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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
-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
Cap. Flow
+$182M
Cap. Flow %
2.06%
Top 10 Hldgs %
77.52%
Holding
371
New
18
Increased
65
Reduced
167
Closed
20

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$196M
2
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
+$97.3M
3
WHK
WhiteHawk Minerals Corp
WHK
+$42.1M
4
EROK
EagleRock Land
EROK
+$36.4M
5
ICE icon
Intercontinental Exchange
ICE
+$21.9M

Top Sells

Rank Stock Value
1
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$104M
2
TPL icon
Texas Pacific Land
TPL
+$86.1M
3
DBRG icon
DigitalBridge
DBRG
+$14.5M
4
CCL icon
Carnival Corporation Ltd
CCL
+$14.5M
5
WPM icon
Wheaton Precious Metals
WPM
+$9.71M

Sector Composition

Rank Sector Weight
1 Energy 63.72%
2 Financials 9.51%
3 Materials 6.09%
4 Utilities 3.5%
5 Consumer Discretionary 2.05%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NVG icon
301
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.64B
$156K ﹤0.01%
12,176
– –
REPL icon
302
Replimune Group
REPL
$1.39B
$139K ﹤0.01%
12,584
-604
-5% -$3.69K
VNDA icon
303
Vanda Pharmaceuticals
VNDA
$319M
$139K ﹤0.01%
22,648
-1,088
-5% -$7.11K
RA
304
Brookfield Real Assets Income Fund
RA
$693M
$139K ﹤0.01%
10,755
– –
IWC icon
305
iShares Micro-Cap ETF
IWC
$1.52B
$138K ﹤0.01%
690
– –
PCM
306
PCM Fund
PCM
$67.1M
$137K ﹤0.01%
24,532
– –
BGT icon
307
BlackRock Floating Rate Income Trust
BGT
$324M
$135K ﹤0.01%
12,678
– –
JPC icon
308
Nuveen Preferred & Income Opportunities Fund
JPC
$2.82B
$129K ﹤0.01%
16,426
– –
MYN icon
309
BlackRock MuniYield New York Quality Fund
MYN
$371M
$122K ﹤0.01%
12,009
– –
NMZ icon
310
Nuveen Municipal High Income Opportunity Fund
NMZ
$2.16B
$118K ﹤0.01%
11,125
+756
+7% +$7.77K
EVV
311
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$116K ﹤0.01%
12,417
– –
HLN icon
312
Haleon
HLN
$44B
$116K ﹤0.01%
12,434
-466
-4% -$4.33K
PML
313
PIMCO Municipal Income Fund II
PML
$484M
$115K ﹤0.01%
15,050
– –
EVF
314
Eaton Vance Senior Income Trust
EVF
$89.9M
$108K ﹤0.01%
21,730
– –
NUV icon
315
Nuveen Municipal Value Fund
NUV
$1.88B
$106K ﹤0.01%
11,550
– –
KEEL
316
Keel Infrastructure Corp
KEEL
$2.05B
$105K ﹤0.01%
18,300
– –
LTRN icon
317
Lantern Pharma
LTRN
$29.9M
$105K ﹤0.01%
25,164
-1,209
-5% -$3.54K
MFM
318
Aberdeen Municipal Income Fund
MFM
$220M
$97.9K ﹤0.01%
+17,412
New +$94.5K
ET.PRI icon
319
Energy Transfer LP Series I Preferred Units
ET.PRI
$476M
$95.1K ﹤0.01%
8,300
– –
EDIT icon
320
Editas Medicine
EDIT
$478M
$89.7K ﹤0.01%
27,680
-1,330
-5% -$3.89K
IEZ icon
321
iShares US Oil Equipment & Services ETF
IEZ
$383M
$84.2K ﹤0.01%
3,131
– –
ETHE
322
Grayscale Ethereum Staking ETF Shares
ETHE
$1.84B
$68.8K ﹤0.01%
5,393
– –
VB icon
323
Vanguard Morningstar Small-Cap ETF
VB
$82.4B
$66.4K ﹤0.01%
219
– –
PFXF icon
324
VanEck Preferred Securities ex Financials ETF
PFXF
$2.41B
$61.6K ﹤0.01%
3,454
– –
BCYC
325
Bicycle Therapeutics
BCYC
$306M
$53.4K ﹤0.01%
12,584
-604
-5% -$2.77K
11 12
13
14 15

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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 Financials and Materials.

  • 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.