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 | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $3.78B | 44.81% |
10,732,593
-52,677
| -0.5% | -$21.5M |
|
|
2
Grayscale Bitcoin Trust
GBTC
$11.6B
| $1.23B | 14.64% |
14,551,191
-145,322
| -1% | -$11.3M |
|
|
LB
3
LandBridge Co
LB
$2.55B
| $372M | 4.41% |
5,498,925
+11,968
| +0.2% | +$862K |
|
4
Wheaton Precious Metals
WPM
$71.7B
| $268M | 3.18% |
2,985,486
+28,792
| +1% | +$2.42M |
|
|
5
Hawaiian Electric Industries
HE
$1.99B
| $173M | 2.05% |
16,281,709
+3,624,709
| +29% | +$37.8M |
|
6
Franco-Nevada
FNV
$51.3B
| $171M | 2.03% |
1,043,546
+26,772
| +3% | +$4.43M |
|
7
Intercontinental Exchange
ICE
$90.5B
| $153M | 1.81% |
831,758
+13,497
| +2% | +$2.32M |
|
|
BTC
8
Grayscale Bitcoin Mini Trust ETF
BTC
$4.08B
| $147M | 1.74% |
3,072,369
+11,733
| +0.4% | +$512K |
|
|
9
Cheniere Energy
LNG
$57.3B
| $118M | 1.4% |
+484,912
| New | +$112M |
|
10
Cboe Global Markets
CBOE
$31.4B
| $96.2M | 1.14% |
412,717
-5,539
| -1% | -$1.23M |
|
|
11
CACI
CACI
$14.3B
| $77.1M | 0.91% |
161,672
-27,980
| -15% | -$12.4M |
|
|
PBT
12
Permian Basin Royalty Trust
PBT
$1.6B
| $72.8M | 0.86% |
5,839,825
+1,705,498
| +41% | +$18.1M |
|
13
Brookfield
BN
$93.1B
| $72.6M | 0.86% |
1,759,502
-56,826
| -3% | -$2.11M |
|
|
MSB
14
Mesabi Trust
MSB
$299M
| $70.9M | 0.84% |
2,960,590
+58,895
| +2% | +$1.53M |
|
15
Civeo
CVEO
$357M
| $66.5M | 0.79% |
2,881,033
-90,510
| -3% | -$1.91M |
|
16
Viper Energy
VNOM
$16.3B
| $65.2M | 0.77% |
1,711,181
+98,742
| +6% | +$3.99M |
|
17
iShares Bitcoin Trust
IBIT
$57.7B
| $58.9M | 0.7% |
961,927
+91,607
| +11% | +$5.13M |
|
|
18
Strategy Inc
MSTR
$47.4B
| $58.8M | 0.7% |
145,499
-15,996
| -10% | -$5.83M |
|
|
19
AutoNation
AN
$6.6B
| $52M | 0.62% |
261,774
-18,719
| -7% | -$3.38M |
|
20
Cameco
CCJ
$44.6B
| $50.2M | 0.59% |
675,700
+42,993
| +7% | +$2.29M |
|
|
ARIS
21
DELISTED
Aris Water Solutions
ARIS
| $49.6M | 0.59% |
2,095,604
+631,318
| +43% | +$15.6M |
|
22
Live Nation Entertainment
LYV
$42.4B
| $47.1M | 0.56% |
311,116
-14,860
| -5% | -$2.05M |
|
23
OR Royalties Inc
OR
$6.76B
| $46.7M | 0.55% |
1,817,501
+114,464
| +7% | +$2.76M |
|
24
DigitalBridge
DBRG
$2.95B
| $37.4M | 0.44% |
3,617,965
+171,988
| +5% | +$1.64M |
|
25
CME Group
CME
$98.9B
| $35.1M | 0.42% |
127,398
-855
| -0.7% | -$233K |
|
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.