We are live on !
Find out more
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 | |
|---|---|---|---|---|---|---|---|
176
State Street SPDR S&P 500 ETF Trust
SPY
$810B
| $852K | 0.01% |
1,141
-103
| -8% | -$74.7K |
2019 Q1
29 quarters
|
|
177
Kimberly-Clark
KMB
$36.6B
| $838K | 0.01% |
+7,636
| New | +$757K |
2026 Q2
0 quarters
|
|
178
Amgen
AMGN
$237B
| $833K | 0.01% |
2,300
-99
| -4% | -$33.9K |
2019 Q2
28 quarters
|
|
179
Banco Santander
SAN
$186B
| $832K | 0.01% |
60,310
-2,000
| -3% | -$24.8K |
2019 Q1
29 quarters
|
|
180
Danaher
DHR
$162B
| $825K | 0.01% |
4,331
-28
| -0.6% | -$5.08K |
2019 Q1
29 quarters
|
|
181
Equity Lifestyle Properties
ELS
$11.8B
| $764K | 0.01% |
11,850
-7,105
| -37% | -$449K |
2019 Q1
29 quarters
|
|
182
General Mills
GIS
$18.4B
| $754K | 0.01% |
21,660
-8,430
| -28% | -$291K |
2026 Q1
1 quarter
|
|
183
Berkshire Hathaway Class A
BRK.A
$1.16T
| $749K | 0.01% |
1
| – | – |
2019 Q1
29 quarters
|
|
184
SiriusXM
SIRI
$9.31B
| $744K | 0.01% |
25,196
-612
| -2% | -$16.4K |
2024 Q3
7 quarters
|
|
185
Novo Nordisk
NVO
$172B
| $736K | 0.01% |
15,350
| – | – |
2019 Q1
29 quarters
|
|
186
Honeywell
HON
$70.1B
| $736K | 0.01% |
3,286
-3,290
| -50% | -$734K |
2019 Q1
29 quarters
|
|
187
PIMCO Income Strategy Fund
PFL
$333M
| $735K | 0.01% |
93,252
| – | – |
2019 Q1
29 quarters
|
|
188
Linde
LIN
$235B
| $727K | 0.01% |
1,400
| – | – |
2019 Q1
29 quarters
|
|
|
HONA
189
Honeywell Aerospace
HONA
$51.8B
| $726K | 0.01% |
+3,286
| New | +$725K |
2026 Q2
0 quarters
|
|
190
UnitedHealth
UNH
$375B
| $725K | 0.01% |
1,745
+50
| +3% | +$18.5K |
2025 Q3
3 quarters
|
|
191
Aehr Test Systems
AEHR
$1.81B
| $699K | 0.01% |
7,280
-14,320
| -66% | -$1.31M |
2025 Q3
3 quarters
|
|
192
Valmont Industries
VMI
$8.4B
| $694K | 0.01% |
1,201
| – | – |
2019 Q1
29 quarters
|
|
193
Affiliated Managers Group
AMG
$9.9B
| $676K | 0.01% |
1,998
| – | – |
2024 Q3
7 quarters
|
|
194
Invesco S&P 500 Equal Weight ETF
RSP
$100B
| $666K | 0.01% |
3,131
+13
| +0.4% | +$2.66K |
2019 Q1
29 quarters
|
|
195
Alnylam Pharmaceuticals
ALNY
$30B
| $653K | 0.01% |
2,168
-104
| -5% | -$31.4K |
2020 Q2
24 quarters
|
|
196
BlackRock Floating Rate Income Strategies Fund
FRA
$351M
| $652K | 0.01% |
59,291
| – | – |
2019 Q1
29 quarters
|
|
197
iShares Gold Trust
IAU
$59.3B
| $647K | 0.01% |
8,566
| – | – |
2020 Q2
24 quarters
|
|
198
Cohen & Steers Quality Income Realty Fund
RQI
$1.52B
| $616K | 0.01% |
50,033
| – | – |
2019 Q1
29 quarters
|
|
199
Quest Diagnostics
DGX
$26.7B
| $615K | 0.01% |
2,900
| – | – |
2019 Q1
29 quarters
|
|
200
Goldman Sachs
GS
$255B
| $605K | 0.01% |
598
-25
| -4% | -$24.4K |
2020 Q2
24 quarters
|
|
Similar funds
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.