Horizon Kinetics
Murray Stahl
Period
Q1 2026
Portfolio Date
Mar 31, 2026
Stocks Held
341
Market Value
$9.2B
Holdings Value Trend
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Top 5 Holdings
$TPL
Texas Pacific Land Corporation
51.5%
% of Portfolio
$ETF-GBTC
Grayscale Bitcoin Trust ETF
8.0%
% of Portfolio
$LB
LandBridge Company LLC
4.2%
% of Portfolio
$HE
Hawaiian Electric Industries, Inc.
3.5%
% of Portfolio
$WPM
Wheaton Precious Metals Corp.
2.5%
% of Portfolio
Historical Positions
| Symbol | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|
| TPL | 51.5% | 40.1% | 39.9% | 44.8% |
| ETF-GBTC | 8.0% | 13.1% | 15.5% | 14.6% |
| LB | 4.2% | 3.7% | 3.7% | 4.4% |
| HE | 3.5% | 3.2% | 2.5% | 2.0% |
| WPM | 2.5% | 4.0% | 3.8% | 3.2% |
| WBI | 2.1% | 1.9% | 1.9% | - |
| FNV | 2.0% | 2.7% | 2.8% | 2.0% |
| PBT | 1.5% | - | 1.4% | - |
| MIAX | 1.5% | - | - | - |
| ICE | 1.4% | 1.8% | 1.7% | 1.8% |
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
51.5%
$ETF-GBTC
8.0%
$LB
4.2%
$HE
3.5%
$WPM
2.5%
$WBI
2.1%
$FNV
2.0%
$PBT
1.5%
$MIAX
1.5%
$ICE
1.4%
$LNG
1.3%
$MSB
1.1%
$ETF-BTC
1.0%
$CACI
0.9%
$CME
0.9%
$VNOM
0.8%
$CCJ
0.8%
$OR
0.7%
$BN
0.7%
$CVEO
0.7%
$AN
0.5%
$BG
0.5%
$TRC
0.4%
$OTC-HKHC
0.4%
$JOE
0.4%
$SJT
0.4%
$ETF-IBIT
0.3%
$SII
0.3%
$WTM
0.3%
$MMC
0.3%
$CCL
0.3%
$LYV
0.3%
$DMLP
0.3%
$GLXY
0.3%
$PAG
0.2%
$BRK.B
0.2%
$RBA
0.2%
$MSTR
0.2%
$OSK
0.2%
$ETF-VUSB
0.2%
$RPRX
0.2%
$DBRG
0.2%
$TFPM
0.2%
$RCL
0.1%
$IPAR
0.1%
$HHH
0.1%
$RGLD
0.1%
$WMB
0.1%
$MA
0.1%