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 |
Charles River Laboratories
CRL
|
+$25.4M |
| 2 |
Intercontinental Exchange
ICE
|
+$24.4M |
| 3 |
Franco-Nevada
FNV
|
+$22.6M |
| 4 |
Archer Daniels Midland
ADM
|
+$19.9M |
| 5 |
Wheaton Precious Metals
WPM
|
+$19.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$16.6M |
| 2 |
ProShares Short VIX Short-Term Futures ETF
SVXY
|
+$5.17M |
| 3 |
Wendy's
WEN
|
+$4.05M |
| 4 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$3.06M |
| 5 |
LSXMK
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
|
+$2.93M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 53.99% |
| 2 | Financials | 10.14% |
| 3 | Materials | 9.23% |
| 4 | Communication Services | 5.56% |
| 5 | Consumer Discretionary | 4.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $2.48B | 50.42% |
13,925,871
-95,535
| -0.7% | -$16.6M |
|
|
2
Franco-Nevada
FNV
$51.3B
| $134M | 2.73% |
923,734
+155,948
| +20% | +$22.6M |
|
|
3
Wheaton Precious Metals
WPM
$71.7B
| $130M | 2.64% |
2,943,005
+434,294
| +17% | +$19.3M |
|
4
CACI
CACI
$14.3B
| $114M | 2.32% |
447,162
+52,823
| +13% | +$13.6M |
|
5
Brookfield
BN
$93.1B
| $101M | 2.05% |
3,666,347
+504,476
| +16% | +$12.9M |
|
|
6
Intercontinental Exchange
ICE
$90.5B
| $95.1M | 1.94% |
801,157
+212,002
| +36% | +$24.4M |
|
7
Howard Hughes
HHH
$3.97B
| $76.8M | 1.56% |
826,933
-11,256
| -1% | -$1.11M |
|
|
8
Charles River Laboratories
CRL
$14.1B
| $72.8M | 1.48% |
196,754
+75,962
| +63% | +$25.4M |
|
|
MSB
9
Mesabi Trust
MSB
$299M
| $68M | 1.38% |
1,920,070
+215,699
| +13% | +$7.8M |
|
|
10
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $63.6M | 1.3% |
2,290,916
-202,282
| -8% | -$5.17M |
|
11
Civeo
CVEO
$357M
| $61.6M | 1.25% |
3,457,916
+213,475
| +7% | +$3.57M |
|
12
Live Nation Entertainment
LYV
$42.4B
| $56.1M | 1.14% |
640,126
-3,303
| -0.5% | -$283K |
|
13
Cboe Global Markets
CBOE
$31.4B
| $51.9M | 1.06% |
435,819
-1,654
| -0.4% | -$181K |
|
|
AC
14
DELISTED
Associated Capital Group
AC
| $49.1M | 1% |
1,264,143
-20,460
| -2% | -$743K |
|
15
Cheniere Energy
LNG
$57.3B
| $45M | 0.92% |
518,267
-6,953
| -1% | -$566K |
|
|
LBRDK
16
DELISTED
Liberty Broadband Class C
LBRDK
| $44.5M | 0.91% |
256,532
-19,000
| -7% | -$3.06M |
|
17
CME Group
CME
$98.9B
| $42.6M | 0.87% |
200,116
+39,478
| +25% | +$8.34M |
|
|
18
Wendy's
WEN
$1.72B
| $41.8M | 0.85% |
1,784,599
-176,241
| -9% | -$4.05M |
|
|
SAND
19
DELISTED
Sandstorm Gold
SAND
| $41.2M | 0.84% |
5,222,182
+2,363,176
| +83% | +$19.1M |
|
|
LSXMK
20
DELISTED
Liberty Media Corporation Series C Liberty SiriusXM Common Stock
LSXMK
| $39.8M | 0.81% |
1,108,979
-85,126
| -7% | -$2.93M |
|
|
21
Archer Daniels Midland
ADM
$38.7B
| $38.9M | 0.79% |
642,032
+314,287
| +96% | +$19.9M |
|
22
AutoNation
AN
$6.6B
| $37.5M | 0.76% |
395,383
-376
| -0.1% | -$36.8K |
|
23
Saic
SAIC
$5.41B
| $35.6M | 0.72% |
405,288
-9,819
| -2% | -$877K |
|
24
Icahn Enterprises
IEP
$4.83B
| $32.1M | 0.65% |
583,088
-11,333
| -2% | -$645K |
|
|
MNRL
25
DELISTED
Brigham Minerals, Inc. Class A Common Stock
MNRL
| $24M | 0.49% |
1,126,501
+833,564
| +285% | +$15.1M |
|
Similar funds
Murray Stahl's Q2 2021 Portfolio in Review
As of Q2 2021, Murray Stahl held 354 positions worth $4.91B, up 11% from $4.41B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Murray Stahl deployed $259M of net new capital in Q2 2021, opening 14 new positions and adding to 75 existing holdings. Its largest new stake was Vimeo: 40,140 shares worth $1.97M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 59% a quarter earlier, followed by Financials and Materials.
On the sell side, the largest reduction was Texas Pacific Land, an estimated $16.6M trimmed.
- Murray Stahl's largest Q2 2021 buy was Vimeo: 40,140 shares worth $1.97M.
- Murray Stahl added most to Charles River Laboratories in Q2 2021, an estimated $25.4M increase.
- Murray Stahl's biggest Q2 2021 reduction was Texas Pacific Land, cutting an estimated $16.6M.
- Murray Stahl fully exited Corelogic, Inc. in Q2 2021, selling an estimated $1.35M.
- Murray Stahl's ten largest holdings make up 68% of its $4.91B portfolio in Q2 2021.
- Murray Stahl opened 14 new positions and closed 9 in Q2 2021.
- Murray Stahl's portfolio value rose 11% quarter-over-quarter to $4.91B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2021, filed 16 Aug 2021.