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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 | |
|---|---|---|---|---|---|---|---|
301
Invesco Trust for Investment Grade New York Municipals
VTN
$147M
| $171K | ﹤0.01% |
14,739
| – | – |
2023 Q1
13 quarters
|
|
302
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.46B
| $156K | ﹤0.01% |
12,176
| – | – |
2019 Q1
29 quarters
|
|
303
Replimune Group
REPL
$1.9B
| $139K | ﹤0.01% |
12,584
-604
| -5% | -$3.7K |
2023 Q1
13 quarters
|
|
304
Vanda Pharmaceuticals
VNDA
$217M
| $139K | ﹤0.01% |
22,648
-1,088
| -5% | -$7.11K |
2023 Q1
13 quarters
|
|
305
Brookfield Real Assets Income Fund
RA
$655M
| $139K | ﹤0.01% |
10,755
| – | – |
2019 Q1
29 quarters
|
|
306
iShares Micro-Cap ETF
IWC
$1.19B
| $138K | ﹤0.01% |
690
| – | – |
2026 Q1
1 quarter
|
|
307
PCM Fund
PCM
$61.9M
| $137K | ﹤0.01% |
24,532
| – | – |
2019 Q1
29 quarters
|
|
308
BlackRock Floating Rate Income Trust
BGT
$293M
| $135K | ﹤0.01% |
12,678
| – | – |
2019 Q1
29 quarters
|
|
309
Nuveen Preferred & Income Opportunities Fund
JPC
$2.61B
| $129K | ﹤0.01% |
16,426
| – | – |
2023 Q4
10 quarters
|
|
310
BlackRock MuniYield New York Quality Fund
MYN
$866M
| $122K | ﹤0.01% |
12,009
| – | – |
2026 Q1
1 quarter
|
|
311
Nuveen Municipal High Income Opportunity Fund
NMZ
$1.91B
| $118K | ﹤0.01% |
11,125
+756
| +7% | +$7.77K |
2026 Q1
1 quarter
|
|
312
Eaton Vance Limited Duration Income Fund
EVV
$997M
| $116K | ﹤0.01% |
12,417
| – | – |
2019 Q1
29 quarters
|
|
313
Haleon
HLN
$40.2B
| $116K | ﹤0.01% |
12,434
-466
| -4% | -$4.33K |
2022 Q4
14 quarters
|
|
314
PIMCO Municipal Income Fund II
PML
$866M
| $115K | ﹤0.01% |
15,050
| – | – |
2019 Q1
29 quarters
|
|
315
Eaton Vance Senior Income Trust
EVF
$87.8M
| $108K | ﹤0.01% |
21,730
| – | – |
2019 Q1
29 quarters
|
|
316
Nuveen Municipal Value Fund
NUV
$1.76B
| $106K | ﹤0.01% |
11,550
| – | – |
2019 Q1
29 quarters
|
|
317
Keel Infrastructure Corp
KEEL
$1.02B
| $105K | ﹤0.01% |
18,300
| – | – |
2021 Q4
18 quarters
|
|
318
Lantern Pharma
LTRN
$7.95M
| $105K | ﹤0.01% |
25,164
-1,209
| -5% | -$3.54K |
2023 Q1
13 quarters
|
|
319
Aberdeen Municipal Income Fund
MFM
$211M
| $97.9K | ﹤0.01% |
+17,412
| New | +$94.5K |
2026 Q2
0 quarters
|
|
320
Energy Transfer LP Series I Preferred Units
ET.PRI
$438M
| $95.1K | ﹤0.01% |
8,300
| – | – |
2026 Q1
1 quarter
|
|
321
Editas Medicine
EDIT
$392M
| $89.7K | ﹤0.01% |
27,680
-1,330
| -5% | -$3.89K |
2023 Q1
13 quarters
|
|
322
iShares US Oil Equipment & Services ETF
IEZ
$346M
| $84.2K | ﹤0.01% |
3,131
| – | – |
2026 Q1
1 quarter
|
|
323
Grayscale Ethereum Staking ETF Shares
ETHE
$1.69B
| $68.8K | ﹤0.01% |
5,393
| – | – |
2024 Q3
7 quarters
|
|
324
Vanguard Morningstar Small-Cap ETF
VB
$77.3B
| $66.4K | ﹤0.01% |
219
| – | – |
2026 Q1
1 quarter
|
|
325
VanEck Preferred Securities ex Financials ETF
PFXF
$2.17B
| $61.6K | ﹤0.01% |
3,454
| – | – |
2026 Q1
1 quarter
|
|
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.