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 | |
|---|---|---|---|---|---|---|
51
Liberty Media Series C
FWONK
$26.3B
| $8.04M | 0.11% |
81,617
-2,728
| -3% | -$268K |
|
|
SBR
52
Sabine Royalty Trust
SBR
$1.08B
| $7.51M | 0.1% |
109,487
+77
| +0.1% | +$5.59K |
|
53
AllianceBernstein
AB
$3.37B
| $7.46M | 0.1% |
193,741
+5,485
| +3% | +$217K |
|
54
Nasdaq
NDAQ
$54.9B
| $6.88M | 0.09% |
70,822
+852
| +1% | +$76.6K |
|
55
Horizon Kinetics SPAC Active ETF
SPAQ
$10M
| $6.52M | 0.09% |
71,954
-4,950
| -6% | -$519K |
|
56
Vanguard Short-Term Treasury ETF
VGSH
$30.2B
| $6.47M | 0.09% |
110,086
-14,910
| -12% | -$876K |
|
57
Liberty Energy
LBRT
$3.16B
| $6.33M | 0.09% |
342,711
-4,115
| -1% | -$68.8K |
|
58
Madison Square Garden
MSGS
$9.78B
| $6.04M | 0.08% |
23,344
-380
| -2% | -$86.5K |
|
59
Energy Transfer Partners
ET
$73B
| $5.93M | 0.08% |
359,648
-9,887
| -3% | -$165K |
|
60
Vanguard Extended Market ETF
VXF
$31.7B
| $5.41M | 0.07% |
25,889
+20,277
| +361% | +$4.26M |
|
61
Saic
SAIC
$5.41B
| $5.3M | 0.07% |
52,662
-476
| -0.9% | -$45.5K |
|
62
Western Midstream Partners
WES
$20B
| $5.3M | 0.07% |
+134,085
| New | +$5.2M |
|
63
Freeport-McMoran
FCX
$110B
| $4.73M | 0.06% |
93,114
-4,267
| -4% | -$185K |
|
64
Horizon Kinetics Blockchain Development ETF
BCDF
$24.6M
| $4.71M | 0.06% |
156,000
+7,759
| +5% | +$242K |
|
|
JAPN
65
Horizon Kinetics Japan Owner Operator ETF
JAPN
$26M
| $4.69M | 0.06% |
182,317
+12,569
| +7% | +$337K |
|
66
ExxonMobil
XOM
$679B
| $4.64M | 0.06% |
38,580
-7,030
| -15% | -$815K |
|
67
Broadridge
BR
$20.8B
| $4.56M | 0.06% |
20,423
+5,375
| +36% | +$1.23M |
|
68
Markel Group
MKL
$22.2B
| $4.52M | 0.06% |
2,102
-305
| -13% | -$618K |
|
69
Sphere Entertainment
SPHR
$5.69B
| $4.51M | 0.06% |
47,463
-1,928
| -4% | -$147K |
|
70
AbbVie
ABBV
$468B
| $4.46M | 0.06% |
19,541
-812
| -4% | -$185K |
|
71
Eli Lilly
LLY
$1.12T
| $4.41M | 0.06% |
4,106
-141
| -3% | -$135K |
|
72
Horizon Kinetics Inflation Beneficiaries ETF
INFL
$1.64B
| $4.4M | 0.06% |
98,980
-2,319
| -2% | -$102K |
|
73
Enterprise Products Partners
EPD
$82.1B
| $3.59M | 0.05% |
112,063
-15,310
| -12% | -$484K |
|
74
Costamare
CMRE
$1.89B
| $3.5M | 0.05% |
221,950
-5,150
| -2% | -$71.2K |
|
75
Microsoft
MSFT
$3.59T
| $3.49M | 0.05% |
7,208
-274
| -4% | -$137K |
|
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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.