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 |
PBT
Permian Basin Royalty Trust
PBT
|
+$17.1M |
| 2 |
PCH
PotlatchDeltic
PCH
|
+$5.53M |
| 3 |
Tejon Ranch
TRC
|
+$3.6M |
| 4 |
Civeo
CVEO
|
+$2.97M |
| 5 |
Federated Hermes
FHI
|
+$2.52M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$27.9M |
| 2 |
Viper Energy
VNOM
|
+$9.31M |
| 3 |
Archer Daniels Midland
ADM
|
+$6.63M |
| 4 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$5.78M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$5.78M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 60.55% |
| 2 | Financials | 9.08% |
| 3 | Materials | 8.92% |
| 4 | Consumer Discretionary | 3.87% |
| 5 | Technology | 3.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
iShares Global Timber & Forestry ETF
WOOD
$270M
| $955K | 0.02% |
14,598
-380
| -3% | -$28.6K |
|
152
Bank of America
BAC
$431B
| $949K | 0.02% |
31,426
| – | – |
|
153
McDonald's
MCD
$192B
| $948K | 0.02% |
4,107
-12
| -0.3% | -$3.07K |
|
|
BKI
154
DELISTED
Black Knight, Inc. Common Stock
BKI
| $925K | 0.02% |
14,284
+1,041
| +8% | +$68.6K |
|
|
MUE
155
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $919K | 0.02% |
94,524
-7,918
| -8% | -$88.3K |
|
156
VanEck Oil Services ETF
OIH
$1.95B
| $915K | 0.02% |
4,331
| – | – |
|
|
BCPC
157
Balchem Corp
BCPC
$5.78B
| $915K | 0.02% |
7,524
| – | – |
|
158
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $878K | 0.02% |
31,176
-321
| -1% | -$9.08K |
|
159
Alphabet (Google) Class C
GOOG
$4.18T
| $878K | 0.02% |
9,134
-9,706
| -52% | -$1.08M |
|
160
W.P. Carey
WPC
$16.2B
| $872K | 0.02% |
12,763
-25
| -0.2% | -$2.05K |
|
161
Star Bulk Carriers
SBLK
$3.41B
| $856K | 0.02% |
48,984
+2,440
| +5% | +$55.7K |
|
162
RUM Group Inc
RUM
$4.49B
| $852K | 0.02% |
69,571
-1,118
| -2% | -$12.3K |
|
163
CMS Energy
CMS
$21.4B
| $849K | 0.02% |
14,575
| – | – |
|
164
AstraZeneca
AZN
$257B
| $828K | 0.02% |
7,546
+17
| +0.2% | +$2.16K |
|
|
PFL
165
PIMCO Income Strategy Fund
PFL
$379M
| $826K | 0.02% |
103,614
-14,223
| -12% | -$129K |
|
166
Berkshire Hathaway Class A
BRK.A
$1.06T
| $813K | 0.02% |
2
-9
| -82% | -$3.85M |
|
167
Expedia Group
EXPE
$38.6B
| $806K | 0.02% |
8,603
+18
| +0.2% | +$1.84K |
|
168
Seaboard Corp
SEB
$4.08B
| $776K | 0.02% |
228
+9
| +4% | +$34.8K |
|
|
NVO
169
Novo Nordisk
NVO
$207B
| $771K | 0.02% |
15,480
| – | – |
|
170
Visa
V
$693B
| $771K | 0.02% |
4,339
-21,069
| -83% | -$4.29M |
|
|
ABB
171
DELISTED
ABB Ltd
ABB
| $769K | 0.02% |
29,971
+200
| +0.7% | +$5.62K |
|
172
General Motors
GM
$77.2B
| $753K | 0.02% |
23,450
-200
| -0.8% | -$7.34K |
|
173
Verizon
VZ
$205B
| $735K | 0.01% |
19,352
-1,997
| -9% | -$88.9K |
|
|
BELFB
174
Bel Fuse Inc Class B
BELFB
$3.69B
| $732K | 0.01% |
28,988
| – | – |
|
175
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| $728K | 0.01% |
+116
| New | +$319K |
|
Similar funds
Murray Stahl's Q3 2022 Portfolio in Review
As of Q3 2022, Murray Stahl held 353 positions worth $4.97B, up 4% from $4.78B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Murray Stahl's Q3 2022 filing shows 17 new, 83 increased, 151 reduced and 24 closed positions. Its largest new stake was Warner Bros: 182,843 shares worth $2.1M. The largest sale was Texas Pacific Land, an estimated $27.9M.
By sector, the portfolio is most concentrated in Energy at 61% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2022 buy was Warner Bros: 182,843 shares worth $2.1M.
- Murray Stahl added most to Permian Basin Royalty Trust in Q3 2022, an estimated $17.1M increase.
- Murray Stahl's biggest Q3 2022 reduction was Texas Pacific Land, cutting an estimated $27.9M.
- Murray Stahl fully exited CATCHMARK TIMBER TRUST, INC. in Q3 2022, selling an estimated $5.78M.
- Murray Stahl's ten largest holdings make up 71% of its $4.97B portfolio in Q3 2022.
- Murray Stahl opened 17 new positions and closed 24 in Q3 2022.
- Murray Stahl's portfolio value rose 4% quarter-over-quarter to $4.97B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2022, filed 15 Nov 2022.