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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
PFF icon
326
iShares Preferred and Income Securities ETF
PFF
$13.1B
$40.4K ﹤0.01%
1,326
– –
ITA icon
327
iShares US Aerospace & Defense ETF
ITA
$14.2B
$38.8K ﹤0.01%
160
– –
SHV icon
328
iShares 0-1 Year Treasury Bond ETF
SHV
$20.8B
$37.3K ﹤0.01%
338
– –
ALLO icon
329
Allogene Therapeutics
ALLO
$722M
$34.9K ﹤0.01%
16,776
-806
-5% -$1.77K
VBR icon
330
Vanguard Morningstar Small-Cap Value ETF
VBR
$38B
$32.8K ﹤0.01%
135
– –
RFV icon
331
Invesco S&P MidCap 400 Pure Value ETF
RFV
$340M
$23.3K ﹤0.01%
163
– –
BIL icon
332
State Street SPDR Bloomberg 1-3 Month T-Bill ETF
BIL
$46.8B
$22.9K ﹤0.01%
250
– –
ENFR icon
333
Alerian Energy Infrastructure ETF
ENFR
$524M
$17.7K ﹤0.01%
+465
New +$17.7K
PACB icon
334
Pacific Biosciences
PACB
$420M
$16.9K ﹤0.01%
10,068
-483
-5% -$702
HYD icon
335
VanEck High Yield Muni ETF
HYD
$4.35B
$15.2K ﹤0.01%
296
– –
ETH
336
Grayscale Ethereum Staking Mini ETF Shares
ETH
$2.03B
$9.81K ﹤0.01%
653
– –
MUB icon
337
iShares National Muni Bond ETF
MUB
$45.6B
$5.38K ﹤0.01%
+50
New +$5.35K
XMMO icon
338
Invesco S&P MidCap Momentum ETF
XMMO
$7.33B
$5.1K ﹤0.01%
+30
New +$4.89K
LEN.B icon
339
Lennar Class B
LEN.B
$20.6B
$5.06K ﹤0.01%
57
– –
VTWO icon
340
Vanguard Russell 2000 ETF
VTWO
$17.3B
$4.86K ﹤0.01%
+40
New +$4.54K
METV icon
341
Roundhill Ball Metaverse ETF
METV
$219M
$2.86K ﹤0.01%
155
– –
AIA icon
342
iShares Asia 50 ETF
AIA
$5.06B
$1.13K ﹤0.01%
8
– –
RQI.RT
343
DELISTED
Cohen & Steers Quality Income Realty Fund Inc Rights exp July 15 2026
RQI.RT
$745 ﹤0.01%
+50,033
New +$876
MANA
344
DELISTED
MANATRON INC
MANA
$367 ﹤0.01%
691
– –
AWK icon
345
American Water Works
AWK
$26.9B
– –
-1,671
Closed -$227K
AWR icon
346
American States Water
AWR
$3.51B
– –
-4,374
Closed -$331K
BOXX icon
347
Alpha Architect 1-3 Month Box ETF
BOXX
$13.6B
– –
-47,475
Closed -$5.52M
COST icon
348
Costco
COST
$420B
– –
-208
Closed -$207K
CXE
349
DELISTED
MFS High Income Municipal Trust
CXE
– –
-21,525
Closed -$79.9K
DOW icon
350
Dow Inc
DOW
$23.4B
– –
-5,481
Closed -$228K
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.