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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 | |
|---|---|---|---|---|---|---|---|
226
Neuberger Municipal Fund Inc
NBH
$286M
| $437K | 0.01% |
41,396
| – | – |
2019 Q1
29 quarters
|
|
227
eBay
EBAY
$53.5B
| $425K | ﹤0.01% |
3,803
-3,544
| -48% | -$378K |
2021 Q1
21 quarters
|
|
228
CenterPoint Energy
CNP
$27B
| $425K | ﹤0.01% |
9,641
-477
| -5% | -$20.4K |
2019 Q1
29 quarters
|
|
229
W.W. Grainger
GWW
$67.4B
| $411K | ﹤0.01% |
302
-3
| -1% | -$3.7K |
2026 Q1
1 quarter
|
|
230
BlackRock Credit Allocation Income Trust
BTZ
$897M
| $406K | ﹤0.01% |
39,700
-834
| -2% | -$8.52K |
2019 Q1
29 quarters
|
|
231
General Motors
GM
$73.1B
| $405K | ﹤0.01% |
5,250
| – | – |
2019 Q1
29 quarters
|
|
232
Occidental Petroleum
OXY
$56.4B
| $405K | ﹤0.01% |
8,331
-519
| -6% | -$29.5K |
2023 Q1
13 quarters
|
|
233
Regeneron Pharmaceuticals
REGN
$93.6B
| $402K | ﹤0.01% |
645
-30
| -4% | -$20.4K |
2023 Q1
13 quarters
|
|
234
Barrick Mining
B
$66.8B
| $397K | ﹤0.01% |
10,818
+21
| +0.2% | +$861 |
2025 Q1
5 quarters
|
|
235
BlackRock MuniHoldings Fund
MHD
$1.92B
| $395K | ﹤0.01% |
33,214
-41,316
| -55% | -$483K |
2021 Q1
21 quarters
|
|
236
Federated Hermes Premier Municipal Income Fund
FMN
$82.9M
| $393K | ﹤0.01% |
34,170
| – | – |
2023 Q1
13 quarters
|
|
237
Vanguard Short-Term Bond ETF
BSV
$45.8B
| $390K | ﹤0.01% |
5,001
| – | – |
2023 Q1
13 quarters
|
|
238
Rayonier
RYN
$6.38B
| $387K | ﹤0.01% |
18,174
-12,362
| -40% | -$259K |
2020 Q3
23 quarters
|
|
239
Nuveen Taxable Municipal Income Fund
NBB
$434M
| $378K | ﹤0.01% |
23,977
-863
| -3% | -$13.6K |
2019 Q1
29 quarters
|
|
240
The Greenbrier Companies
GBX
$1.29B
| $377K | ﹤0.01% |
7,700
-1,000
| -11% | -$49.2K |
2020 Q3
23 quarters
|
|
241
Fidelity National Information Services
FIS
$14.8B
| $377K | ﹤0.01% |
9,700
+5,300
| +120% | +$229K |
2023 Q1
13 quarters
|
|
242
CRA International
CRAI
$1.24B
| $373K | ﹤0.01% |
2,620
-4,375
| -63% | -$658K |
2024 Q2
8 quarters
|
|
243
Modine Manufacturing
MOD
$5.14B
| $355K | ﹤0.01% |
1,330
-50
| -4% | -$13.2K |
2026 Q1
1 quarter
|
|
244
Aflac
AFL
$61.5B
| $352K | ﹤0.01% |
3,000
| – | – |
2023 Q3
11 quarters
|
|
245
BP
BP
$115B
| $342K | ﹤0.01% |
9,266
-200
| -2% | -$8.78K |
2022 Q4
14 quarters
|
|
246
Verizon
VZ
$189B
| $342K | ﹤0.01% |
8,066
+555
| +7% | +$26K |
2024 Q3
7 quarters
|
|
247
Vanguard Morningstar Total Stock Market ETF
VTI
$667B
| $341K | ﹤0.01% |
922
| – | – |
2019 Q1
29 quarters
|
|
248
Horizon Kinetics Energy and Remediation ETF
NVIR
$4.68M
| $340K | ﹤0.01% |
8,760
-200
| -2% | -$7.86K |
2024 Q2
8 quarters
|
|
249
Eaton
ETN
$133B
| $340K | ﹤0.01% |
797
| – | – |
2023 Q4
10 quarters
|
|
250
SLB Ltd
SLB
$73.7B
| $339K | ﹤0.01% |
7,289
-530
| -7% | -$28.4K |
2026 Q1
1 quarter
|
|
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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.