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Murray Stahl
Portfolio: Top Holdings & Stock Picks

Horizon Kinetics Asset Management LLC

Deep Value Investing Contrarian Investing

Murray Stahl (Horizon Kinetics Asset Management LLC) disclosed 333 total holdings in its latest 13F filing dated 2025-09-30, with a portfolio value of $8.2 B billion and a turnover rate of 4.6%.

Portfolio Value
$8.2 B
Total Holdings
336
Latest Filing
Q3 2025
Nov 14, 2025
Turnover Rate
4.62%

Murray Stahl Top Holdings of 2025-09-30

Ticker Name Shares Value % of Portfolio Time Held % Change
TPL
10.51 M $3.27 B 39.89% 4.5 Years -2.04%
14.18 M $1.27 B 15.52% 2.7 Years -2.54%
WPM
2.79 M $312.27 M 3.81% 8.3 Years -6.48%
LB
5.63 M $300.47 M 3.66% 1.3 Years +2.42%
FNV
1.01 M $225.67 M 2.75% >10 Years -2.99%
HE
18.26 M $201.57 M 2.46% 0.75 Years +12.14%
WBI
6.35 M $160.26 M 1.95% New Buy +100.00%
3 M $151.91 M 1.85% 0.75 Years -2.34%
ICE
831,061 $140.02 M 1.71% >10 Years -0.08%
PBT
6.1 M $111.31 M 1.36% 9.3 Years +4.44%

Recent Moves

Significant New Position
+6.35 M Shares | +$160.26 M Value
Continues to build a major stake in the Energy sector
Q3 2025
Added to Core Holding
+149,375 Shares | +$40.36 M Value
Largest position increase in Financials sector
Q3 2025
Reduced Exposure to Position
-218,517 Shares | -$68.01 M Value
Significant reduction in holdings of Energy
Q3 2025
Complete Exit
-921,938 Shares | -$16.95 M Value
Cleared STR, sector remains in portfolio
Q3 2025

Murray Stahl's Historical Top Holdings Breakdown

Portfolio Date:

Murray Stahl Top Stock Picks

Ticker Name Date Activity Shares Shares Change Value Change
WBI
09/30/2025 New Buy 6.35 M 6.35 M $160.26 M
TPL
09/30/2025 Reduce -2.0% 10.51 M -218,517 $68.01 M
N/A
09/30/2025 New Buy 1.38 M 1.38 M $55.66 M
09/30/2025 Reduce -89.4% 222,429 -1.87 M $46.19 M
CME
09/30/2025 Add 117.3% 276,773 149,375 $40.36 M
09/30/2025 Add 6470.7% 1.08 M 1.06 M $39.92 M
09/30/2025 Reduce -2.5% 14.18 M -369,991 $33.21 M
09/30/2025 Reduce -65.0% 1.27 M -2.37 M $29.67 M
ADM
09/30/2025 Reduce -86.7% 67,383 -438,586 $26.2 M
LYV
09/30/2025 Reduce -44.7% 172,112 -139,004 $22.71 M

Murray Stahl's Sector Breakdowns

Portfolio Date:

About Murray Stahl

Murray Stahl is the Chief Investment Officer and co-founder of Horizon Kinetics LLC, an independent investment advisory and research firm. He is known for his unique and often contrarian perspectives on the market, as well as his deep expertise in identifying long-term secular trends and undervalued assets. Stahl is a respected value investor with a particular interest in businesses with durable, hard-to-replicate franchises.

Frequently Asked Questions

As of 2025-09-30, Murray Stahl holds 324 stocks. Top positions include TPL, GBTC, WPM, LB, FNV. For full portfolio details, please visit Murray Stahl’s portfolio.

In Q3 2025, Murray Stahl’s largest purchase by dollar amount was WBI. For complete transaction details, please visit Murray Stahl’s portfolio.

According to the 13F filing for Q3 2025, Murray Stahl increased their stake in CME.

Murray Stahl’s firm may occasionally request confidential treatment under SEC rule 13F-HR, which allows temporary non-disclosure of certain positions.