ProShares Short VIX Short-Term Futures ETF Sees Major Reduction by Stahl's Horizon Kinetics
Murray Stahl (Trades, Portfolio), a seasoned investor with over three decades of experience, has made significant changes to his portfolio in the third quarter of 2023, as reported in the latest 13F filings. As the CEO and Chairman of Horizon Kinetics, Stahl is known for his contrarian investment approach and long-term value investing strategy. His firm is built on the premise that extending investment horizons can lead to superior returns, as opposed to the prevalent short-term focus in the financial markets. Stahl's extensive background includes roles at Bankers Trust Company and leadership positions at FRMO Corp, the Minneapolis Grain Exchange, and the Bermuda Stock Exchange.
New Additions to Stahl's Portfolio
Murray Stahl (Trades, Portfolio) has broadened his investment canvas with the addition of 9 new stocks in the third quarter. Noteworthy new positions include:
- Burford Capital Ltd (BUR, Financial), with 376,073 shares, making up 0.1% of the portfolio and valued at $5.27 million.
- FitLife Brands Inc (FTLF, Financial), comprising 77,228 shares, which is approximately 0.03% of the portfolio, with a total value of $1.41 million.
- Nuveen Floating Rate Income Fund (JFR, Financial), with 120,831 shares, accounting for 0.02% of the portfolio and valued at $992,020.
Significant Increases in Existing Holdings
Stahl has also ramped up his investments in 66 existing stocks. Key increases include:
- Liberty Live Group (LLYVK, Financial), with an additional 89,255 shares, bringing the total to 98,051 shares. This represents a substantial 1,014.72% increase in share count, impacting the portfolio by 0.05%, and a total value of $3.15 million.
- Spartan Acquisition Corp III (SPAQ, Financial), with an additional 19,717 shares, bringing the total to 110,356 shares. This adjustment marks a 21.75% increase in share count, with a total value of $10.9 million.
Complete Exits from Certain Holdings
In a strategic move, Murray Stahl (Trades, Portfolio) has completely divested from 14 holdings during the third quarter of 2023, including:
- ABB Ltd (ABBNY, Financial), selling all 29,771 shares, which had a -0.03% impact on the portfolio.
- Black Knight Inc (BKI, Financial), liquidating all 15,234 shares, causing a -0.02% impact on the portfolio.
Notable Reductions in Portfolio Positions
Stahl's portfolio adjustments also involved reducing positions in 149 stocks. The most significant reductions were:
- ProShares Short VIX Short-Term Futures ETF -1x Shares (SVXY, Financial), with a reduction of 692,260 shares, leading to a -97.98% decrease and a -1.26% impact on the portfolio. The ETF traded at an average price of $86.85 during the quarter and has seen a 6.75% return over the past 3 months and a 57.89% year-to-date return.
- Texas Pacific Land Corp (TPL, Financial), with a reduction of 23,396 shares, resulting in a -1.67% decrease and a -0.66% impact on the portfolio. The stock traded at an average price of $1,697.97 during the quarter and has experienced an -8.08% return over the past 3 months and a -26.13% year-to-date return.
Overview of Stahl's Current Portfolio
As of the third quarter of 2023, Murray Stahl (Trades, Portfolio)'s portfolio encompasses 333 stocks, with top holdings including 49.86% in Texas Pacific Land Corp (TPL), 6% in Grayscale Bitcoin Trust (GBTC, Financial), 2.64% in CACI International Inc (CACI, Financial), 2.55% in Wheaton Precious Metals Corp (WPM, Financial), and 2.53% in Franco-Nevada Corp (FNV, Financial). The investments are predominantly concentrated across 11 industries, reflecting a diverse yet focused approach to value investing.
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.
