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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 | |
|---|---|---|---|---|---|---|---|
51
Mastercard
MA
$555B
| $9.08M | 0.1% |
17,681
-1,835
| -9% | -$915K |
2019 Q1
29 quarters
|
|
52
AllianceBernstein
AB
$3.24B
| $8.75M | 0.1% |
248,496
+31,049
| +14% | +$1.17M |
2024 Q3
7 quarters
|
|
53
Brookfield Asset Management
BAM
$76.1B
| $8.49M | 0.1% |
189,299
-272
| -0.1% | -$12.8K |
2022 Q4
14 quarters
|
|
54
Sabine Royalty Trust
SBR
$1.05B
| $8.18M | 0.09% |
111,796
+646
| +0.6% | +$48.7K |
2019 Q1
29 quarters
|
|
55
Energy Transfer Partners
ET
$69B
| $7.73M | 0.09% |
404,287
+5,579
| +1% | +$108K |
2019 Q1
29 quarters
|
|
56
Sphere Entertainment
SPHR
$4.01B
| $7.73M | 0.09% |
44,657
-1,595
| -3% | -$222K |
2020 Q2
24 quarters
|
|
57
Fermi Inc
FRMI
$1.7B
| $7.55M | 0.09% |
824,227
+291,801
| +55% | +$1.85M |
2025 Q4
2 quarters
|
|
58
Western Midstream Partners
WES
$18.4B
| $7.54M | 0.09% |
172,227
+2,483
| +1% | +$107K |
2025 Q4
2 quarters
|
|
59
Liberty Media Corporation Series C Common Stock
FWONK
$22.9B
| $7.24M | 0.08% |
76,118
-4,872
| -6% | -$436K |
2019 Q1
29 quarters
|
|
60
Horizon Kinetics SPAC Active ETF
SPAQ
$9.9M
| $6.7M | 0.08% |
71,541
-413
| -0.6% | -$38.2K |
2023 Q1
13 quarters
|
|
61
Alerian MLP ETF
AMLP
$12.6B
| $6.69M | 0.08% |
128,940
+22,420
| +21% | +$1.18M |
2021 Q3
19 quarters
|
|
62
Liberty Energy
LBRT
$2.51B
| $6.15M | 0.07% |
234,806
-53,416
| -19% | -$1.6M |
2023 Q4
10 quarters
|
|
63
KLA
KLAC
$193B
| $5.99M | 0.07% |
19,855
-1,725
| -8% | -$342K |
2019 Q1
29 quarters
|
|
64
Natural Resource Partners
NRP
$1.52B
| $5.91M | 0.07% |
60,951
+3,080
| +5% | +$338K |
2024 Q3
7 quarters
|
|
65
Freeport-McMoran
FCX
$92.8B
| $5.63M | 0.06% |
89,581
-2,300
| -3% | -$148K |
2019 Q1
29 quarters
|
|
66
Saic
SAIC
$6.01B
| $5.63M | 0.06% |
51,007
+426
| +0.8% | +$43.1K |
2019 Q1
29 quarters
|
|
67
Nasdaq
NDAQ
$57.7B
| $5.59M | 0.06% |
70,934
+228
| +0.3% | +$20K |
2019 Q1
29 quarters
|
|
68
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26.4M
| $5.51M | 0.06% |
244,972
+17,207
| +8% | +$394K |
2025 Q2
4 quarters
|
|
69
Horizon Kinetics Blockchain Development ETF
BCDF
$24.3M
| $5.36M | 0.06% |
179,946
+13,891
| +8% | +$442K |
2023 Q4
10 quarters
|
|
70
ExxonMobil
XOM
$733B
| $5.2M | 0.06% |
38,037
-1,655
| -4% | -$248K |
2019 Q1
29 quarters
|
|
71
AbbVie
ABBV
$504B
| $4.75M | 0.05% |
18,887
-322
| -2% | -$69.3K |
2019 Q1
29 quarters
|
|
72
Eli Lilly
LLY
$1.16T
| $4.59M | 0.05% |
3,824
-141
| -4% | -$144K |
2023 Q2
12 quarters
|
|
73
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.54B
| $4.54M | 0.05% |
90,957
-9,395
| -9% | -$489K |
2021 Q1
21 quarters
|
|
74
Vanguard Short-Term Treasury ETF
VGSH
$35.2B
| $4.24M | 0.05% |
72,932
-25,816
| -26% | -$1.5M |
2019 Q1
29 quarters
|
|
75
Caterpillar
CAT
$324B
| $4.19M | 0.05% |
3,931
-186
| -5% | -$163K |
2019 Q1
29 quarters
|
|
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GRQ
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.