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 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$149M |
| 2 |
MIAX
Miami International Holdings
MIAX
|
+$50.6M |
| 3 |
CME Group
CME
|
+$40.6M |
| 4 |
Brookfield
BN
|
+$31.7M |
| 5 |
Hawaiian Electric Industries
HE
|
+$22.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$68.8M |
| 2 |
ARIS
Aris Water Solutions
ARIS
|
+$43.4M |
| 3 |
Grayscale Bitcoin Trust
GBTC
|
+$33.3M |
| 4 |
Archer Daniels Midland
ADM
|
+$25.7M |
| 5 |
SAND
Sandstorm Gold
SAND
|
+$25.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.1% |
| 2 | Materials | 9.34% |
| 3 | Financials | 8.71% |
| 4 | Consumer Discretionary | 2.59% |
| 5 | Utilities | 2.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Microsoft
MSFT
$3.59T
| $3.88M | 0.05% |
7,482
-4,369
| -37% | -$2.23M |
|
77
Freeport-McMoran
FCX
$110B
| $3.82M | 0.05% |
97,381
-45,466
| -32% | -$1.97M |
|
78
Liberty Media Series A
FWONA
$24.2B
| $3.6M | 0.04% |
37,756
-2,480
| -6% | -$226K |
|
79
Broadridge
BR
$20.8B
| $3.58M | 0.04% |
15,048
+7,287
| +94% | +$1.81M |
|
80
KLA
KLAC
$240B
| $3.51M | 0.04% |
32,510
-15,250
| -32% | -$1.42M |
|
81
Philip Morris
PM
$293B
| $3.41M | 0.04% |
21,014
-14,200
| -40% | -$2.39M |
|
82
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
| $3.39M | 0.04% |
297,264
-42,201
| -12% | -$464K |
|
83
Eli Lilly
LLY
$1.12T
| $3.24M | 0.04% |
4,247
+141
| +3% | +$105K |
|
84
FitLife Brands
FTLF
$94.1M
| $3.07M | 0.04% |
154,456
| – | – |
|
85
Sphere Entertainment
SPHR
$5.69B
| $3.07M | 0.04% |
49,391
-4,434
| -8% | -$209K |
|
86
Nutrien
NTR
$35.9B
| $3.05M | 0.04% |
51,926
-14,319
| -22% | -$835K |
|
87
Johnson & Johnson
JNJ
$651B
| $3M | 0.04% |
16,180
-3,122
| -16% | -$535K |
|
88
L3Harris
LHX
$49.7B
| $3M | 0.04% |
9,808
-6,242
| -39% | -$1.71M |
|
|
TPH
89
DELISTED
Tri Pointe Homes
TPH
| $2.92M | 0.04% |
85,962
-200
| -0.2% | -$6.81K |
|
90
Alerian MLP ETF
AMLP
$13.2B
| $2.8M | 0.03% |
59,674
-1,683
| -3% | -$81.4K |
|
91
WisdomTree
WT
$3.56B
| $2.79M | 0.03% |
201,038
+2,266
| +1% | +$30.3K |
|
92
Cisco
CSCO
$438B
| $2.78M | 0.03% |
40,691
-15,950
| -28% | -$1.09M |
|
93
Fidelity National Financial
FNF
$12.7B
| $2.74M | 0.03% |
45,221
-13,240
| -23% | -$769K |
|
94
Costamare
CMRE
$1.89B
| $2.7M | 0.03% |
227,100
-104,000
| -31% | -$1.14M |
|
95
Altria Group
MO
$110B
| $2.69M | 0.03% |
40,657
-22,490
| -36% | -$1.42M |
|
96
Suncor Energy
SU
$80B
| $2.59M | 0.03% |
61,944
-16,000
| -21% | -$642K |
|
97
Natural Resource Partners
NRP
$1.4B
| $2.58M | 0.03% |
24,580
+5,457
| +29% | +$556K |
|
|
MTA
98
Metalla Royalty & Streaming
MTA
$1.04B
| $2.57M | 0.03% |
404,397
-1,033
| -0.3% | -$4.9K |
|
99
Resideo Technologies
REZI
$3.08B
| $2.56M | 0.03% |
59,196
-13,066
| -18% | -$408K |
|
100
Equity Lifestyle Properties
ELS
$12.7B
| $2.5M | 0.03% |
41,170
-55,958
| -58% | -$3.4M |
|
Similar funds
Murray Stahl's Q3 2025 Portfolio in Review
As of Q3 2025, Murray Stahl held 362 positions worth $8.2B, down 2.7% from $8.43B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Murray Stahl's Q3 2025 filing shows 10 new, 52 increased, 236 reduced and 26 closed positions. Its largest new stake was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M. The largest sale was Texas Pacific Land, an estimated $68.8M.
By sector, the portfolio is most concentrated in Energy at 51% of assets, down from 54% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q3 2025 buy was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M.
- Murray Stahl added most to CME Group in Q3 2025, an estimated $40.6M increase.
- Murray Stahl's biggest Q3 2025 reduction was Texas Pacific Land, cutting an estimated $68.8M.
- Murray Stahl fully exited Sitio Royalties in Q3 2025, selling an estimated $16.9M.
- Murray Stahl's ten largest holdings make up 75% of its $8.2B portfolio in Q3 2025.
- Murray Stahl opened 10 new positions and closed 26 in Q3 2025.
- Murray Stahl's portfolio value fell 2.7% quarter-over-quarter to $8.2B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.