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Murray Stahl Horizon Kinetics Asset Management
AUM
$8.82B
Turnover
10.24%
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
-4.52%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$8.82B
AUM Growth
-$412M
(-4.5%)
Cap. Flow
+$183M
Cap. Flow % of AUM
Cap. Flow %
2.07%
Top 10 Holdings %
Top 10 Hldgs %
77.52%
Holding
371
New
18
Increased
65
Reduced
167
Closed
20
Avg Time Held
Equity + Options
4.4
years
Top 10 Avg Time Held
Equity + Options
2.9
years
Top 20 Avg Time Held
Equity + Options
3.9
years
Avg Time Held Equity only
4.5
years
Top 10 Avg Time Held Equity only
2.9
years
Top 20 Avg Time Held Equity only
3.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Miami International Holdings
MIAX
|
+$196M |
| 2 |
Grayscale Bitcoin Mini Trust ETF
BTC
|
+$97.3M |
| 3 |
WhiteHawk Minerals Corp
WHK
|
+$42.1M |
| 4 |
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
|
+$9.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.72% |
| 2 | Miscellaneous | 9.94% |
| 3 | Financials | 9.51% |
| 4 | Materials | 6.09% |
| 5 | Utilities | 3.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
151
Seaport Entertainment Group
SEG
$291M
| $1.13M | 0.01% |
42,503
-9,937
| -19% | -$234K |
2024 Q3
7 quarters
|
|
152
Alphabet (Google) Class C
GOOG
$3.88T
| $1.1M | 0.01% |
3,115
-180
| -5% | -$64.3K |
2019 Q1
29 quarters
|
|
153
Grayscale CoinDesk Crypto 5 ETF
GDLC
$420M
| $1.08M | 0.01% |
41,029
| – | – |
2022 Q4
14 quarters
|
|
154
Alkermes
ALKS
$7.32B
| $1.05M | 0.01% |
20,132
-967
| -5% | -$37.8K |
2019 Q1
29 quarters
|
|
155
Citigroup
C
$202B
| $1.05M | 0.01% |
7,475
| – | – |
2024 Q1
9 quarters
|
|
156
Redwire
RDW
$2.09B
| $1.03M | 0.01% |
+84,100
| New | +$1.11M |
2026 Q2
0 quarters
|
|
157
Alphabet (Google) Class A
GOOGL
$3.92T
| $1.01M | 0.01% |
2,829
-104
| -4% | -$37.4K |
2019 Q1
29 quarters
|
|
158
IBM
IBM
$240B
| $1M | 0.01% |
3,570
-15
| -0.4% | -$3.78K |
2021 Q4
18 quarters
|
|
159
Norfolk Southern
NSC
$74.1B
| $970K | 0.01% |
3,083
+50
| +2% | +$15.4K |
2019 Q1
29 quarters
|
|
160
BlackRock MuniYield Quality Fund
MQY
$1.54B
| $955K | 0.01% |
82,345
-636
| -0.8% | -$7.24K |
2026 Q1
1 quarter
|
|
161
AstraZeneca
AZN
$266B
| $951K | 0.01% |
5,015
-241
| -5% | -$45.3K |
2019 Q1
29 quarters
|
|
162
EOG Resources
EOG
$85.5B
| $946K | 0.01% |
7,291
-276
| -4% | -$37.6K |
2021 Q1
21 quarters
|
|
163
CMS Energy
CMS
$21.8B
| $933K | 0.01% |
12,197
| – | – |
2019 Q1
29 quarters
|
|
164
McDonald's
MCD
$176B
| $930K | 0.01% |
3,439
| – | – |
2019 Q1
29 quarters
|
|
165
Nuveen Floating Rate Income Fund
JFR
$1.15B
| $909K | 0.01% |
118,450
-858
| -0.7% | -$6.49K |
2023 Q3
11 quarters
|
|
166
Wendy's
WEN
$1.19B
| $902K | 0.01% |
108,803
-160,374
| -60% | -$1.15M |
2019 Q1
29 quarters
|
|
167
VanEck Oil Services ETF
OIH
$1.89B
| $897K | 0.01% |
2,412
| – | – |
2020 Q2
24 quarters
|
|
168
Bank of America
BAC
$354B
| $897K | 0.01% |
15,735
-725
| -4% | -$38.6K |
2019 Q1
29 quarters
|
|
169
Qualcomm
QCOM
$188B
| $883K | 0.01% |
4,777
-735
| -13% | -$137K |
2021 Q4
18 quarters
|
|
170
Abbott
ABT
$179B
| $882K | 0.01% |
9,716
+150
| +2% | +$13.7K |
2019 Q1
29 quarters
|
|
171
Ionis Pharmaceuticals
IONS
$7.13B
| $865K | 0.01% |
10,904
-524
| -5% | -$39.4K |
2019 Q1
29 quarters
|
|
172
United Rentals
URI
$68.4B
| $856K | 0.01% |
756
| – | – |
2025 Q1
5 quarters
|
|
173
Hubbell
HUBB
$23.7B
| $855K | 0.01% |
1,635
-1,897
| -54% | -$958K |
2026 Q1
1 quarter
|
|
174
Booz Allen Hamilton
BAH
$9.42B
| $854K | 0.01% |
14,071
+75
| +0.5% | +$5.73K |
2024 Q2
8 quarters
|
|
175
PIMCO Dynamic Income Fund
PDI
$6.82B
| $852K | 0.01% |
51,039
-440
| -0.9% | -$7.48K |
2019 Q1
29 quarters
|
|
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GRQ
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 Miscellaneous and Financials.
- 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.