5 days ago
Murray Stahl's Strategic Moves: Hawaiian Electric Industries Inc. Takes Center Stage
Insightful Analysis of Murray Stahl (Trades, Portfolio)'s Second Quarter 2025 13F Filing
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Murray Stahl (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Murray Stahl (Trades, Portfolio) is the Chief Executive Officer and Chairman of the Board of Horizon Kinetics, a firm he co-founded. With over thirty years of investing experience, he oversees the firms proprietary research and serves as the Chief Investment Officer. He chairs the Investment Committee, responsible for portfolio management decisions. Additionally, Murray is the Chairman and CEO of FRMO Corp and holds positions on the boards of the Minneapolis Grain Exchange, the Bermuda Stock Exchange, and Texas Pacific Land Corporation. His career began at Bankers Trust Company, where he managed several funds and contributed to asset allocation strategies. Murray holds degrees from Brooklyn College and an MBA from Pace University. Horizon Kinetics LLC is known for its fundamental value, contrarian-oriented investment approach, emphasizing long-term investment horizons to harness the power of compounding.
Summary of New Buy
Murray Stahl (Trades, Portfolio) added a total of 15 stocks, among them:
The most significant addition was Galaxy Digital Inc (NASDAQ:GLXY), with 1,364,267 shares, accounting for 0.35% of the portfolio and a total value of $29,877,450.
The second largest addition to the portfolio was Blackrock Munivest Fund Inc (NYSE:MVF), consisting of 93,068 shares, representing approximately 0.01% of the portfolio, with a total value of $612,390.
The third largest addition was Horizon Kinetics Japan Owner Operator ETF (NASDAQ:JAPN), with 15,691 shares, accounting for 0.01% of the portfolio and a total value of $439,970.
Key Position Increases
Murray Stahl (Trades, Portfolio) also increased stakes in a total of 99 stocks, among them:
The most notable increase was Hawaiian Electric Industries Inc (NYSE:HE), with an additional 3,624,709 shares, bringing the total to 16,281,709 shares. This adjustment represents a significant 28.64% increase in share count, a 0.46% impact on the current portfolio, with a total value of $173,074,570.
The second largest increase was Permian Basin Royalty Trust (NYSE:PBT), with an additional 1,705,498 shares, bringing the total to 5,839,825. This adjustment represents a significant 41.25% increase in share count, with a total value of $72,764,220.
Summary of Sold Out
Murray Stahl (Trades, Portfolio) completely exited 9 holdings in the second quarter of 2025, as detailed below:
iShares Russell 2000 ETF (IWM): Murray Stahl (Trades, Portfolio) sold all 2,960 shares, resulting in a -0.01% impact on the portfolio.
The Kraft Heinz Co (NASDAQ:KHC): Murray Stahl (Trades, Portfolio) liquidated all 15,160 shares, causing a -0.01% impact on the portfolio.
Key Position Reduces
Murray Stahl (Trades, Portfolio) also reduced positions in 146 stocks. The most significant changes include:
Reduced Texas Pacific Land Corp (NYSE:TPL) by 17,559 shares, resulting in a -0.49% decrease in shares and a -0.26% impact on the portfolio. The stock traded at an average price of $1,228.21 during the quarter and has returned -36.02% over the past 3 months and -22.33% year-to-date.
Reduced CACI International Inc (NYSE:CACI) by 27,980 shares, resulting in a -14.75% reduction in shares and a -0.12% impact on the portfolio. The stock traded at an average price of $441.81 during the quarter and has returned 0.30% over the past 3 months and 18.11% year-to-date.
Portfolio Overview
At the second quarter of 2025, Murray Stahl (Trades, Portfolio)'s portfolio included 353 stocks. The top holdings included 44.81% in Texas Pacific Land Corp (NYSE:TPL), 14.64% in Grayscale Bitcoin Trust (GBTC), 4.41% in LandBridge Co LLC (NYSE:LB), 3.18% in Wheaton Precious Metals Corp (NYSE:WPM), and 2.05% in Hawaiian Electric Industries Inc (NYSE:HE).
The holdings are mainly concentrated in all 11 industries: Energy, Financial Services, Basic Materials, Utilities, Consumer Cyclical, Technology, Industrials, Consumer Defensive, Communication Services, Real Estate, and Healthcare.
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.
This article first appeared on GuruFocus.
