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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 | |
|---|---|---|---|---|---|---|---|
251
Liberty Live Group Series C
LLYVK
$10B
| $337K | ﹤0.01% |
3,186
-390
| -11% | -$38K |
2023 Q3
11 quarters
|
|
252
Nuveen Municipal Credit Income Fund
NZF
$2.23B
| $335K | ﹤0.01% |
26,445
| – | – |
2019 Q1
29 quarters
|
|
253
VanEck Gold Miners ETF
GDX
$27B
| $327K | ﹤0.01% |
4,336
-675
| -13% | -$59.6K |
2019 Q1
29 quarters
|
|
254
iShares Global Timber & Forestry ETF
WOOD
$253M
| $326K | ﹤0.01% |
4,915
-345
| -7% | -$23.6K |
2020 Q3
23 quarters
|
|
255
Power Solutions International
PSIX
$827M
| $323K | ﹤0.01% |
8,300
+3,300
| +66% | +$181K |
2026 Q1
1 quarter
|
|
256
Diamondback Energy
FANG
$50.1B
| $322K | ﹤0.01% |
1,834
-168
| -8% | -$32.6K |
2026 Q1
1 quarter
|
|
257
Arthur J. Gallagher & Co
AJG
$73.9B
| $311K | ﹤0.01% |
1,354
-599
| -31% | -$127K |
2020 Q2
24 quarters
|
|
258
JPMorgan Chase
JPM
$896B
| $293K | ﹤0.01% |
896
-542
| -38% | -$168K |
2019 Q1
29 quarters
|
|
259
Nuveen New York Quality Municipal Income Fund
NAN
$338M
| $292K | ﹤0.01% |
24,903
| – | – |
2019 Q1
29 quarters
|
|
260
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.1B
| $290K | ﹤0.01% |
5,681
| – | – |
2024 Q2
8 quarters
|
|
261
Beam Therapeutics
BEAM
$2.68B
| $288K | ﹤0.01% |
8,388
-403
| -5% | -$12.2K |
2025 Q3
3 quarters
|
|
262
Walt Disney
DIS
$202B
| $288K | ﹤0.01% |
2,990
-1,750
| -37% | -$178K |
2019 Q1
29 quarters
|
|
263
Burford Capital
BUR
$870M
| $279K | ﹤0.01% |
68,112
+28,976
| +74% | +$132K |
2023 Q3
11 quarters
|
|
264
DoubleLine Opportunistic Credit Fund
DBL
$268M
| $274K | ﹤0.01% |
19,047
-1,424
| -7% | -$20.5K |
2019 Q1
29 quarters
|
|
265
Colgate-Palmolive
CL
$78.5B
| $273K | ﹤0.01% |
2,978
| – | – |
2020 Q2
24 quarters
|
|
266
Broadcom
AVGO
$1.39T
| $273K | ﹤0.01% |
722
-177
| -20% | -$71K |
2025 Q2
4 quarters
|
|
267
ConocoPhillips
COP
$163B
| $272K | ﹤0.01% |
2,615
-196
| -7% | -$23.2K |
2026 Q1
1 quarter
|
|
268
Loews
L
$22.5B
| $271K | ﹤0.01% |
2,391
-4,069
| -63% | -$441K |
2019 Q1
29 quarters
|
|
269
BHP
BHP
$200B
| $269K | ﹤0.01% |
3,231
| – | – |
2026 Q1
1 quarter
|
|
270
PIMCO New York Municipal Income Fund II
PNI
$156M
| $267K | ﹤0.01% |
37,634
| – | – |
2026 Q1
1 quarter
|
|
271
Energy Recovery
ERII
$341M
| $261K | ﹤0.01% |
28,928
| – | – |
2025 Q2
4 quarters
|
|
272
Enbridge
ENB
$107B
| $259K | ﹤0.01% |
+4,777
| New | +$262K |
2026 Q2
0 quarters
|
|
273
Genuine Parts
GPC
$17.2B
| $258K | ﹤0.01% |
2,190
| – | – |
2019 Q1
29 quarters
|
|
274
Lockheed Martin
LMT
$133B
| $258K | ﹤0.01% |
507
| – | – |
2026 Q1
1 quarter
|
|
275
Amazon
AMZN
$2.81T
| $258K | ﹤0.01% |
1,081
-106
| -9% | -$26.6K |
2024 Q1
9 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.