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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
NVG icon
301
Nuveen AMT-Free Municipal Credit Income Fund
NVG
$2.64B
$131K ﹤0.01%
10,375
-3,430
-25% -$43K
ETHE
302
Grayscale Ethereum Staking ETF Shares
ETHE
$1.84B
$131K ﹤0.01%
5,376
– –
TTI icon
303
TETRA Technologies
TTI
$1.06B
$127K ﹤0.01%
13,600
– –
NTLA icon
304
Intellia Therapeutics
NTLA
$1.8B
$124K ﹤0.01%
13,792
-604
-4% -$8.31K
EVV
305
Eaton Vance Limited Duration Income Fund
EVV
$1.05B
$123K ﹤0.01%
12,417
– –
EVF
306
Eaton Vance Senior Income Trust
EVF
$89.9M
$115K ﹤0.01%
21,730
– –
PML
307
PIMCO Municipal Income Fund II
PML
$484M
$113K ﹤0.01%
15,050
– –
NUV icon
308
Nuveen Municipal Value Fund
NUV
$1.88B
$105K ﹤0.01%
11,550
– –
CXE
309
DELISTED
MFS High Income Municipal Trust
CXE
$98.8K ﹤0.01%
26,714
– –
BCYC
310
Bicycle Therapeutics
BCYC
$306M
$97.6K ﹤0.01%
13,792
-604
-4% -$4.45K
EVLV icon
311
Evolv Technologies
EVLV
$967M
$96.7K ﹤0.01%
13,500
– –
LTRN icon
312
Lantern Pharma
LTRN
$29.9M
$83.6K ﹤0.01%
27,582
-1,209
-4% -$4.5K
EDIT icon
313
Editas Medicine
EDIT
$478M
$62.2K ﹤0.01%
30,340
-1,330
-4% -$3.84K
KEEL
314
Keel Infrastructure Corp
KEEL
$2.05B
$43K ﹤0.01%
18,300
– –
ALLO icon
315
Allogene Therapeutics
ALLO
$722M
$25.2K ﹤0.01%
18,388
-806
-4% -$1.06K
PACB icon
316
Pacific Biosciences
PACB
$420M
$20.6K ﹤0.01%
11,034
-483
-4% -$928
ETH
317
Grayscale Ethereum Staking Mini ETF Shares
ETH
$2.03B
$18.3K ﹤0.01%
652
-435
-40% -$14.2K
MANA
318
DELISTED
MANATRON INC
MANA
$717 ﹤0.01%
691
– –
AC
319
DELISTED
Associated Capital Group
AC
– –
-805,348
Closed -$27M
ARIS
320
DELISTED
Aris Water Solutions
ARIS
– –
-222,429
Closed -$5.49M
CSW
321
CSW Industrials
CSW
$5.38B
– –
-1,400
Closed -$340K
KRBN icon
322
KraneShares Global Carbon Strategy ETF
KRBN
$133M
– –
-6,834
Closed -$221K
LLYVA icon
323
Liberty Live Group Series A
LLYVA
$9.36B
– –
-2,459
Closed -$232K
LMT icon
324
Lockheed Martin
LMT
$130B
– –
-407
Closed -$203K
MOD icon
325
Modine Manufacturing
MOD
$10.5B
– –
-1,480
Closed -$210K
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.