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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 | |
|---|---|---|---|---|---|---|---|
201
Blackstone
BX
$94.8B
| $599K | 0.01% |
5,092
| – | – |
2019 Q1
29 quarters
|
|
202
Biogen
BIIB
$37.5B
| $589K | 0.01% |
2,726
-131
| -5% | -$25.1K |
2019 Q1
29 quarters
|
|
203
VanEck Junior Gold Miners ETF
GDXJ
$7.38B
| $543K | 0.01% |
5,531
-25
| -0.4% | -$2.9K |
2020 Q1
25 quarters
|
|
204
Meta Platforms (Facebook)
META
$1.65T
| $543K | 0.01% |
964
+396
| +70% | +$242K |
2023 Q4
10 quarters
|
|
205
Pure Cycle
PCYO
$260M
| $541K | 0.01% |
50,526
-5
| -0% | -$55 |
2025 Q2
4 quarters
|
|
206
Rayonier Advanced Materials
RYAM
$462M
| $538K | 0.01% |
68,500
| – | – |
2019 Q1
29 quarters
|
|
207
Newmont
NEM
$120B
| $523K | 0.01% |
5,600
-821
| -13% | -$89.4K |
2020 Q1
25 quarters
|
|
208
DoubleLine Income Solutions Fund
DSL
$1.12B
| $510K | 0.01% |
46,153
-7,309
| -14% | -$80.1K |
2019 Q1
29 quarters
|
|
209
CRISPR Therapeutics
CRSP
$4.83B
| $510K | 0.01% |
9,353
-443
| -5% | -$23.4K |
2020 Q1
25 quarters
|
|
210
BWX Technologies
BWXT
$11.7B
| $499K | 0.01% |
2,563
-84
| -3% | -$17.5K |
2023 Q2
12 quarters
|
|
211
Constellation Brands
STZ
$23.5B
| $497K | 0.01% |
3,575
-1,098
| -23% | -$163K |
2025 Q3
3 quarters
|
|
212
Horizon Kinetics Texas ETF
TEXX
$2.98M
| $492K | 0.01% |
17,099
+1,362
| +9% | +$38.7K |
2026 Q1
1 quarter
|
|
213
Sprott Physical Gold
PHYS
$14.4B
| $491K | 0.01% |
16,262
| – | – |
2020 Q2
24 quarters
|
|
214
Costamare Bulkers Holdings
CMDB
$485M
| $484K | 0.01% |
27,580
| – | – |
2025 Q2
4 quarters
|
|
215
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$345M
| $483K | 0.01% |
4,305
-1,470
| -25% | -$179K |
2021 Q1
21 quarters
|
|
216
United Parcel Service
UPS
$86.4B
| $479K | 0.01% |
+4,460
| New | +$464K |
2026 Q2
0 quarters
|
|
217
The Zcash ETF
ZCSH
$157M
| $479K | 0.01% |
53,649
+8,130
| +18% | +$72.6K |
2022 Q4
14 quarters
|
|
218
Circle Internet Group
CRCL
$22B
| $478K | 0.01% |
7,636
+704
| +10% | +$68.5K |
2026 Q1
1 quarter
|
|
219
Lennar Class A
LEN
$20.1B
| $478K | 0.01% |
5,284
+370
| +8% | +$33.1K |
2019 Q1
29 quarters
|
|
220
Movado Group
MOV
$720M
| $472K | 0.01% |
12,000
| – | – |
2019 Q1
29 quarters
|
|
221
Mondelez International
MDLZ
$83.2B
| $472K | 0.01% |
8,152
-92
| -1% | -$5.54K |
2019 Q1
29 quarters
|
|
222
Federated Hermes
FHI
$4.31B
| $465K | 0.01% |
8,419
-150
| -2% | -$8.48K |
2023 Q1
13 quarters
|
|
223
Kimbell Royalty Partners
KRP
$1.66B
| $457K | 0.01% |
31,467
-4,873
| -13% | -$72.6K |
2019 Q1
29 quarters
|
|
224
American Express
AXP
$220B
| $442K | 0.01% |
1,306
| – | – |
2025 Q2
4 quarters
|
|
225
3M
MMM
$90.5B
| $437K | 0.01% |
2,700
-2,300
| -46% | -$349K |
2023 Q1
13 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.