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Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
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
Cap. Flow
+$182M
Cap. Flow %
2.06%
Top 10 Hldgs %
77.52%
Holding
371
New
18
Increased
65
Reduced
167
Closed
20

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
ICE icon
Intercontinental Exchange
ICE
+$21.9M

Top Sells

Rank Stock Value
1
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$104M
2
TPL icon
Texas Pacific Land
TPL
+$86.1M
3
DBRG icon
DigitalBridge
DBRG
+$14.5M
4
CCL icon
Carnival Corporation Ltd
CCL
+$14.5M
5
WPM icon
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
MA icon
51
Mastercard
MA
$509B
$9.08M 0.1%
17,681
-1,835
-9% -$915K
AB icon
52
AllianceBernstein
AB
$3.37B
$8.75M 0.1%
248,496
+31,049
+14% +$1.17M
BAM icon
53
Brookfield Asset Management
BAM
$83.5B
$8.49M 0.1%
189,299
-272
-0.1% -$12.8K
SBR
54
Sabine Royalty Trust
SBR
$1.08B
$8.18M 0.09%
111,796
+646
+0.6% +$48.7K
ET icon
55
Energy Transfer Partners
ET
$73B
$7.73M 0.09%
404,287
+5,579
+1% +$108K
SPHR icon
56
Sphere Entertainment
SPHR
$5.69B
$7.73M 0.09%
44,657
-1,595
-3% -$222K
FRMI
57
Fermi Inc
FRMI
$3.79B
$7.55M 0.09%
824,227
+291,801
+55% +$1.85M
WES icon
58
Western Midstream Partners
WES
$20B
$7.54M 0.09%
172,227
+2,483
+1% +$107K
FWONK icon
59
Liberty Media Series C
FWONK
$26.3B
$7.24M 0.08%
76,118
-4,872
-6% -$436K
SPAQ icon
60
Horizon Kinetics SPAC Active ETF
SPAQ
$10M
$6.7M 0.08%
71,541
-413
-0.6% -$38.2K
AMLP icon
61
Alerian MLP ETF
AMLP
$13.2B
$6.69M 0.08%
128,940
+22,420
+21% +$1.18M
LBRT icon
62
Liberty Energy
LBRT
$3.16B
$6.15M 0.07%
234,806
-53,416
-19% -$1.6M
KLAC icon
63
KLA
KLAC
$240B
$5.99M 0.07%
19,855
-1,725
-8% -$342K
NRP icon
64
Natural Resource Partners
NRP
$1.4B
$5.91M 0.07%
60,951
+3,080
+5% +$338K
FCX icon
65
Freeport-McMoran
FCX
$110B
$5.63M 0.06%
89,581
-2,300
-3% -$148K
SAIC icon
66
Saic
SAIC
$5.41B
$5.63M 0.06%
51,007
+426
+0.8% +$43.1K
NDAQ icon
67
Nasdaq
NDAQ
$54.9B
$5.59M 0.06%
70,934
+228
+0.3% +$20K
JAPN
68
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26M
$5.51M 0.06%
244,972
+17,207
+8% +$394K
BCDF icon
69
Horizon Kinetics Blockchain Development ETF
BCDF
$24.6M
$5.36M 0.06%
179,946
+13,891
+8% +$442K
XOM icon
70
ExxonMobil
XOM
$679B
$5.2M 0.06%
38,037
-1,655
-4% -$248K
ABBV icon
71
AbbVie
ABBV
$468B
$4.75M 0.05%
18,887
-322
-2% -$69.3K
LLY icon
72
Eli Lilly
LLY
$1.12T
$4.59M 0.05%
3,824
-141
-4% -$144K
INFL icon
73
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
$4.54M 0.05%
90,957
-9,395
-9% -$489K
VGSH icon
74
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
$4.24M 0.05%
72,932
-25,816
-26% -$1.5M
CAT icon
75
Caterpillar
CAT
$381B
$4.19M 0.05%
3,931
-186
-5% -$163K
1 2
3
4 5

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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 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.