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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 | |
|---|---|---|---|---|---|---|---|
326
Bicycle Therapeutics
BCYC
$244M
| $53.4K | ﹤0.01% |
12,584
-604
| -5% | -$2.77K |
2023 Q1
13 quarters
|
|
327
iShares Preferred and Income Securities ETF
PFF
$11.6B
| $40.4K | ﹤0.01% |
1,326
| – | – |
2026 Q1
1 quarter
|
|
328
iShares US Aerospace & Defense ETF
ITA
$4.02B
| $38.8K | ﹤0.01% |
480
| – | – |
2026 Q1
1 quarter
|
|
329
iShares 0-1 Year Treasury Bond ETF
SHV
$21.4B
| $37.3K | ﹤0.01% |
338
| – | – |
2026 Q1
1 quarter
|
|
330
Allogene Therapeutics
ALLO
$377M
| $34.9K | ﹤0.01% |
16,776
-806
| -5% | -$1.77K |
2023 Q1
13 quarters
|
|
331
Vanguard Morningstar Small-Cap Value ETF
VBR
$36.8B
| $32.8K | ﹤0.01% |
135
| – | – |
2026 Q1
1 quarter
|
|
332
Invesco S&P MidCap 400 Pure Value ETF
RFV
$329M
| $23.3K | ﹤0.01% |
163
| – | – |
2026 Q1
1 quarter
|
|
333
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$48.5B
| $22.9K | ﹤0.01% |
250
| – | – |
2026 Q1
1 quarter
|
|
334
Alerian Energy Infrastructure ETF
ENFR
$506M
| $17.7K | ﹤0.01% |
+465
| New | +$17.7K |
2026 Q2
0 quarters
|
|
335
Pacific Biosciences
PACB
$755M
| $16.9K | ﹤0.01% |
10,068
-483
| -5% | -$702 |
2019 Q1
29 quarters
|
|
336
VanEck High Yield Muni ETF
HYD
$4.62B
| $15.2K | ﹤0.01% |
296
| – | – |
2026 Q1
1 quarter
|
|
337
Grayscale Ethereum Staking Mini ETF Shares
ETH
$1.87B
| $9.8K | ﹤0.01% |
653
| – | – |
2024 Q3
7 quarters
|
|
338
iShares National Muni Bond ETF
MUB
$54.8B
| $5.38K | ﹤0.01% |
+50
| New | +$5.35K |
2026 Q2
0 quarters
|
|
339
Invesco S&P MidCap Momentum ETF
XMMO
$6.23B
| $5.1K | ﹤0.01% |
+30
| New | +$4.89K |
2026 Q2
0 quarters
|
|
340
Lennar Class B
LEN.B
$21.3B
| $5.06K | ﹤0.01% |
57
| – | – |
2026 Q1
1 quarter
|
|
341
Vanguard Russell 2000 ETF
VTWO
$16.3B
| $4.86K | ﹤0.01% |
+40
| New | +$4.54K |
2026 Q2
0 quarters
|
|
342
Roundhill Metaverse ETF
METV
$219M
| $2.86K | ﹤0.01% |
155
| – | – |
2026 Q1
1 quarter
|
|
343
iShares Asia 50 ETF
AIA
$4.29B
| $1.13K | ﹤0.01% |
8
| – | – |
2026 Q1
1 quarter
|
|
344
DELISTED
Cohen & Steers Quality Income Realty Fund Inc Rights exp July 15 2026
RQI.RT
| $745 | ﹤0.01% |
+50,033
| New | +$876 |
2026 Q2
0 quarters
|
|
345
DELISTED
MANATRON INC
MANA
| $367 | ﹤0.01% |
691
| – | – |
2022 Q4
14 quarters
|
|
346
American Water Works
AWK
$30.3B
| – | – |
-1,671
| Closed | -$227K | – |
|
347
American States Water
AWR
$3.52B
| – | – |
-4,374
| Closed | -$331K | – |
|
348
Alpha Architect 1-3 Month Box ETF
BOXX
$14.5B
| – | – |
-47,475
| Closed | -$5.52M | – |
|
349
Costco
COST
$472B
| – | – |
-208
| Closed | -$207K | – |
|
|
CXE
350
DELISTED
MFS High Income Municipal Trust
CXE
| – | – |
-21,525
| Closed | -$79.9K | – |
|
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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.