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 | |
|---|---|---|---|---|---|---|
126
Charles River Laboratories
CRL
$14.1B
| $1.61M | 0.02% |
7,103
-5,089
| -42% | -$906K |
|
127
Visa
V
$693B
| $1.6M | 0.02% |
4,666
| – | – |
|
128
Resideo Technologies
REZI
$3.08B
| $1.6M | 0.02% |
51,396
+500
| +1% | +$17.2K |
|
129
FitLife Brands
FTLF
$94.1M
| $1.6M | 0.02% |
145,000
-9,456
| -6% | -$95.5K |
|
130
iShares Silver Trust
SLV
$33.8B
| $1.59M | 0.02% |
29,765
-90
| -0.3% | -$5.97K |
|
131
W.P. Carey
WPC
$16.2B
| $1.57M | 0.02% |
22,000
| – | – |
|
132
Rio Tinto
RIO
$171B
| $1.54M | 0.02% |
16,226
-70
| -0.4% | -$7.1K |
|
133
BlackRock MuniYield Quality Fund III
MYI
$711M
| $1.52M | 0.02% |
136,538
-71,456
| -34% | -$779K |
|
|
BNY
134
Bank of New York Mellon
BNY
$108B
| $1.49M | 0.02% |
10,308
| – | – |
|
135
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
$883M
| $1.48M | 0.02% |
138,453
| – | – |
|
136
Analog Devices
ADI
$182B
| $1.44M | 0.02% |
3,626
-135
| -4% | -$53.4K |
|
137
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $1.4M | 0.02% |
24,836
-372
| -1% | -$19.8K |
|
138
NVIDIA
NVDA
$5.2T
| $1.38M | 0.02% |
6,920
-90
| -1% | -$18.5K |
|
139
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $1.37M | 0.02% |
23,986
| – | – |
|
|
PFN
140
PIMCO Income Strategy Fund II
PFN
$687M
| $1.37M | 0.02% |
191,463
| – | – |
|
141
SPDR Gold Trust
GLD
$152B
| $1.34M | 0.02% |
3,650
-213
| -6% | -$88.2K |
|
142
Marathon Petroleum
MPC
$101B
| $1.33M | 0.02% |
5,202
| – | – |
|
|
BNT
143
Brookfield Wealth Solutions
BNT
$12.4B
| $1.31M | 0.01% |
30,730
-7
| -0% | -$314 |
|
144
Star Bulk Carriers
SBLK
$3.41B
| $1.3M | 0.01% |
52,066
+296
| +0.6% | +$7.65K |
|
145
Nuveen Quality Municipal Income Fund
NAD
$2.73B
| $1.28M | 0.01% |
105,829
-56,594
| -35% | -$668K |
|
146
GSK
GSK
$105B
| $1.26M | 0.01% |
24,046
-373
| -2% | -$19.7K |
|
147
Verisk Analytics
VRSK
$24.4B
| $1.26M | 0.01% |
7,000
| – | – |
|
148
Kinder Morgan
KMI
$69B
| $1.22M | 0.01% |
38,312
-670
| -2% | -$21.6K |
|
149
Vanguard Extended Market ETF
VXF
$31.7B
| $1.21M | 0.01% |
4,932
-1,114
| -18% | -$255K |
|
150
S&P Global
SPGI
$127B
| $1.21M | 0.01% |
2,970
-780
| -21% | -$329K |
|
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.