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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
-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
BX icon
201
Blackstone
BX
$108B
$599K 0.01%
5,092
– –
BIIB icon
202
Biogen
BIIB
$32B
$589K 0.01%
2,726
-131
-5% -$25.1K
GDXJ icon
203
VanEck Junior Gold Miners ETF
GDXJ
$9.69B
$543K 0.01%
5,531
-25
-0.4% -$2.9K
META icon
204
Meta Platforms (Facebook)
META
$1.4T
$543K 0.01%
964
+396
+70% +$242K
PCYO icon
205
Pure Cycle
PCYO
$273M
$541K 0.01%
50,526
-5
-0% -$55
RYAM icon
206
Rayonier Advanced Materials
RYAM
$586M
$538K 0.01%
68,500
– –
NEM icon
207
Newmont
NEM
$139B
$523K 0.01%
5,600
-821
-13% -$89.4K
DSL
208
DoubleLine Income Solutions Fund
DSL
$1.21B
$510K 0.01%
46,153
-7,309
-14% -$80.1K
CRSP icon
209
CRISPR Therapeutics
CRSP
$5.75B
$510K 0.01%
9,353
-443
-5% -$23.4K
BWXT icon
210
BWX Technologies
BWXT
$14.4B
$499K 0.01%
2,563
-84
-3% -$17.5K
STZ icon
211
Constellation Brands
STZ
$23.2B
$497K 0.01%
3,575
-1,098
-23% -$163K
TEXX
212
Horizon Kinetics Texas ETF
TEXX
$3.08M
$492K 0.01%
17,099
+1,362
+9% +$38.7K
PHYS icon
213
Sprott Physical Gold
PHYS
$16.6B
$491K 0.01%
16,262
– –
CMDB
214
Costamare Bulkers Holdings
CMDB
$492M
$484K 0.01%
27,580
– –
XES icon
215
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
$483K 0.01%
4,305
-1,470
-25% -$179K
UPS icon
216
United Parcel Service
UPS
$86.8B
$479K 0.01%
+4,460
New +$464K
CRCL
217
Circle Internet Group
CRCL
$22.3B
$478K 0.01%
7,636
+704
+10% +$68.5K
LEN icon
218
Lennar Class A
LEN
$21B
$478K 0.01%
5,284
+370
+8% +$33.1K
MOV icon
219
Movado Group
MOV
$774M
$472K 0.01%
12,000
– –
MDLZ icon
220
Mondelez International
MDLZ
$82.3B
$472K 0.01%
8,152
-92
-1% -$5.54K
FHI icon
221
Federated Hermes
FHI
$4.76B
$465K 0.01%
8,419
-150
-2% -$8.48K
KRP icon
222
Kimbell Royalty Partners
KRP
$1.55B
$457K 0.01%
31,467
-4,873
-13% -$72.6K
AXP icon
223
American Express
AXP
$227B
$442K 0.01%
1,306
– –
MMM icon
224
3M
MMM
$92.3B
$437K 0.01%
2,700
-2,300
-46% -$349K
NBH
225
Neuberger Municipal Fund Inc
NBH
$302M
$437K 0.01%
41,396
– –
7 8
9
10 11

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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.