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 |
Cheniere Energy
LNG
|
+$112M |
| 2 |
Hawaiian Electric Industries
HE
|
+$37.8M |
| 3 |
GLXY
Galaxy Digital Inc
GLXY
|
+$27.7M |
| 4 |
PBT
Permian Basin Royalty Trust
PBT
|
+$18.1M |
| 5 |
ARIS
Aris Water Solutions
ARIS
|
+$15.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$21.5M |
| 2 |
CACI
CACI
|
+$12.4M |
| 3 |
Grayscale Bitcoin Trust
GBTC
|
+$11.3M |
| 4 |
Strategy Inc
MSTR
|
+$5.83M |
| 5 |
AutoNation
AN
|
+$3.38M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 54.42% |
| 2 | Materials | 7.69% |
| 3 | Financials | 7.42% |
| 4 | Utilities | 2.67% |
| 5 | Consumer Discretionary | 2.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Stryker
SYK
$126B
| $791K | 0.01% |
2,000
| – | – |
|
202
Valmont Industries
VMI
$9.38B
| $776K | 0.01% |
2,376
-199
| -8% | -$61K |
|
203
Tradeweb Markets
TW
$22.6B
| $773K | 0.01% |
5,283
+530
| +11% | +$73.9K |
|
204
eBay
EBAY
$46.3B
| $747K | 0.01% |
10,028
-3,207
| -24% | -$227K |
|
205
Canadian Imperial Bank of Commerce
CM
$106B
| $744K | 0.01% |
10,500
| – | – |
|
206
Berkshire Hathaway Class A
BRK.A
$1.06T
| $729K | 0.01% |
1
| – | – |
|
207
Walt Disney
DIS
$186B
| $727K | 0.01% |
5,865
+160
| +3% | +$16.6K |
|
208
Weyerhaeuser
WY
$17.6B
| $726K | 0.01% |
28,274
-662
| -2% | -$17.3K |
|
209
Dow Inc
DOW
$23.4B
| $719K | 0.01% |
27,163
+3,792
| +16% | +$110K |
|
210
JPMorgan Chase
JPM
$935B
| $697K | 0.01% |
2,405
-510
| -17% | -$130K |
|
211
Mondelez International
MDLZ
$82.3B
| $697K | 0.01% |
10,328
-950
| -8% | -$63.4K |
|
|
DSL
212
DoubleLine Income Solutions Fund
DSL
$1.21B
| $686K | 0.01% |
56,052
-1,665
| -3% | -$20K |
|
213
The Greenbrier Companies
GBX
$1.42B
| $677K | 0.01% |
14,700
+750
| +5% | +$33.6K |
|
214
Kimbell Royalty Partners
KRP
$1.55B
| $641K | 0.01% |
45,898
-30,476
| -40% | -$399K |
|
215
Alkermes
ALKS
$8.11B
| $631K | 0.01% |
22,066
-967
| -4% | -$28.8K |
|
216
Arthur J. Gallagher & Co
AJG
$67.6B
| $626K | 0.01% |
1,957
| – | – |
|
217
Liberty Live Group Series C
LLYVK
$9.7B
| $626K | 0.01% |
7,718
-783
| -9% | -$57.8K |
|
218
State Street SPDR S&P Oil & Gas Equipment & Services ETF
XES
$383M
| $615K | 0.01% |
9,697
-3,989
| -29% | -$246K |
|
|
MVF
219
DELISTED
BlackRock MuniVest Fund
MVF
| $612K | 0.01% |
+93,068
| New | +$628K |
|
220
Citigroup
C
$221B
| $603K | 0.01% |
7,089
| – | – |
|
|
MUE
221
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
| $589K | 0.01% |
61,530
| – | – |
|
222
Vanguard Short-Term Bond ETF
BSV
$45.6B
| $589K | 0.01% |
7,478
| – | – |
|
223
Lennar Class A
LEN
$21B
| $587K | 0.01% |
5,308
+2
| +0% | +$217 |
|
224
United Rentals
URI
$68.4B
| $570K | 0.01% |
756
+356
| +89% | +$238K |
|
225
Enbridge
ENB
$110B
| $568K | 0.01% |
12,532
| – | – |
|
Similar funds
Murray Stahl's Q2 2025 Portfolio in Review
As of Q2 2025, Murray Stahl held 363 positions worth $8.43B, down 4.3% from $8.81B the previous quarter. Its ten largest holdings account for 77% of the portfolio.
Murray Stahl's Q2 2025 filing shows 17 new, 101 increased, 145 reduced and 11 closed positions. Its largest new stake was Cheniere Energy: 484,912 shares worth $118M. The largest sale was Texas Pacific Land, an estimated $21.5M.
By sector, the portfolio is most concentrated in Energy at 54% of assets, down from 63% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q2 2025 buy was Cheniere Energy: 484,912 shares worth $118M.
- Murray Stahl added most to Hawaiian Electric Industries in Q2 2025, an estimated $37.8M increase.
- Murray Stahl's biggest Q2 2025 reduction was Texas Pacific Land, cutting an estimated $21.5M.
- Murray Stahl fully exited iShares Russell 2000 ETF in Q2 2025, selling an estimated $590K.
- Murray Stahl's ten largest holdings make up 77% of its $8.43B portfolio in Q2 2025.
- Murray Stahl opened 17 new positions and closed 11 in Q2 2025.
- Murray Stahl's portfolio value fell 4.3% quarter-over-quarter to $8.43B.
Based on Horizon Kinetics Asset Management's 13F filing for Q2 2025, filed 12 Aug 2025.