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Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
1-Year Est. Return 23.05%
 

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.

This Fund
S&P 500
This Quarter Est. Return
-1.05%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.43B
AUM Growth
-$382M
Cap. Flow
+$187M
Cap. Flow %
2.22%
Top 10 Hldgs %
77.21%
Holding
363
New
17
Increased
101
Reduced
145
Closed
11

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$112M
2
HE icon
Hawaiian Electric Industries
HE
+$37.8M
3
GLXY
Galaxy Digital Inc
GLXY
+$27.7M
4
PBT
Permian Basin Royalty Trust
PBT
+$18.1M
5
ARIS
Aris Water Solutions
ARIS
+$15.6M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$21.5M
2
CACI icon
CACI
CACI
+$12.4M
3
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$11.3M
4
MSTR icon
Strategy Inc
MSTR
+$5.83M
5
AN icon
AutoNation
AN
+$3.38M

Sector Composition

Rank Sector Weight
1 Energy 54.42%
2 Materials 7.69%
3 Financials 7.42%
4 Utilities 2.67%
5 Consumer Discretionary 2.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KMI icon
126
Kinder Morgan
KMI
$69B
$1.93M 0.02%
65,644
-38,764
-37% -$1.06M
TEF
127
DELISTED
Telefonica
TEF
$1.92M 0.02%
367,796
-22,782
-6% -$114K
PFN
128
PIMCO Income Strategy Fund II
PFN
$687M
$1.9M 0.02%
256,466
-861
-0.3% -$6.22K
BR icon
129
Broadridge
BR
$20.8B
$1.89M 0.02%
7,761
+1,162
+18% +$276K
AAPL icon
130
Apple
AAPL
$4.51T
$1.86M 0.02%
9,062
+2,699
+42% +$545K
VOO icon
131
Vanguard S&P 500 ETF
VOO
$1.02T
$1.84M 0.02%
3,247
+60
+2% +$31.5K
NRP icon
132
Natural Resource Partners
NRP
$1.4B
$1.83M 0.02%
19,123
+1,098
+6% +$107K
SON icon
133
Sonoco
SON
$5.88B
$1.8M 0.02%
41,380
-350
-0.8% -$15.7K
V icon
134
Visa
V
$693B
$1.77M 0.02%
4,979
+440
+10% +$153K
LBRT icon
135
Liberty Energy
LBRT
$3.16B
$1.72M 0.02%
149,428
-9,486
-6% -$115K
ARLP icon
136
Alliance Resource Partners
ARLP
$3.38B
$1.68M 0.02%
64,281
+4,889
+8% +$128K
GE icon
137
GE Aerospace
GE
$361B
$1.67M 0.02%
6,497
– –
PDI icon
138
PIMCO Dynamic Income Fund
PDI
$6.98B
$1.63M 0.02%
85,863
-515
-0.6% -$9.58K
REZI icon
139
Resideo Technologies
REZI
$3.08B
$1.59M 0.02%
72,262
-6,000
-8% -$114K
MTA
140
Metalla Royalty & Streaming
MTA
$1.04B
$1.56M 0.02%
405,430
+3,889
+1% +$12.4K
CSW
141
CSW Industrials
CSW
$5.38B
$1.55M 0.02%
5,400
– –
BAH icon
142
Booz Allen Hamilton
BAH
$9.27B
$1.53M 0.02%
14,692
-10
-0.1% -$1.12K
SEE
143
DELISTED
Sealed Air
SEE
$1.53M 0.02%
49,150
+1,600
+3% +$47.6K
RIO icon
144
Rio Tinto
RIO
$171B
$1.5M 0.02%
25,666
-300
-1% -$17.7K
NVS icon
145
Novartis
NVS
$302B
$1.47M 0.02%
12,144
-403
-3% -$45.4K
MSGE icon
146
Madison Square Garden
MSGE
$3.78B
$1.45M 0.02%
36,352
-8,153
-18% -$288K
MMM icon
147
3M
MMM
$92.3B
$1.44M 0.02%
9,475
– –
GSK icon
148
GSK
GSK
$105B
$1.44M 0.02%
37,392
-1,273
-3% -$48.6K
ABT icon
149
Abbott
ABT
$202B
$1.42M 0.02%
10,459
+418
+4% +$55.1K
VXX icon
150
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
$1.41M 0.02%
10,100
+100
+1% +$5.88K
4 5
6
7 8

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Murray Stahl's Q2 2025 Portfolio in Review

As of Q2 2025, Murray Stahl held 363 positions worth $8.43B, down 4.3% from $8.81B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Murray Stahl's Q2 2025 filing shows 17 new, 101 increased, 145 reduced and 11 closed positions. Its largest new stake was Cheniere Energy: 484,912 shares worth $118M. The largest sale was Texas Pacific Land, an estimated $21.5M.

By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 63% a quarter earlier, followed by Materials and Financials.

  • Murray Stahl's largest Q2 2025 buy was Cheniere Energy: 484,912 shares worth $118M.
  • Murray Stahl added most to Hawaiian Electric Industries in Q2 2025, an estimated $37.8M increase.
  • Murray Stahl's biggest Q2 2025 reduction was Texas Pacific Land, cutting an estimated $21.5M.
  • Murray Stahl fully exited iShares Russell 2000 ETF in Q2 2025, selling an estimated $590K.
  • Murray Stahl's ten largest holdings make up 77% of its $8.43B portfolio in Q2 2025.
  • Murray Stahl opened 17 new positions and closed 11 in Q2 2025.
  • Murray Stahl's portfolio value fell 4.3% quarter-over-quarter to $8.43B.

Based on Horizon Kinetics Asset Management's 13F filing for Q2 2025, filed 12 Aug 2025.