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
|
+$7.07M |
| 2 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$4.64M |
| 3 |
Archer Daniels Midland
ADM
|
+$4.61M |
| 4 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$3.61M |
| 5 |
CTT
CATCHMARK TIMBER TRUST, INC.
CTT
|
+$2.13M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$21.4M |
| 2 |
Wheaton Precious Metals
WPM
|
+$9.08M |
| 3 |
GLIBA
GCI Liberty, Inc. Class A Common Stock (DE)
GLIBA
|
+$8.07M |
| 4 |
Icahn Enterprises
IEP
|
+$6.81M |
| 5 |
Howard Hughes
HHH
|
+$6.49M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 42.22% |
| 2 | Financials | 12.07% |
| 3 | Materials | 9.7% |
| 4 | Communication Services | 8.72% |
| 5 | Consumer Discretionary | 5.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Suncor Energy
SU
$80B
| $983K | 0.03% |
58,610
-6,471
| -10% | -$95.1K |
|
177
CMS Energy
CMS
$21.4B
| $975K | 0.03% |
15,975
-700
| -4% | -$43.8K |
|
178
Rayonier Advanced Materials
RYAM
$586M
| $974K | 0.03% |
149,450
-5,900
| -4% | -$31.3K |
|
179
StoneCo
STNE
$2.16B
| $971K | 0.03% |
11,570
-1,100
| -9% | -$73.7K |
|
180
Biogen
BIIB
$32B
| $968K | 0.03% |
3,954
-45
| -1% | -$11.6K |
|
181
AstraZeneca
AZN
$257B
| $963K | 0.03% |
9,632
-1,000
| -9% | -$106K |
|
|
MSGN
182
DELISTED
MSG Networks Inc.
MSGN
| $956K | 0.03% |
64,877
-1,613
| -2% | -$18K |
|
183
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $950K | 0.03% |
7,450
+2,300
| +45% | +$274K |
|
|
CEO
184
DELISTED
CNOOC Limited
CEO
| $950K | 0.03% |
10,365
+1,510
| +17% | +$149K |
|
185
CRISPR Therapeutics
CRSP
$5.75B
| $938K | 0.03% |
6,125
| – | – |
|
186
BlackRock MuniYield Quality Fund III
MYI
$711M
| $907K | 0.03% |
62,783
| – | – |
|
187
McDonald's
MCD
$192B
| $901K | 0.03% |
4,200
-426
| -9% | -$92.6K |
|
188
Teleflex
TFX
$5.88B
| $875K | 0.03% |
2,126
| – | – |
|
189
GSK
GSK
$105B
| $861K | 0.03% |
18,720
+160
| +0.9% | +$7.35K |
|
190
W.P. Carey
WPC
$16.2B
| $847K | 0.03% |
12,252
+459
| +4% | +$30.7K |
|
191
RTX Corp
RTX
$283B
| $837K | 0.03% |
11,709
-453
| -4% | -$29.8K |
|
192
Sanofi
SNY
$110B
| $826K | 0.03% |
17,000
| – | – |
|
193
Invesco CurrencyShares Australian Dollar Trust
FXA
$95.9M
| $814K | 0.03% |
10,595
-15,850
| -60% | -$1.16M |
|
194
Analog Devices
ADI
$182B
| $809K | 0.03% |
5,475
-250
| -4% | -$33.2K |
|
195
Kimbell Royalty Partners
KRP
$1.55B
| $799K | 0.03% |
101,056
-61,219
| -38% | -$443K |
|
196
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$200M
| $795K | 0.03% |
331
+82
| +33% | +$109K |
|
197
Invesco Quality Municipal Securities
IQI
$530M
| $757K | 0.03% |
58,055
| – | – |
|
198
State Street SPDR Portfolio Short Term Corporate Bond ETF
SPSB
$10.7B
| $754K | 0.03% |
24,000
| – | – |
|
199
Amazon
AMZN
$2.79T
| $749K | 0.02% |
4,600
-3,960
| -46% | -$632K |
|
200
E.W. Scripps
SSP
$303M
| $734K | 0.02% |
48,000
-4,400
| -8% | -$54.1K |
|
Similar funds
Murray Stahl's Q4 2020 Portfolio in Review
As of Q4 2020, Murray Stahl held 371 positions worth $3B, up 21% from $2.49B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Murray Stahl withdrew a net $168M in Q4 2020, closing 24 positions and reducing 209 holdings. Its most notable exit was GCI Liberty, Inc. Class A Common Stock (DE), an estimated $8.07M position sold in full.
By sector, the portfolio is most concentrated in Energy at 42% of assets, up from 34% a quarter earlier, followed by Financials and Materials.
Against the trend, Murray Stahl opened a new position in Deere & Co worth $581K.
- Murray Stahl's largest Q4 2020 buy was Deere & Co: 2,161 shares worth $581K.
- Murray Stahl added most to Mesabi Trust in Q4 2020, an estimated $7.07M increase.
- Murray Stahl's biggest Q4 2020 reduction was Texas Pacific Land, cutting an estimated $21.4M.
- Murray Stahl fully exited GCI Liberty, Inc. Class A Common Stock (DE) in Q4 2020, selling an estimated $8.07M.
- Murray Stahl's ten largest holdings make up 60% of its $3B portfolio in Q4 2020.
- Murray Stahl opened 9 new positions and closed 24 in Q4 2020.
- Murray Stahl's portfolio value rose 21% quarter-over-quarter to $3B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2020, filed 16 Feb 2021.