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 |
MSB
Mesabi Trust
MSB
|
+$10.5M |
| 2 |
iShares Silver Trust
SLV
|
+$3.51M |
| 3 |
iShares Global Timber & Forestry ETF
WOOD
|
+$3.16M |
| 4 |
Intercontinental Exchange
ICE
|
+$3.14M |
| 5 |
SPDR Gold Trust
GLD
|
+$2.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$31.1M |
| 2 |
Icahn Enterprises
IEP
|
+$13.2M |
| 3 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$10.4M |
| 4 |
Wheaton Precious Metals
WPM
|
+$9.79M |
| 5 |
Howard Hughes
HHH
|
+$7.53M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 33.85% |
| 2 | Financials | 13.83% |
| 3 | Materials | 13.24% |
| 4 | Communication Services | 9.25% |
| 5 | Consumer Discretionary | 5.81% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Sonoco
SON
$5.88B
| $1.12M | 0.05% |
21,950
+500
| +2% | +$26.5K |
|
152
Norfolk Southern
NSC
$78.8B
| $1.11M | 0.04% |
5,192
+1,685
| +48% | +$338K |
|
|
BAF
153
DELISTED
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST
BAF
| $1.08M | 0.04% |
76,195
| – | – |
|
154
Lockheed Martin
LMT
$130B
| $1.08M | 0.04% |
2,807
-108
| -4% | -$41.2K |
|
|
MUI
155
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.08M | 0.04% |
76,675
-6,400
| -8% | -$90.5K |
|
|
B
156
Barrick Mining
B
$78.3B
| $1.05M | 0.04% |
37,434
+8,393
| +29% | +$239K |
|
157
Match Group
MTCH
$9.38B
| $1.05M | 0.04% |
+9,478
| New | +$1M |
|
158
CVS Health
CVS
$119B
| $1.05M | 0.04% |
17,931
-650
| -3% | -$40.4K |
|
159
Resideo Technologies
REZI
$3.08B
| $1.05M | 0.04% |
95,194
-5,537
| -5% | -$70.1K |
|
|
PCI
160
DELISTED
PIMCO Dynamic Credit and Mortgage Income Fund
PCI
| $1.02M | 0.04% |
51,021
-9,234
| -15% | -$177K |
|
161
CMS Energy
CMS
$21.4B
| $1.02M | 0.04% |
16,675
+200
| +1% | +$12.2K |
|
162
Expedia Group
EXPE
$38.6B
| $1.02M | 0.04% |
11,143
-5,448
| -33% | -$490K |
|
163
McDonald's
MCD
$192B
| $1.01M | 0.04% |
4,626
+1
| +0% | +$205 |
|
|
CSW
164
CSW Industrials
CSW
$5.38B
| $1.01M | 0.04% |
13,051
-1,590
| -11% | -$115K |
|
|
BKI
165
DELISTED
Black Knight, Inc. Common Stock
BKI
| $1M | 0.04% |
11,538
+1,000
| +9% | +$78.7K |
|
166
Chevron
CVX
$403B
| $992K | 0.04% |
13,773
-1,606
| -10% | -$135K |
|
167
Kimbell Royalty Partners
KRP
$1.55B
| $992K | 0.04% |
162,275
-37,822
| -19% | -$305K |
|
168
Royal Caribbean
RCL
$78.1B
| $992K | 0.04% |
15,321
+840
| +6% | +$49.5K |
|
|
MUS
169
DELISTED
BLACKROCK MUNIHOLDINGS QUALITY FUND, INC.
MUS
| $971K | 0.04% |
75,386
| – | – |
|
170
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $958K | 0.04% |
65,221
| – | – |
|
|
NID
171
DELISTED
NUVEEN INTERMEDIATE DURATION MUNICIPAL TERM FUND
NID
| $957K | 0.04% |
71,660
| – | – |
|
172
Walmart Inc
WMT
$825B
| $952K | 0.04% |
20,403
+6,867
| +51% | +$305K |
|
|
PBT
173
Permian Basin Royalty Trust
PBT
$1.6B
| $940K | 0.04% |
379,229
+12,944
| +4% | +$39.7K |
|
174
Toronto Dominion Bank
TD
$194B
| $936K | 0.04% |
20,250
+700
| +4% | +$32.6K |
|
175
Nutrien
NTR
$35.9B
| $932K | 0.04% |
23,752
+13,902
| +141% | +$506K |
|
Similar funds
Murray Stahl's Q3 2020 Portfolio in Review
As of Q3 2020, Murray Stahl held 428 positions worth $2.49B, down 9.8% from $2.76B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Murray Stahl withdrew a net $143M in Q3 2020, closing 66 positions and reducing 173 holdings. Its most notable exit was BP, an estimated $1.14M position sold in full.
By sector, the portfolio is most concentrated in Energy at 34% of assets, down from 41% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in iShares Global Timber & Forestry ETF worth $3.26M.
- Murray Stahl's largest Q3 2020 buy was iShares Global Timber & Forestry ETF: 50,490 shares worth $3.26M.
- Murray Stahl added most to Mesabi Trust in Q3 2020, an estimated $10.5M increase.
- Murray Stahl's biggest Q3 2020 reduction was Texas Pacific Land, cutting an estimated $31.1M.
- Murray Stahl fully exited BP in Q3 2020, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 56% of its $2.49B portfolio in Q3 2020.
- Murray Stahl opened 23 new positions and closed 66 in Q3 2020.
- Murray Stahl's portfolio value fell 9.8% quarter-over-quarter to $2.49B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2020, filed 16 Nov 2020.