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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 | |
|---|---|---|---|---|---|---|---|
276
MarketAxess Holdings
MKTX
$5.83B
| $256K | ﹤0.01% |
2,254
+152
| +7% | +$21.7K |
2023 Q4
10 quarters
|
|
277
Cintas
CTAS
$89.9B
| $252K | ﹤0.01% |
1,480
-17
| -1% | -$2.94K |
2025 Q2
4 quarters
|
|
278
NextEra Energy
NEE
$185B
| $251K | ﹤0.01% |
2,860
| – | – |
2025 Q3
3 quarters
|
|
279
PepsiCo
PEP
$194B
| $249K | ﹤0.01% |
1,840
| – | – |
2019 Q1
29 quarters
|
|
280
Dorman Products
DORM
$4.11B
| $246K | ﹤0.01% |
+1,800
| New | +$213K |
2026 Q2
0 quarters
|
|
281
Enerflex
EFXT
$2.3B
| $245K | ﹤0.01% |
9,990
| – | – |
2026 Q1
1 quarter
|
|
282
Cheniere Energy
CQP
$27.7B
| $244K | ﹤0.01% |
4,000
| – | – |
2024 Q4
6 quarters
|
|
283
Weyerhaeuser
WY
$15.6B
| $241K | ﹤0.01% |
10,081
-274
| -3% | -$6.66K |
2020 Q3
23 quarters
|
|
284
Lowe's Companies
LOW
$127B
| $235K | ﹤0.01% |
1,068
| – | – |
2025 Q2
4 quarters
|
|
285
American Tower
AMT
$90B
| $229K | ﹤0.01% |
1,400
| – | – |
2019 Q1
29 quarters
|
|
286
Invesco Quality Municipal Securities
IQI
$478M
| $222K | ﹤0.01% |
21,965
| – | – |
2019 Q1
29 quarters
|
|
287
Thermo Fisher Scientific
TMO
$251B
| $220K | ﹤0.01% |
438
| – | – |
2025 Q3
3 quarters
|
|
288
Galectin Therapeutics
GALT
$301M
| $218K | ﹤0.01% |
46,968
-2,258
| -5% | -$5.85K |
2021 Q2
20 quarters
|
|
289
Boeing
BA
$137B
| $218K | ﹤0.01% |
1,006
| – | – |
2025 Q2
4 quarters
|
|
290
Liberty Live Group Series A
LLYVA
$9.6B
| $216K | ﹤0.01% |
2,134
-161
| -7% | -$15.2K |
2026 Q1
1 quarter
|
|
291
Intellia Therapeutics
NTLA
$1.56B
| $213K | ﹤0.01% |
12,584
-604
| -5% | -$8.45K |
2020 Q2
24 quarters
|
|
292
Eaton Vance Senior Floating-Rate Fund
EFR
$301M
| $212K | ﹤0.01% |
20,001
| – | – |
2019 Q1
29 quarters
|
|
293
NRG Energy
NRG
$16.9B
| $208K | ﹤0.01% |
1,426
-9
| -0.6% | -$1.3K |
2026 Q1
1 quarter
|
|
294
Nuveen Select Maturities Municipal Fund
NIM
$115M
| $203K | ﹤0.01% |
21,500
| – | – |
2019 Q1
29 quarters
|
|
295
Select Water Solutions
WTTR
$2.07B
| $200K | ﹤0.01% |
+10,000
| New | +$175K |
2026 Q2
0 quarters
|
|
|
296
DELISTED
DigitalBridge
DBRG
| $195K | ﹤0.01% |
12,351
-927,029
| -99% | -$14.5M |
2024 Q3
7 quarters
|
|
297
Horizon Kinetics Medical ETF
MEDX
$17.7M
| $191K | ﹤0.01% |
5,189
| – | – |
2026 Q1
1 quarter
|
|
298
TETRA Technologies
TTI
$864M
| $185K | ﹤0.01% |
16,320
| – | – |
2023 Q1
13 quarters
|
|
299
Ladder Capital
LADR
$1.15B
| $179K | ﹤0.01% |
18,000
| – | – |
2024 Q4
6 quarters
|
|
300
Eaton Vance Municipal Bond Fund
EIM
$470M
| $176K | ﹤0.01% |
17,692
| – | – |
2019 Q1
29 quarters
|
|
Similar funds
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.