Murray Stahl Horizon Kinetics Asset Management
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.
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 |
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
|
+$9.71M |
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 | |
|---|---|---|---|---|---|---|
351
GE HealthCare
GEHC
$33.8B
| – | – |
-2,911
| Closed | -$207K |
|
|
LBRDA
352
DELISTED
Liberty Broadband Class A
LBRDA
| – | – |
-923
| Closed | -$46.4K |
|
|
LBRDK
353
DELISTED
Liberty Broadband Class C
LBRDK
| – | – |
-4,063
| Closed | -$204K |
|
354
Netflix
NFLX
$331B
| – | – |
-2,410
| Closed | -$232K |
|
355
Northrop Grumman
NOC
$78.3B
| – | – |
-360
| Closed | -$246K |
|
356
Patterson-UTI
PTEN
$4.71B
| – | – |
-258,608
| Closed | -$2.8M |
|
|
SEE
357
DELISTED
Sealed Air
SEE
| – | – |
-33,250
| Closed | -$1.4M |
|
358
ProShares UltraPro Short QQQ
SQQQ
$2.07B
| – | – |
-6,180
| Closed | -$497K |
|
359
AT&T
T
$173B
| – | – |
-9,090
| Closed | -$264K |
|
|
TPH
360
DELISTED
Tri Pointe Homes
TPH
| – | – |
-85,966
| Closed | -$4.02M |
|
361
ProShares UltraPro QQQ
TQQQ
$35.7B
| – | – |
-12,048
| Closed | -$502K |
|
362
CALL
ProShares VIX Short-Term Futures ETF
VIXY
$200M
| – | – |
-6,100
| Closed | -$244K |
|
363
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| – | – |
-10,100
| Closed | -$758K |
|
Similar funds
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.