We are live on ! Find out more
MS

Murray Stahl Horizon Kinetics Asset Management

AUM $8.82B
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
Cap. Flow
+$182M
Cap. Flow %
2.06%
Top 10 Hldgs %
77.52%
Holding
371
New
18
Increased
65
Reduced
167
Closed
20

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
ICE icon
Intercontinental Exchange
ICE
+$21.9M

Top Sells

Rank Stock Value
1
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$104M
2
TPL icon
Texas Pacific Land
TPL
+$86.1M
3
DBRG icon
DigitalBridge
DBRG
+$14.5M
4
CCL icon
Carnival Corporation Ltd
CCL
+$14.5M
5
WPM icon
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
SPY icon
176
State Street SPDR S&P 500 ETF Trust
SPY
$809B
$852K 0.01%
1,141
-103
-8% -$74.7K
KMB icon
177
Kimberly-Clark
KMB
$36.4B
$838K 0.01%
+7,636
New +$757K
AMGN icon
178
Amgen
AMGN
$238B
$833K 0.01%
2,300
-99
-4% -$33.9K
SAN icon
179
Banco Santander
SAN
$212B
$832K 0.01%
60,310
-2,000
-3% -$24.8K
DHR icon
180
Danaher
DHR
$154B
$825K 0.01%
4,331
-28
-0.6% -$5.08K
ELS icon
181
Equity Lifestyle Properties
ELS
$12.7B
$764K 0.01%
11,850
-7,105
-37% -$449K
GIS icon
182
General Mills
GIS
$21.4B
$754K 0.01%
21,660
-8,430
-28% -$291K
BRK.A icon
183
Berkshire Hathaway Class A
BRK.A
$1.06T
$749K 0.01%
1
– –
SIRI icon
184
SiriusXM
SIRI
$9.67B
$744K 0.01%
25,196
-612
-2% -$16.4K
NVO
185
Novo Nordisk
NVO
$207B
$736K 0.01%
15,350
– –
HON icon
186
Honeywell
HON
$68.4B
$736K 0.01%
3,286
-3,290
-50% -$734K
PFL
187
PIMCO Income Strategy Fund
PFL
$379M
$735K 0.01%
93,252
– –
LIN icon
188
Linde
LIN
$225B
$727K 0.01%
1,400
– –
HONA
189
Honeywell Aerospace
HONA
$52.2B
$726K 0.01%
+3,286
New +$725K
UNH icon
190
UnitedHealth
UNH
$350B
$725K 0.01%
1,745
+50
+3% +$18.5K
AEHR icon
191
Aehr Test Systems
AEHR
$3.32B
$699K 0.01%
7,280
-14,320
-66% -$1.31M
VMI icon
192
Valmont Industries
VMI
$9.38B
$694K 0.01%
1,201
– –
AMG icon
193
Affiliated Managers Group
AMG
$9.21B
$676K 0.01%
1,998
– –
RSP icon
194
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$666K 0.01%
3,131
+13
+0.4% +$2.66K
ALNY icon
195
Alnylam Pharmaceuticals
ALNY
$31.6B
$653K 0.01%
2,168
-104
-5% -$31.4K
FRA icon
196
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$652K 0.01%
59,291
– –
IAU icon
197
iShares Gold Trust
IAU
$68.4B
$647K 0.01%
8,566
– –
RQI icon
198
Cohen & Steers Quality Income Realty Fund
RQI
$1.67B
$616K 0.01%
50,033
– –
DGX icon
199
Quest Diagnostics
DGX
$27B
$615K 0.01%
2,900
– –
GS icon
200
Goldman Sachs
GS
$303B
$605K 0.01%
598
-25
-4% -$24.4K
6 7
8
9 10

Similar funds

MT
Midwest Trust Overland Park, Kansas $8.83B AUM 27.45% 1-Year Est. Return
ASN
Advisory Services Network Atlanta, Georgia $8.83B AUM 38.5% 1-Year Est. Return
VT
Vise Technologies New York $8.83B AUM 27.11% 1-Year Est. Return
LGF
LGT Group Foundation Vaduz, Liechtenstein $8.84B AUM 31.56% 1-Year Est. Return
WJWM
Williams Jones Wealth Management New York $8.86B AUM 22.16% 1-Year Est. Return
IMRF
Illinois Municipal Retirement Fund Oak Brook, Illinois $8.87B AUM 36.45% 1-Year Est. Return
AMH
Aspex Management (HK) Central, Hong Kong $8.89B AUM 39.91% 1-Year Est. Return
GRQ
Gardner Russo & Quinn Lancaster, Pennsylvania $8.93B AUM 6.76% 1-Year Est. Return

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.