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 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$149M |
| 2 |
MIAX
Miami International Holdings
MIAX
|
+$50.6M |
| 3 |
CME Group
CME
|
+$40.6M |
| 4 |
Brookfield
BN
|
+$31.7M |
| 5 |
Hawaiian Electric Industries
HE
|
+$22.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$68.8M |
| 2 |
ARIS
Aris Water Solutions
ARIS
|
+$43.4M |
| 3 |
Grayscale Bitcoin Trust
GBTC
|
+$33.3M |
| 4 |
Archer Daniels Midland
ADM
|
+$25.7M |
| 5 |
SAND
Sandstorm Gold
SAND
|
+$25.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.1% |
| 2 | Materials | 9.34% |
| 3 | Financials | 8.71% |
| 4 | Consumer Discretionary | 2.59% |
| 5 | Utilities | 2.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
The Greenbrier Companies
GBX
$1.42B
| $386K | ﹤0.01% |
8,350
-6,350
| -43% | -$303K |
|
|
FMN
252
Federated Hermes Premier Municipal Income Fund
FMN
$85.9M
| $377K | ﹤0.01% |
34,170
-190
| -0.6% | -$2.04K |
|
253
Weyerhaeuser
WY
$17.6B
| $376K | ﹤0.01% |
15,170
-13,104
| -46% | -$335K |
|
254
Netflix
NFLX
$331B
| $373K | ﹤0.01% |
3,110
| – | – |
|
255
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $348K | ﹤0.01% |
27,695
-11,257
| -29% | -$135K |
|
|
B
256
Barrick Mining
B
$78.3B
| $345K | ﹤0.01% |
10,526
-74
| -0.7% | -$1.88K |
|
257
Amazon
AMZN
$2.79T
| $344K | ﹤0.01% |
1,566
-68
| -4% | -$15.4K |
|
|
CSW
258
CSW Industrials
CSW
$5.38B
| $340K | ﹤0.01% |
1,400
-4,000
| -74% | -$1.07M |
|
259
MarketAxess Holdings
MKTX
$5.71B
| $340K | ﹤0.01% |
1,950
+76
| +4% | +$14.9K |
|
260
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$200M
| $336K | ﹤0.01% |
6,100
| – | – |
|
261
Aflac
AFL
$58.2B
| $335K | ﹤0.01% |
3,000
| – | – |
|
262
American States Water
AWR
$3.51B
| $328K | ﹤0.01% |
4,468
| – | – |
|
263
BP
BP
$115B
| $326K | ﹤0.01% |
9,466
-20,048
| -68% | -$671K |
|
264
Vanguard Morningstar Total Stock Market ETF
VTI
$685B
| $321K | ﹤0.01% |
978
-204
| -17% | -$64.4K |
|
265
KKR & Co
KKR
$97.4B
| $311K | ﹤0.01% |
2,392
-786
| -25% | -$112K |
|
266
Cintas
CTAS
$81.6B
| $306K | ﹤0.01% |
1,493
| – | – |
|
267
Genuine Parts
GPC
$18.5B
| $304K | ﹤0.01% |
2,190
-60
| -3% | -$8.05K |
|
268
CenterPoint Energy
CNP
$25.5B
| $300K | ﹤0.01% |
7,733
-1,400
| -15% | -$52.9K |
|
269
Eaton
ETN
$163B
| $298K | ﹤0.01% |
797
-758
| -49% | -$276K |
|
270
PepsiCo
PEP
$196B
| $286K | ﹤0.01% |
2,040
-600
| -23% | -$85.7K |
|
271
Occidental Petroleum
OXY
$61.3B
| $286K | ﹤0.01% |
6,045
-2,086
| -26% | -$94.3K |
|
272
Dorman Products
DORM
$3.92B
| $281K | ﹤0.01% |
1,800
-1,200
| -40% | -$172K |
|
|
NVIR
273
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
| $280K | ﹤0.01% |
8,679
-502
| -5% | -$15.5K |
|
274
American Tower
AMT
$81.9B
| $269K | ﹤0.01% |
1,400
-200
| -13% | -$41.7K |
|
275
Lowe's Companies
LOW
$121B
| $268K | ﹤0.01% |
1,068
| – | – |
|
Similar funds
Murray Stahl's Q3 2025 Portfolio in Review
As of Q3 2025, Murray Stahl held 362 positions worth $8.2B, down 2.7% from $8.43B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Murray Stahl's Q3 2025 filing shows 10 new, 52 increased, 236 reduced and 26 closed positions. Its largest new stake was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M. The largest sale was Texas Pacific Land, an estimated $68.8M.
By sector, the portfolio is most concentrated in Energy at 51% of assets, down from 54% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q3 2025 buy was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M.
- Murray Stahl added most to CME Group in Q3 2025, an estimated $40.6M increase.
- Murray Stahl's biggest Q3 2025 reduction was Texas Pacific Land, cutting an estimated $68.8M.
- Murray Stahl fully exited Sitio Royalties in Q3 2025, selling an estimated $16.9M.
- Murray Stahl's ten largest holdings make up 75% of its $8.2B portfolio in Q3 2025.
- Murray Stahl opened 10 new positions and closed 26 in Q3 2025.
- Murray Stahl's portfolio value fell 2.7% quarter-over-quarter to $8.2B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.