We are live on ! Find out more
MS

Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
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
+12.14%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.81B
AUM Growth
+$782M
Cap. Flow
-$7.67M
Cap. Flow %
-0.09%
Top 10 Hldgs %
80.59%
Holding
356
New
7
Increased
90
Reduced
124
Closed
9

Top Buys

Rank Stock Value
1
HE icon
Hawaiian Electric Industries
HE
+$104M
2
ARIS
Aris Water Solutions
ARIS
+$35M
3
VUSB icon
Vanguard Ultra-Short Bond ETF
VUSB
+$11.2M
4
LB
LandBridge Co
LB
+$6.2M
5
FNV icon
Franco-Nevada
FNV
+$4.02M

Top Sells

Rank Stock Value
1
CACI icon
CACI
CACI
+$65M
2
SAIC icon
Saic
SAIC
+$38.3M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$34.8M
4
TPL icon
Texas Pacific Land
TPL
+$15.4M
5
DBRG icon
DigitalBridge
DBRG
+$10.9M

Sector Composition

Rank Sector Weight
1 Energy 62.8%
2 Materials 6.67%
3 Financials 6.43%
4 Consumer Discretionary 2.29%
5 Utilities 2.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DUST icon
276
CALL
Direxion Daily Gold Miners Index Bear 2X ETF
DUST
$57.1M
$273K ﹤0.01%
390
+40
+11% +$19.4K
NVIR
277
Horizon Kinetics Energy and Remediation ETF
NVIR
$5.07M
$271K ﹤0.01%
8,899
+88
+1% +$2.69K
GPC icon
278
Genuine Parts
GPC
$18.5B
$268K ﹤0.01%
2,250
-110
-5% -$13.2K
CQP icon
279
Cheniere Energy
CQP
$33.1B
$264K ﹤0.01%
4,000
– –
GEHC icon
280
GE HealthCare
GEHC
$33.8B
$263K ﹤0.01%
3,264
-17
-0.5% -$1.46K
BWXT icon
281
BWX Technologies
BWXT
$14.4B
$263K ﹤0.01%
2,665
-25
-0.9% -$2.71K
PCM
282
PCM Fund
PCM
$67.1M
$260K ﹤0.01%
40,252
– –
AWK icon
283
American Water Works
AWK
$26.9B
$256K ﹤0.01%
1,734
– –
ETN icon
284
Eaton
ETN
$163B
$251K ﹤0.01%
925
-50
-5% -$15.6K
URI icon
285
United Rentals
URI
$68.4B
$251K ﹤0.01%
+400
New +$275K
BGT icon
286
BlackRock Floating Rate Income Trust
BGT
$324M
$246K ﹤0.01%
19,778
– –
EXE
287
Expand Energy Corp
EXE
$22.2B
$245K ﹤0.01%
2,203
– –
ADP icon
288
Automatic Data Processing
ADP
$112B
$244K ﹤0.01%
800
– –
IFF icon
289
International Flavors & Fragrances
IFF
$21.5B
$237K ﹤0.01%
3,050
– –
RA
290
Brookfield Real Assets Income Fund
RA
$693M
$232K ﹤0.01%
17,614
– –
ENX
291
DELISTED
Eaton Vance New York Municipal Bond Fund
ENX
$231K ﹤0.01%
24,358
– –
PWR icon
292
Quanta Services
PWR
$96.1B
$229K ﹤0.01%
900
– –
JPC icon
293
Nuveen Preferred & Income Opportunities Fund
JPC
$2.82B
$225K ﹤0.01%
28,250
-288
-1% -$2.3K
EIM
294
Eaton Vance Municipal Bond Fund
EIM
$492M
$224K ﹤0.01%
22,431
– –
LLYVA icon
295
Liberty Live Group Series A
LLYVA
$9.36B
$215K ﹤0.01%
3,194
-1,465
-31% -$102K
IQI icon
296
Invesco Quality Municipal Securities
IQI
$530M
$214K ﹤0.01%
22,115
– –
AMZN icon
297
Amazon
AMZN
$2.79T
$214K ﹤0.01%
1,125
+1
+0.1% +$217
B
298
Barrick Mining
B
$78.3B
$206K ﹤0.01%
+10,600
New +$186K
JDST icon
299
CALL
Direxion Daily Junior Gold Miners Index Bear 2X ETF
JDST
$21.2M
$205K ﹤0.01%
330
+25
+8% +$11K
NEE icon
300
NextEra Energy
NEE
$174B
$203K ﹤0.01%
2,860
– –
10 11
12
13 14

Similar funds

MT
Midwest Trust Overland Park, Kansas $8.83B AUM 27.45% 1-Year Est. Return
ASN
Advisory Services Network Atlanta, Georgia $8.83B AUM 38.5% 1-Year Est. Return
VT
Vise Technologies New York $8.83B AUM 27.11% 1-Year Est. Return
LGF
LGT Group Foundation Vaduz, Liechtenstein $8.84B AUM 31.56% 1-Year Est. Return
WJWM
Williams Jones Wealth Management New York $8.86B AUM 22.16% 1-Year Est. Return
IMRF
Illinois Municipal Retirement Fund Oak Brook, Illinois $8.87B AUM 36.45% 1-Year Est. Return
AMH
Aspex Management (HK) Central, Hong Kong $8.89B AUM 39.91% 1-Year Est. Return
GRQ
Gardner Russo & Quinn Lancaster, Pennsylvania $8.93B AUM 6.76% 1-Year Est. Return

Murray Stahl's Q1 2025 Portfolio in Review

As of Q1 2025, Murray Stahl held 356 positions worth $8.81B, up 9.7% from $8.03B the previous quarter. Its ten largest holdings account for 81% of the portfolio.

Trading was light in Q1 2025: portfolio turnover was 4.5%. Murray Stahl opened 7 new positions and exited 9, leaving the 356-position portfolio largely intact.

By sector, the portfolio is most concentrated in Energy at 63% of assets, up from 59% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q1 2025 buy was EQT Corp: 38,404 shares worth $2.05M.
  • Murray Stahl added most to Hawaiian Electric Industries in Q1 2025, an estimated $104M increase.
  • Murray Stahl's biggest Q1 2025 reduction was CACI, cutting an estimated $65M.
  • Murray Stahl fully exited Marex Group Limited Ordinary Shares in Q1 2025, selling an estimated $4.41M.
  • Murray Stahl's ten largest holdings make up 81% of its $8.81B portfolio in Q1 2025.
  • Murray Stahl opened 7 new positions and closed 9 in Q1 2025.
  • Murray Stahl's portfolio value rose 9.7% quarter-over-quarter to $8.81B.

Based on Horizon Kinetics Asset Management's 13F filing for Q1 2025, filed 15 May 2025.