Unveiling the Investment Shifts in Q3 2024

Murray Stahl (Trades, Portfolio), the seasoned investment guru at the helm of Horizon Kinetics, has made significant portfolio adjustments in the third quarter of 2024. With over three decades of experience, Stahl's investment philosophy is deeply rooted in fundamental value and contrarian principles. He oversees Horizon Kinetics’ research and chairs its Investment Committee, shaping the firm’s investment strategies that often defy market trends to capitalize on long-term opportunities.

Summary of New Buys

Murray Stahl (Trades, Portfolio)'s portfolio saw the addition of 32 new stocks in this quarter. Noteworthy new acquisitions include:

• Common units of fractional undivided beneficial interest (BTC, Financial), with 15,282,793 shares, making up 1.29% of the portfolio and valued at $86.04 million.
• DigitalBridge Group Inc (DBRG, Financial), comprising 462,713 shares, which represent about 0.1% of the portfolio, with a total value of $6.54 million.
• Natural Resources Partners LP (NRP, Financial), with 19,422 shares, accounting for 0.03% of the portfolio and a total value of $1.90 million.

Key Position Increases

Stahl also strategically increased his stakes in 150 stocks, with significant boosts in:

• LandBridge Co LLC (LB, Financial), adding 484,968 shares to bring the total to 5,190,867 shares. This adjustment increased the share count by 10.31%, impacting the current portfolio by 0.28%, and bringing the total value to $203.07 million.
• Grayscale Bitcoin Trust (GBTC, Financial), with an additional 290,612 shares, bringing the total to 15,208,060 shares. This adjustment represents a 1.95% increase in share count, with a total value of $768.01 million.

Summary of Sold Out Positions

Stahl decided to exit several positions entirely, including:

• Charles River Laboratories International Inc (CRL, Financial), reducing by 45,619 shares, which resulted in a 28.44% decrease in shares and a 0.16% impact on the portfolio. The stock traded at an average price of $207.82 during the quarter and has returned 1.79% over the past three months and -12.38% year-to-date.
• Vanguard Ultra-Short Bond ETF (VUSB, Financial), cutting down by 126,571 shares, marking a 42.09% reduction in shares and a 0.11% impact on the portfolio. The stock traded at an average price of $49.68 during the quarter and has returned 0.01% over the past three months and 0.48% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Murray Stahl (Trades, Portfolio)'s portfolio included 346 stocks. The top holdings comprised 48.92% in Texas Pacific Land Corp (TPL, Financial), 11.49% in Grayscale Bitcoin Trust (GBTC, Financial), 3.04% in LandBridge Co LLC (LB, Financial), 2.78% in CACI International Inc (CACI, Financial), and 2.52% in Wheaton Precious Metals Corp (WPM, Financial). The holdings are predominantly concentrated across 11 industries, including Energy, Financial Services, and Technology.

This detailed analysis of Murray Stahl (Trades, Portfolio)'s latest 13F filing highlights his strategic shifts towards digital assets and his continued confidence in sectors like technology and financial services, reflecting his long-term, value-driven investment philosophy.

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.