Murray Stahl's RGLD Position Overview
Murray Stahl (via Horizon Kinetics Asset Management LLC) currently holds 94,876 shares of Royal Gold, Inc. (RGLD) worth $21.09 M, representing 0.29% of the portfolio. First purchased in 2014-Q3, this long-term strategic position has been held for 46 quarters.
Based on 13F filings since 2013, Murray Stahl has maintained a long-term strategic position in RGLD, representing a significant commitment to this investment thesis. Largest addition occurred in Q4 2014, adding 352,875 shares. Largest reduction occurred in Q4 2015, reducing 243,191 shares.
Analysis based on 13F filings available since 2013 Q2
Murray Stahl's Royal Gold (RGLD) Holding Value Over Time
Track share changes against reported price movement
Quarterly Royal Gold (RGLD) Trades by Murray Stahl
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +31,056 | Add 48.66% | 94,876 | $222.29 |
| Q3 2025 | -9,072 | Reduce 12.45% | 63,820 | $200.58 |
| Q2 2025 | -1,736 | Reduce 2.33% | 72,892 | $177.84 |
| Q1 2025 | -164 | Reduce 0.22% | 74,628 | $163.51 |
| Q4 2024 | -1,575 | Reduce 2.06% | 74,792 | $131.85 |
| Q3 2024 | -12,621 | Reduce 14.18% | 76,367 | $140.30 |
| Q2 2024 | -671 | Reduce 0.75% | 88,988 | $125.16 |
| Q1 2024 | -38,330 | Reduce 29.95% | 89,659 | $121.81 |
| Q4 2023 | -3,409 | Reduce 2.59% | 127,989 | $120.96 |
| Q3 2023 | -3,395 | Reduce 2.52% | 131,398 | $106.33 |
| Q2 2023 | -2,470 | Reduce 1.80% | 134,793 | $114.78 |
| Q1 2023 | -1,373 | Reduce 0.99% | 137,263 | $129.71 |
| Q4 2022 | -3,237 | Reduce 2.28% | 138,636 | $112.72 |
| Q3 2022 | -1,505 | Reduce 1.05% | 141,873 | $93.82 |
| Q2 2022 | -4,964 | Reduce 3.35% | 143,378 | $106.78 |
| Q1 2022 | -5,635 | Reduce 3.66% | 148,342 | $141.28 |
| Q4 2021 | -4,450 | Reduce 2.81% | 153,977 | $105.21 |
| Q3 2021 | -3,867 | Reduce 2.38% | 158,427 | $95.49 |
| Q2 2021 | -6,333 | Reduce 3.76% | 162,294 | $114.10 |
| Q1 2021 | -523 | Reduce 0.31% | 168,627 | $107.62 |
| Q4 2020 | -13,828 | Reduce 7.56% | 169,150 | $106.36 |
| Q3 2020 | -6,479 | Reduce 3.42% | 182,978 | $120.17 |
| Q2 2020 | -15,860 | Reduce 7.72% | 189,457 | $124.32 |
| Q1 2020 | -15,434 | Reduce 6.99% | 205,317 | $87.71 |
| Q4 2019 | -12,282 | Reduce 5.27% | 220,751 | $122.25 |
| Q3 2019 | -6,692 | Reduce 2.79% | 233,033 | $123.21 |
| Q2 2019 | -10,220 | Reduce 4.09% | 239,725 | $102.49 |
| Q1 2019 | -8,812 | Reduce 3.41% | 249,945 | $90.93 |
| Q4 2018 | -20,282 | Reduce 7.27% | 258,757 | $85.65 |
| Q3 2018 | -8,519 | Reduce 2.96% | 279,039 | $77.06 |
| Q2 2018 | -12,191 | Reduce 4.07% | 287,558 | $92.84 |
| Q1 2018 | -15,600 | Reduce 4.95% | 299,749 | $85.87 |
| Q4 2017 | -18,392 | Reduce 5.51% | 315,349 | $82.12 |
| Q3 2017 | -18,855 | Reduce 5.35% | 333,741 | $86.04 |
| Q2 2017 | -25,802 | Reduce 6.82% | 352,596 | $78.17 |
| Q1 2017 | -20,319 | Reduce 5.10% | 378,398 | $70.05 |
| Q4 2016 | -42,952 | Reduce 9.72% | 398,717 | $63.35 |
| Q3 2016 | -16,942 | Reduce 3.69% | 441,669 | $77.43 |
| Q2 2016 | -18,113 | Reduce 3.80% | 458,611 | $72.02 |
| Q1 2016 | +3,924 | Add 0.83% | 476,724 | $51.29 |
| Q4 2015 | -243,191 | Reduce 33.97% | 472,800 | $36.47 |
| Q3 2015 | -16,131 | Reduce 2.20% | 715,991 | $46.98 |
| Q2 2015 | +120,085 | Add 19.62% | 732,122 | $61.59 |
| Q1 2015 | +159,824 | Add 35.34% | 612,037 | $63.11 |
| Q4 2014 | +352,875 | Add 355.23% | 452,213 | $62.70 |
| Q3 2014 | +99,338 | New Buy | 99,338 | $64.94 |
Murray Stahl's Royal Gold Investment FAQs
Murray Stahl first purchased Royal Gold, Inc. (RGLD) in Q3 2014, acquiring 99,338 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl has held Royal Gold, Inc. (RGLD) for 46 quarters since Q3 2014.
Murray Stahl's largest addition to Royal Gold, Inc. (RGLD) was in Q4 2014, adding 452,213 shares worth $28.35 M.
According to the latest 13F filing for Q4 2025, Murray Stahl's firm, Horizon Kinetics Asset Management LLC, owns 94,876 shares of Royal Gold, Inc. (RGLD), valued at approximately $21.09 M.
As of the Q4 2025 filing, Royal Gold, Inc. (RGLD) represents approximately 0.29% of Murray Stahl's publicly disclosed stock portfolio, making it one of their key holdings.
Murray Stahl's peak holding in Royal Gold, Inc. (RGLD) was 732,122 shares, as reported at the end of Q2 2015.