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 |
Archer Daniels Midland
ADM
|
+$7.84M |
| 2 |
MSB
Mesabi Trust
MSB
|
+$7.59M |
| 3 |
Intercontinental Exchange
ICE
|
+$4.96M |
| 4 |
West Fraser Timber
WFG
|
+$4.33M |
| 5 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$4.25M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$54.2M |
| 2 |
iShares 0-1 Year Treasury Bond ETF
SHV
|
+$8.9M |
| 3 |
Howard Hughes
HHH
|
+$5.53M |
| 4 |
Wendy's
WEN
|
+$4.62M |
| 5 |
Icahn Enterprises
IEP
|
+$3.47M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 58.84% |
| 2 | Financials | 8.71% |
| 3 | Materials | 6.9% |
| 4 | Communication Services | 5.93% |
| 5 | Consumer Discretionary | 4.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MSGN
151
DELISTED
MSG Networks Inc.
MSGN
| $1.37M | 0.03% |
91,288
+26,411
| +41% | +$442K |
|
|
CLGX
152
DELISTED
Corelogic, Inc.
CLGX
| $1.35M | 0.03% |
17,070
-376
| -2% | -$30K |
|
153
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$883M
| $1.35M | 0.03% |
98,746
| – | – |
|
|
PBT
154
Permian Basin Royalty Trust
PBT
$1.6B
| $1.34M | 0.03% |
337,772
-51,224
| -13% | -$204K |
|
155
Union Pacific
UNP
$183B
| $1.34M | 0.03% |
6,087
-2,600
| -30% | -$546K |
|
156
Rockwell Automation
ROK
$48.5B
| $1.33M | 0.03% |
4,998
-50
| -1% | -$12.8K |
|
157
Toronto Dominion Bank
TD
$194B
| $1.32M | 0.03% |
20,300
+100
| +0.5% | +$6.11K |
|
158
Bank of America
BAC
$431B
| $1.32M | 0.03% |
34,076
| – | – |
|
159
Mondelez International
MDLZ
$82.3B
| $1.32M | 0.03% |
22,505
-135
| -0.6% | -$7.62K |
|
160
Norfolk Southern
NSC
$78.8B
| $1.31M | 0.03% |
4,886
| – | – |
|
161
Royal Caribbean
RCL
$78.1B
| $1.29M | 0.03% |
15,121
-100
| -0.7% | -$7.93K |
|
162
Suncor Energy
SU
$80B
| $1.29M | 0.03% |
61,539
+2,929
| +5% | +$57.4K |
|
163
Rayonier Advanced Materials
RYAM
$586M
| $1.27M | 0.03% |
139,750
-9,700
| -6% | -$83.4K |
|
164
Walt Disney
DIS
$186B
| $1.25M | 0.03% |
6,745
-2,195
| -25% | -$405K |
|
165
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $1.23M | 0.03% |
+45,375
| New | +$1.18M |
|
166
Federated Hermes
FHI
$4.76B
| $1.16M | 0.03% |
37,101
-647
| -2% | -$19K |
|
167
White Mountains Insurance
WTM
$5.04B
| $1.15M | 0.03% |
1,033
| – | – |
|
168
CALL
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| $1.14M | 0.03% |
23
| – | – |
|
|
MUI
169
DELISTED
BlackRock Municipal Income Fund, Inc.
MUI
| $1.12M | 0.03% |
74,496
-79
| -0.1% | -$1.18K |
|
170
Biogen
BIIB
$32B
| $1.1M | 0.02% |
3,925
-29
| -0.7% | -$7.82K |
|
171
Amgen
AMGN
$238B
| $1.09M | 0.02% |
4,380
-75
| -2% | -$17.9K |
|
|
ABB
172
DELISTED
ABB Ltd
ABB
| $1.07M | 0.02% |
34,987
-600
| -2% | -$18K |
|
173
CVS Health
CVS
$119B
| $1.06M | 0.02% |
14,039
-691
| -5% | -$50.3K |
|
174
JPMorgan Ultra-Short Income ETF
JPST
$40.6B
| $1.05M | 0.02% |
20,727
-1,713
| -8% | -$87K |
|
175
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $1.05M | 0.02% |
65,021
-200
| -0.3% | -$3.22K |
|
Similar funds
Murray Stahl's Q1 2021 Portfolio in Review
As of Q1 2021, Murray Stahl held 366 positions worth $4.41B, up 47% from $3B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Murray Stahl's Q1 2021 filing shows 19 new, 62 increased, 170 reduced and 26 closed positions. Its largest new stake was West Fraser Timber: 64,459 shares worth $4.64M. The largest sale was Texas Pacific Land, an estimated $54.2M.
By sector, the portfolio is most concentrated in Energy at 59% of assets, up from 42% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2021 buy was West Fraser Timber: 64,459 shares worth $4.64M.
- Murray Stahl added most to Archer Daniels Midland in Q1 2021, an estimated $7.84M increase.
- Murray Stahl's biggest Q1 2021 reduction was Texas Pacific Land, cutting an estimated $54.2M.
- Murray Stahl fully exited BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST in Q1 2021, selling an estimated $1.14M.
- Murray Stahl's ten largest holdings make up 71% of its $4.41B portfolio in Q1 2021.
- Murray Stahl opened 19 new positions and closed 26 in Q1 2021.
- Murray Stahl's portfolio value rose 47% quarter-over-quarter to $4.41B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2021, filed 11 May 2021.