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 |
Texas Pacific Land
TPL
|
+$1.27B |
| 2 |
Howard Hughes
HHH
|
+$194M |
| 3 |
Icahn Enterprises
IEP
|
+$135M |
| 4 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$102M |
| 5 |
Civeo
CVEO
|
+$94.4M |
Top Sells
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 45.16% |
| 2 | Communication Services | 11.83% |
| 3 | Financials | 10.32% |
| 4 | Real Estate | 6.12% |
| 5 | Materials | 5.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $1.39B | 38.72% |
+16,202,835
| New | +$1.27B |
|
|
2
Howard Hughes
HHH
$3.97B
| $197M | 5.47% |
+1,877,112
| New | +$194M |
|
|
3
Icahn Enterprises
IEP
$4.83B
| $140M | 3.89% |
+1,930,040
| New | +$135M |
|
|
LSXMK
4
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $98.8M | 2.75% |
+3,392,799
| New | +$102M |
|
|
5
Civeo
CVEO
$357M
| $87.5M | 2.43% |
+3,472,694
| New | +$94.4M |
|
6
Franco-Nevada
FNV
$51.3B
| $73.7M | 2.05% |
+982,161
| New | +$72.9M |
|
7
Wheaton Precious Metals
WPM
$71.7B
| $72.5M | 2.01% |
+3,042,365
| New | +$64.7M |
|
8
Brookfield
BN
$93.1B
| $70M | 1.95% |
+4,204,427
| New | +$65.5M |
|
9
Live Nation Entertainment
LYV
$42.4B
| $65.5M | 1.82% |
+1,030,347
| New | +$58.4M |
|
10
Cboe Global Markets
CBOE
$31.4B
| $63M | 1.75% |
+659,837
| New | +$62.6M |
|
|
AC
11
DELISTED
Associated Capital Group
AC
| $60.1M | 1.67% |
+1,527,485
| New | +$62.4M |
|
12
Wendy's
WEN
$1.72B
| $56.7M | 1.58% |
+3,168,164
| New | +$53.9M |
|
13
CACI
CACI
$14.3B
| $54.5M | 1.51% |
+299,297
| New | +$51M |
|
|
LBRDK
14
DELISTED
Liberty Broadband Class C
LBRDK
| $51.6M | 1.43% |
+562,067
| New | +$47.8M |
|
15
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $47.9M | 1.33% |
+793,055
| New | +$47.7M |
|
|
LSXMA
16
DELISTED
Liberty Media Corporation Series A Liberty SiriusXM Common Stock
LSXMA
| $44.3M | 1.23% |
+1,607,157
| New | +$45.8M |
|
17
Saic
SAIC
$5.41B
| $41.4M | 1.15% |
+537,894
| New | +$37.9M |
|
18
CME Group
CME
$98.9B
| $35.9M | 1% |
+217,826
| New | +$38.5M |
|
19
GE Aerospace
GE
$361B
| $24.2M | 0.67% |
+485,203
| New | +$22.8M |
|
20
Cheniere Energy
LNG
$57.3B
| $23.5M | 0.65% |
+344,371
| New | +$22.6M |
|
21
Berkshire Hathaway Class B
BRK.B
$1.06T
| $23M | 0.64% |
+114,408
| New | +$23.1M |
|
22
Royal Gold
RGLD
$21.9B
| $22.7M | 0.63% |
+249,945
| New | +$21.8M |
|
23
Madison Square Garden
MSGS
$9.78B
| $20.6M | 0.57% |
+98,577
| New | +$20M |
|
|
RMT
24
Royce Micro-Cap Trust
RMT
$768M
| $20.3M | 0.57% |
+2,441,811
| New | +$20.4M |
|
25
AMC Global Media
AMCX
$511M
| $19.9M | 0.55% |
+350,676
| New | +$21.6M |
|
Similar funds
Murray Stahl's Q1 2019 Portfolio in Review
Q1 2019 is the first quarter with a 13F filing on record for Murray Stahl, which disclosed 488 positions worth $3.6B. Its ten largest holdings account for 63% of the portfolio.
Its largest position is Texas Pacific Land: 16,202,835 shares worth $1.39B.
By sector, the portfolio is most concentrated in Energy at 45% of assets, followed by Communication Services and Financials.
- Murray Stahl's largest Q1 2019 buy was Texas Pacific Land: 16,202,835 shares worth $1.39B.
- Murray Stahl's ten largest holdings make up 63% of its $3.6B portfolio in Q1 2019.
- Murray Stahl disclosed 488 positions in Q1 2019, its first 13F filing on record.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2019, filed 15 May 2019.