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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 | |
|---|---|---|---|---|---|---|---|
76
Enterprise Products Partners
EPD
$78.9B
| $4.13M | 0.05% |
112,333
-2,487
| -2% | -$93.8K |
2019 Q1
29 quarters
|
|
77
Markel Group
MKL
$23.6B
| $4.03M | 0.05% |
2,064
-38
| -2% | -$71K |
2019 Q1
29 quarters
|
|
78
Cisco
CSCO
$414B
| $4.02M | 0.05% |
34,266
-3,225
| -9% | -$337K |
2019 Q1
29 quarters
|
|
79
Howard Hughes
HHH
$4.15B
| $3.97M | 0.05% |
55,500
-140,910
| -72% | -$9.17M |
2019 Q1
29 quarters
|
|
80
Johnson & Johnson
JNJ
$645B
| $3.94M | 0.04% |
15,508
-201
| -1% | -$46.8K |
2019 Q1
29 quarters
|
|
81
Merck
MRK
$363B
| $3.62M | 0.04% |
28,151
-232
| -0.8% | -$27.2K |
2019 Q1
29 quarters
|
|
82
Philip Morris
PM
$314B
| $3.55M | 0.04% |
19,624
-110
| -0.6% | -$19.1K |
2019 Q1
29 quarters
|
|
83
Vertiv
VRT
$75.3B
| $3.52M | 0.04% |
10,515
-510
| -5% | -$162K |
2024 Q3
7 quarters
|
|
84
Nutrien
NTR
$33B
| $3.18M | 0.04% |
50,527
-697
| -1% | -$48.7K |
2020 Q2
24 quarters
|
|
85
Costamare
CMRE
$1.71B
| $3.12M | 0.04% |
222,350
+500
| +0.2% | +$8.2K |
2019 Q1
29 quarters
|
|
86
Metalla Royalty & Streaming
MTA
$698M
| $3.08M | 0.03% |
404,297
| – | – |
2023 Q1
13 quarters
|
|
87
Suncor Energy
SU
$90.5B
| $3.02M | 0.03% |
56,237
| – | – |
2019 Q1
29 quarters
|
|
88
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.06B
| $2.98M | 0.03% |
254,046
-42,260
| -14% | -$485K |
2019 Q1
29 quarters
|
|
89
Broadridge
BR
$21B
| $2.97M | 0.03% |
21,706
-470
| -2% | -$71K |
2024 Q3
7 quarters
|
|
90
Openlane
OPLN
$4.64B
| $2.93M | 0.03% |
71,030
-313
| -0.4% | -$10.9K |
2020 Q2
24 quarters
|
|
91
Centuri Holdings
CTRI
$1.95B
| $2.9M | 0.03% |
+96,043
| New | +$3.1M |
2026 Q2
0 quarters
|
|
92
Alliance Resource Partners
ARLP
$3.33B
| $2.89M | 0.03% |
120,451
+15,742
| +15% | +$400K |
2024 Q4
6 quarters
|
|
93
Madison Square Garden
MSGE
$3.71B
| $2.83M | 0.03% |
35,041
-690
| -2% | -$47.1K |
2023 Q2
12 quarters
|
|
94
WisdomTree
WT
$3.21B
| $2.81M | 0.03% |
166,115
-1,941
| -1% | -$34.4K |
2023 Q1
13 quarters
|
|
95
Altria Group
MO
$127B
| $2.8M | 0.03% |
38,957
| – | – |
2019 Q1
29 quarters
|
|
96
RENN Fund
RCG
$19.4M
| $2.78M | 0.03% |
929,018
+16,954
| +2% | +$48K |
2020 Q3
23 quarters
|
|
97
Toronto Dominion Bank
TD
$204B
| $2.73M | 0.03% |
22,450
-50
| -0.2% | -$5.47K |
2019 Q1
29 quarters
|
|
98
L3Harris
LHX
$47.3B
| $2.66M | 0.03% |
9,153
| – | – |
2019 Q1
29 quarters
|
|
99
Liberty Media Corporation Series A Common Stock
FWONA
$21B
| $2.66M | 0.03% |
30,336
-3,756
| -11% | -$309K |
2019 Q1
29 quarters
|
|
100
Apyx Medical
APYX
$102M
| $2.63M | 0.03% |
585,000
-30,000
| -5% | -$119K |
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.