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
|
+$15.3M |
| 2 |
Archer Daniels Midland
ADM
|
+$10.6M |
| 3 |
Viper Energy
VNOM
|
+$9.61M |
| 4 |
Nutrien
NTR
|
+$9.17M |
| 5 |
MNRL
Brigham Minerals, Inc. Class A Common Stock
MNRL
|
+$7.89M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Verisk Analytics
VRSK
|
+$25M |
| 2 |
Texas Pacific Land
TPL
|
+$15.9M |
| 3 |
Y
Alleghany Corp
Y
|
+$8.17M |
| 4 |
LBRDK
Liberty Broadband Class C
LBRDK
|
+$4.45M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$4.36M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 53.94% |
| 2 | Materials | 10.58% |
| 3 | Financials | 10.53% |
| 4 | Consumer Discretionary | 4.34% |
| 5 | Technology | 3.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $2.24B | 46.91% |
13,551,075
-97,443
| -0.7% | -$15.9M |
|
2
Franco-Nevada
FNV
$51.3B
| $147M | 3.07% |
1,113,917
+30,857
| +3% | +$4.56M |
|
3
CACI
CACI
$14.3B
| $131M | 2.75% |
466,651
-7,889
| -2% | -$2.19M |
|
4
Wheaton Precious Metals
WPM
$71.7B
| $123M | 2.58% |
3,414,262
+89,965
| +3% | +$3.9M |
|
5
Brookfield
BN
$93.1B
| $103M | 2.16% |
4,311,182
+106,445
| +3% | +$2.84M |
|
6
Intercontinental Exchange
ICE
$90.5B
| $100M | 2.1% |
1,065,436
+56,391
| +6% | +$6.03M |
|
7
Cheniere Energy
LNG
$57.3B
| – | – |
0
| – | – |
|
8
Civeo
CVEO
$357M
| $89.9M | 1.88% |
3,474,099
-54,122
| -2% | -$1.45M |
|
|
9
Archer Daniels Midland
ADM
$38.7B
| $85.8M | 1.8% |
1,105,493
+121,611
| +12% | +$10.6M |
|
|
10
Viper Energy
VNOM
$16.3B
| $67.2M | 1.41% |
2,519,252
+316,238
| +14% | +$9.61M |
|
|
MSB
11
Mesabi Trust
MSB
$299M
| $64.5M | 1.35% |
2,628,804
+134,307
| +5% | +$3.49M |
|
12
Charles River Laboratories
CRL
$14.1B
| $64M | 1.34% |
298,974
+23,735
| +9% | +$5.8M |
|
|
MNRL
13
DELISTED
Brigham Minerals, Inc. Class A Common Stock
MNRL
| $55.3M | 1.16% |
2,243,428
+286,292
| +15% | +$7.89M |
|
14
CME Group
CME
$98.9B
| $54.1M | 1.13% |
264,149
+18,474
| +8% | +$3.92M |
|
15
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $46.8M | 0.98% |
1,941,978
-1,704
| -0.1% | -$42.5K |
|
16
Cboe Global Markets
CBOE
$31.4B
| $46.7M | 0.98% |
412,560
-3,867
| -0.9% | -$434K |
|
17
Howard Hughes
HHH
$3.97B
| $46.4M | 0.97% |
715,287
-26,911
| -4% | -$2.21M |
|
18
Live Nation Entertainment
LYV
$42.4B
| $45.2M | 0.95% |
547,246
-24,539
| -4% | -$2.36M |
|
|
AC
19
DELISTED
Associated Capital Group
AC
| $44.9M | 0.94% |
1,253,644
-6,685
| -0.5% | -$256K |
|
|
MRSH
20
Marsh
MRSH
$91.6B
| $43.4M | 0.91% |
279,309
+33,773
| +14% | +$5.41M |
|
|
21
Nutrien
NTR
$35.9B
| $42.9M | 0.9% |
538,075
+94,461
| +21% | +$9.17M |
|
22
West Fraser Timber
WFG
$5.46B
| $41.3M | 0.86% |
538,038
+78,926
| +17% | +$6.65M |
|
23
AutoNation
AN
$6.6B
| $40.8M | 0.85% |
365,140
-3,055
| -0.8% | -$346K |
|
|
SAND
24
DELISTED
Sandstorm Gold
SAND
| $38.2M | 0.8% |
6,425,969
+395,529
| +7% | +$2.81M |
|
25
Saic
SAIC
$5.41B
| $37.3M | 0.78% |
400,467
+1,761
| +0.4% | +$154K |
|
Similar funds
Murray Stahl's Q2 2022 Portfolio in Review
As of Q2 2022, Murray Stahl held 356 positions worth $4.78B, down 3.8% from $4.96B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Murray Stahl's Q2 2022 filing shows 11 new, 82 increased, 153 reduced and 20 closed positions. Its largest new stake was WisdomTree: 187,482 shares worth $951K. The largest sale was Verisk Analytics, an estimated $25M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, up from 47% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q2 2022 buy was WisdomTree: 187,482 shares worth $951K.
- Murray Stahl added most to Permian Basin Royalty Trust in Q2 2022, an estimated $15.3M increase.
- Murray Stahl's biggest Q2 2022 reduction was Verisk Analytics, cutting an estimated $25M.
- Murray Stahl fully exited Warner Bros in Q2 2022, selling an estimated $2.95M.
- Murray Stahl's ten largest holdings make up 67% of its $4.78B portfolio in Q2 2022.
- Murray Stahl opened 11 new positions and closed 20 in Q2 2022.
- Murray Stahl's portfolio value fell 3.8% quarter-over-quarter to $4.78B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2022, filed 5 Aug 2022.