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 | |
|---|---|---|---|---|---|---|
276
Verizon
VZ
$208B
| $263K | ﹤0.01% |
5,973
-1,020
| -15% | -$44.2K |
|
|
PNI
277
PIMCO New York Municipal Income Fund II
PNI
$76.6M
| $262K | ﹤0.01% |
+37,634
| New | +$251K |
|
278
Nuveen New York Quality Municipal Income Fund
NAN
$362M
| $257K | ﹤0.01% |
22,488
-17,281
| -43% | -$194K |
|
279
AT&T
T
$176B
| $257K | ﹤0.01% |
9,092
-3,030
| -25% | -$86K |
|
280
Intellia Therapeutics
NTLA
$1.74B
| $249K | ﹤0.01% |
14,396
+604
| +4% | +$7.44K |
|
281
American Water Works
AWK
$27.6B
| $240K | ﹤0.01% |
1,723
-107
| -6% | -$15.1K |
|
282
Colgate-Palmolive
CL
$73.2B
| $238K | ﹤0.01% |
2,978
-124
| -4% | -$10.6K |
|
283
Beam Therapeutics
BEAM
$2.95B
| $233K | ﹤0.01% |
+9,597
| New | +$191K |
|
284
Liberty Live Group Series A
LLYVA
$9.48B
| $232K | ﹤0.01% |
2,459
-715
| -23% | -$62.9K |
|
|
EFR
285
Eaton Vance Senior Floating-Rate Fund
EFR
$313M
| $229K | ﹤0.01% |
20,001
-7,800
| -28% | -$91.9K |
|
286
Movado Group
MOV
$774M
| $228K | ﹤0.01% |
12,000
-4,573
| -28% | -$79.3K |
|
287
Galectin Therapeutics
GALT
$389M
| $228K | ﹤0.01% |
53,742
+2,258
| +4% | +$8.49K |
|
288
GE HealthCare
GEHC
$33.5B
| $224K | ﹤0.01% |
2,989
-87
| -3% | -$6.49K |
|
289
Boeing
BA
$165B
| $223K | ﹤0.01% |
1,033
+27
| +3% | +$6.09K |
|
290
KraneShares Global Carbon Strategy ETF
KRBN
$134M
| $221K | ﹤0.01% |
6,834
-2,652
| -28% | -$82.4K |
|
291
Cohen & Steers
CNS
$4.29B
| $220K | ﹤0.01% |
3,349
-292
| -8% | -$21.4K |
|
292
Northrop Grumman
NOC
$78.1B
| $219K | ﹤0.01% |
+360
| New | +$204K |
|
293
Invesco Quality Municipal Securities
IQI
$532M
| $218K | ﹤0.01% |
22,115
| – | – |
|
294
American Express
AXP
$230B
| $218K | ﹤0.01% |
655
| – | – |
|
295
NextEra Energy
NEE
$174B
| $216K | ﹤0.01% |
+2,860
| New | +$209K |
|
296
Cheniere Energy
CQP
$32.9B
| $215K | ﹤0.01% |
4,000
| – | – |
|
297
Thermo Fisher Scientific
TMO
$229B
| $212K | ﹤0.01% |
+438
| New | +$204K |
|
298
Modine Manufacturing
MOD
$10B
| $210K | ﹤0.01% |
1,480
-2,450
| -62% | -$312K |
|
299
NuScale Power
SMR
$3.78B
| $207K | ﹤0.01% |
5,750
-7,200
| -56% | -$287K |
|
300
Lockheed Martin
LMT
$130B
| $203K | ﹤0.01% |
407
-55
| -12% | -$25K |
|
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.