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 |
Intercontinental Exchange
ICE
|
+$39.1M |
| 2 |
AutoNation
AN
|
+$14.8M |
| 3 |
Charles River Laboratories
CRL
|
+$12M |
| 4 |
Oshkosh
OSK
|
+$11.4M |
| 5 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$9.97M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$39.2M |
| 2 |
Franco-Nevada
FNV
|
+$37.9M |
| 3 |
iShares MSCI ACWI ETF
ACWI
|
+$35.8M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$21.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$21.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 41.08% |
| 2 | Financials | 12.33% |
| 3 | Materials | 11.41% |
| 4 | Communication Services | 8.81% |
| 5 | Technology | 5.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
AstraZeneca
AZN
$257B
| $1.13M | 0.04% |
10,632
| – | – |
|
152
Sonoco
SON
$5.88B
| $1.12M | 0.04% |
21,450
+150
| +0.7% | +$7.43K |
|
153
Mondelez International
MDLZ
$82.3B
| $1.12M | 0.04% |
21,908
-4,237
| -16% | -$218K |
|
|
PCI
154
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
| $1.11M | 0.04% |
60,255
+17,425
| +41% | +$312K |
|
155
United Parcel Service
UPS
$86.8B
| $1.11M | 0.04% |
9,956
+900
| +10% | +$89.8K |
|
|
SEE
156
DELISTED
Sealed Air
SEE
| $1.1M | 0.04% |
33,635
-4,225
| -11% | -$127K |
|
157
iShares Gold Trust
IAU
$68.4B
| $1.09M | 0.04% |
+32,192
| New | +$1.05M |
|
158
Biogen
BIIB
$32B
| $1.07M | 0.04% |
3,999
-125
| -3% | -$37.6K |
|
159
Lockheed Martin
LMT
$130B
| $1.06M | 0.04% |
2,915
+465
| +19% | +$176K |
|
160
Bank of America
BAC
$431B
| $1.04M | 0.04% |
43,738
-13,316
| -23% | -$315K |
|
|
BAF
161
DELISTED
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST
BAF
| $1.03M | 0.04% |
76,195
-419
| -0.5% | -$5.68K |
|
162
Rockwell Automation
ROK
$48.5B
| $1.02M | 0.04% |
4,803
-1,300
| -21% | -$251K |
|
|
CSW
163
CSW Industrials
CSW
$5.38B
| $1.01M | 0.04% |
14,641
-594
| -4% | -$40.1K |
|
164
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $1M | 0.04% |
49,917
-11,041
| -18% | -$224K |
|
165
American Express
AXP
$227B
| $979K | 0.04% |
10,286
-1,207
| -11% | -$111K |
|
166
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $963K | 0.03% |
65,221
| – | – |
|
167
CMS Energy
CMS
$21.4B
| $962K | 0.03% |
16,475
-4,050
| -20% | -$235K |
|
168
Federated Hermes
FHI
$4.76B
| $962K | 0.03% |
+40,589
| New | +$899K |
|
|
NID
169
DELISTED
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
| $947K | 0.03% |
71,660
| – | – |
|
170
GSK
GSK
$105B
| $946K | 0.03% |
18,560
+243
| +1% | +$12.5K |
|
171
Gilead Sciences
GILD
$181B
| $917K | 0.03% |
11,917
+17
| +0.1% | +$1.3K |
|
|
MUS
172
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
| $915K | 0.03% |
75,386
-8,492
| -10% | -$101K |
|
173
Caterpillar
CAT
$381B
| $883K | 0.03% |
6,977
-1,750
| -20% | -$207K |
|
174
Toronto Dominion Bank
TD
$194B
| $872K | 0.03% |
19,550
+1,100
| +6% | +$46.8K |
|
175
Sanofi
SNY
$110B
| $868K | 0.03% |
17,000
| – | – |
|
Similar funds
Murray Stahl's Q2 2020 Portfolio in Review
As of Q2 2020, Murray Stahl held 437 positions worth $2.76B, up 22% from $2.26B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $282M in Q2 2020, closing 32 positions and reducing 216 holdings. Its most notable exit was iShares MSCI ACWI ETF, an estimated $35.8M position sold in full.
By sector, the portfolio is most concentrated in Energy at 41% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Oshkosh worth $11.9M.
- Murray Stahl's largest Q2 2020 buy was Oshkosh: 166,692 shares worth $11.9M.
- Murray Stahl added most to Intercontinental Exchange in Q2 2020, an estimated $39.1M increase.
- Murray Stahl's biggest Q2 2020 reduction was Brookfield, cutting an estimated $39.2M.
- Murray Stahl fully exited iShares MSCI ACWI ETF in Q2 2020, selling an estimated $35.8M.
- Murray Stahl's ten largest holdings make up 60% of its $2.76B portfolio in Q2 2020.
- Murray Stahl opened 55 new positions and closed 32 in Q2 2020.
- Murray Stahl's portfolio value rose 22% quarter-over-quarter to $2.76B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2020, filed 14 Aug 2020.