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 |
WBI
WaterBridge Infrastructure LLC
WBI
|
+$149M |
| 2 |
MIAX
Miami International Holdings
MIAX
|
+$50.6M |
| 3 |
CME Group
CME
|
+$40.6M |
| 4 |
Brookfield
BN
|
+$31.7M |
| 5 |
Hawaiian Electric Industries
HE
|
+$22.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Texas Pacific Land
TPL
|
+$68.8M |
| 2 |
ARIS
Aris Water Solutions
ARIS
|
+$43.4M |
| 3 |
Grayscale Bitcoin Trust
GBTC
|
+$33.3M |
| 4 |
Archer Daniels Midland
ADM
|
+$25.7M |
| 5 |
SAND
Sandstorm Gold
SAND
|
+$25.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 51.1% |
| 2 | Materials | 9.34% |
| 3 | Financials | 8.71% |
| 4 | Consumer Discretionary | 2.59% |
| 5 | Utilities | 2.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$26.5B
| $3.27B | 39.89% |
10,514,076
-218,517
| -2% | -$68.8M |
|
|
2
Grayscale Bitcoin Trust
GBTC
$11.6B
| $1.27B | 15.52% |
14,181,200
-369,991
| -3% | -$33.3M |
|
3
Wheaton Precious Metals
WPM
$71.7B
| $312M | 3.81% |
2,792,112
-193,374
| -6% | -$18.9M |
|
|
LB
4
LandBridge Co
LB
$2.55B
| $300M | 3.66% |
5,632,113
+133,188
| +2% | +$7.35M |
|
5
Franco-Nevada
FNV
$51.3B
| $226M | 2.75% |
1,012,362
-31,184
| -3% | -$5.62M |
|
|
6
Hawaiian Electric Industries
HE
$1.99B
| $202M | 2.46% |
18,257,717
+1,976,008
| +12% | +$22.5M |
|
|
WBI
7
WaterBridge Infrastructure LLC
WBI
$1.76B
| $160M | 1.95% |
+6,354,306
| New | +$149M |
|
|
BTC
8
Grayscale Bitcoin Mini Trust ETF
BTC
$4.08B
| $152M | 1.85% |
3,000,467
-71,902
| -2% | -$3.65M |
|
9
Intercontinental Exchange
ICE
$90.5B
| $140M | 1.71% |
831,061
-697
| -0.1% | -$125K |
|
|
PBT
10
Permian Basin Royalty Trust
PBT
$1.6B
| $111M | 1.36% |
6,099,049
+259,224
| +4% | +$4.04M |
|
11
Cheniere Energy
LNG
$57.3B
| $111M | 1.35% |
472,959
-11,953
| -2% | -$2.81M |
|
12
Cboe Global Markets
CBOE
$31.4B
| $100M | 1.22% |
409,459
-3,258
| -0.8% | -$783K |
|
|
MSB
13
Mesabi Trust
MSB
$299M
| $87.8M | 1.07% |
2,999,326
+38,736
| +1% | +$1.14M |
|
14
CACI
CACI
$14.3B
| $80.1M | 0.98% |
160,665
-1,007
| -0.6% | -$487K |
|
|
15
Brookfield
BN
$93.1B
| $75.4M | 0.92% |
2,473,907
+714,405
| +41% | +$31.7M |
|
|
16
CME Group
CME
$98.9B
| $74.8M | 0.91% |
276,773
+149,375
| +117% | +$40.6M |
|
17
OR Royalties Inc
OR
$6.76B
| $73.1M | 0.89% |
1,823,650
+6,149
| +0.3% | +$192K |
|
18
Viper Energy
VNOM
$16.3B
| $65.8M | 0.8% |
1,721,927
+10,746
| +0.6% | +$409K |
|
19
Civeo
CVEO
$357M
| $61.9M | 0.75% |
2,690,466
-190,567
| -7% | -$4.47M |
|
20
AutoNation
AN
$6.6B
| $56.7M | 0.69% |
259,335
-2,439
| -0.9% | -$514K |
|
21
Cameco
CCJ
$44.6B
| $56.7M | 0.69% |
676,032
+332
| +0% | +$25.7K |
|
|
MIAX
22
Miami International Holdings
MIAX
$4.23B
| $55.7M | 0.68% |
+1,382,403
| New | +$50.6M |
|
23
iShares Bitcoin Trust
IBIT
$57.7B
| $53.7M | 0.66% |
826,901
-135,026
| -14% | -$8.78M |
|
24
Strategy Inc
MSTR
$47.4B
| $44.6M | 0.54% |
138,488
-7,011
| -5% | -$2.6M |
|
|
GLXY
25
Galaxy Digital Inc
GLXY
$4.59B
| $42.4M | 0.52% |
1,253,870
-110,397
| -8% | -$2.98M |
|
Similar funds
Murray Stahl's Q3 2025 Portfolio in Review
As of Q3 2025, Murray Stahl held 362 positions worth $8.2B, down 2.7% from $8.43B the previous quarter. Its ten largest holdings account for 75% of the portfolio.
Murray Stahl's Q3 2025 filing shows 10 new, 52 increased, 236 reduced and 26 closed positions. Its largest new stake was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M. The largest sale was Texas Pacific Land, an estimated $68.8M.
By sector, the portfolio is most concentrated in Energy at 51% of assets, down from 54% a quarter earlier, followed by Materials and Financials.
- Murray Stahl's largest Q3 2025 buy was WaterBridge Infrastructure LLC: 6,354,306 shares worth $160M.
- Murray Stahl added most to CME Group in Q3 2025, an estimated $40.6M increase.
- Murray Stahl's biggest Q3 2025 reduction was Texas Pacific Land, cutting an estimated $68.8M.
- Murray Stahl fully exited Sitio Royalties in Q3 2025, selling an estimated $16.9M.
- Murray Stahl's ten largest holdings make up 75% of its $8.2B portfolio in Q3 2025.
- Murray Stahl opened 10 new positions and closed 26 in Q3 2025.
- Murray Stahl's portfolio value fell 2.7% quarter-over-quarter to $8.2B.
Based on Horizon Kinetics Asset Management's 13F filing for Q3 2025, filed 14 Nov 2025.