Murray Stahl's SAND Position Overview
Murray Stahl (via Horizon Kinetics Asset Management LLC) currently holds 1.3M shares of Sandstorm Gold Ltd. (SAND) worth $15.96 M, representing 0.19% of the portfolio. First purchased in 2014-Q4, this long-term strategic position has been held for 44 quarters.
Based on 13F filings since 2013, Murray Stahl has maintained a long-term strategic position in SAND, representing a significant commitment to this investment thesis. Largest addition occurred in Q2 2021, adding 2.4M shares. Largest reduction occurred in Q3 2025, reducing 2.4M shares.
Analysis based on 13F filings available since 2013 Q2
Murray Stahl's Sandstorm Gold (SAND) Holding Value Over Time
Track share changes against reported price movement
Quarterly Sandstorm Gold (SAND) Trades by Murray Stahl
| Period | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2014 | +2.05 M | New Buy | 2.05 M | $3.40 |
| Q1 2015 | -61,815 | Reduce 3.01% | 1.99 M | $3.28 |
| Q2 2015 | +135,261 | Add 6.79% | 2.13 M | $2.94 |
| Q3 2015 | -152,407 | Reduce 7.17% | 1.97 M | $2.67 |
| Q4 2015 | -273,070 | Reduce 13.83% | 1.7 M | $2.63 |
| Q1 2016 | -248,147 | Reduce 14.59% | 1.45 M | $3.29 |
| Q2 2016 | -491,614 | Reduce 33.84% | 961,104 | $4.46 |
| Q3 2016 | -277,444 | Reduce 28.87% | 683,660 | $5.03 |
| Q4 2016 | -16,513 | Reduce 2.42% | 667,147 | $3.90 |
| Q1 2017 | -10,436 | Reduce 1.56% | 656,711 | $4.27 |
| Q2 2017 | -114,673 | Reduce 17.46% | 542,038 | $3.87 |
| Q3 2017 | -25,002 | Reduce 4.61% | 517,036 | $4.54 |
| Q4 2017 | +19,856 | Add 3.84% | 536,892 | $4.99 |
| Q1 2018 | +1.12 M | Add 207.73% | 1.65 M | $4.76 |
| Q2 2018 | +537,036 | Add 32.51% | 2.19 M | $4.50 |
| Q3 2018 | +13,914 | Add 0.64% | 2.2 M | $3.73 |
| Q4 2018 | -13,603 | Reduce 0.62% | 2.19 M | $4.61 |
| Q1 2019 | +2.16 M | Add 0.00% | 2.16 M | $5.48 |
| Q2 2019 | +204,149 | Add 9.46% | 2.36 M | $5.54 |
| Q3 2019 | -75,123 | Reduce 3.18% | 2.29 M | $5.64 |
| Q4 2019 | +26,092 | Add 1.14% | 2.31 M | $7.45 |
| Q1 2020 | +148,397 | Add 6.41% | 2.46 M | $5.01 |
| Q2 2020 | +212,937 | Add 8.65% | 2.68 M | $9.62 |
| Q3 2020 | +30,957 | Add 1.16% | 2.71 M | $8.44 |
| Q4 2020 | -146,906 | Reduce 5.43% | 2.56 M | $7.17 |
| Q1 2021 | +299,548 | Add 11.70% | 2.86 M | $6.80 |
| Q2 2021 | +2.36 M | Add 82.66% | 5.22 M | $7.89 |
| Q3 2021 | +176,520 | Add 3.38% | 5.4 M | $5.76 |
| Q4 2021 | +63,919 | Add 1.18% | 5.46 M | $6.20 |
| Q1 2022 | +567,819 | Add 10.39% | 6.03 M | $8.08 |
| Q2 2022 | +395,529 | Add 6.56% | 6.43 M | $5.95 |
| Q3 2022 | +47,041 | Add 0.73% | 6.47 M | $5.17 |
| Q4 2022 | -104,996 | Reduce 1.62% | 6.37 M | $5.26 |
| Q1 2023 | -230,877 | Reduce 3.63% | 6.14 M | $5.81 |
| Q2 2023 | -269,400 | Reduce 4.39% | 5.87 M | $5.12 |
| Q3 2023 | -387,581 | Reduce 6.61% | 5.48 M | $4.66 |
| Q4 2023 | -671,789 | Reduce 12.26% | 4.81 M | $5.03 |
| Q1 2024 | -378,921 | Reduce 7.88% | 4.43 M | $5.25 |
| Q2 2024 | -443,752 | Reduce 10.02% | 3.99 M | $5.44 |
| Q3 2024 | -83,975 | Reduce 2.11% | 3.9 M | $6.00 |
| Q4 2024 | -113,047 | Reduce 2.90% | 3.79 M | $5.58 |
| Q1 2025 | -115,876 | Reduce 3.06% | 3.67 M | $7.55 |
| Q2 2025 | -28,145 | Reduce 0.77% | 3.64 M | $9.40 |
| Q3 2025 | -2.37 M | Reduce 65.02% | 1.27 M | $12.52 |
Murray Stahl's Sandstorm Gold Investment FAQs
Murray Stahl first purchased Sandstorm Gold Ltd. (SAND) in Q4 2014, acquiring 2,052,896 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 Sandstorm Gold Ltd. (SAND) for 44 quarters since Q4 2014. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl's largest addition to Sandstorm Gold Ltd. (SAND) was in Q2 2021, adding 5,222,182 shares worth $41.2 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
According to the latest 13F filing for Q3 2025, Murray Stahl's firm, Horizon Kinetics Asset Management LLC, owns 1,274,954 shares of Sandstorm Gold Ltd. (SAND), valued at approximately $15.96 M. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
As of the Q3 2025 filing, Sandstorm Gold Ltd. (SAND) represents approximately 0.19% of Murray Stahl's publicly disclosed stock portfolio, making it one of their key holdings. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Murray Stahl's peak holding in Sandstorm Gold Ltd. (SAND) was 6,473,010 shares, as reported at the end of Q3 2022. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.