Horizon Kinetics
Murray Stahl
LargePeriod
Q1 2026
Portfolio Date
Mar 31, 2026
Stocks Held
341
Market Value
$9.2B
Portfolio Analysis
AIPreviewI. Institutional Overview
As of the first quarter of 2026, the investment landscape for Murray Stahl and his firm, Horizon Kinetics, continues to reflect a deeply entrenched philosophy of contrarianism, scarcity-seeking, and long-term capital appreciation. With a total reported portfolio market value of approximately $9.22 billion, Horizon Kinetics stands as a formidable...
The scale of the institution has remained relatively stable in terms of total assets under management (AUM) within the equity sleeve, though the internal composition of the portfolio suggests a rigorous process of rebalancing and capital reallocation. With 341 total holdings, one might initially mistake Horizon Kinetics for a highly diversified, perhaps...
The psychological portrait of Murray Stahl as an investor is one of a "Hard Asset" specialist. In an era dominated by digital transformation and software-as-a-service, Stahl has carved out a niche by focusing on the physical and structural foundations of the economy: land, energy, and financial infrastructure. The institution's current state can be...
Based on the latest available 13F filing.
Open full report in appHoldings 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%