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
|
+$19.5M |
| 2 |
Hawaiian Electric Industries
HE
|
+$13.2M |
| 3 |
Triple Flag Precious Metals
TFPM
|
+$12.5M |
| 4 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$11.2M |
| 5 |
Royal Gold
RGLD
|
+$6.16M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$55.1M |
| 2 |
Brookfield
BN
|
+$40.6M |
| 3 |
Wheaton Precious Metals
WPM
|
+$32M |
| 4 |
AC
Associated Capital Group
AC
|
+$27M |
| 5 |
West Fraser Timber
WFG
|
+$20.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.65% |
| 2 | Materials | 9.85% |
| 3 | Financials | 9.49% |
| 4 | Utilities | 3.26% |
| 5 | Consumer Discretionary | 2.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
St. Joe Company
JOE
$3.92B
| $32.9M | 0.45% |
554,837
-892
| -0.2% | -$50K |
|
27
Bunge Global
BG
$21.7B
| $31.1M | 0.42% |
348,994
-1,089
| -0.3% | -$100K |
|
28
Tejon Ranch
TRC
$444M
| $30.2M | 0.41% |
1,912,573
-1,405
| -0.1% | -$22.4K |
|
29
Carnival Corporation Ltd
CCL
$35.2B
| $29.2M | 0.4% |
957,548
-4,186
| -0.4% | -$117K |
|
|
MRSH
30
Marsh
MRSH
$91.6B
| $29.1M | 0.39% |
156,685
-534
| -0.3% | -$99.8K |
|
|
GLXY
31
Galaxy Digital Inc
GLXY
$4.59B
| $27.9M | 0.38% |
1,249,554
-4,316
| -0.3% | -$134K |
|
32
White Mountains Insurance
WTM
$5.04B
| $27.3M | 0.37% |
13,121
+37
| +0.3% | +$72.4K |
|
33
Penske Automotive Group
PAG
$14.2B
| $26.9M | 0.36% |
169,874
-736
| -0.4% | -$121K |
|
34
Live Nation Entertainment
LYV
$42.4B
| $24.2M | 0.33% |
169,884
-2,228
| -1% | -$320K |
|
35
Howard Hughes
HHH
$3.97B
| $23.4M | 0.32% |
293,360
-12,888
| -4% | -$1.07M |
|
36
Strategy Inc
MSTR
$47.4B
| $21.2M | 0.29% |
139,377
+889
| +0.6% | +$205K |
|
|
37
Royal Gold
RGLD
$21.9B
| $21.1M | 0.29% |
94,876
+31,056
| +49% | +$6.16M |
|
|
SII
38
Sprott
SII
$3.41B
| $21M | 0.28% |
214,626
-188
| -0.1% | -$16.7K |
|
39
Dorchester Minerals
DMLP
$1.42B
| $19.6M | 0.26% |
875,662
-9,953
| -1% | -$233K |
|
40
Berkshire Hathaway Class B
BRK.B
$1.06T
| $19.1M | 0.26% |
37,988
-2,361
| -6% | -$1.17M |
|
41
Vanguard Ultra-Short Bond ETF
VUSB
$9.34B
| $17.1M | 0.23% |
342,542
+78,720
| +30% | +$3.93M |
|
42
Royal Caribbean
RCL
$78.1B
| $14.7M | 0.2% |
52,758
-1,275
| -2% | -$360K |
|
43
Oshkosh
OSK
$9.7B
| $14.6M | 0.2% |
116,193
-507
| -0.4% | -$65.2K |
|
|
44
Triple Flag Precious Metals
TFPM
$6.96B
| $14.1M | 0.19% |
425,303
+398,890
| +1,510% | +$12.5M |
|
45
Royalty Pharma
RPRX
$27.3B
| $13.7M | 0.18% |
353,361
-1,324
| -0.4% | -$50.5K |
|
46
Interparfums
IPAR
$3.7B
| $11.8M | 0.16% |
138,558
-259
| -0.2% | -$22.8K |
|
47
Mastercard
MA
$509B
| $11.2M | 0.15% |
19,579
-51
| -0.3% | -$28.5K |
|
48
RB Global
RBA
$16.1B
| $11.1M | 0.15% |
107,627
-2,069
| -2% | -$210K |
|
49
Brookfield Asset Management
BAM
$83.5B
| $9.98M | 0.14% |
190,473
-174
| -0.1% | -$9.35K |
|
50
Williams Companies
WMB
$86.2B
| $8.25M | 0.11% |
137,321
-4,613
| -3% | -$279K |
|
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Murray Stahl's Q4 2025 Portfolio in Review
As of Q4 2025, Murray Stahl held 339 positions worth $7.39B, down 9.9% from $8.2B the previous quarter. Its ten largest holdings account for 74% of the portfolio.
Murray Stahl's Q4 2025 filing shows 3 new, 45 increased, 197 reduced and 15 closed positions. Its largest new stake was Western Midstream Partners: 134,085 shares worth $5.3M. The largest sale was Texas Pacific Land, an estimated $55.1M.
By sector, the portfolio is most concentrated in Energy at 52% of assets, up from 51% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q4 2025 buy was Western Midstream Partners: 134,085 shares worth $5.3M.
- Murray Stahl added most to Miami International Holdings in Q4 2025, an estimated $19.5M increase.
- Murray Stahl's biggest Q4 2025 reduction was Texas Pacific Land, cutting an estimated $55.1M.
- Murray Stahl fully exited Associated Capital Group in Q4 2025, selling an estimated $27M.
- Murray Stahl's ten largest holdings make up 74% of its $7.39B portfolio in Q4 2025.
- Murray Stahl opened 3 new positions and closed 15 in Q4 2025.
- Murray Stahl's portfolio value fell 9.9% quarter-over-quarter to $7.39B.
Based on Horizon Kinetics Asset Management's 13F filing for Q4 2025, filed 11 Feb 2026.