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Murray Stahl Horizon Kinetics Asset Management
AUM
$8.82B
Turnover
10.24%
1-Year Est. Return
23.05%
Murray Stahl is chairman of Horizon Kinetics, an investment firm known for independent research and unconventional long-term themes. The firm has been closely associated with ideas such as hard assets, owner-operator businesses, and differentiated equity research outside the consensus. Stahl’s commentaries are followed by investors interested in structural market inefficiencies and long-duration themes.
This Fund
S&P 500
This Quarter Est. Return
-4.52%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.82B
AUM Growth
-$412M
(-4.5%)
Cap. Flow
+$183M
Cap. Flow % of AUM
Cap. Flow %
2.07%
Top 10 Holdings %
Top 10 Hldgs %
77.52%
Holding
371
New
18
Increased
65
Reduced
167
Closed
20
Avg Time Held
Equity + Options
4.4
years
Top 10 Avg Time Held
Equity + Options
2.9
years
Top 20 Avg Time Held
Equity + Options
3.9
years
Avg Time Held Equity only
4.5
years
Top 10 Avg Time Held Equity only
2.9
years
Top 20 Avg Time Held Equity only
3.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Miami International Holdings
MIAX
|
+$196M |
| 2 |
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$97.3M |
| 3 |
WhiteHawk Minerals Corp
WHK
|
+$42.1M |
| 4 |
EagleRock Land
EROK
|
+$36.4M |
| 5 |
Intercontinental Exchange
ICE
|
+$21.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grayscale Bitcoin Trust
GBTC
|
+$104M |
| 2 |
Texas Pacific Land
TPL
|
+$86.1M |
| 3 |
DigitalBridge
DBRG
|
+$14.5M |
| 4 |
Carnival Corporation Ltd
CCL
|
+$14.5M |
| 5 |
Wheaton Precious Metals
WPM
|
+$9.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.72% |
| 2 | Miscellaneous | 9.94% |
| 3 | Financials | 9.51% |
| 4 | Materials | 6.09% |
| 5 | Utilities | 3.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$24.2B
| $4.29B | 48.64% |
9,802,899
-212,480
| -2% | -$86.1M |
2019 Q1
29 quarters
|
|
|
2
Grayscale Bitcoin Trust
GBTC
$12.2B
| $553M | 6.27% |
12,139,990
-1,864,892
| -13% | -$104M |
2024 Q1
9 quarters
|
|
3
LandBridge Corporation
LB
$2.42B
| $461M | 5.23% |
5,821,263
+164,129
| +3% | +$11.3M |
2024 Q2
8 quarters
|
|
4
Hawaiian Electric Industries
HE
$1.48B
| $303M | 3.44% |
22,395,397
+760,103
| +4% | +$10.8M |
2024 Q4
6 quarters
|
|
|
5
Miami International Holdings
MIAX
$3.07B
| $291M | 3.3% |
7,842,173
+4,390,624
| +127% | +$196M |
2025 Q3
3 quarters
|
|
6
WaterBridge Infrastructure LLC
WBI
$1.58B
| $262M | 2.97% |
7,650,237
+308,090
| +4% | +$8.97M |
2025 Q3
3 quarters
|
|
|
7
Wheaton Precious Metals
WPM
$60.9B
| $189M | 2.15% |
1,686,903
-74,616
| -4% | -$9.7M |
2019 Q1
29 quarters
|
|
8
Permian Basin Royalty Trust
PBT
$1.54B
| $169M | 1.91% |
6,729,289
+349,597
| +5% | +$8.85M |
2019 Q1
29 quarters
|
|
9
Franco-Nevada
FNV
$47B
| $161M | 1.83% |
773,418
+16,121
| +2% | +$3.76M |
2019 Q1
29 quarters
|
|
|
10
Grayscale Bitcoin Mini Trust ETF
BTC
$4.32B
| $157M | 1.79% |
6,067,993
+3,063,577
| +102% | +$97.3M |
2024 Q3
7 quarters
|
|
|
11
Intercontinental Exchange
ICE
$90.7B
| $121M | 1.37% |
984,701
+145,802
| +17% | +$21.9M |
2019 Q1
29 quarters
|
|
12
Cboe Global Markets
CBOE
$32.9B
| $101M | 1.14% |
414,634
+4,568
| +1% | +$1.4M |
2019 Q1
29 quarters
|
|
13
Cheniere Energy
LNG
$59.8B
| $96.1M | 1.09% |
402,040
-18,288
| -4% | -$4.56M |
2022 Q1
17 quarters
|
|
14
Mesabi Trust
MSB
$235M
| $81.5M | 0.92% |
3,219,382
+78,410
| +2% | +$2.16M |
2019 Q1
29 quarters
|
|
15
Civeo
CVEO
$303M
| $80.2M | 0.91% |
2,290,991
-61,362
| -3% | -$1.98M |
2019 Q1
29 quarters
|
|
16
CACI
CACI
$13.6B
| $71.2M | 0.81% |
153,743
-905
| -0.6% | -$462K |
2019 Q1
29 quarters
|
|
17
Cameco
CCJ
$35.5B
| $71.1M | 0.81% |
697,741
+45,916
| +7% | +$5.15M |
2023 Q2
12 quarters
|
|
18
Viper Energy
VNOM
$8.75B
| $70.1M | 0.79% |
1,652,125
-10,516
| -0.6% | -$486K |
2019 Q1
29 quarters
|
|
19
Brookfield
BN
$81.7B
| $67.6M | 0.77% |
1,587,339
+15,403
| +1% | +$689K |
2019 Q1
29 quarters
|
|
20
CME Group
CME
$106B
| $62.7M | 0.71% |
283,774
+13,521
| +5% | +$3.74M |
2019 Q1
29 quarters
|
|
21
OR Royalties Inc
OR
$6.66B
| $60.6M | 0.69% |
1,915,799
+161,655
| +9% | +$5.97M |
2020 Q2
24 quarters
|
|
|
22
WhiteHawk Minerals Corp
WHK
$692M
| $43.2M | 0.49% |
+1,552,705
| New | +$42.1M |
2026 Q2
0 quarters
|
|
23
AutoNation
AN
$5.35B
| $39.6M | 0.45% |
212,917
-12,136
| -5% | -$2.37M |
2019 Q1
29 quarters
|
|
24
Tejon Ranch
TRC
$442M
| $37.6M | 0.43% |
2,011,689
+109,083
| +6% | +$2.11M |
2021 Q3
19 quarters
|
|
25
St. Joe Company
JOE
$3.89B
| $37.1M | 0.42% |
592,608
+49,999
| +9% | +$3.28M |
2021 Q1
21 quarters
|
|
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GRQ
Murray Stahl's Q2 2026 Portfolio in Review
As of Q2 2026, Murray Stahl held 371 positions worth $8.82B, down 4.5% from $9.23B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Murray Stahl's Q2 2026 filing shows 18 new, 65 increased, 167 reduced and 20 closed positions. Its largest new stake was WhiteHawk Minerals Corp: 1,552,705 shares worth $43.2M. The largest sale was Grayscale Bitcoin Trust, an estimated $104M.
By sector, the portfolio is most concentrated in Energy at 64% of assets, down from 64% a quarter earlier, followed by Miscellaneous and Financials.
- Murray Stahl's largest Q2 2026 buy was WhiteHawk Minerals Corp: 1,552,705 shares worth $43.2M.
- Murray Stahl added most to Miami International Holdings in Q2 2026, an estimated $196M increase.
- Murray Stahl's biggest Q2 2026 reduction was Grayscale Bitcoin Trust, cutting an estimated $104M.
- Murray Stahl fully exited Alpha Architect 1-3 Month Box ETF in Q2 2026, selling an estimated $5.52M.
- Murray Stahl's ten largest holdings make up 78% of its $8.82B portfolio in Q2 2026.
- Murray Stahl opened 18 new positions and closed 20 in Q2 2026.
- Murray Stahl's portfolio value fell 4.5% quarter-over-quarter to $8.82B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2026, filed 11 Aug 2026.