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
|
+$19.5M |
| 2 |
Hawaiian Electric Industries
HE
|
+$13.2M |
| 3 |
Triple Flag Precious Metals
TFPM
|
+$12.5M |
| 4 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$11.2M |
| 5 |
Royal Gold
RGLD
|
+$6.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$55.1M |
| 2 |
Brookfield
BN
|
+$40.6M |
| 3 |
Wheaton Precious Metals
WPM
|
+$32M |
| 4 |
AC
Associated Capital Group
AC
|
+$27M |
| 5 |
West Fraser Timber
WFG
|
+$20.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.65% |
| 2 | Materials | 9.85% |
| 3 | Financials | 9.49% |
| 4 | Utilities | 3.26% |
| 5 | Consumer Discretionary | 2.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
Vanguard Morningstar Total Stock Market ETF
VTI
$685B
| $312K | ﹤0.01% |
930
-48
| -5% | -$16K |
|
252
Liberty Live Group Series C
LLYVK
$9.7B
| $311K | ﹤0.01% |
3,744
-2,078
| -36% | -$178K |
|
253
American States Water
AWR
$3.51B
| $308K | ﹤0.01% |
4,244
-224
| -5% | -$16.5K |
|
254
KKR & Co
KKR
$97.4B
| $305K | ﹤0.01% |
2,394
+2
| +0.1% | +$249 |
|
255
CenterPoint Energy
CNP
$25.5B
| $296K | ﹤0.01% |
7,733
| – | – |
|
256
PepsiCo
PEP
$196B
| $293K | ﹤0.01% |
2,040
| – | – |
|
|
NVIR
257
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
| $282K | ﹤0.01% |
8,635
-44
| -0.5% | -$1.44K |
|
258
Cintas
CTAS
$81.6B
| $281K | ﹤0.01% |
1,495
+2
| +0.1% | +$377 |
|
259
Verizon
VZ
$205B
| $272K | ﹤0.01% |
6,671
+698
| +12% | +$28.3K |
|
260
Genuine Parts
GPC
$18.5B
| $269K | ﹤0.01% |
2,190
| – | – |
|
261
Weyerhaeuser
WY
$17.6B
| $261K | ﹤0.01% |
11,026
-4,144
| -27% | -$95.9K |
|
262
Eaton
ETN
$163B
| $258K | ﹤0.01% |
811
+14
| +2% | +$4.96K |
|
263
Lowe's Companies
LOW
$121B
| $258K | ﹤0.01% |
1,068
| – | – |
|
264
Vanguard FTSE Developed Markets ETF
VEA
$239B
| $257K | ﹤0.01% |
+4,110
| New | +$252K |
|
265
Beam Therapeutics
BEAM
$3.07B
| $255K | ﹤0.01% |
9,194
-403
| -4% | -$10.3K |
|
266
Thermo Fisher Scientific
TMO
$233B
| $254K | ﹤0.01% |
438
| – | – |
|
267
American Express
AXP
$227B
| $250K | ﹤0.01% |
675
+20
| +3% | +$7.16K |
|
268
Movado Group
MOV
$774M
| $247K | ﹤0.01% |
12,000
| – | – |
|
269
American Tower
AMT
$81.9B
| $246K | ﹤0.01% |
1,400
| – | – |
|
270
Nuveen New York Quality Municipal Income Fund
NAN
$363M
| $243K | ﹤0.01% |
21,550
-938
| -4% | -$10.8K |
|
271
GE HealthCare
GEHC
$33.8B
| $239K | ﹤0.01% |
2,911
-78
| -3% | -$6.08K |
|
272
AT&T
T
$173B
| $237K | ﹤0.01% |
9,554
+462
| +5% | +$11.7K |
|
273
BGC Group
BGC
$5.63B
| $237K | ﹤0.01% |
26,562
-60,230
| -69% | -$542K |
|
274
Colgate-Palmolive
CL
$72.6B
| $235K | ﹤0.01% |
2,978
| – | – |
|
275
NextEra Energy
NEE
$174B
| $235K | ﹤0.01% |
2,930
+70
| +2% | +$5.8K |
|
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Murray Stahl's Q4 2025 Portfolio in Review
As of Q4 2025, Murray Stahl held 339 positions worth $7.39B, down 9.9% from $8.2B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Murray Stahl's Q4 2025 filing shows 3 new, 45 increased, 197 reduced and 15 closed positions. Its largest new stake was Western Midstream Partners: 134,085 shares worth $5.3M. The largest sale was Texas Pacific Land, an estimated $55.1M.
By sector, the portfolio is most concentrated in Energy at 52% of assets, up from 51% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q4 2025 buy was Western Midstream Partners: 134,085 shares worth $5.3M.
- Murray Stahl added most to Miami International Holdings in Q4 2025, an estimated $19.5M increase.
- Murray Stahl's biggest Q4 2025 reduction was Texas Pacific Land, cutting an estimated $55.1M.
- Murray Stahl fully exited Associated Capital Group in Q4 2025, selling an estimated $27M.
- Murray Stahl's ten largest holdings make up 74% of its $7.39B portfolio in Q4 2025.
- Murray Stahl opened 3 new positions and closed 15 in Q4 2025.
- Murray Stahl's portfolio value fell 9.9% quarter-over-quarter to $7.39B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2025, filed 11 Feb 2026.