Murray Stahl's portfolio
Contrarian value in ignored and illiquid asset classes.
What changed in Q2 2026
Compared with the previous 13F. Values are as reported at quarter end. How to read a 13F.
New positions
- Whitehawk Minerals Corp-Cl AWHK$43M
- EagleRock Land, LLCEROK$36M
- CenturiCTRI$3M
- AmrizeAMRZ$2M
- RedwireRDW$1M
- Kimberly-ClarkKMB$838,204
- Honeywell AerospaceHONA$726,469
- United Parcel ServiceUPS$479,450
- EnbridgeENB$258,961
- Dorman ProductsDORM$245,610
Added to
- Miami InternationalMIAX$291M
- WaterBridge Infrastructure LLCWBI$262M
- Permian Basin Royalty TrustPBT$169M
- Franco-NevadaFNV$161M
- Grayscale Bitcoin Mini Trust (BTC)BTC$157M
- Cboe Global MarketsCBOE$101M
- MSBMSB$81M
- CamecoCCJ$71M
- BrookfieldBN$68M
- CMECME$63M
Trimmed
- Texas Pacific LandTPL$4.3B
- Grayscale Bitcoin Trust (BTC)GBTC$553M
- Wheaton Precious MetalsWPM$189M
- Cheniere EnergyLNG$96M
- CiveoCVEO$80M
- CACI InternationalCACI$71M
- Viper Energy UtVNOM$70M
- AutoNationAN$40M
- Galaxy Digital HoldingsGLXY$34M
- Bunge LimitedBG$30M
Sold out
None this quarter.
Holdings
351 US-listed positions in the Q2 2026 13F, largest first (top 50 shown; all of them in Investingly).
| Stock | % of portfolio | Value | Shares | Last quarter |
|---|---|---|---|---|
| Texas Pacific LandTPL | 48.64% | $4.3B | 9,802,899 | Trimmed |
| Grayscale Bitcoin Trust (BTC)GBTC | 6.27% | $553M | 12,139,990 | Trimmed |
| Landbridge Company Llc | 5.23% | $461M | 5,821,263 | Held |
| Hawaiian Elec Inds Inc Mtn B | 3.44% | $303M | 22,395,397 | Held |
| Miami InternationalMIAX | 3.30% | $291M | 7,842,173 | Added |
| WaterBridge Infrastructure LLCWBI | 2.97% | $262M | 7,650,237 | Added |
| Wheaton Precious MetalsWPM | 2.15% | $189M | 1,686,903 | Trimmed |
| Permian Basin Royalty TrustPBT | 1.91% | $169M | 6,729,289 | Added |
| Franco-NevadaFNV | 1.83% | $161M | 773,418 | Added |
| Grayscale Bitcoin Mini Trust (BTC)BTC | 1.78% | $157M | 6,067,993 | Added |
| Intercontinental Exchange In | 1.38% | $121M | 984,701 | Held |
| Cboe Global MarketsCBOE | 1.14% | $101M | 414,634 | Added |
| Cheniere EnergyLNG | 1.09% | $96M | 402,040 | Trimmed |
| MSBMSB | 0.92% | $81M | 3,219,382 | Added |
| CiveoCVEO | 0.91% | $80M | 2,290,991 | Trimmed |
| CACI InternationalCACI | 0.81% | $71M | 153,743 | Trimmed |
| CamecoCCJ | 0.81% | $71M | 697,741 | Added |
| Viper Energy UtVNOM | 0.79% | $70M | 1,652,125 | Trimmed |
| BrookfieldBN | 0.77% | $68M | 1,587,339 | Added |
| CMECME | 0.71% | $63M | 283,774 | Added |
| Osisko Gold RoOR | 0.69% | $61M | 1,915,799 | Added |
| Whitehawk Minerals Corp-Cl AWHK | 0.49% | $43M | 1,552,705 | New |
| AutoNationAN | 0.45% | $40M | 212,917 | Trimmed |
| TRCTRC | 0.43% | $38M | 2,011,689 | Added |
| St Joe | 0.42% | $37M | 592,608 | Held |
| EagleRock Land, LLCEROK | 0.41% | $36M | 1,684,213 | New |
| Horizon Kinetics HoldingHKHC | 0.40% | $35M | 1,075,416 | Held |
| Galaxy Digital HoldingsGLXY | 0.38% | $34M | 1,236,051 | Trimmed |
| Bunge LimitedBG | 0.34% | $30M | 284,079 | Trimmed |
| iShares Bitcoin TrustIBIT | 0.32% | $28M | 837,308 | Added |
| SprottSII | 0.30% | $26M | 232,217 | Added |
| White Mtns Ins Group | 0.29% | $25M | 12,206 | Held |
| Penske AutomotivePAG | 0.28% | $25M | 139,067 | Trimmed |
| RB GlobalRBA | 0.28% | $25M | 211,349 | Added |
| SJTSJT | 0.27% | $24M | 7,494,020 | Added |
| Marsh & McLennan CompaniesMRSH | 0.27% | $23M | 139,983 | Trimmed |
| Vanguard Bd Index Fds | 0.26% | $23M | 461,108 | Held |
| Dorchester Minerals LPDMLP | 0.24% | $22M | 852,651 | Trimmed |
| Royalty Pharma PlcRPRX | 0.22% | $19M | 344,861 | Added |
| Berkshire Hathaway Inc-Cl BBRK/B | 0.21% | $19M | 37,231 | Trimmed |
| Live Nation Entertainment In | 0.21% | $18M | 100,989 | Held |
| Triple Flag Precious Metal | 0.17% | $15M | 506,677 | Held |
| Inter ParfumsIPAR | 0.17% | $15M | 130,333 | Trimmed |
| OshkoshOSK | 0.15% | $14M | 88,816 | Trimmed |
| Royal Caribbean CruisesRCL | 0.14% | $13M | 39,414 | Trimmed |
| CarnivalCCL | 0.14% | $12M | 428,340 | Trimmed |
| MicroStrategyMSTR | 0.13% | $11M | 129,774 | Trimmed |
| Tradeweb MarketsTW | 0.11% | $10M | 97,740 | Added |
| Williams Cos | 0.11% | $10M | 128,678 | Held |
| Madison Square Garden SportsMSGS | 0.11% | $9M | 23,221 | Trimmed |
By sector
Share of the reported value.
Reported value over time
Total 13F value at each quarter end.
Questions
What stocks does Murray Stahl own?
In the Q2 2026 13F, Horizon Kinetics LLC reported 351 US stock positions worth $8.8B. The largest: Texas Pacific Land (TPL) 48.6%, Grayscale Bitcoin Trust (BTC) (GBTC) 6.3%, Landbridge Company Llc 5.2%, Hawaiian Elec Inds Inc Mtn B 3.4%, Miami International (MIAX) 3.3%.
What did Murray Stahl buy last quarter?
In Q2 2026: new position in Whitehawk Minerals Corp-Cl A (WHK); new position in EagleRock Land, LLC (EROK); new position in Centuri (CTRI); added to Miami International (MIAX); added to WaterBridge Infrastructure LLC (WBI); added to Permian Basin Royalty Trust (PBT).
When is Murray Stahl's next 13F?
13F filings are due 45 days after each quarter ends. The Q3 2026 filing is due by November 14, 2026.
More investors
13F filings list US-listed long positions (and some options) held at quarter end. They leave out short positions, cash, bonds and non-US holdings, and arrive up to 45 days after the quarter ends, so the investor may have traded since. Information only, not investment advice.