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 | |
|---|---|---|---|---|---|---|
151
Booz Allen Hamilton
BAH
$9.27B
| $1.18M | 0.02% |
13,930
| – | – |
|
152
Analog Devices
ADI
$182B
| $1.15M | 0.02% |
4,231
-470
| -10% | -$118K |
|
153
Bank of America
BAC
$431B
| $1.13M | 0.02% |
20,560
-4,801
| -19% | -$254K |
|
154
BlackRock MuniYield Quality Fund III
MYI
$711M
| $1.11M | 0.02% |
102,099
| – | – |
|
155
IBM
IBM
$222B
| $1.1M | 0.01% |
3,710
-78
| -2% | -$23.4K |
|
156
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $1.08M | 0.01% |
25,368
-46
| -0.2% | -$1.98K |
|
157
Qualcomm
QCOM
$169B
| $1.07M | 0.01% |
6,234
| – | – |
|
|
SEG
158
Seaport Entertainment Group
SEG
$344M
| $1.04M | 0.01% |
52,522
-308
| -0.6% | -$6.9K |
|
159
Alphabet (Google) Class C
GOOG
$4.18T
| $1.02M | 0.01% |
3,258
-43
| -1% | -$12.3K |
|
160
McDonald's
MCD
$192B
| $1.02M | 0.01% |
3,339
| – | – |
|
161
Danaher
DHR
$154B
| $1.01M | 0.01% |
4,416
-81
| -2% | -$17.8K |
|
162
AstraZeneca
AZN
$257B
| $1.01M | 0.01% |
5,497
-241
| -4% | -$42.3K |
|
163
Star Bulk Carriers
SBLK
$3.41B
| $974K | 0.01% |
50,701
-1,222
| -2% | -$22.8K |
|
164
VanEck Oil Services ETF
OIH
$1.95B
| $973K | 0.01% |
3,415
-151
| -4% | -$42.3K |
|
|
165
Alphabet (Google) Class A
GOOGL
$4.22T
| $965K | 0.01% |
3,083
-67
| -2% | -$19.1K |
|
166
Ionis Pharmaceuticals
IONS
$9.93B
| $946K | 0.01% |
11,952
-524
| -4% | -$39.5K |
|
167
Alnylam Pharmaceuticals
ALNY
$31.6B
| $945K | 0.01% |
2,376
-104
| -4% | -$46K |
|
168
GE Vernova
GEV
$255B
| $943K | 0.01% |
1,443
-50
| -3% | -$30.5K |
|
169
Nuveen Floating Rate Income Fund
JFR
$1.21B
| $934K | 0.01% |
119,308
-650
| -0.5% | -$5.13K |
|
|
PCH
170
DELISTED
PotlatchDeltic
PCH
| $933K | 0.01% |
23,457
-2,388
| -9% | -$96.7K |
|
171
3M
MMM
$92.3B
| $913K | 0.01% |
5,700
-100
| -2% | -$16.4K |
|
172
PIMCO Dynamic Income Fund
PDI
$6.98B
| $899K | 0.01% |
50,752
-2,643
| -5% | -$48.5K |
|
173
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $882K | 0.01% |
1,294
| – | – |
|
174
Norfolk Southern
NSC
$78.8B
| $876K | 0.01% |
3,033
-240
| -7% | -$69.4K |
|
|
FRMI
175
Fermi Inc
FRMI
$3.79B
| $870K | 0.01% |
+108,701
| New | +$2.12M |
|
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.