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 | |
|---|---|---|---|---|---|---|
176
BlackRock MuniHoldings Fund
MHD
$594M
| $841K | 0.01% |
74,530
+57,733
| +344% | +$679K |
|
177
Danaher
DHR
$154B
| $826K | 0.01% |
4,359
-57
| -1% | -$12.1K |
|
178
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $809K | 0.01% |
1,244
-50
| -4% | -$34K |
|
179
Bank of America
BAC
$431B
| $802K | 0.01% |
16,460
-4,100
| -20% | -$212K |
|
180
Aehr Test Systems
AEHR
$3.32B
| $801K | 0.01% |
21,600
+300
| +1% | +$9.6K |
|
181
Rayonier Advanced Materials
RYAM
$586M
| $758K | 0.01% |
68,500
-26,000
| -28% | -$235K |
|
182
CALL
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| $758K | 0.01% |
10,100
| – | – |
|
183
iShares Gold Trust
IAU
$68.4B
| $755K | 0.01% |
8,566
| – | – |
|
184
Alnylam Pharmaceuticals
ALNY
$31.6B
| $752K | 0.01% |
2,272
-104
| -4% | -$35.4K |
|
185
Alkermes
ALKS
$8.11B
| $746K | 0.01% |
21,099
-967
| -4% | -$30K |
|
|
PFL
186
PIMCO Income Strategy Fund
PFL
$379M
| $746K | 0.01% |
93,252
| – | – |
|
187
3M
MMM
$92.3B
| $726K | 0.01% |
5,000
-700
| -12% | -$111K |
|
188
Berkshire Hathaway Class A
BRK.A
$1.06T
| $718K | 0.01% |
1
| – | – |
|
189
Qualcomm
QCOM
$169B
| $710K | 0.01% |
5,512
-722
| -12% | -$105K |
|
190
Banco Santander
SAN
$212B
| $703K | 0.01% |
62,310
-2,750
| -4% | -$32.8K |
|
191
Constellation Brands
STZ
$23.2B
| $701K | 0.01% |
4,673
| – | – |
|
192
Newmont
NEM
$139B
| $695K | 0.01% |
6,421
-1,392
| -18% | -$160K |
|
193
Linde
LIN
$225B
| $694K | 0.01% |
1,400
-40
| -3% | -$18.9K |
|
194
Loews
L
$22.5B
| $690K | 0.01% |
6,460
+1,000
| +18% | +$107K |
|
195
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
| $672K | 0.01% |
5,775
+85
| +1% | +$8.91K |
|
196
eBay
EBAY
$46.3B
| $669K | 0.01% |
7,347
| – | – |
|
197
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
| $667K | 0.01% |
5,556
-5,065
| -48% | -$662K |
|
|
CRCL
198
Circle Internet Group
CRCL
$22.3B
| $661K | 0.01% |
+6,932
| New | +$588K |
|
199
BlackRock Floating Rate Income Strategies Fund
FRA
$382M
| $653K | 0.01% |
59,291
| – | – |
|
200
Rayonier
RYN
$6.31B
| $630K | 0.01% |
30,536
+14,763
| +94% | +$325K |
|
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.