Insight into the Q2 2024 Portfolio Adjustments of Veteran Investor Murray Stahl (Trades, Portfolio)
Murray Stahl (Trades, Portfolio), the seasoned investment guru and CEO of Horizon Kinetics, has recently disclosed his 13F filings for the second quarter of 2024. With over three decades of experience in investment management, Stahl is known for his contrarian and value-focused investment philosophy. His firm, Horizon Kinetics, prides itself on its fundamental, long-term approach to investing, aiming to capitalize on the benefits of extended investment horizons and compounding. Stahl's latest portfolio adjustments provide valuable insights into his strategic moves in the current financial landscape.
Summary of New Buys
Murray Stahl (Trades, Portfolio) has expanded his portfolio by adding 10 new stocks in this quarter. Noteworthy among them are:
- LandBridge Co LLC (LB, Financial), with a substantial acquisition of 4,705,899 shares, making up 1.9% of the portfolio and valued at $108.94 million.
- White Mountains Insurance Group Ltd (WTM, Financial), comprising 1,365 shares and representing about 0.04% of the portfolio, valued at $2.48 million.
- CRA International Inc (CRAI, Financial), with 11,465 shares, accounting for 0.03% of the portfolio and a total value of $1.97 million.
Key Position Increases
Stahl has also increased his stakes in 75 stocks, with significant enhancements in:
- Viper Energy Inc (VNOM, Financial), adding 157,458 shares, bringing the total to 1,320,385 shares. This adjustment represents a 13.54% increase in share count, impacting the current portfolio by 0.1%, and valued at $49.55 million.
- Wheaton Precious Metals Corp (WPM, Financial), with an additional 76,517 shares, bringing the total to 2,761,508 shares. This adjustment represents a 2.85% increase in share count, valued at $144.76 million.
Summary of Sold Out Positions
In a strategic move, Murray Stahl (Trades, Portfolio) has completely exited 10 holdings in the second quarter of 2024, including:
- Core Laboratories Inc (CLB, Financial), where Stahl sold all 109,308 shares, impacting the portfolio by -0.04%.
- Vail Resorts Inc (MTN, Financial), with all 1,457 shares liquidated, causing a -0.01% impact on the portfolio.
Key Position Reductions
Concurrently, Stahl reduced his positions in 130 stocks. The most significant reductions include:
- Texas Pacific Land Corp (TPL, Financial), reduced by 81,956 shares, resulting in a -2.17% decrease in shares and a -0.9% impact on the portfolio. The stock traded at an average price of $628.93 during the quarter and has returned 37.41% over the past 3 months and 59.67% year-to-date.
- CME Group Inc (CME, Financial), reduced by 58,788 shares, resulting in a -29.48% reduction in shares and a -0.24% impact on the portfolio. The stock traded at an average price of $206.61 during the quarter and has returned -0.83% over the past 3 months and -0.22% year-to-date.
Portfolio Overview
As of the second quarter of 2024, Murray Stahl (Trades, Portfolio)'s portfolio encompasses 325 stocks. The top holdings include 47.4% in Texas Pacific Land Corp (TPL), 13.88% in Grayscale Bitcoin Trust (GBTC, Financial), 2.79% in CACI International Inc (CACI, Financial), 2.53% in Wheaton Precious Metals Corp (WPM, Financial), and 1.9% in Franco-Nevada Corp (FNV, Financial). The holdings are predominantly concentrated across 11 industries, including Energy, Financial Services, and Basic Materials.
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.
