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
|
+$67.2M |
| 2 |
Hawaiian Electric Industries
HE
|
+$33.9M |
| 3 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$12M |
| 4 |
RB Global
RBA
|
+$8.39M |
| 5 |
Alpha Architect 1-3 Month Box ETF
BOXX
|
+$5.49M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$137M |
| 2 |
Wheaton Precious Metals
WPM
|
+$102M |
| 3 |
Franco-Nevada
FNV
|
+$52.2M |
| 4 |
DigitalBridge
DBRG
|
+$32.4M |
| 5 |
Royal Gold
RGLD
|
+$12.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.78% |
| 2 | Financials | 7.83% |
| 3 | Materials | 6.82% |
| 4 | Utilities | 3.51% |
| 5 | Consumer Discretionary | 1.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SJT
26
San Juan Basin Royalty Trust
SJT
$127M
| $33.6M | 0.36% |
6,978,841
+747,697
| +12% | +$4.1M |
|
27
iShares Bitcoin Trust
IBIT
$57.7B
| $30.5M | 0.33% |
793,343
-3,520
| -0.4% | -$152K |
|
|
SII
28
Sprott
SII
$3.41B
| $29.6M | 0.32% |
206,997
-7,629
| -4% | -$1.02M |
|
29
White Mountains Insurance
WTM
$5.04B
| $28.8M | 0.31% |
13,112
-9
| -0.1% | -$19.3K |
|
|
MRSH
30
Marsh
MRSH
$91.6B
| $26.3M | 0.28% |
151,341
-5,344
| -3% | -$961K |
|
31
Carnival Corporation Ltd
CCL
$35.2B
| $24.8M | 0.27% |
957,653
+105
| +0% | +$3.06K |
|
32
Live Nation Entertainment
LYV
$42.4B
| $24M | 0.26% |
157,169
-12,715
| -7% | -$1.93M |
|
33
Dorchester Minerals
DMLP
$1.42B
| $23.3M | 0.25% |
860,226
-15,436
| -2% | -$393K |
|
|
GLXY
34
Galaxy Digital Inc
GLXY
$4.59B
| $23.1M | 0.25% |
1,250,969
+1,415
| +0.1% | +$33.6K |
|
35
Penske Automotive Group
PAG
$14.2B
| $21.3M | 0.23% |
142,507
-27,367
| -16% | -$4.33M |
|
36
Berkshire Hathaway Class B
BRK.B
$1.06T
| $18.2M | 0.2% |
38,033
+45
| +0.1% | +$22.1K |
|
|
37
RB Global
RBA
$16.1B
| $17.9M | 0.19% |
186,731
+79,104
| +73% | +$8.39M |
|
38
Strategy Inc
MSTR
$47.4B
| $17.4M | 0.19% |
139,253
-124
| -0.1% | -$17.7K |
|
39
Oshkosh
OSK
$9.7B
| $17M | 0.18% |
115,789
-404
| -0.3% | -$63K |
|
40
Vanguard Ultra-Short Bond ETF
VUSB
$9.34B
| $16.9M | 0.18% |
339,054
-3,488
| -1% | -$174K |
|
41
Royalty Pharma
RPRX
$27.3B
| $16.3M | 0.18% |
340,783
-12,578
| -4% | -$551K |
|
|
42
DigitalBridge
DBRG
$2.95B
| $14.5M | 0.16% |
939,380
-2,107,153
| -69% | -$32.4M |
|
43
Triple Flag Precious Metals
TFPM
$6.96B
| $14.4M | 0.16% |
413,430
-11,873
| -3% | -$430K |
|
44
Royal Caribbean
RCL
$78.1B
| $14.2M | 0.15% |
51,698
-1,060
| -2% | -$316K |
|
45
Interparfums
IPAR
$3.7B
| $12.6M | 0.14% |
138,333
-225
| -0.2% | -$21.3K |
|
46
Howard Hughes
HHH
$3.97B
| $12.4M | 0.13% |
196,410
-96,950
| -33% | -$7.27M |
|
|
47
Royal Gold
RGLD
$21.9B
| $12M | 0.13% |
47,142
-47,734
| -50% | -$12.7M |
|
48
Williams Companies
WMB
$86.2B
| $10.1M | 0.11% |
138,301
+980
| +0.7% | +$67.9K |
|
49
Mastercard
MA
$509B
| $9.75M | 0.11% |
19,516
-63
| -0.3% | -$33.2K |
|
50
Brookfield Asset Management
BAM
$83.5B
| $8.43M | 0.09% |
189,571
-902
| -0.5% | -$44.1K |
|
Similar funds
Murray Stahl's Q1 2026 Portfolio in Review
As of Q1 2026, Murray Stahl held 367 positions worth $9.23B, up 25% from $7.39B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Murray Stahl's Q1 2026 filing shows 43 new, 88 increased, 152 reduced and 14 closed positions. Its largest new stake was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M. The largest sale was Texas Pacific Land, an estimated $137M.
By sector, the portfolio is most concentrated in Energy at 64% of assets, up from 52% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2026 buy was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M.
- Murray Stahl added most to Miami International Holdings in Q1 2026, an estimated $67.2M increase.
- Murray Stahl's biggest Q1 2026 reduction was Texas Pacific Land, cutting an estimated $137M.
- Murray Stahl fully exited PotlatchDeltic in Q1 2026, selling an estimated $933K.
- Murray Stahl's ten largest holdings make up 78% of its $9.23B portfolio in Q1 2026.
- Murray Stahl opened 43 new positions and closed 14 in Q1 2026.
- Murray Stahl's portfolio value rose 25% quarter-over-quarter to $9.23B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2026, filed 15 May 2026.