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 | |
|---|---|---|---|---|---|---|
76
Archer Daniels Midland
ADM
$38.7B
| $3.46M | 0.05% |
60,202
-7,181
| -11% | -$429K |
|
77
Eagle Materials
EXP
$6.35B
| $3.46M | 0.05% |
16,743
-2,023
| -11% | -$446K |
|
78
KLA
KLAC
$240B
| $3.46M | 0.05% |
28,450
-4,060
| -12% | -$476K |
|
79
Nuveen AMT-Free Quality Municipal Income Fund
NEA
$3.39B
| $3.43M | 0.05% |
295,249
-2,015
| -0.7% | -$23.2K |
|
80
Johnson & Johnson
JNJ
$651B
| $3.3M | 0.04% |
15,949
-231
| -1% | -$45.7K |
|
81
Bakkt Inc
BKKT
$387M
| $3.26M | 0.04% |
324,706
-3,823
| -1% | -$84.5K |
|
82
Liberty Media Series A
FWONA
$24.2B
| $3.22M | 0.04% |
36,018
-1,738
| -5% | -$156K |
|
83
Nutrien
NTR
$35.9B
| $3.2M | 0.04% |
51,872
-54
| -0.1% | -$3.18K |
|
84
Philip Morris
PM
$293B
| $3.18M | 0.04% |
19,851
-1,163
| -6% | -$180K |
|
|
MTA
85
Metalla Royalty & Streaming
MTA
$1.04B
| $3.15M | 0.04% |
404,397
| – | – |
|
86
Cisco
CSCO
$438B
| $3M | 0.04% |
38,941
-1,750
| -4% | -$130K |
|
87
Wendy's
WEN
$1.72B
| $3M | 0.04% |
359,896
-106,525
| -23% | -$919K |
|
88
Merck
MRK
$376B
| $2.96M | 0.04% |
28,147
-470
| -2% | -$44.1K |
|
89
Alerian MLP ETF
AMLP
$13.2B
| $2.84M | 0.04% |
60,307
+633
| +1% | +$29.6K |
|
90
L3Harris
LHX
$49.7B
| $2.76M | 0.04% |
9,388
-420
| -4% | -$121K |
|
|
TPH
91
DELISTED
Tri Pointe Homes
TPH
| $2.71M | 0.04% |
85,962
| – | – |
|
92
Caterpillar
CAT
$381B
| $2.64M | 0.04% |
4,617
-565
| -11% | -$314K |
|
93
Natural Resource Partners
NRP
$1.4B
| $2.6M | 0.04% |
24,865
+285
| +1% | +$29.7K |
|
94
Las Vegas Sands
LVS
$30.5B
| $2.56M | 0.03% |
39,260
-2,560
| -6% | -$157K |
|
95
FitLife Brands
FTLF
$94.1M
| $2.51M | 0.03% |
154,456
| – | – |
|
96
Charles River Laboratories
CRL
$14.1B
| $2.51M | 0.03% |
12,580
-329
| -3% | -$59.7K |
|
97
Bristol-Myers Squibb
BMY
$137B
| $2.43M | 0.03% |
45,110
+197
| +0.4% | +$9.48K |
|
98
Suncor Energy
SU
$80B
| $2.43M | 0.03% |
54,777
-7,167
| -12% | -$303K |
|
99
WisdomTree
WT
$3.56B
| $2.42M | 0.03% |
198,477
-2,561
| -1% | -$30.9K |
|
100
Fidelity National Financial
FNF
$12.7B
| $2.39M | 0.03% |
43,740
-1,481
| -3% | -$84.3K |
|
Similar funds
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.