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 | |
|---|---|---|---|---|---|---|
101
RTX Corp
RTX
$283B
| $2.33M | 0.03% |
12,731
-664
| -5% | -$115K |
|
102
S&P Global
SPGI
$127B
| $2.24M | 0.03% |
4,278
-3,834
| -47% | -$1.9M |
|
103
Altria Group
MO
$110B
| $2.23M | 0.03% |
38,607
-2,050
| -5% | -$124K |
|
|
RCG
104
RENN Fund
RCG
$20.5M
| $2.23M | 0.03% |
865,948
+48,404
| +6% | +$126K |
|
105
Emerson Electric
EMR
$87.7B
| $2.22M | 0.03% |
16,742
-700
| -4% | -$92.9K |
|
106
EQT Corp
EQT
$33.6B
| $2.21M | 0.03% |
41,253
+690
| +2% | +$38.8K |
|
107
Toronto Dominion Bank
TD
$194B
| $2.2M | 0.03% |
23,317
-608
| -3% | -$51.3K |
|
108
Apyx Medical
APYX
$131M
| $2.15M | 0.03% |
615,000
| – | – |
|
|
OPLN
109
Openlane
OPLN
$4.08B
| $2.13M | 0.03% |
71,548
-309
| -0.4% | -$8.36K |
|
110
Chevron
CVX
$403B
| $2.03M | 0.03% |
13,328
-513
| -4% | -$78.1K |
|
111
Black Stone Minerals
BSM
$3.17B
| $2.01M | 0.03% |
151,238
-7,400
| -5% | -$99.9K |
|
112
GE Aerospace
GE
$361B
| $1.97M | 0.03% |
6,409
-70
| -1% | -$21.1K |
|
113
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.95M | 0.03% |
161,977
-849
| -0.5% | -$10.1K |
|
114
Madison Square Garden
MSGE
$3.78B
| $1.93M | 0.03% |
35,774
-119
| -0.3% | -$5.72K |
|
115
iShares Silver Trust
SLV
$33.8B
| $1.89M | 0.03% |
29,395
-1,191
| -4% | -$59.6K |
|
116
Apple
AAPL
$4.51T
| $1.89M | 0.03% |
6,939
-408
| -6% | -$110K |
|
117
Resideo Technologies
REZI
$3.08B
| $1.89M | 0.03% |
53,696
-5,500
| -9% | -$204K |
|
118
Vanguard S&P 500 ETF
VOO
$1.02T
| $1.85M | 0.03% |
2,944
+7
| +0.2% | +$4.35K |
|
119
Atlanta Braves Holdings Series B
BATRK
$3.33B
| $1.82M | 0.02% |
46,171
-116
| -0.3% | -$4.59K |
|
120
Vertiv
VRT
$101B
| $1.79M | 0.02% |
11,025
-1,110
| -9% | -$193K |
|
|
GDLC
121
Grayscale CoinDesk Crypto 5 ETF
GDLC
$430M
| $1.7M | 0.02% |
41,029
| – | – |
|
122
Pfizer
PFE
$160B
| $1.69M | 0.02% |
67,671
-3,155
| -4% | -$79.6K |
|
123
Rockwell Automation
ROK
$48.5B
| $1.64M | 0.02% |
4,215
-300
| -7% | -$113K |
|
124
Visa
V
$693B
| $1.64M | 0.02% |
4,666
-107
| -2% | -$36.5K |
|
125
Patterson-UTI
PTEN
$4.71B
| $1.58M | 0.02% |
258,608
-68,700
| -21% | -$410K |
|
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.