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
|
+$196M |
| 2 |
BTC
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$97.3M |
| 3 |
WHK
WhiteHawk Minerals Corp
WHK
|
+$42.1M |
| 4 |
EROK
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
|
+$9.71M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.72% |
| 2 | Financials | 9.51% |
| 3 | Materials | 6.09% |
| 4 | Utilities | 3.5% |
| 5 | Consumer Discretionary | 2.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Microsoft
MSFT
$3.59T
| $2.57M | 0.03% |
6,894
-30
| -0.4% | -$12.1K |
|
102
Bristol-Myers Squibb
BMY
$137B
| $2.57M | 0.03% |
44,552
-154
| -0.3% | -$8.84K |
|
103
Eagle Materials
EXP
$6.35B
| $2.4M | 0.03% |
10,684
-6,181
| -37% | -$1.29M |
|
104
Emerson Electric
EMR
$87.7B
| $2.38M | 0.03% |
16,592
| – | – |
|
105
GE Aerospace
GE
$361B
| $2.37M | 0.03% |
6,354
-64
| -1% | -$20K |
|
106
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $2.36M | 0.03% |
45,441
-490
| -1% | -$24K |
|
107
Plains All American Pipeline
PAA
$17.4B
| $2.34M | 0.03% |
105,324
+15,115
| +17% | +$336K |
|
108
Chevron
CVX
$403B
| $2.29M | 0.03% |
13,800
-218
| -2% | -$40.6K |
|
109
RTX Corp
RTX
$283B
| $2.26M | 0.03% |
11,895
| – | – |
|
110
Iron Mountain
IRM
$36.3B
| $2.25M | 0.03% |
17,845
-560
| -3% | -$68.7K |
|
111
EQT Corp
EQT
$33.6B
| $2.19M | 0.02% |
41,270
-1,251
| -3% | -$70.2K |
|
112
Archer Daniels Midland
ADM
$38.7B
| $2.19M | 0.02% |
28,642
-30,670
| -52% | -$2.33M |
|
113
Bakkt Inc
BKKT
$387M
| $2.19M | 0.02% |
279,964
-36,574
| -12% | -$328K |
|
114
Fidelity National Financial
FNF
$12.7B
| $2.13M | 0.02% |
45,271
+793
| +2% | +$38.4K |
|
115
Black Stone Minerals
BSM
$3.17B
| $2.11M | 0.02% |
151,238
| – | – |
|
|
RMT
116
Royce Micro-Cap Trust
RMT
$768M
| $1.97M | 0.02% |
134,738
+1,930
| +1% | +$25.9K |
|
117
Rockwell Automation
ROK
$48.5B
| $1.93M | 0.02% |
3,895
| – | – |
|
118
Sonoco
SON
$5.88B
| $1.88M | 0.02% |
33,430
+2,200
| +7% | +$113K |
|
119
Las Vegas Sands
LVS
$30.5B
| $1.85M | 0.02% |
40,107
+100
| +0.2% | +$5.19K |
|
|
AMRZ
120
Amrize Ltd
AMRZ
$25B
| $1.84M | 0.02% |
+34,573
| New | +$1.87M |
|
121
Apple
AAPL
$4.51T
| $1.83M | 0.02% |
6,323
-104
| -2% | -$29.7K |
|
122
Vanguard S&P 500 ETF
VOO
$1.02T
| $1.79M | 0.02% |
2,599
-345
| -12% | -$230K |
|
123
Pfizer
PFE
$160B
| $1.68M | 0.02% |
69,662
+712
| +1% | +$18.6K |
|
124
GE Vernova
GEV
$255B
| $1.67M | 0.02% |
1,423
-16
| -1% | -$16.3K |
|
125
Novartis
NVS
$302B
| $1.66M | 0.02% |
10,588
-403
| -4% | -$60.4K |
|
Similar funds
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 Financials and Materials.
- 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.