holdings. Its most notable exit was Osiris Therapeutics, Inc. Common Stock, an estimated $361K position sold in full.
By sector, the portfolio is most concentrated in Energy at 46% of assets, up from 45% a quarter earlier, followed by Communication Services and Financials.
Against the trend, Murray Stahl opened a new position in Dorchester Minerals worth $14M.
- Murray Stahl's largest Q2 2019 buy was Dorchester Minerals: 767,044 shares worth $14M.
- Murray Stahl added most to Cheniere Energy in Q2 2019, an estimated $17.7M increase.
- Murray Stahl's biggest Q2 2019 reduction was Vanguard Short-Term Treasury ETF, cutting an estimated $24.5M.
- Murray Stahl fully exited Osiris Therapeutics, Inc. Common Stock in Q2 2019, selling an estimated $361K.
- Murray Stahl's ten largest holdings make up 63% of its $3.62B portfolio in Q2 2019.
- Murray Stahl opened 15 new positions and closed 9 in Q2 2019.
- Murray Stahl's portfolio value rose 0.59% quarter-over-quarter to $3.62B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2019, filed 14 Aug 2019.