Insights into the Investment Shifts of a Veteran Investor
Murray Stahl (Trades, Portfolio), the seasoned investment guru and CEO of Horizon Kinetics, has made notable changes to his portfolio in the first quarter of 2024. With over three decades of experience, Stahl is known for his contrarian investment approach and long-term strategic thinking. His recent 13F filing reveals significant transactions including new acquisitions, increased stakes, and some reductions, providing valuable insights into his investment strategies during this period.
Summary of New Buys
Murray Stahl (Trades, Portfolio) added a total of 9 stocks to his portfolio. Noteworthy new acquisitions include:
- The most significant addition was iShares Bitcoin Trust (IBIT, Financial), with 716,932 shares, accounting for 0.55% of the portfolio and a total value of $29.01 million.
- The second largest addition was Citigroup Inc (C, Financial), consisting of 6,461 shares, representing approximately 0.01% of the portfolio, with a total value of $408,590.
- The third largest addition was Amazon.com Inc (AMZN, Financial), with 1,197 shares, accounting for a total value of $215,910.
Key Position Increases
Murray Stahl (Trades, Portfolio) also increased stakes in a total of 53 stocks. Among them:
- The most notable increase was in Eagle Materials Inc (EXP, Financial), with an additional 22,219 shares, bringing the total to 42,345 shares. This adjustment represents a significant 110.4% increase in share count, a 0.12% impact on the current portfolio, and a total value of $11.51 million.
- The second largest increase was in San Juan Basin Royalty Trust (SJT, Financial), with an additional 733,128 shares, bringing the total to 862,424. This adjustment represents a significant 567.02% increase in share count, with a total value of $4.56 million.
Summary of Sold Out Positions
Murray Stahl (Trades, Portfolio) completely exited 11 holdings in the first quarter of 2024, as detailed below:
- Paramount Global (PARA, Financial): Stahl sold all 48,761 shares, resulting in a -0.02% impact on the portfolio.
- Capital Southwest Corp (CSWC, Financial): Stahl liquidated all 15,600 shares, causing a -0.01% impact on the portfolio.
Key Position Reductions
Murray Stahl (Trades, Portfolio) also reduced positions in 156 stocks. The most significant changes include:
- Reduced Texas Pacific Land Corp (TPL, Financial) by 239,882 shares, resulting in a -5.97% decrease in shares and a -2.63% impact on the portfolio. The stock traded at an average price of $514.81 during the quarter and has returned 26.87% over the past 3 months and 15.91% year-to-date.
- Reduced Grayscale Bitcoin Trust (GBTC, Financial) by 630,521 shares, resulting in a -4.04% reduction in shares and a -0.46% impact on the portfolio. The stock traded at an average price of $47.47 during the quarter and has returned 18.60% over the past 3 months and 58.23% year-to-date.
Portfolio Overview
At the end of the first quarter of 2024, Murray Stahl (Trades, Portfolio)'s portfolio included 325 stocks. The top holdings included 41.31% in Texas Pacific Land Corp (TPL), 17.89% in Grayscale Bitcoin Trust (GBTC), 2.66% in CACI International Inc (CACI, Financial), 2.39% in Wheaton Precious Metals Corp (WPM, Financial), and 2.02% in Franco-Nevada Corp (FNV, Financial). The holdings are mainly concentrated in 11 industries: Energy, Financial Services, Basic Materials, Technology, Industrials, Consumer Cyclical, Consumer Defensive, Communication Services, Real Estate, 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.
