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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
-6.53%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$7.39B
AUM Growth
-$809M
Cap. Flow
-$167M
Cap. Flow %
-2.26%
Top 10 Hldgs %
73.65%
Holding
339
New
3
Increased
45
Reduced
197
Closed
15

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$19.5M
2
HE icon
Hawaiian Electric Industries
HE
+$13.2M
3
TFPM icon
Triple Flag Precious Metals
TFPM
+$12.5M
4
WBI
WaterBridge Infrastructure LLC
WBI
+$11.2M
5
RGLD icon
Royal Gold
RGLD
+$6.16M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$55.1M
2
BN icon
Brookfield
BN
+$40.6M
3
WPM icon
Wheaton Precious Metals
WPM
+$32M
4
AC
Associated Capital Group
AC
+$27M
5
WFG icon
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
ADP icon
276
Automatic Data Processing
ADP
$112B
$233K ﹤0.01%
904
-691
-43% -$184K
OXY icon
277
Occidental Petroleum
OXY
$61.3B
$229K ﹤0.01%
5,577
-468
-8% -$19.5K
NFLX icon
278
Netflix
NFLX
$331B
$226K ﹤0.01%
2,410
-700
-23% -$75.5K
EFR
279
Eaton Vance Senior Floating-Rate Fund
EFR
$314M
$223K ﹤0.01%
20,001
– –
DORM icon
280
Dorman Products
DORM
$3.92B
$222K ﹤0.01%
1,800
– –
IQI icon
281
Invesco Quality Municipal Securities
IQI
$530M
$220K ﹤0.01%
22,115
– –
VNDA icon
282
Vanda Pharmaceuticals
VNDA
$319M
$219K ﹤0.01%
24,824
-1,088
-4% -$5.99K
BA icon
283
Boeing
BA
$169B
$218K ﹤0.01%
1,006
-27
-3% -$5.55K
AWK icon
284
American Water Works
AWK
$26.9B
$218K ﹤0.01%
1,671
-52
-3% -$6.95K
GALT icon
285
Galectin Therapeutics
GALT
$371M
$214K ﹤0.01%
51,484
-2,258
-4% -$11.9K
CQP icon
286
Cheniere Energy
CQP
$33.1B
$214K ﹤0.01%
4,000
– –
NOC icon
287
Northrop Grumman
NOC
$78.3B
$205K ﹤0.01%
360
– –
CNS icon
288
Cohen & Steers
CNS
$4.19B
$204K ﹤0.01%
3,256
-93
-3% -$6.05K
LBRDK
289
DELISTED
Liberty Broadband Class C
LBRDK
$202K ﹤0.01%
4,151
-32,137
-89% -$1.67M
NIM icon
290
Nuveen Select Maturities Municipal Fund
NIM
$115M
$200K ﹤0.01%
21,500
– –
LADR
291
Ladder Capital
LADR
$1.26B
$198K ﹤0.01%
18,000
– –
MHD icon
292
BlackRock MuniHoldings Fund
MHD
$594M
$197K ﹤0.01%
16,797
– –
EIM
293
Eaton Vance Municipal Bond Fund
EIM
$492M
$172K ﹤0.01%
17,692
– –
PCM
294
PCM Fund
PCM
$67.1M
$151K ﹤0.01%
24,532
– –
BGT icon
295
BlackRock Floating Rate Income Trust
BGT
$324M
$144K ﹤0.01%
12,678
– –
VTN icon
296
Invesco Trust for Investment Grade New York Municipals
VTN
$157M
$141K ﹤0.01%
12,274
– –
RA
297
Brookfield Real Assets Income Fund
RA
$693M
$139K ﹤0.01%
10,755
– –
HLN icon
298
Haleon
HLN
$44B
$136K ﹤0.01%
13,491
-591
-4% -$5.62K
REPL icon
299
Replimune Group
REPL
$1.39B
$134K ﹤0.01%
13,792
-604
-4% -$5.13K
JPC icon
300
Nuveen Preferred & Income Opportunities Fund
JPC
$2.82B
$133K ﹤0.01%
16,426
– –
10 11
12
13 14

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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.