Murray Stahl founded Horizon Kinetics, the parent company of Horizon Asset Management, in 1985. Prior to that he spent 16 years at Bankers Trust Company as a senior portfolio manager and research analyst. Murray Stahl holds a B.A. and an M.A. from Brooklyn College and an M.B.A. from Pace University.
Murray Stahl founded Horizon Kinetics, the parent company of Horizon Asset Management, in 1985. Prior to that he spent 16 years at Bankers Trust Company as a senior portfolio manager and research analyst. Murray Stahl holds a B.A. and an M.A. from Brooklyn College and an M.B.A. from Pace University.
Horizon Asset Management LLC, a subsidiary of Horizon Kinetics LLC, is an investment firm that was formed in 2011 by the merger of Horizon Asset Management, Inc. (founded in 1994) and Kinetics Asset Management, Inc. (founded in 1996). Horizon Kinetics adheres to a research-based, long-term contrarian fundamental-value investment philosophy. Murray Stahl, as with many other investment managers, believed that the broader stock market was too focused on short-term results, deciding (not entirely inaccurately) that as professional investors they would need to deliver attractive returns each year, quarter, and even month. Stahl in turn thought that an investor could capture a good deal of value merely by following a longer time horizon. Even though pure value investing has become more challenging, in the sense that it is easier for investors to compare valuation to financial metrics such as book value (and therefore reduced the number of companies trading at discounts to book), Horizon and Kinetics believe that they can continue to realize good returns merely by looking out further.
| Fund Name: | Horizon Asset Management |
| Manager | Murray Stahl |
| Portfolio Value | $3,194,115,000 |
| Change This QTR | +0.98% |
| No. | Security | Ticker | Shares | Value (x$1000) | Activity | % Port |
|---|---|---|---|---|---|---|
| 1.) | LMCA | 2,737,622 | $317,592 | -8% |
9.94% | |
| 2.) | HHC | 3,047,392 | $222,521 | -3% |
6.96% | |
| 3.) | JAH | 3,176,760 | $164,238 | -14% |
5.14% | |
| 4.) | AN | 3,514,969 | $139,544 | -4% |
4.36% | |
| 5.) | BAM | 3,784,841 | $138,714 | -4% |
4.34% | |
| 6.) | LUK | 4,612,748 | $109,737 | -3% |
3.43% | |
| 7.) | RSE | 4,701,142 | $79,543 | +40% |
2.49% | |
| 8.) | SHLD | 1,811,037 | $74,904 | -4% |
2.34% | |
| 9.) | IEP | 1,608,850 | $71,916 | +1% |
2.25% | |
| 10.) | DWA | 4,050,141 | $67,111 | -4% |
2.1% |
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