Murray Stahl Horizon Kinetics Asset Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
MIAX
Miami International Holdings
MIAX
|
+$196M |
| 2 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$97.3M |
| 3 |
WHK
WhiteHawk Minerals Corp
WHK
|
+$42.1M |
| 4 |
EROK
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
|
+$9.71M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.72% |
| 2 | Financials | 9.51% |
| 3 | Materials | 6.09% |
| 4 | Utilities | 3.5% |
| 5 | Consumer Discretionary | 2.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
eBay
EBAY
$46.3B
| $425K | ﹤0.01% |
3,803
-3,544
| -48% | -$378K |
|
227
CenterPoint Energy
CNP
$25.5B
| $425K | ﹤0.01% |
9,641
-477
| -5% | -$20.4K |
|
228
W.W. Grainger
GWW
$61.8B
| $411K | ﹤0.01% |
302
-3
| -1% | -$3.7K |
|
229
BlackRock Credit Allocation Income Trust
BTZ
$947M
| $406K | ﹤0.01% |
39,700
-834
| -2% | -$8.52K |
|
230
General Motors
GM
$77.2B
| $405K | ﹤0.01% |
5,250
| – | – |
|
231
Occidental Petroleum
OXY
$61.3B
| $405K | ﹤0.01% |
8,331
-519
| -6% | -$29.5K |
|
232
Regeneron Pharmaceuticals
REGN
$85.9B
| $402K | ﹤0.01% |
645
-30
| -4% | -$20.4K |
|
|
B
233
Barrick Mining
B
$78.3B
| $397K | ﹤0.01% |
10,818
+21
| +0.2% | +$861 |
|
234
BlackRock MuniHoldings Fund
MHD
$594M
| $395K | ﹤0.01% |
33,214
-41,316
| -55% | -$483K |
|
|
FMN
235
Federated Hermes Premier Municipal Income Fund
FMN
$85.9M
| $393K | ﹤0.01% |
34,170
| – | – |
|
236
Vanguard Short-Term Bond ETF
BSV
$45.6B
| $390K | ﹤0.01% |
5,001
| – | – |
|
237
Rayonier
RYN
$6.31B
| $387K | ﹤0.01% |
18,174
-12,362
| -40% | -$259K |
|
238
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $378K | ﹤0.01% |
23,977
-863
| -3% | -$13.6K |
|
239
The Greenbrier Companies
GBX
$1.42B
| $377K | ﹤0.01% |
7,700
-1,000
| -11% | -$49.2K |
|
240
Fidelity National Information Services
FIS
$21.3B
| $377K | ﹤0.01% |
9,700
+5,300
| +120% | +$229K |
|
241
CRA International
CRAI
$1.11B
| $373K | ﹤0.01% |
2,620
-4,375
| -63% | -$658K |
|
242
Modine Manufacturing
MOD
$10.5B
| $355K | ﹤0.01% |
1,330
-50
| -4% | -$13.2K |
|
243
Aflac
AFL
$58.2B
| $352K | ﹤0.01% |
3,000
| – | – |
|
244
BP
BP
$115B
| $342K | ﹤0.01% |
9,266
-200
| -2% | -$8.78K |
|
245
Verizon
VZ
$205B
| $342K | ﹤0.01% |
8,066
+555
| +7% | +$26K |
|
246
Vanguard Morningstar Total Stock Market ETF
VTI
$685B
| $341K | ﹤0.01% |
922
| – | – |
|
|
NVIR
247
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
| $340K | ﹤0.01% |
8,760
-200
| -2% | -$7.86K |
|
248
Eaton
ETN
$163B
| $340K | ﹤0.01% |
797
| – | – |
|
249
SLB Ltd
SLB
$79.9B
| $339K | ﹤0.01% |
7,289
-530
| -7% | -$28.4K |
|
250
Liberty Live Group Series C
LLYVK
$9.7B
| $337K | ﹤0.01% |
3,186
-390
| -11% | -$38K |
|
Similar funds
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 Financials and Materials.
- 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.