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 | |
|---|---|---|---|---|---|---|
251
Liberty Live Group Series C
LLYVK
$9.7B
| $337K | ﹤0.01% |
3,576
-168
| -4% | -$15.1K |
|
252
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.3B
| $335K | ﹤0.01% |
5,681
| – | – |
|
253
W.W. Grainger
GWW
$61.8B
| $333K | ﹤0.01% |
+305
| New | +$333K |
|
254
American States Water
AWR
$3.51B
| $331K | ﹤0.01% |
4,374
+130
| +3% | +$9.58K |
|
255
Aflac
AFL
$58.2B
| $329K | ﹤0.01% |
3,000
| – | – |
|
256
Meta Platforms (Facebook)
META
$1.4T
| $325K | ﹤0.01% |
568
-2
| -0.4% | -$1.28K |
|
257
Nuveen Municipal Credit Income Fund
NZF
$2.4B
| $322K | ﹤0.01% |
26,445
+480
| +2% | +$6.05K |
|
258
Lockheed Martin
LMT
$130B
| $306K | ﹤0.01% |
+507
| New | +$312K |
|
|
PSIX
259
Power Solutions International
PSIX
$840M
| $304K | ﹤0.01% |
+5,000
| New | +$357K |
|
260
Modine Manufacturing
MOD
$10.5B
| $299K | ﹤0.01% |
+1,380
| New | +$260K |
|
|
DBL
261
DoubleLine Opportunistic Credit Fund
DBL
$279M
| $299K | ﹤0.01% |
20,471
-306
| -1% | -$4.56K |
|
262
Vanguard Morningstar Total Stock Market ETF
VTI
$685B
| $296K | ﹤0.01% |
922
-8
| -0.9% | -$2.68K |
|
263
Movado Group
MOV
$774M
| $293K | ﹤0.01% |
12,000
| – | – |
|
264
Energy Recovery
ERII
$403M
| $291K | ﹤0.01% |
28,928
+488
| +2% | +$6.39K |
|
265
PepsiCo
PEP
$196B
| $286K | ﹤0.01% |
1,840
-200
| -10% | -$31.2K |
|
266
Eaton
ETN
$163B
| $285K | ﹤0.01% |
797
-14
| -2% | -$4.98K |
|
267
Broadcom
AVGO
$1.75T
| $278K | ﹤0.01% |
899
-308
| -26% | -$101K |
|
268
Nuveen New York Quality Municipal Income Fund
NAN
$363M
| $278K | ﹤0.01% |
24,903
+3,353
| +16% | +$38.2K |
|
269
NextEra Energy
NEE
$174B
| $266K | ﹤0.01% |
2,860
-70
| -2% | -$6.22K |
|
270
AT&T
T
$173B
| $264K | ﹤0.01% |
9,090
-464
| -5% | -$12.4K |
|
271
Cheniere Energy
CQP
$33.1B
| $259K | ﹤0.01% |
4,000
| – | – |
|
|
PNI
272
PIMCO New York Municipal Income Fund II
PNI
$76.4M
| $258K | ﹤0.01% |
+37,634
| New | +$263K |
|
273
Colgate-Palmolive
CL
$72.6B
| $254K | ﹤0.01% |
2,978
| – | – |
|
274
Cintas
CTAS
$81.6B
| $253K | ﹤0.01% |
1,497
+2
| +0.1% | +$383 |
|
275
Weyerhaeuser
WY
$17.6B
| $253K | ﹤0.01% |
10,355
-671
| -6% | -$16.9K |
|
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.