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
|
+$67.2M |
| 2 |
Hawaiian Electric Industries
HE
|
+$33.9M |
| 3 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$12M |
| 4 |
RB Global
RBA
|
+$8.39M |
| 5 |
Alpha Architect 1-3 Month Box ETF
BOXX
|
+$5.49M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$137M |
| 2 |
Wheaton Precious Metals
WPM
|
+$102M |
| 3 |
Franco-Nevada
FNV
|
+$52.2M |
| 4 |
DigitalBridge
DBRG
|
+$32.4M |
| 5 |
Royal Gold
RGLD
|
+$12.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.78% |
| 2 | Financials | 7.83% |
| 3 | Materials | 6.82% |
| 4 | Utilities | 3.51% |
| 5 | Consumer Discretionary | 1.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
UnitedHealth
UNH
$350B
| $459K | 0.01% |
1,695
+100
| +6% | +$29.8K |
|
227
The Greenbrier Companies
GBX
$1.42B
| $458K | 0.01% |
8,700
| – | – |
|
228
Walt Disney
DIS
$186B
| $457K | ﹤0.01% |
4,740
-8
| -0.2% | -$846 |
|
229
BP
BP
$115B
| $445K | ﹤0.01% |
9,466
| – | – |
|
|
TEXX
230
Horizon Kinetics Texas ETF
TEXX
$3.08M
| $443K | ﹤0.01% |
+15,737
| New | +$430K |
|
|
B
231
Barrick Mining
B
$78.3B
| $440K | ﹤0.01% |
10,797
+250
| +2% | +$11.5K |
|
232
CenterPoint Energy
CNP
$25.5B
| $437K | ﹤0.01% |
10,118
+2,385
| +31% | +$98.4K |
|
233
Lennar Class A
LEN
$21B
| $427K | ﹤0.01% |
4,914
+225
| +5% | +$24.3K |
|
|
CMDB
234
Costamare Bulkers Holdings
CMDB
$492M
| $427K | ﹤0.01% |
27,580
-4,330
| -14% | -$72.8K |
|
235
JPMorgan Chase
JPM
$935B
| $423K | ﹤0.01% |
1,438
-453
| -24% | -$137K |
|
236
Arthur J. Gallagher & Co
AJG
$67.6B
| $423K | ﹤0.01% |
1,953
| – | – |
|
|
NBH
237
Neuberger Municipal Fund Inc
NBH
$302M
| $420K | ﹤0.01% |
41,396
| – | – |
|
238
BlackRock Credit Allocation Income Trust
BTZ
$947M
| $409K | ﹤0.01% |
40,534
| – | – |
|
239
SLB Ltd
SLB
$79.9B
| $402K | ﹤0.01% |
+7,819
| New | +$380K |
|
240
Diamondback Energy
FANG
$59B
| $396K | ﹤0.01% |
+2,002
| New | +$340K |
|
241
American Express
AXP
$227B
| $395K | ﹤0.01% |
1,306
+631
| +93% | +$212K |
|
242
Vanguard Short-Term Bond ETF
BSV
$45.6B
| $392K | ﹤0.01% |
5,001
-2,477
| -33% | -$195K |
|
243
General Motors
GM
$77.2B
| $391K | ﹤0.01% |
5,250
+467
| +10% | +$37.1K |
|
244
Nuveen Taxable Municipal Income Fund
NBB
$451M
| $389K | ﹤0.01% |
24,840
-153
| -0.6% | -$2.43K |
|
245
Verizon
VZ
$205B
| $377K | ﹤0.01% |
7,511
+840
| +13% | +$38.9K |
|
|
FMN
246
Federated Hermes Premier Municipal Income Fund
FMN
$85.9M
| $373K | ﹤0.01% |
34,170
| – | – |
|
247
iShares Global Timber & Forestry ETF
WOOD
$270M
| $373K | ﹤0.01% |
5,260
-245
| -4% | -$18.4K |
|
248
ConocoPhillips
COP
$162B
| $371K | ﹤0.01% |
+2,811
| New | +$311K |
|
|
NVIR
249
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
| $361K | ﹤0.01% |
8,960
+325
| +4% | +$12.2K |
|
250
MarketAxess Holdings
MKTX
$5.71B
| $347K | ﹤0.01% |
2,102
+152
| +8% | +$26.6K |
|
Similar funds
Murray Stahl's Q1 2026 Portfolio in Review
As of Q1 2026, Murray Stahl held 367 positions worth $9.23B, up 25% from $7.39B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Murray Stahl's Q1 2026 filing shows 43 new, 88 increased, 152 reduced and 14 closed positions. Its largest new stake was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M. The largest sale was Texas Pacific Land, an estimated $137M.
By sector, the portfolio is most concentrated in Energy at 64% of assets, up from 52% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2026 buy was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M.
- Murray Stahl added most to Miami International Holdings in Q1 2026, an estimated $67.2M increase.
- Murray Stahl's biggest Q1 2026 reduction was Texas Pacific Land, cutting an estimated $137M.
- Murray Stahl fully exited PotlatchDeltic in Q1 2026, selling an estimated $933K.
- Murray Stahl's ten largest holdings make up 78% of its $9.23B portfolio in Q1 2026.
- Murray Stahl opened 43 new positions and closed 14 in Q1 2026.
- Murray Stahl's portfolio value rose 25% quarter-over-quarter to $9.23B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2026, filed 15 May 2026.