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 | |
|---|---|---|---|---|---|---|
251
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $335K | ﹤0.01% |
26,445
| – | – |
|
252
VanEck Gold Miners ETF
GDX
$31.8B
| $327K | ﹤0.01% |
4,336
-675
| -13% | -$59.6K |
|
253
iShares Global Timber & Forestry ETF
WOOD
$270M
| $326K | ﹤0.01% |
4,915
-345
| -7% | -$23.6K |
|
|
PSIX
254
Power Solutions International
PSIX
$840M
| $323K | ﹤0.01% |
8,300
+3,300
| +66% | +$181K |
|
255
Diamondback Energy
FANG
$59B
| $322K | ﹤0.01% |
1,834
-168
| -8% | -$32.6K |
|
256
Arthur J. Gallagher & Co
AJG
$67.6B
| $311K | ﹤0.01% |
1,354
-599
| -31% | -$127K |
|
257
JPMorgan Chase
JPM
$935B
| $293K | ﹤0.01% |
896
-542
| -38% | -$168K |
|
258
Nuveen New York Quality Municipal Income Fund
NAN
$363M
| $292K | ﹤0.01% |
24,903
| – | – |
|
259
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.3B
| $290K | ﹤0.01% |
5,681
| – | – |
|
260
Beam Therapeutics
BEAM
$3.07B
| $288K | ﹤0.01% |
8,388
-403
| -5% | -$12.2K |
|
261
Walt Disney
DIS
$186B
| $288K | ﹤0.01% |
2,990
-1,750
| -37% | -$178K |
|
262
Burford Capital
BUR
$946M
| $279K | ﹤0.01% |
68,112
+28,976
| +74% | +$132K |
|
|
DBL
263
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $274K | ﹤0.01% |
19,047
-1,424
| -7% | -$20.5K |
|
264
Colgate-Palmolive
CL
$72.6B
| $273K | ﹤0.01% |
2,978
| – | – |
|
265
Broadcom
AVGO
$1.75T
| $273K | ﹤0.01% |
722
-177
| -20% | -$71K |
|
266
ConocoPhillips
COP
$162B
| $272K | ﹤0.01% |
2,615
-196
| -7% | -$23.2K |
|
267
Loews
L
$22.5B
| $271K | ﹤0.01% |
2,391
-4,069
| -63% | -$441K |
|
268
BHP
BHP
$246B
| $269K | ﹤0.01% |
3,231
| – | – |
|
|
PNI
269
PIMCO New York Municipal Income Fund II
PNI
$76.4M
| $267K | ﹤0.01% |
37,634
| – | – |
|
270
Energy Recovery
ERII
$403M
| $261K | ﹤0.01% |
28,928
| – | – |
|
271
Enbridge
ENB
$110B
| $259K | ﹤0.01% |
+4,777
| New | +$262K |
|
272
Genuine Parts
GPC
$18.5B
| $258K | ﹤0.01% |
2,190
| – | – |
|
273
Lockheed Martin
LMT
$130B
| $258K | ﹤0.01% |
507
| – | – |
|
274
Amazon
AMZN
$2.79T
| $258K | ﹤0.01% |
1,081
-106
| -9% | -$26.6K |
|
275
MarketAxess Holdings
MKTX
$5.71B
| $256K | ﹤0.01% |
2,254
+152
| +7% | +$21.7K |
|
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.