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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
-6.53%
1 Year Est. Return
+23.05%
3 Year Est. Return
+192.13%
5 Year Est. Return
+221.88%
10 Year Est. Return
–
AUM
$7.39B
AUM Growth
-$809M
Cap. Flow
-$167M
Cap. Flow %
-2.26%
Top 10 Hldgs %
73.65%
Holding
339
New
3
Increased
45
Reduced
197
Closed
15

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$19.5M
2
HE icon
Hawaiian Electric Industries
HE
+$13.2M
3
TFPM icon
Triple Flag Precious Metals
TFPM
+$12.5M
4
WBI
WaterBridge Infrastructure LLC
WBI
+$11.2M
5
RGLD icon
Royal Gold
RGLD
+$6.16M

Top Sells

Rank Stock Value
1
TPL icon
Texas Pacific Land
TPL
+$55.1M
2
BN icon
Brookfield
BN
+$40.6M
3
WPM icon
Wheaton Precious Metals
WPM
+$32M
4
AC
Associated Capital Group
AC
+$27M
5
WFG icon
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
MPC icon
176
Marathon Petroleum
MPC
$101B
$857K 0.01%
5,270
– –
CMS icon
177
CMS Energy
CMS
$21.4B
$853K 0.01%
12,197
– –
GS icon
178
Goldman Sachs
GS
$303B
$838K 0.01%
953
-187
-16% -$153K
C icon
179
Citigroup
C
$221B
$827K 0.01%
7,089
– –
TEF
180
DELISTED
Telefonica
TEF
$822K 0.01%
203,058
-11,338
-5% -$51.1K
AMGN icon
181
Amgen
AMGN
$238B
$818K 0.01%
2,498
-99
-4% -$31.4K
PFL
182
PIMCO Income Strategy Fund
PFL
$379M
$786K 0.01%
93,252
-315
-0.3% -$2.66K
NVO
183
Novo Nordisk
NVO
$207B
$781K 0.01%
15,350
– –
NEM icon
184
Newmont
NEM
$139B
$780K 0.01%
7,813
-253
-3% -$22.9K
SAN icon
185
Banco Santander
SAN
$212B
$763K 0.01%
65,060
-33
-0.1% -$350
VXX icon
186
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
$758K 0.01%
10,100
– –
BRK.A icon
187
Berkshire Hathaway Class A
BRK.A
$1.06T
$755K 0.01%
1
– –
GDX icon
188
VanEck Gold Miners ETF
GDX
$31.8B
$744K 0.01%
8,673
-381
-4% -$30.1K
FRA icon
189
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
$698K 0.01%
59,291
– –
IAU icon
190
iShares Gold Trust
IAU
$68.4B
$695K 0.01%
8,566
-124
-1% -$9.7K
EOG icon
191
EOG Resources
EOG
$80.3B
$682K 0.01%
6,493
+275
+4% +$29.5K
RSP icon
192
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$653K 0.01%
3,411
+872
+34% +$166K
MVF
193
DELISTED
BlackRock MuniVest Fund
MVF
$645K 0.01%
93,068
– –
STZ icon
194
Constellation Brands
STZ
$23.2B
$645K 0.01%
4,673
+356
+8% +$48.8K
EBAY icon
195
eBay
EBAY
$46.3B
$640K 0.01%
7,347
-237
-3% -$20.5K
AMG icon
196
Affiliated Managers Group
AMG
$9.21B
$633K 0.01%
2,195
+217
+11% +$56.1K
ALKS icon
197
Alkermes
ALKS
$8.11B
$617K 0.01%
22,066
-967
-4% -$29K
LIN icon
198
Linde
LIN
$225B
$614K 0.01%
1,440
+40
+3% +$17.1K
URI icon
199
United Rentals
URI
$68.4B
$612K 0.01%
756
– –
JPM icon
200
JPMorgan Chase
JPM
$935B
$609K 0.01%
1,891
-134
-7% -$41.5K
6 7
8
9 10

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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.