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 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$81.5M |
| 2 |
LB
LandBridge Co
LB
|
+$16.3M |
| 3 |
White Mountains Insurance
WTM
|
+$10.1M |
| 4 |
DigitalBridge
DBRG
|
+$6.14M |
| 5 |
Blackstone
BX
|
+$3.29M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grayscale Bitcoin Trust
GBTC
|
+$63.5M |
| 2 |
Charles River Laboratories
CRL
|
+$9.48M |
| 3 |
Vanguard Ultra-Short Bond ETF
VUSB
|
+$6.29M |
| 4 |
Brookfield
BN
|
+$4.46M |
| 5 |
Liberty Media Series A
FWONA
|
+$3.75M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.7% |
| 2 | Financials | 7.08% |
| 3 | Materials | 6.99% |
| 4 | Technology | 4.52% |
| 5 | Consumer Discretionary | 3.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Texas Pacific Land
TPL
$26.5B
| $3.27B | 48.92% |
11,083,095
-186
| -0% | -$51.1K |
|
|
2
Grayscale Bitcoin Trust
GBTC
$11.6B
| $768M | 11.49% |
15,208,060
-1,305,555
| -8% | -$63.5M |
|
|
LB
3
LandBridge Co
LB
$2.55B
| $203M | 3.04% |
5,190,867
+484,968
| +10% | +$16.3M |
|
4
CACI
CACI
$14.3B
| $186M | 2.78% |
368,068
-2,509
| -0.7% | -$1.16M |
|
5
Wheaton Precious Metals
WPM
$71.7B
| $168M | 2.52% |
2,754,175
-7,333
| -0.3% | -$436K |
|
6
Intercontinental Exchange
ICE
$90.5B
| $120M | 1.79% |
745,526
+1,738
| +0.2% | +$268K |
|
7
Franco-Nevada
FNV
$51.3B
| $116M | 1.74% |
935,834
+17,232
| +2% | +$2.13M |
|
8
Civeo
CVEO
$357M
| $89.1M | 1.33% |
3,251,609
-34,337
| -1% | -$907K |
|
|
BTC
9
Grayscale Bitcoin Mini Trust ETF
BTC
$4.08B
| $86M | 1.29% |
+3,056,559
| New | +$81.5M |
|
10
Cboe Global Markets
CBOE
$31.4B
| $85.6M | 1.28% |
417,664
+13,425
| +3% | +$2.64M |
|
11
Cheniere Energy
LNG
$57.3B
| – | – |
0
| – | – |
|
|
MSB
12
Mesabi Trust
MSB
$299M
| $60.2M | 0.9% |
2,659,623
+37,417
| +1% | +$685K |
|
13
Viper Energy
VNOM
$16.3B
| $59.6M | 0.89% |
1,320,445
+60
| +0% | +$2.64K |
|
|
14
Brookfield
BN
$93.1B
| $56.2M | 0.84% |
1,585,059
-141,239
| -8% | -$4.46M |
|
15
Saic
SAIC
$5.41B
| $56.1M | 0.84% |
402,965
-5,241
| -1% | -$662K |
|
16
AutoNation
AN
$6.6B
| $51.3M | 0.77% |
286,763
-4,946
| -2% | -$849K |
|
|
PBT
17
Permian Basin Royalty Trust
PBT
$1.6B
| $43.8M | 0.66% |
3,684,264
+1,061
| +0% | +$11.9K |
|
18
Archer Daniels Midland
ADM
$38.7B
| $39.1M | 0.58% |
653,811
-20,599
| -3% | -$1.26M |
|
19
Live Nation Entertainment
LYV
$42.4B
| $39M | 0.58% |
356,309
-9,950
| -3% | -$962K |
|
20
Howard Hughes
HHH
$3.97B
| $38.4M | 0.57% |
495,811
-32,672
| -6% | -$2.31M |
|
|
AC
21
DELISTED
Associated Capital Group
AC
| $34.5M | 0.52% |
975,128
-36,428
| -4% | -$1.2M |
|
22
Strategy Inc
MSTR
$47.4B
| $32.5M | 0.49% |
192,905
+4,545
| +2% | +$650K |
|
23
St. Joe Company
JOE
$3.92B
| $30.5M | 0.46% |
523,848
-7,457
| -1% | -$437K |
|
24
Penske Automotive Group
PAG
$14.2B
| $29.5M | 0.44% |
181,480
-2,501
| -1% | -$399K |
|
25
iShares Bitcoin Trust
IBIT
$57.7B
| $29.1M | 0.44% |
805,803
+85,763
| +12% | +$2.98M |
|
Similar funds
Murray Stahl's Q3 2024 Portfolio in Review
As of Q3 2024, Murray Stahl held 358 positions worth $6.68B, up 17% from $5.72B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Murray Stahl's Q3 2024 filing shows 34 new, 151 increased, 120 reduced and 12 closed positions. Its largest new stake was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M. The largest sale was Grayscale Bitcoin Trust, an estimated $63.5M.
By sector, the portfolio is most concentrated in Energy at 57% of assets, up from 54% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q3 2024 buy was Grayscale Bitcoin Mini Trust ETF: 3,056,559 shares worth $86M.
- Murray Stahl added most to LandBridge Co in Q3 2024, an estimated $16.3M increase.
- Murray Stahl's biggest Q3 2024 reduction was Grayscale Bitcoin Trust, cutting an estimated $63.5M.
- Murray Stahl fully exited Liberty Media Corporation Series C Liberty SiriusXM Common Stock in Q3 2024, selling an estimated $2.18M.
- Murray Stahl's ten largest holdings make up 76% of its $6.68B portfolio in Q3 2024.
- Murray Stahl opened 34 new positions and closed 12 in Q3 2024.
- Murray Stahl's portfolio value rose 17% quarter-over-quarter to $6.68B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2024, filed 13 Nov 2024.