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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 | |
|---|---|---|---|---|---|---|---|
|
26
EagleRock Land
EROK
$469M
| $35.8M | 0.41% |
+1,684,213
| New | +$36.4M |
2026 Q2
0 quarters
|
|
27
Galaxy Digital Inc
GLXY
$2.99B
| $33.8M | 0.38% |
1,236,051
-14,918
| -1% | -$415K |
2025 Q2
4 quarters
|
|
28
Bunge Global
BG
$19.9B
| $30.3M | 0.34% |
284,079
-52,865
| -16% | -$6.5M |
2022 Q1
17 quarters
|
|
29
iShares Bitcoin Trust
IBIT
$65.9B
| $27.9M | 0.32% |
837,308
+43,965
| +6% | +$1.79M |
2024 Q1
9 quarters
|
|
30
Sprott
SII
$2.74B
| $26.1M | 0.3% |
232,217
+25,220
| +12% | +$3.3M |
2021 Q4
18 quarters
|
|
31
White Mountains Insurance
WTM
$5.26B
| $25.3M | 0.29% |
12,206
-906
| -7% | -$1.94M |
2024 Q2
8 quarters
|
|
32
Penske Automotive Group
PAG
$14B
| $24.9M | 0.28% |
139,067
-3,440
| -2% | -$575K |
2019 Q1
29 quarters
|
|
33
RB Global
RBA
$14.9B
| $24.6M | 0.28% |
211,349
+24,618
| +13% | +$2.59M |
2020 Q2
24 quarters
|
|
34
San Juan Basin Royalty Trust
SJT
$173M
| $24.1M | 0.27% |
7,494,020
+515,179
| +7% | +$2.07M |
2022 Q4
14 quarters
|
|
35
Marsh
MRSH
$91.7B
| $23.3M | 0.26% |
139,983
-11,358
| -8% | -$1.9M |
2021 Q1
21 quarters
|
|
36
Vanguard Ultra-Short Bond ETF
VUSB
$9.9B
| $23M | 0.26% |
461,108
+122,054
| +36% | +$6.07M |
2022 Q4
14 quarters
|
|
37
Dorchester Minerals
DMLP
$1.47B
| $21.5M | 0.24% |
852,651
-7,575
| -0.9% | -$207K |
2019 Q2
28 quarters
|
|
38
Royalty Pharma
RPRX
$27.4B
| $19.3M | 0.22% |
344,861
+4,078
| +1% | +$212K |
2021 Q1
21 quarters
|
|
39
Berkshire Hathaway Class B
BRK.B
$1.15T
| $18.6M | 0.21% |
37,231
-802
| -2% | -$386K |
2019 Q1
29 quarters
|
|
40
Live Nation Entertainment
LYV
$40.2B
| $18.5M | 0.21% |
100,989
-56,180
| -36% | -$9.24M |
2019 Q1
29 quarters
|
|
41
Triple Flag Precious Metals
TFPM
$6.34B
| $15.2M | 0.17% |
506,677
+93,247
| +23% | +$3M |
2023 Q1
13 quarters
|
|
42
Interparfums
IPAR
$3.74B
| $14.6M | 0.17% |
130,333
-8,000
| -6% | -$755K |
2019 Q1
29 quarters
|
|
43
Oshkosh
OSK
$8.04B
| $13.6M | 0.15% |
88,816
-26,973
| -23% | -$3.8M |
2020 Q2
24 quarters
|
|
44
Royal Caribbean
RCL
$76.1B
| $12.5M | 0.14% |
39,414
-12,284
| -24% | -$3.43M |
2019 Q1
29 quarters
|
|
|
45
Carnival Corporation Ltd
CCL
$35.6B
| $12.2M | 0.14% |
428,340
-529,313
| -55% | -$14.5M |
2022 Q4
14 quarters
|
|
46
Strategy Inc
MSTR
$58B
| $11.3M | 0.13% |
129,774
-9,479
| -7% | -$1.38M |
2020 Q3
23 quarters
|
|
47
Tradeweb Markets
TW
$24.9B
| $9.7M | 0.11% |
97,740
+92,457
| +1,750% | +$10M |
2023 Q4
10 quarters
|
|
48
Williams Companies
WMB
$85.7B
| $9.6M | 0.11% |
128,678
-9,623
| -7% | -$708K |
2019 Q1
29 quarters
|
|
49
Madison Square Garden
MSGS
$9.8B
| $9.33M | 0.11% |
23,221
-126
| -0.5% | -$44.6K |
2019 Q1
29 quarters
|
|
50
Royal Gold
RGLD
$20.2B
| $9.2M | 0.1% |
46,068
-1,074
| -2% | -$250K |
2019 Q1
29 quarters
|
|
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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 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.