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 | |
|---|---|---|---|---|---|---|
|
SEG
151
Seaport Entertainment Group
SEG
$344M
| $1.13M | 0.01% |
42,503
-9,937
| -19% | -$234K |
|
152
Alphabet (Google) Class C
GOOG
$4.18T
| $1.1M | 0.01% |
3,115
-180
| -5% | -$64.3K |
|
|
GDLC
153
Grayscale CoinDesk Crypto 5 ETF
GDLC
$430M
| $1.08M | 0.01% |
41,029
| – | – |
|
154
Alkermes
ALKS
$8.11B
| $1.05M | 0.01% |
20,132
-967
| -5% | -$37.8K |
|
155
Citigroup
C
$221B
| $1.05M | 0.01% |
7,475
| – | – |
|
156
Redwire
RDW
$3B
| $1.03M | 0.01% |
+84,100
| New | +$1.11M |
|
|
157
Alphabet (Google) Class A
GOOGL
$4.22T
| $1.01M | 0.01% |
2,829
-104
| -4% | -$37.4K |
|
158
IBM
IBM
$222B
| $1M | 0.01% |
3,570
-15
| -0.4% | -$3.78K |
|
159
Norfolk Southern
NSC
$78.8B
| $970K | 0.01% |
3,083
+50
| +2% | +$15.4K |
|
160
BlackRock MuniYield Quality Fund
MQY
$794M
| $955K | 0.01% |
82,345
-636
| -0.8% | -$7.24K |
|
161
AstraZeneca
AZN
$257B
| $951K | 0.01% |
5,015
-241
| -5% | -$45.3K |
|
162
EOG Resources
EOG
$80.3B
| $946K | 0.01% |
7,291
-276
| -4% | -$37.6K |
|
163
CMS Energy
CMS
$21.4B
| $933K | 0.01% |
12,197
| – | – |
|
164
McDonald's
MCD
$192B
| $930K | 0.01% |
3,439
| – | – |
|
165
Nuveen Floating Rate Income Fund
JFR
$1.21B
| $909K | 0.01% |
118,450
-858
| -0.7% | -$6.49K |
|
166
Wendy's
WEN
$1.72B
| $902K | 0.01% |
108,803
-160,374
| -60% | -$1.15M |
|
167
VanEck Oil Services ETF
OIH
$1.95B
| $897K | 0.01% |
2,412
| – | – |
|
168
Bank of America
BAC
$431B
| $897K | 0.01% |
15,735
-725
| -4% | -$38.6K |
|
169
Qualcomm
QCOM
$169B
| $883K | 0.01% |
4,777
-735
| -13% | -$137K |
|
170
Abbott
ABT
$202B
| $882K | 0.01% |
9,716
+150
| +2% | +$13.7K |
|
171
Ionis Pharmaceuticals
IONS
$9.93B
| $865K | 0.01% |
10,904
-524
| -5% | -$39.4K |
|
172
United Rentals
URI
$68.4B
| $856K | 0.01% |
756
| – | – |
|
173
Hubbell
HUBB
$24.8B
| $855K | 0.01% |
1,635
-1,897
| -54% | -$958K |
|
174
Booz Allen Hamilton
BAH
$9.27B
| $854K | 0.01% |
14,071
+75
| +0.5% | +$5.73K |
|
175
PIMCO Dynamic Income Fund
PDI
$6.98B
| $852K | 0.01% |
51,039
-440
| -0.9% | -$7.48K |
|
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.