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Murray Stahl13F | |
| Horizon Kinetics | |
| Last update 2026-07-31 | 352 Stocks (43 new) |
| Value $9.23 Bil | Turnover 2 % |
Murray Stahl Profile
Murray Stahl is Chief Executive Officer, Chairman of the Board of Horizon Kinetics and is a co-founder of the firm. He has over thirty years of investing experience and is responsible for overseeing the firm’s proprietary research. Murray serves as the firm’s Chief Investment Officer and chairs the Investment Committee, which is responsible for portfolio management decisions.
He is also the Co-Portfolio Manager for a number of registered investment companies, private funds and institutional separate accounts. Additionally, Murray is the Chairman and Chief Executive Officer of FRMO Corp. He is also a member of the Board of Directors of the Minneapolis Grain Exchange, the Bermuda Stock Exchange and Texas Pacific Land Corporation. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. As a senior fund manager, he was responsible for investing the Utility Mutual Fund, along with three of the bank’s Common Trust Funds: The Special Opportunity Fund, The Utility Fund and The Tangible Assets Fund. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank.
Murray received a Bachelor of Arts in 1976, a Masters of Arts in 1980 from Brooklyn College, and an MBA from Pace University in 1985.
He is also the Co-Portfolio Manager for a number of registered investment companies, private funds and institutional separate accounts. Additionally, Murray is the Chairman and Chief Executive Officer of FRMO Corp. He is also a member of the Board of Directors of the Minneapolis Grain Exchange, the Bermuda Stock Exchange and Texas Pacific Land Corporation. Prior to co-founding the Firm, Murray spent 16 years at Bankers Trust Company (1978-1994) as a senior portfolio manager and research analyst. As a senior fund manager, he was responsible for investing the Utility Mutual Fund, along with three of the bank’s Common Trust Funds: The Special Opportunity Fund, The Utility Fund and The Tangible Assets Fund. He was also a member of the Equity Strategy Group and the Investment Strategy Group, which established asset allocation guidelines for the Private Bank.
Murray received a Bachelor of Arts in 1976, a Masters of Arts in 1980 from Brooklyn College, and an MBA from Pace University in 1985.
Murray Stahl Investing Philosophy
Horizon Kinetics LLC is a fundamental value, contrarian-oriented (fact-based) investment adviser. Founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns, the firm feels investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained investors. While all acknowledge the tremendous power of compounding, practically speaking (and by definition) this benefit simply cannot be harnessed in a short time frame. The firm's investment strategies – supported entirely by its independent, fundamental research – typically reflect contrarian views that seek to take advantage of the short-term focus of the marketplace.
Murray Stahl Top Holdings of 2026-03-31
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| Ticker | | Company | Shares | Value ($1000) | Shares Change % | Weighting % | Trade Impact % | % of Shares outstanding | 3M Change % | YTD Change % | Market Cap $Mil | Industry |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TPL | Texas Pacific Land Corp | 10,015,379 | 4,752,898.4 | -3.08% | 51.510 | -1.24% | 14.520 | -9.12% | +40.54% | 27,767.7 | Oil & Gas | |
GBTC | Grayscale Bitcoin Trust | 14,004,882 | 738,897.6 | -0.77% | 8.010 | -0.10% | 7.260 | -17.96% | -28.72% | 8,394.2 | ||
LB | LandBridge Co LLC | 5,657,134 | 390,625.1 | +0.25% | 4.230 | +0.01% | 20.320 | +12.97% | +58.74% | 2,158.1 | Oil & Gas | |
HE | Hawaiian Electric Industries Inc | 21,635,294 | 321,067.8 | +11.57% | 3.480 | +0.36% | 12.530 | -14.27% | +5.04% | 2,230.5 | Utilities - Regulated | |
WPM | Wheaton Precious Metals Corp | 1,761,519 | 230,776.6 | -29.36% | 2.500 | -1.16% | 0.390 | -13.65% | -6.94% | 49,416.7 | Metals & Mining | |
WBI | WaterBridge Infrastructure LLC | 7,342,147 | 196,696.1 | +7.38% | 2.130 | +0.15% | 15.610 | +13.73% | +71.65% | 1,608.9 | Oil & Gas | |
FNV | Franco-Nevada Corp | 757,297 | 187,090.3 | -21.78% | 2.030 | -0.59% | 0.390 | -7.37% | +3.11% | 41,047.2 | Metals & Mining | |
PBT | Permian Basin Royalty Trust | 6,379,692 | 137,291.0 | +3.10% | 1.490 | +0.04% | 13.690 | +32.31% | +75.82% | 1,380.1 | Oil & Gas | |
MIAX | Miami International Holdings Inc | 3,451,549 | 134,334.3 | +89.67% | 1.460 | +0.69% | 3.640 | +1.18% | +5.99% | 4,552.9 | Capital Markets | |
ICE | Intercontinental Exchange Inc | 838,899 | 131,942.0 | +0.98% | 1.430 | +0.01% | 0.150 | -3.19% | -5.20% | 85,601.4 | Capital Markets |
Murray Stahl's Historical Top Holdings Breakdowns
Murray Stahl's Top Stock Picks
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| Ticker | | Company | Date | Action | Impact % | Price Range | Price | Price Change from Avrg% | Comment | Current Shares | Share Change |
|---|---|---|---|---|---|---|---|---|---|---|---|
TPL | Texas Pacific Land Corp | 2026-03-31 | Reduce Reduce | -1.24% | 281.39 ($429.75) 539.79 | $402.58 | -6.32% | Reduce -3.08% | 10,015,379 | -318,383 | |
WPM | Wheaton Precious Metals Corp | 2026-03-31 | Reduce Reduce | -1.16% | 114.62 ($139.07) 165.72 | $109.03 | -21.60% | Reduce -29.36% | 1,761,519 | -731,999 | |
MIAX | Miami International Holdings Inc | 2026-03-31 | Add Add | +0.69% | 37.31 ($41.2) 46.26 | $47.04 | 14.17% | Add 89.67% | 3,451,549 | 1,631,751 | |
FNV | Franco-Nevada Corp | 2026-03-31 | Reduce Reduce | -0.59% | 208.58 ($247.39) 280.82 | $212.92 | -13.93% | Reduce -21.78% | 757,297 | -210,804 | |
DBRG | DigitalBridge Group Inc | 2026-03-31 | Reduce Reduce | -0.44% | 15.31 ($15.39) 15.46 | $15.87 | 3.12% | Reduce -69.17% | 939,380 | -2,107,153 | |
HE | Hawaiian Electric Industries Inc | 2026-03-31 | Add Add | +0.36% | 12.63 ($15.12) 17.08 | $12.92 | -14.55% | Add 11.57% | 21,635,294 | 2,242,931 | |
RGLD | Royal Gold Inc | 2026-03-31 | Reduce Reduce | -0.15% | 215.21 ($265.49) 304.29 | $198.35 | -25.29% | Reduce -50.31% | 47,142 | -47,734 | |
WBI | WaterBridge Infrastructure LLC | 2026-03-31 | Add Add | +0.15% | 18.76 ($23.82) 28.34 | $34.22 | 43.66% | Add 7.38% | 7,342,147 | 504,627 | |
LNG | Cheniere Energy Inc | 2026-03-31 | Reduce Reduce | -0.11% | 193.44 ($230.91) 296.91 | $263.57 | 14.14% | Reduce -9.28% | 420,328 | -43,001 | |
HHH | Howard Hughes Holdings Inc | 2026-03-31 | Reduce Reduce | -0.11% | 61.65 ($74.98) 84.82 | $63.92 | -14.75% | Reduce -33.05% | 196,410 | -96,950 |
Murray Stahl Total Holding History ($B)
Murray Stahl's Asset Allocation
Murray Stahl Past Portfolios
| Portfolio Date | Number of Stocks | New Stocks | Total Value ($Mil) | Q/Q Turnover |
|---|---|---|---|---|
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Murray Stahl's Hypothetical Growth since 2026-03-31
Murray Stahl's Yearly Returns
This information is only displayed for Gurus who publicly disclose audited performance records; most hedge funds and private investment firms do not publish such data or only provide limited historical performance information.
| Year | Portfolio % | % | Excess Gain % |
|---|
Murray Stahl's Holdings Heat Map
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Murray Stahl's Holdings Bubble Chart
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