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 |
Bunge Global
BG
|
+$36M |
| 2 |
S&P Global
SPGI
|
+$21.1M |
| 3 |
Intercontinental Exchange
ICE
|
+$17.8M |
| 4 |
Viper Energy
VNOM
|
+$17.6M |
| 5 |
Archer Daniels Midland
ADM
|
+$16.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
INFO
IHS Markit Ltd. Common Shares
INFO
|
+$25.9M |
| 2 |
PayPal
PYPL
|
+$9.06M |
| 3 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$5.44M |
| 4 |
Live Nation Entertainment
LYV
|
+$4.72M |
| 5 |
Icahn Enterprises
IEP
|
+$2.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 47.32% |
| 2 | Financials | 12.25% |
| 3 | Materials | 11.94% |
| 4 | Communication Services | 4.66% |
| 5 | Consumer Discretionary | 4.27% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CSW
151
CSW Industrials
CSW
$5.38B
| $1.32M | 0.03% |
11,200
| – | – |
|
152
Norfolk Southern
NSC
$78.8B
| $1.3M | 0.03% |
4,566
| – | – |
|
153
Sonoco
SON
$5.88B
| $1.29M | 0.03% |
20,600
+600
| +3% | +$34.7K |
|
154
Bank of America
BAC
$431B
| $1.29M | 0.03% |
31,226
+100
| +0.3% | +$4.51K |
|
155
Rockwell Automation
ROK
$48.5B
| $1.26M | 0.03% |
4,503
| – | – |
|
|
MUE
156
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $1.24M | 0.03% |
102,442
| – | – |
|
157
VanEck Oil Services ETF
OIH
$1.95B
| $1.23M | 0.02% |
4,343
+100
| +2% | +$24.5K |
|
|
158
PayPal
PYPL
$52.7B
| $1.22M | 0.02% |
10,540
-68,059
| -87% | -$9.06M |
|
159
Mondelez International
MDLZ
$82.3B
| $1.21M | 0.02% |
19,254
| – | – |
|
160
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$883M
| $1.2M | 0.02% |
98,746
| – | – |
|
161
LendingTree
TREE
$433M
| $1.2M | 0.02% |
10,000
| – | – |
|
162
General Motors
GM
$77.2B
| $1.15M | 0.02% |
26,350
+125
| +0.5% | +$6.24K |
|
163
RTX Corp
RTX
$283B
| $1.14M | 0.02% |
11,530
-107
| -0.9% | -$10.1K |
|
164
Federated Hermes
FHI
$4.76B
| $1.12M | 0.02% |
32,846
-1,568
| -5% | -$53.3K |
|
165
Honeywell
HON
$68.4B
| $1.12M | 0.02% |
6,088
+22
| +0.4% | +$4.07K |
|
166
Movado Group
MOV
$774M
| $1.11M | 0.02% |
28,374
-1,026
| -3% | -$38.9K |
|
|
DISH
167
DELISTED
DISH Network Corp.
DISH
| $1.08M | 0.02% |
34,087
-3,766
| -10% | -$119K |
|
|
BCPC
168
Balchem Corp
BCPC
$5.78B
| $1.07M | 0.02% |
7,865
-13,668
| -63% | -$1.96M |
|
169
Royal Caribbean
RCL
$78.1B
| $1.07M | 0.02% |
12,798
-1,128
| -8% | -$88.8K |
|
170
Amgen
AMGN
$238B
| $1.06M | 0.02% |
4,389
| – | – |
|
|
LAND
171
Gladstone Land Corp
LAND
$373M
| $1.05M | 0.02% |
28,944
-124
| -0.4% | -$4K |
|
172
McDonald's
MCD
$192B
| $1.04M | 0.02% |
4,207
| – | – |
|
173
Kimbell Royalty Partners
KRP
$1.55B
| $1.02M | 0.02% |
62,922
+17,319
| +38% | +$269K |
|
174
CMS Energy
CMS
$21.4B
| $1.02M | 0.02% |
14,575
| – | – |
|
175
AstraZeneca
AZN
$257B
| $1.01M | 0.02% |
7,632
| – | – |
|
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Murray Stahl's Q1 2022 Portfolio in Review
As of Q1 2022, Murray Stahl held 361 positions worth $4.96B, up 9.3% from $4.54B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Murray Stahl deployed $198M of net new capital in Q1 2022, opening 12 new positions and adding to 80 existing holdings. Its largest new stake was Bunge Global: 351,540 shares worth $39M.
By sector, the portfolio is most concentrated in Energy at 47% of assets, up from 46% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was PayPal, an estimated $9.06M trimmed.
- Murray Stahl's largest Q1 2022 buy was Bunge Global: 351,540 shares worth $39M.
- Murray Stahl added most to S&P Global in Q1 2022, an estimated $21.1M increase.
- Murray Stahl's biggest Q1 2022 reduction was PayPal, cutting an estimated $9.06M.
- Murray Stahl fully exited IHS Markit Ltd. Common Shares in Q1 2022, selling an estimated $25.9M.
- Murray Stahl's ten largest holdings make up 63% of its $4.96B portfolio in Q1 2022.
- Murray Stahl opened 12 new positions and closed 16 in Q1 2022.
- Murray Stahl's portfolio value rose 9.3% quarter-over-quarter to $4.96B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2022, filed 13 May 2022.