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
|
+$67.2M |
| 2 |
Hawaiian Electric Industries
HE
|
+$33.9M |
| 3 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$12M |
| 4 |
RB Global
RBA
|
+$8.39M |
| 5 |
Alpha Architect 1-3 Month Box ETF
BOXX
|
+$5.49M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$137M |
| 2 |
Wheaton Precious Metals
WPM
|
+$102M |
| 3 |
Franco-Nevada
FNV
|
+$52.2M |
| 4 |
DigitalBridge
DBRG
|
+$32.4M |
| 5 |
Royal Gold
RGLD
|
+$12.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 63.78% |
| 2 | Financials | 7.83% |
| 3 | Materials | 6.82% |
| 4 | Utilities | 3.51% |
| 5 | Consumer Discretionary | 1.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Analog Devices
ADI
$182B
| $1.2M | 0.01% |
3,761
-470
| -11% | -$150K |
|
152
Star Bulk Carriers
SBLK
$3.41B
| $1.19M | 0.01% |
51,770
+1,069
| +2% | +$24.3K |
|
153
Atlanta Braves Holdings Series A
BATRA
$3.64B
| $1.19M | 0.01% |
25,208
-160
| -0.6% | -$7.31K |
|
154
Equity Lifestyle Properties
ELS
$12.7B
| $1.18M | 0.01% |
18,955
-6,015
| -24% | -$390K |
|
155
CRA International
CRAI
$1.11B
| $1.13M | 0.01% |
6,995
-606
| -8% | -$109K |
|
|
SEG
156
Seaport Entertainment Group
SEG
$344M
| $1.13M | 0.01% |
52,440
-82
| -0.2% | -$1.71K |
|
157
General Mills
GIS
$21.4B
| $1.12M | 0.01% |
+30,090
| New | +$1.31M |
|
158
ProShares Short VIX Short-Term Futures ETF
SVXY
$251M
| $1.1M | 0.01% |
23,986
+638
| +3% | +$33.1K |
|
159
EOG Resources
EOG
$80.3B
| $1.09M | 0.01% |
7,567
+1,074
| +17% | +$130K |
|
160
Booz Allen Hamilton
BAH
$9.27B
| $1.09M | 0.01% |
13,996
+66
| +0.5% | +$5.56K |
|
161
McDonald's
MCD
$192B
| $1.07M | 0.01% |
3,439
+100
| +3% | +$31.9K |
|
162
AstraZeneca
AZN
$257B
| $1.04M | 0.01% |
5,256
-241
| -4% | -$46.5K |
|
163
Abbott
ABT
$202B
| $982K | 0.01% |
9,566
-485
| -5% | -$54.8K |
|
164
VanEck Oil Services ETF
OIH
$1.95B
| $975K | 0.01% |
2,412
-1,003
| -29% | -$367K |
|
165
CMS Energy
CMS
$21.4B
| $946K | 0.01% |
12,197
| – | – |
|
166
Alphabet (Google) Class C
GOOG
$4.18T
| $945K | 0.01% |
3,295
+37
| +1% | +$11.6K |
|
167
BlackRock MuniYield Quality Fund
MQY
$794M
| $911K | 0.01% |
+82,981
| New | +$957K |
|
168
Nuveen Floating Rate Income Fund
JFR
$1.21B
| $897K | 0.01% |
119,308
| – | – |
|
169
PIMCO Dynamic Income Fund
PDI
$6.98B
| $881K | 0.01% |
51,479
+727
| +1% | +$13.1K |
|
170
Norfolk Southern
NSC
$78.8B
| $870K | 0.01% |
3,033
| – | – |
|
171
IBM
IBM
$222B
| $869K | 0.01% |
3,585
-125
| -3% | -$33.8K |
|
172
Ionis Pharmaceuticals
IONS
$9.93B
| $858K | 0.01% |
11,428
-524
| -4% | -$41.4K |
|
173
Citigroup
C
$221B
| $848K | 0.01% |
7,475
+386
| +5% | +$44K |
|
174
Amgen
AMGN
$238B
| $844K | 0.01% |
2,399
-99
| -4% | -$35.3K |
|
|
175
Alphabet (Google) Class A
GOOGL
$4.22T
| $843K | 0.01% |
2,933
-150
| -5% | -$47.1K |
|
Similar funds
Murray Stahl's Q1 2026 Portfolio in Review
As of Q1 2026, Murray Stahl held 367 positions worth $9.23B, up 25% from $7.39B the previous quarter. Its ten largest holdings account for 78% of the portfolio.
Murray Stahl's Q1 2026 filing shows 43 new, 88 increased, 152 reduced and 14 closed positions. Its largest new stake was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M. The largest sale was Texas Pacific Land, an estimated $137M.
By sector, the portfolio is most concentrated in Energy at 64% of assets, up from 52% a quarter earlier, followed by Financials and Materials.
- Murray Stahl's largest Q1 2026 buy was Alpha Architect 1-3 Month Box ETF: 47,475 shares worth $5.52M.
- Murray Stahl added most to Miami International Holdings in Q1 2026, an estimated $67.2M increase.
- Murray Stahl's biggest Q1 2026 reduction was Texas Pacific Land, cutting an estimated $137M.
- Murray Stahl fully exited PotlatchDeltic in Q1 2026, selling an estimated $933K.
- Murray Stahl's ten largest holdings make up 78% of its $9.23B portfolio in Q1 2026.
- Murray Stahl opened 43 new positions and closed 14 in Q1 2026.
- Murray Stahl's portfolio value rose 25% quarter-over-quarter to $9.23B.
Based on Horizon Kinetics Asset Management's 13F filing for Q1 2026, filed 15 May 2026.