Insightful Analysis of Murray Stahl (Trades, Portfolio)'s Fourth Quarter 2024 13F Filing

Murray Stahl (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2024, providing insights into his investment moves during this period. Murray Stahl (Trades, Portfolio) is the Chief Executive Officer and Chairman of the Board of Horizon Kinetics, a firm he co-founded. With over thirty years of investing experience, he oversees the firm's proprietary research and serves as the Chief Investment Officer. Stahl chairs the Investment Committee, responsible for portfolio management decisions, and co-manages several registered investment companies, private funds, and institutional separate accounts. Additionally, he is the Chairman and CEO of FRMO Corp and serves on the boards of the Minneapolis Grain Exchange, the Bermuda Stock Exchange, and Texas Pacific Land Corporation. Prior to founding Horizon Kinetics, Stahl spent 16 years at Bankers Trust Company as a senior portfolio manager and research analyst. Horizon Kinetics LLC is known for its fundamental value, contrarian-oriented investment approach, emphasizing long-term investment horizons to harness the power of compounding.

Summary of New Buy

Murray Stahl (Trades, Portfolio) added a total of 13 stocks, among them:

• The most significant addition was Hawaiian Electric Industries Inc (HE, Financial), with 2,379,498 shares, accounting for 0.29% of the portfolio and a total value of $23.15 million.
• The second largest addition to the portfolio was Aris Water Solutions Inc (ARIS, Financial), consisting of 229,308 shares, representing approximately 0.07% of the portfolio, with a total value of $5.49 million.
• The third largest addition was Marex Group PLC (MRX, Financial), with 141,374 shares, accounting for 0.05% of the portfolio and a total value of $4.41 million.

Key Position Increases

Murray Stahl (Trades, Portfolio) also increased stakes in a total of 106 stocks, among them:

• The most notable increase was DigitalBridge Group Inc (DBRG, Financial), with an additional 4,020,627 shares, bringing the total to 4,483,340 shares. This adjustment represents a significant 868.92% increase in share count, a 0.56% impact on the current portfolio, with a total value of $50,572,070.
• The second largest increase was LandBridge Co LLC (LB, Financial), with an additional 208,408 shares, bringing the total to 5,399,275. This adjustment represents a significant 4.01% increase in share count, with a total value of $348,793,190.

Summary of Sold Out

Murray Stahl (Trades, Portfolio) completely exited 12 holdings in the fourth quarter of 2024, as detailed below:

• Blackrock Munivest Fund Inc (MVF, Financial): Murray Stahl (Trades, Portfolio) sold all 46,440 shares, resulting in a -0.01% impact on the portfolio.
• PROSHARES TRUST (SQQQ, Financial): Murray Stahl (Trades, Portfolio) liquidated all 65,719 shares, causing a -0.01% impact on the portfolio.

Key Position Reduces

Murray Stahl (Trades, Portfolio) also reduced positions in 132 stocks. The most significant changes include:

• Reduced Texas Pacific Land Corp (TPL, Financial) by 87,786 shares, resulting in a -2.38% decrease in shares and a -1.16% impact on the portfolio. The stock traded at an average price of $1,231.19 during the quarter and has returned 0.17% over the past 3 months and 24.33% year-to-date.
• Reduced Common units of fractional undivided beneficial interest (BTC, Financial) by 12,218,491 shares, resulting in a -79.95% reduction in shares and a -1.03% impact on the portfolio. The stock traded at an average price of $36.96 during the quarter and has returned 26.94% over the past 3 months and 3.08% year-to-date.

Portfolio Overview

At the fourth quarter of 2024, Murray Stahl (Trades, Portfolio)'s portfolio included 349 stocks. The top holdings included 49.66% in Texas Pacific Land Corp (TPL), 13.98% in Grayscale Bitcoin Trust (GBTC, Financial), 4.34% in LandBridge Co LLC (LB, Financial), 2.05% in Wheaton Precious Metals Corp (WPM, Financial), and 1.81% in CACI International Inc (CACI, Financial).

The holdings are mainly concentrated in 11 industries: Energy, Financial Services, Basic Materials, Technology, Consumer Cyclical, Consumer Defensive, Communication Services, Real Estate, Industrials, Healthcare, and Utilities.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.