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 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$149M |
| 2 |
MIAX
Miami International Holdings
MIAX
|
+$50.6M |
| 3 |
CME Group
CME
|
+$40.6M |
| 4 |
Brookfield
BN
|
+$31.7M |
| 5 |
Hawaiian Electric Industries
HE
|
+$22.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$68.8M |
| 2 |
ARIS
Aris Water Solutions
ARIS
|
+$43.4M |
| 3 |
Grayscale Bitcoin Trust
GBTC
|
+$33.3M |
| 4 |
Archer Daniels Midland
ADM
|
+$25.7M |
| 5 |
SAND
Sandstorm Gold
SAND
|
+$25.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.1% |
| 2 | Materials | 9.34% |
| 3 | Financials | 8.71% |
| 4 | Consumer Discretionary | 2.59% |
| 5 | Utilities | 2.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
DigitalBridge
DBRG
$2.95B
| $38.5M | 0.47% |
3,286,397
-331,568
| -9% | -$3.7M |
|
|
SJT
27
San Juan Basin Royalty Trust
SJT
$127M
| $33.9M | 0.41% |
5,611,981
+1,017,479
| +22% | +$5.98M |
|
|
MRSH
28
Marsh
MRSH
$91.6B
| $31.7M | 0.39% |
157,219
+432
| +0.3% | +$88.8K |
|
29
Tejon Ranch
TRC
$444M
| $30.6M | 0.37% |
1,913,978
+266,481
| +16% | +$4.65M |
|
30
Penske Automotive Group
PAG
$14.2B
| $29.7M | 0.36% |
170,610
-717
| -0.4% | -$128K |
|
31
Bunge Global
BG
$21.7B
| $28.4M | 0.35% |
350,083
-1,226
| -0.3% | -$98.3K |
|
32
Live Nation Entertainment
LYV
$42.4B
| $28.1M | 0.34% |
172,112
-139,004
| -45% | -$22M |
|
33
Carnival Corporation Ltd
CCL
$35.2B
| $27.8M | 0.34% |
961,734
-7,694
| -0.8% | -$232K |
|
34
St. Joe Company
JOE
$3.92B
| $27.5M | 0.34% |
555,729
-162
| -0% | -$8.17K |
|
|
AC
35
DELISTED
Associated Capital Group
AC
| $27M | 0.33% |
805,348
-61,031
| -7% | -$2.2M |
|
36
Howard Hughes
HHH
$3.97B
| $25.2M | 0.31% |
306,248
-110,125
| -26% | -$8.16M |
|
37
Dorchester Minerals
DMLP
$1.42B
| $22.9M | 0.28% |
885,615
-31,234
| -3% | -$816K |
|
38
White Mountains Insurance
WTM
$5.04B
| $21.9M | 0.27% |
13,084
+2,113
| +19% | +$3.77M |
|
39
Berkshire Hathaway Class B
BRK.B
$1.06T
| $20.3M | 0.25% |
40,349
-2,177
| -5% | -$1.05M |
|
40
West Fraser Timber
WFG
$5.46B
| $20.1M | 0.25% |
296,006
-8,832
| -3% | -$645K |
|
|
SII
41
Sprott
SII
$3.41B
| $17.9M | 0.22% |
214,814
+1,916
| +0.9% | +$134K |
|
42
Royal Caribbean
RCL
$78.1B
| $17.5M | 0.21% |
54,033
-2,139
| -4% | -$715K |
|
|
SAND
43
DELISTED
Sandstorm Gold
SAND
| $16M | 0.19% |
1,274,954
-2,369,697
| -65% | -$25.2M |
|
44
Oshkosh
OSK
$9.7B
| $15.1M | 0.18% |
116,700
-7,506
| -6% | -$996K |
|
45
Interparfums
IPAR
$3.7B
| $13.7M | 0.17% |
138,817
-963
| -0.7% | -$113K |
|
46
Vanguard Ultra-Short Bond ETF
VUSB
$9.34B
| $13.2M | 0.16% |
263,822
-98,261
| -27% | -$4.9M |
|
47
Royal Gold
RGLD
$21.9B
| $12.8M | 0.16% |
63,820
-9,072
| -12% | -$1.57M |
|
48
Royalty Pharma
RPRX
$27.3B
| $12.5M | 0.15% |
354,685
+1,214
| +0.3% | +$43.9K |
|
49
RB Global
RBA
$16.1B
| $11.9M | 0.14% |
109,696
-334
| -0.3% | -$37.4K |
|
50
Mastercard
MA
$509B
| $11.2M | 0.14% |
19,630
-327
| -2% | -$188K |
|
Similar funds
Murray Stahl's Q3 2025 Portfolio in Review
As of Q3 2025, Murray Stahl held 362 positions worth $8.2B, down 2.7% from $8.43B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Murray Stahl's Q3 2025 filing shows 10 new, 52 increased, 236 reduced and 26 closed positions. Its largest new stake was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M. The largest sale was Texas Pacific Land, an estimated $68.8M.
By sector, the portfolio is most concentrated in Energy at 51% of assets, down from 54% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q3 2025 buy was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M.
- Murray Stahl added most to CME Group in Q3 2025, an estimated $40.6M increase.
- Murray Stahl's biggest Q3 2025 reduction was Texas Pacific Land, cutting an estimated $68.8M.
- Murray Stahl fully exited Sitio Royalties in Q3 2025, selling an estimated $16.9M.
- Murray Stahl's ten largest holdings make up 75% of its $8.2B portfolio in Q3 2025.
- Murray Stahl opened 10 new positions and closed 26 in Q3 2025.
- Murray Stahl's portfolio value fell 2.7% quarter-over-quarter to $8.2B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.