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 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$65.9M |
| 2 |
iShares MSCI ACWI ETF
ACWI
|
+$42.4M |
| 3 |
Brookfield
BN
|
+$33.5M |
| 4 |
iShares 0-1 Year Treasury Bond ETF
SHV
|
+$19.2M |
| 5 |
iShares Mortgage Real Estate ETF
REM
|
+$10.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$23.2M |
| 2 |
Howard Hughes
HHH
|
+$13.1M |
| 3 |
Icahn Enterprises
IEP
|
+$8.48M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$7.98M |
| 5 |
Live Nation Entertainment
LYV
|
+$5.72M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 34.3% |
| 2 | Financials | 12.41% |
| 3 | Communication Services | 11.69% |
| 4 | Materials | 11.03% |
| 5 | Technology | 6.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Gilead Sciences
GILD
$181B
| $890K | 0.04% |
11,900
+900
| +8% | +$62.2K |
|
152
Viper Energy
VNOM
$16.3B
| $876K | 0.04% |
132,186
-3,907
| -3% | -$71K |
|
153
iShares Silver Trust
SLV
$33.8B
| $874K | 0.04% |
66,976
+28,605
| +75% | +$450K |
|
154
Black Stone Minerals
BSM
$3.17B
| $871K | 0.04% |
186,160
+32,955
| +22% | +$303K |
|
155
GSK
GSK
$105B
| $868K | 0.04% |
18,317
-560
| -3% | -$29.9K |
|
156
United Parcel Service
UPS
$86.8B
| $846K | 0.04% |
9,056
+4,450
| +97% | +$461K |
|
157
Enterprise Products Partners
EPD
$82.1B
| $838K | 0.04% |
58,613
+42,117
| +255% | +$978K |
|
158
Lockheed Martin
LMT
$130B
| $830K | 0.04% |
2,450
+1,584
| +183% | +$623K |
|
159
BlackRock MuniYield Quality Fund III
MYI
$711M
| $814K | 0.04% |
63,696
-81
| -0.1% | -$1.09K |
|
|
NBH
160
Neuberger Municipal Fund Inc
NBH
$302M
| $802K | 0.04% |
54,764
-479
| -0.9% | -$7.29K |
|
161
JPMorgan Chase
JPM
$935B
| $797K | 0.04% |
8,850
-855
| -9% | -$104K |
|
162
Toronto Dominion Bank
TD
$194B
| $782K | 0.03% |
18,450
+400
| +2% | +$20.5K |
|
163
McDonald's
MCD
$192B
| $765K | 0.03% |
4,625
+63
| +1% | +$12.4K |
|
|
BKI
164
DELISTED
Black Knight, Inc. Common Stock
BKI
| $757K | 0.03% |
13,038
-50
| -0.4% | -$3.27K |
|
165
Sanofi
SNY
$110B
| $743K | 0.03% |
17,000
-4,000
| -19% | -$191K |
|
166
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.7B
| $726K | 0.03% |
24,000
| – | – |
|
|
ABB
167
DELISTED
ABB Ltd
ABB
| $722K | 0.03% |
41,853
-700
| -2% | -$15.3K |
|
|
PCI
168
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
| $720K | 0.03% |
42,830
-44,972
| -51% | -$1.04M |
|
169
Alico
ALCO
$299M
| $695K | 0.03% |
22,400
| – | – |
|
170
Baxter International
BAX
$13.6B
| $695K | 0.03% |
8,558
-1,150
| -12% | -$99.2K |
|
171
Norfolk Southern
NSC
$78.8B
| $687K | 0.03% |
4,707
-50
| -1% | -$9.23K |
|
172
Invesco Quality Municipal Securities
IQI
$530M
| $680K | 0.03% |
58,055
-136
| -0.2% | -$1.69K |
|
173
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $679K | 0.03% |
+24,172
| New | +$918K |
|
174
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
| $675K | 0.03% |
67,459
-659
| -1% | -$8.15K |
|
175
AT&T
T
$173B
| $675K | 0.03% |
30,645
+2,229
| +8% | +$60.9K |
|
Similar funds
Murray Stahl's Q1 2020 Portfolio in Review
As of Q1 2020, Murray Stahl held 493 positions worth $2.26B, down 36% from $3.52B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Murray Stahl deployed $131M of net new capital in Q1 2020, opening 17 new positions and adding to 115 existing holdings. Its largest new stake was ProShares Short VIX Short-Term Futures ETF: 2,414,666 shares worth $37.4M.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 45% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Texas Pacific Land, an estimated $23.2M trimmed.
- Murray Stahl's largest Q1 2020 buy was ProShares Short VIX Short-Term Futures ETF: 2,414,666 shares worth $37.4M.
- Murray Stahl added most to Brookfield in Q1 2020, an estimated $33.5M increase.
- Murray Stahl's biggest Q1 2020 reduction was Texas Pacific Land, cutting an estimated $23.2M.
- Murray Stahl fully exited State Street SPDR S&P MIDCAP 400 ETF Trust in Q1 2020, selling an estimated $786K.
- Murray Stahl's ten largest holdings make up 58% of its $2.26B portfolio in Q1 2020.
- Murray Stahl opened 17 new positions and closed 111 in Q1 2020.
- Murray Stahl's portfolio value fell 36% quarter-over-quarter to $2.26B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2020, filed 13 May 2020.