Murray Stahl's SAND Position Overview
Murray Stahl (via Horizon Kinetics Asset Management LLC) currently holds 0 shares of Sandstorm Gold Ltd. (SAND) worth $0, representing 0.00% of the portfolio. First purchased in 2014-Q4, this long-term strategic position has been held for 45 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 2.36 M shares. Largest reduction occurred in Q3 2025, reducing 2.37 M 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
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | -1.27 M | Sold Out | 0 | $0.00 |
| Q3 2025 | -2.37 M | Reduce 65.02% | 1.27 M | $12.52 |
| Q2 2025 | -28,145 | Reduce 0.77% | 3.64 M | $9.40 |
| Q1 2025 | -115,876 | Reduce 3.06% | 3.67 M | $7.55 |
| Q4 2024 | -113,047 | Reduce 2.90% | 3.79 M | $5.58 |
| Q3 2024 | -83,975 | Reduce 2.11% | 3.9 M | $6.00 |
| Q2 2024 | -443,752 | Reduce 10.02% | 3.99 M | $5.44 |
| Q1 2024 | -378,921 | Reduce 7.88% | 4.43 M | $5.25 |
| Q4 2023 | -671,789 | Reduce 12.26% | 4.81 M | $5.03 |
| Q3 2023 | -387,581 | Reduce 6.61% | 5.48 M | $4.66 |
| Q2 2023 | -269,400 | Reduce 4.39% | 5.87 M | $5.12 |
| Q1 2023 | -230,877 | Reduce 3.63% | 6.14 M | $5.81 |
| Q4 2022 | -104,996 | Reduce 1.62% | 6.37 M | $5.26 |
| Q3 2022 | +47,041 | Add 0.73% | 6.47 M | $5.17 |
| Q2 2022 | +395,529 | Add 6.56% | 6.43 M | $5.95 |
| Q1 2022 | +567,819 | Add 10.39% | 6.03 M | $8.08 |
| Q4 2021 | +63,919 | Add 1.18% | 5.46 M | $6.20 |
| Q3 2021 | +176,520 | Add 3.38% | 5.4 M | $5.76 |
| Q2 2021 | +2.36 M | Add 82.66% | 5.22 M | $7.89 |
| Q1 2021 | +299,548 | Add 11.70% | 2.86 M | $6.80 |
| Q4 2020 | -146,906 | Reduce 5.43% | 2.56 M | $7.17 |
| Q3 2020 | +30,957 | Add 1.16% | 2.71 M | $8.44 |
| Q2 2020 | +212,937 | Add 8.65% | 2.68 M | $9.62 |
| Q1 2020 | +148,397 | Add 6.41% | 2.46 M | $5.01 |
| Q4 2019 | +26,092 | Add 1.14% | 2.31 M | $7.45 |
| Q3 2019 | -75,123 | Reduce 3.18% | 2.29 M | $5.64 |
| Q2 2019 | +204,149 | Add 9.46% | 2.36 M | $5.54 |
| Q1 2019 | -30,552 | Reduce 1.40% | 2.16 M | $5.48 |
| Q4 2018 | -13,603 | Reduce 0.62% | 2.19 M | $4.61 |
| Q3 2018 | +13,914 | Add 0.64% | 2.2 M | $3.73 |
| Q2 2018 | +537,036 | Add 32.51% | 2.19 M | $4.50 |
| Q1 2018 | +1.12 M | Add 207.73% | 1.65 M | $4.76 |
| Q4 2017 | +19,856 | Add 3.84% | 536,892 | $4.99 |
| Q3 2017 | -25,002 | Reduce 4.61% | 517,036 | $4.54 |
| Q2 2017 | -114,673 | Reduce 17.46% | 542,038 | $3.87 |
| Q1 2017 | -10,436 | Reduce 1.56% | 656,711 | $4.27 |
| Q4 2016 | -16,513 | Reduce 2.42% | 667,147 | $3.90 |
| Q3 2016 | -277,444 | Reduce 28.87% | 683,660 | $5.03 |
| Q2 2016 | -491,614 | Reduce 33.84% | 961,104 | $4.46 |
| Q1 2016 | -248,147 | Reduce 14.59% | 1.45 M | $3.29 |
| Q4 2015 | -273,070 | Reduce 13.83% | 1.7 M | $2.63 |
| Q3 2015 | -152,407 | Reduce 7.17% | 1.97 M | $2.67 |
| Q2 2015 | +135,261 | Add 6.79% | 2.13 M | $2.94 |
| Q1 2015 | -61,815 | Reduce 3.01% | 1.99 M | $3.28 |
| Q4 2014 | +2.05 M | New Buy | 2.05 M | $3.40 |
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 45 quarters since Q4 2014.
Murray Stahl's largest addition to Sandstorm Gold Ltd. (SAND) was in Q2 2021, adding 5,222,182 shares worth $41.2 M.
According to the latest 13F filing for Q4 2025, Murray Stahl's firm, Horizon Kinetics Asset Management LLC, owns 0 shares of Sandstorm Gold Ltd. (SAND), valued at approximately $0.
As of the Q4 2025 filing, Sandstorm Gold Ltd. (SAND) represents approximately 0.00% of Murray Stahl's publicly disclosed stock portfolio, making it one of their key holdings.
Murray Stahl's peak holding in Sandstorm Gold Ltd. (SAND) was 6,473,010 shares, as reported at the end of Q3 2022.