Horizon Kinetics
Murray Stahl
Period
Q2 2026
Portfolio Date
Jun 30, 2026
Stocks Held
338
Market Value
$8.8B
Holdings Value Trend
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Top 5 Holdings
$TPL
Texas Pacific Land Corporation
48.6%
% of Portfolio
$ETF-GBTC
Grayscale Bitcoin Trust ETF
6.3%
% of Portfolio
$LB
LandBridge Company LLC
5.2%
% of Portfolio
$HE
Hawaiian Electric Industries, Inc.
3.4%
% of Portfolio
$MIAX
Miami International Holdings, Inc.
3.3%
% of Portfolio
Historical Positions
| Symbol | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| TPL | 48.6% | 51.5% | 40.1% | 39.9% |
| ETF-GBTC | 6.3% | 8.0% | 13.1% | 15.5% |
| LB | 5.2% | 4.2% | 3.7% | 3.7% |
| HE | 3.4% | 3.5% | 3.2% | 2.5% |
| MIAX | 3.3% | 1.5% | - | - |
| WBI | 3.0% | 2.1% | 1.9% | 1.9% |
| WPM | 2.1% | 2.5% | 4.0% | 3.8% |
| PBT | 1.9% | 1.5% | - | 1.4% |
| FNV | 1.8% | 2.0% | 2.7% | 2.8% |
| ETF-BTC | 1.8% | - | 1.6% | 1.9% |
Post-Filing Contributors
Price change since reported price, ranked by portfolio contribution
Post-Filing Detractors
Price change since reported price, ranked by portfolio contribution
Sector Analysis
All Holdings
$TPL
48.6%
$ETF-GBTC
6.3%
$LB
5.2%
$HE
3.4%
$MIAX
3.3%
$WBI
3.0%
$WPM
2.1%
$PBT
1.9%
$FNV
1.8%
$ETF-BTC
1.8%
$ICE
1.4%
$LNG
1.1%
$MSB
0.9%
$CVEO
0.9%
$CACI
0.8%
$CCJ
0.8%
$VNOM
0.8%
$BN
0.8%
$CME
0.7%
$OR
0.7%
$WHK
0.5%
$AN
0.5%
$TRC
0.4%
$JOE
0.4%
$EROK
0.4%
$OTC-HKHC
0.4%
$GLXY
0.4%
$BG
0.3%
$ETF-IBIT
0.3%
$SII
0.3%
$WTM
0.3%
$PAG
0.3%
$RBA
0.3%
$SJT
0.3%
$MMC
0.3%
$ETF-VUSB
0.3%
$DMLP
0.2%
$RPRX
0.2%
$BRK.B
0.2%
$LYV
0.2%
$TFPM
0.2%
$IPAR
0.2%
$OSK
0.1%
$RCL
0.1%
$CCL
0.1%
$MSTR
0.1%
$TW
0.1%
$WMB
0.1%
$MSGS
0.1%