Peter Doyle and Murray Stahl's (Horizon Kinetics) Trades and Holdings in Q2 2025

Breaking down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on August 12, 2025.

Who is Horizon Kinetics?

Horizon Kinetics is an independent investment firm founded in 1994 by Murray Stahl and Peter Doyle. The firm pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses. Stahl and Doyle's approach centers on identifying overlooked or misunderstood companies with enduring competitive advantages and management teams with significant skin in the game, often holding positions for many years as their investment theses develop.

Horizonkinetics.com
Read Horizon Kinetics' investor letters ›
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Horizon Kinetics initiated 16 new positions in Q2 2025, with Galaxy Digital (GLXY) being by far the largest at $29.9 million, representing a significant bet on cryptocurrency-related assets. Other notable new holdings include established blue-chip names like Broadcom (AVGO), Coinbase (COIN), Lowe's (LOW), Boeing (BA), American Express (AXP), and Costco (COST), suggesting a broader diversification into large-cap technology and consumer stocks.

Bought

Horizon Kinetics significantly increased positions in several energy and utility holdings, most notably doubling down on Hawaiian Electric (HE) with an additional 3.6 million shares worth $34.5 million. The firm also substantially expanded positions in energy royalty trusts including San Juan Basin Royalty Trust (SJT) and Permian Basin (PBT), as well as Tejon Ranch (TRC), demonstrating continued conviction in energy infrastructure and land-based investments that generated strong returns exceeding 75% in most cases.

Sold

Horizon Kinetics completely exited 11 positions including Russell 2000 (IWM) ETF, Kraft Heinz (KHC), and several gold-related inverse ETFs like Daily Gold Miner (DUST) and Daily Jr Gold (JDST), while also selling Barrick Gold (GOLD). The firm made modest trims to Grayscale Bitcoin (GBTC) and Carnival (CCL) while maintaining substantial positions in both, suggesting profit-taking rather than loss of conviction in these holdings.

New Investments in Q2 2025

Galaxy Digital GLXY

Peter Doyle and Murray Stahl bought $29.88M of Galaxy Digital in Q2 2025. Galaxy Digital delivered a remarkable turnaround in Q2 2025, swinging to a net income of $30.7 million from a $125.6 million loss in the prior year, driven by strong performance in its digital assets trading business which generated $8.71 billion in revenue. The company successfully completed its reorganization and began trading on Nasdaq under ticker GLXY in May 2025, while strategically expanding its infrastructure capabilities through the Helios campus project targeting AI and high-performance computing markets. Despite missing earnings estimates slightly, the company's focus on digital assets and diversification into data center operations positions it well for future growth, with anticipated data center revenue beginning in H1 2026.

• Net income surged 124.4% to $30.7 million in Q2 2025, reversing from a $125.6 million loss in the prior year.
• EPS improved dramatically from a $0.37 loss per share in Q2 2024 to a gain of $0.08 per share in Q2 2025.
• Assets under management and assets under stake increased 27% quarter-over-quarter to approximately $9 billion.

MuniVest MVF

Peter Doyle and Murray Stahl bought $612.39K of MuniVest in Q2 2025. MuniVest has experienced significant headwinds in 2025 with year-to-date NAV returns of -4.87% as of July 31st, reflecting challenging conditions in the municipal bond market amid interest rate volatility. Despite the negative performance, the fund demonstrated resilience by maintaining and increasing its dividend payments, with the recent $0.036 monthly dividend representing a 20% increase from 2023 averages and driving a 44.8% year-over-year dividend growth rate. The fund's 33% leverage amplifies both income generation and volatility, while its elevated 3.02% expense ratio remains a headwind to total returns.

• NAV total return of -4.87% year-to-date through July 2025, with modest recovery showing 0.27% gain in the most recent month.
• Dividend yield of 4.17% with consistent monthly payments of $0.036 per share representing 44.8% year-over-year growth.
• Return on Equity of 2.26% and Return on Assets of 1.49% with debt ratio of 35.9% reflecting moderate leverage utilization.

Costamare Bulkers CMDB

Peter Doyle and Murray Stahl bought $548.38K of Costamare Bulkers in Q2 2025. Costamare Bulkers reported challenging initial results following its spin-off from Costamare Inc. in May 2025, with a net loss of $26.5 million in H1 2025 as the company faced headwinds from trading losses during the liquidation of legacy positions and the volatile dry bulk shipping market. Despite the initial losses, the company maintains a strong balance sheet with $242.3 million in liquidity and minimal net debt of approximately $10 million, positioning it well for strategic growth initiatives including recent vessel acquisitions and planned fleet optimization. The company's portfolio restructuring efforts, including the disposal of five Handysize ships and acquisition of a Capesize vessel, indicate management's focus on improving fleet efficiency and capitalizing on better market opportunities in the dry bulk sector.

• H1 2025 net loss of $26.5 million ($3.15 loss per share) in first reporting period as independent company.
• Maintains $242.3 million in liquidity with minimal net debt of approximately $10 million.
• Operates 37 owned dry bulk vessels and manages 39 ships through CBI platform.

Broadcom AVGO

Peter Doyle and Murray Stahl bought $399.14K of Broadcom in Q2 2025. Broadcom delivered exceptional performance in Q2 FY 2025 with record revenue of $15.0 billion, representing 20% year-over-year growth, driven primarily by surging AI semiconductor demand and robust VMware-driven infrastructure software sales. The company's AI networking segment experienced explosive growth of over 170% year-over-year, now representing approximately 40% of total AI semiconductor revenues, positioning Broadcom as a dominant player in AI data center infrastructure. With strong Q3 guidance of $15.8 billion (21% growth) and adjusted EBITDA margins of 67%, the company continues to capitalize on the AI boom while successfully integrating its massive VMware acquisition.

• Q2 FY 2025 revenue grew 20% year-over-year to a record $15.0 billion.
• Adjusted EBITDA surged 35% year-over-year to $10.0 billion, achieving a 67% margin.
• AI networking revenues exploded over 170% year-over-year, now representing 40% of AI semiconductor revenues.

Modine MOD

Peter Doyle and Murray Stahl bought $387.11K of Modine in Q2 2025. Modine has demonstrated strong momentum over the past two quarters, driven primarily by robust growth in its data center business and strategic acquisitions. The company reported 6% revenue growth in Q2 2025 to $658.0 million and continued this trajectory with Q1 2026 sales of $682.8 million, while successfully expanding its data center market share from low single digits to low double-digit teens through the Scott Springfield acquisition. Despite headwinds in vehicular markets and heat transfer products, Modine's focus on high-growth data center cooling solutions has positioned it well, with the stock surging 18.68% in July 2025 following strong earnings and a $100 million capacity expansion announcement.

• Adjusted EBITDA grew 23% year-over-year to $99.8 million in Q2 2025.
• Data center sales expected to grow 100% to 110% for fiscal 2025.
• Operating income increased 15% year-over-year to $75.3 million in Q2 2025.

Energy Recovery ERII

Peter Doyle and Murray Stahl bought $363.46K of Energy Recovery in Q2 2025. Energy Recovery demonstrated solid operational improvements in Q2 2025, with revenue growing 3% year-over-year to $28.1 million while significantly reducing operating expenses by 15.8% to $16.5 million. The company achieved a remarkable 173.2% increase in operating income to $1.5 million and returned to profitability with net income of $2.1 million, showcasing strong cost discipline and operational leverage. Results aligned with management's expectations and communicated quarterly revenue cadence for 2025, indicating effective execution of their strategic plan.

• Revenue increased 3% year-over-year to $28.1 million in Q2 2025.
• Operating expenses decreased 15.8% compared to Q2 2024, driving operational leverage.
• Income from operations surged 173.2% year-over-year to $1.5 million.

Cintas CTAS

Peter Doyle and Murray Stahl bought $332.75K of Cintas in Q2 2025. This acquisition appears well-timed as Cintas delivered strong Q2 FY25 results with 7.8% revenue growth to $2.56 billion and impressive 18.4% operating income growth, demonstrating the company's operational leverage and pricing power. The safety services segment was a standout performer with 10.9% year-over-year growth, highlighting Cintas's ability to capitalize on workplace safety trends and regulatory compliance needs. While revenue growth showed slight deceleration from earlier projections, the company's 180 basis points improvement in gross margin to 49.8% and strong earnings execution suggest robust underlying business fundamentals.

• Q2 FY25 revenue increased 7.8% year-over-year to $2.56 billion, with organic growth of 7.1%.
• Operating income surged 18.4% to $591.4 million, demonstrating strong operational leverage.
• Gross margin expanded 180 basis points to 49.8%, up from 48.0% in the prior year quarter.

Coinbase COIN

Peter Doyle and Murray Stahl bought $250.6K of Coinbase in Q2 2025. Coinbase delivered mixed Q2 2025 results with revenue growing 3.3% year-over-year to $1.5 billion but missing analyst expectations by 5.7% and declining 27.6% sequentially. While GAAP net income surged to $1.43 billion, this was primarily driven by $1.5 billion in one-time investment gains rather than core operational performance, which actually declined during the quarter. The company faced significant headwinds including a costly $308 million data breach expense and weaker crypto trading volumes, raising concerns about operational execution despite regulatory progress.

• Revenue missed analyst consensus by 5.7% at $1.497 billion versus $1.587 billion expected.
• Sequential revenue declined 27.6% from Q1 2025 to $1.42 billion, indicating weakening momentum.
• One-time data breach expense of $308 million significantly impacted operating margins and highlighted security vulnerabilities.

Lowe's LOW

Peter Doyle and Murray Stahl bought $236.96K of Lowe's in Q2 2025. The company has faced significant headwinds over the last two quarters, with Q1 2025 sales declining 2% year-over-year to $20.9 billion and GAAP EPS falling 5% to $2.92, primarily due to weakness in the do-it-yourself category and unfavorable weather conditions. Despite these operational challenges, the stock has shown strong recent momentum with 14% gains over the past month ahead of Q2 2025 earnings scheduled for August 20th, where analysts expect modest improvement with 1% revenue growth to $23.9 billion and EPS of $4.25 versus $4.10 in the prior year. However, the company continues to underperform key competitor Home Depot, which posted stronger comparable sales growth and higher operating margins, while both retailers face ongoing pressure from high interest rates above 6% dampening housing market activity.

• Q1 2025 net sales decreased 2% year-over-year to $20.9 billion with GAAP EPS declining 5% to $2.92.
• Comparable sales declined 1.7% in Q1 2025 compared to Home Depot's 0.2% growth, highlighting competitive underperformance.
• Stock has gained 14% over the past month despite operational challenges, with Q2 2025 EPS expected to grow 3.7% to $4.25.

Barrick Mining B

Peter Doyle and Murray Stahl bought $220.69K of Barrick Mining in Q2 2025. The company delivered a record-breaking Q2 2025 performance, marking its strongest quarterly results in over 10 years with net earnings of $0.4749 per share that exceeded analyst estimates. Production momentum accelerated significantly with gold output increasing 5% quarter-over-quarter and copper production surging 34% compared to Q1 2025. Management's confidence in the business trajectory was demonstrated through a dividend boost following these exceptional results, positioning Barrick Mining as a standout performer in the mining sector.

• EPS of $0.4749 beat analyst estimates of $0.46 in Q2 2025.
• Gold production increased 5% quarter-over-quarter while copper production surged 34% in Q2 2025.
• Q2 2025 represents the company's strongest quarterly performance in more than 10 years.

Lockheed Martin LMT

Peter Doyle and Murray Stahl bought $213.97K of Lockheed Martin in Q2 2025. Lockheed Martin delivered mixed Q2 2025 results, with adjusted EPS of $7.29 beating estimates by 12.3% despite significant operational challenges that led to an 8% stock decline. The defense contractor faces substantial headwinds from $1.6 billion in program losses, including $950 million from a classified aeronautics program and $570 million from an international helicopter program, forcing management to slash full-year EPS guidance by approximately 20% to $21.70-$22.00. While the company maintains its technological leadership in defense systems like the F-35 fighter jet, deteriorating cash flow performance with negative $150 million free cash flow versus positive $1.5 billion in the prior year indicates ongoing operational execution challenges.

• Adjusted EPS of $7.29 exceeded consensus estimates by 12.3% in Q2 2025.
• Stock declined 8% following $1.6 billion in program losses across multiple defense contracts.
• Free cash flow turned negative $150 million compared to positive $1.5 billion in Q2 2024.

Boeing BA

Peter Doyle and Murray Stahl bought $210.79K of Boeing in Q2 2025. Boeing delivered a strong Q2 2025 performance with revenue surging 35% year-over-year to $22.7 billion, significantly beating analyst estimates and demonstrating substantial operational recovery. The company's adjusted loss per share improved dramatically from $2.90 to $1.24, while commercial aircraft deliveries jumped 63% to 150 units, driven by strong global demand and operational momentum. Boeing shares have outperformed the broader market with a 27% gain in 2025 compared to the S&P 500's 8% return, reflecting investor confidence in the company's turnaround efforts.

• Revenue increased 35% year-over-year to $22.7 billion in Q2 2025, beating Wall Street estimates by 4%.
• Adjusted loss per share improved 57% from $2.90 to $1.24, beating analyst expectations by 19.5%.
• Commercial aircraft deliveries surged 63% year-over-year to 150 units, with Commercial Airplanes revenue jumping 81% to $10.9 billion.

American Express AXP

Peter Doyle and Murray Stahl bought $208.93K of American Express in Q2 2025. American Express delivered strong Q2 2025 results with record revenues of $17.9 billion and continued momentum in its premium card portfolio, driving robust fee income growth despite early signs of travel spending moderation. The company's focus on affluent customers and premium products has enabled sustained revenue growth and margin expansion, with management reaffirming full-year guidance amid a resilient consumer spending environment. While overall performance remains solid, executives noted some softening in domestic economy airfare spending, though this represents a smaller portion of total billed business compared to goods and services spending.

• Q2 2025 revenues increased 9% year-over-year to a record $17.9 billion.
• Earnings per share rose 17% to $4.08, excluding prior year gains.
• Net card fees surged 20% on an FX-adjusted basis, reaching record highs.

Costco COST

Peter Doyle and Murray Stahl bought $202.94K of Costco in Q2 2025. Costco has demonstrated robust financial performance with consistent sales momentum throughout fiscal 2025, driven by strong comparable store sales growth and successful omnichannel expansion. The company reported 9.1% net sales growth in Q2 2025 to $62.53 billion and maintained this trajectory with 8.8% growth in February and 8.5% growth in July, indicating sustained consumer demand and market share gains. With 897 warehouses globally and e-commerce operations in eight countries, Costco is well-positioned for continued growth through its membership-driven model and operational efficiency.

• Net sales increased 9.1% to $62.53 billion in Q2 2025 with comparable store sales growth of 6.8%.
• EPS grew from $3.92 to $4.02 per diluted share year-over-year in Q2 2025.
• Year-to-date net sales for first 48 weeks increased 8.1% to $248.35 billion through July 2025.

Pure Cycle PCYO

Peter Doyle and Murray Stahl bought $155.56K of Pure Cycle in Q2 2025. Pure Cycle has demonstrated exceptional growth momentum, with 2024 revenue increasing 97% to $28.75 million and earnings surging 147% to $11.61 million, marking the company's 23rd consecutive quarter of positive net income. The company's Q2 2025 results showed continued strength with $4.0 million in quarterly revenue and $1.1 million in pre-tax income, driven by robust development activity at the Sky Ranch Master Planned Community and increased royalty revenues from oil and gas operations. The multi-phase Sky Ranch development continues progressing with approximately 70 homes completed or under construction, while six additional oil and gas wells completed in 2024 are contributing to growing royalty income streams.

• Revenue grew 97% in 2024 to $28.75 million with earnings increasing 147% to $11.61 million.
• Current P/E ratio of 16.93 with trailing twelve months EPS of $0.59.
• Generated $9.7 million in six-month revenue for Q2 2025 with $1.1 million in pre-tax income.

Western Asset SBI

Peter Doyle and Murray Stahl bought $85.23K of Western Asset in Q2 2025. Western Asset Intermediate Muni Fund has shown positive momentum through enhanced dividend distributions and maintained stability in the municipal bond sector during the current quarter. The fund recently increased its dividend to $0.042 per share, representing a 45% improvement over its historical ten-dividend average of $0.029, demonstrating strong income generation capability. The fund currently trades at an 8.63% discount to its net asset value of $8.34, potentially offering attractive entry opportunities for income-focused investors.

• Dividend increased 45% from the ten-dividend average of $0.029 to current $0.042 per share.
• Fund trades at 8.63% discount to NAV of $8.34 as of August 2025.
• Maintained consistent dividend payments with $0.042 distributed in both June and July 2025.

Holdings at the end of Q2 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.