Peter Doyle and Murray Stahl's Trades and Holdings in Q1 2026

Breaking down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on May 15, 2026.

Who are Murray Stahl, Peter Doyle and 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 ›
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Horizon Kinetics, the independent investment firm founded in 1994 by Murray Stahl and Peter Doyle that pursues a research-driven, long-term contrarian value investing strategy with particular emphasis on owner-operator businesses, closed the first quarter of 2026 with a portfolio still anchored in hard-asset and royalty-style names such as Markel, Black Stone Minerals, Iron Mountain, and Patterson-UTI Energy, alongside a growing bet on data-center infrastructure through Vertiv. Even as the firm held fast to these multi-year theses, it showed a willingness to trade opportunistically at the margins, rapidly entering and exiting positions in Carnival, Grayscale Litecoin, and Fidelity National Financial within the same three-month span, consistent with its broader wager that an inflationary, post-disinflation economic regime will reward asset-light, cash-generative businesses with durable competitive moats.

New Investments

Carnival

Peter Doyle and Murray Stahl bought $24.78M of Carnival in Q1 2026. As one of the largest global cruise operators, Carnival has accelerated its recovery over the last two quarters, with Q2 2026 delivering record results: revenues of $6.7B, adjusted EPS of $0.41 (over 15% year-on-year growth) and adjusted net income of $569M (over 20% year-on-year), all underpinned by its twelfth consecutive quarter of record net yields. Sequentially, net income more than doubled from roughly $258M in the prior quarter to $537M in Q2, and the company has now beaten Street EPS expectations in each of the last four quarters, reinforcing its positioning among major cruise peers even as it manages nearly 30% higher fuel costs and regional geopolitical demand headwinds. Despite a share-price pullback of about 5.75% immediately after the Q2 print, the stock remains up roughly 20.68% over the last 12 months and still trades far below its pre‑pandemic all‑time closing high of $66.22, leaving scope for further rerating if management executes on its updated outlook for continued record net yields, EBITDA strength and resilient demand.

• Q2 2026 adjusted EPS $0.41, up over 15% year-on-year and delivering roughly a 19% upside surprise versus the $0.34 consensus estimate..
• Q2 2026 adjusted net income $569M, more than 20% higher than a year ago and up from roughly $258M net income in the prior quarter..
• Share price up about 20.68% over the last 12 months, with a 52‑week high of $32.77 versus a pre‑pandemic all‑time closing high of $66.22..

Ea Series Trust

Peter Doyle and Murray Stahl bought $5.52M of Ea Series Trust in Q1 2026. Over the last two quarters, Ea Series Trust's equity and thematic ETFs have shown mixed but generally constructive performance, with strategies like the Honeytree U.S. Equity ETF up about +7.37% over the past 3 months and +7.69% over the last year, while energy and growth-oriented products have experienced more volatility. During the current quarter, returns have been led by core equity exposures—Honeytree is near its 52-week high at roughly $35 per share within a $31.45–$35.27 range, and Rainwater Equity ETF's assets have climbed from about $16.96M to just over $19M in the last six months—highlighting growing investor demand across the trust. Over the past 12 months, Ea Series Trust has also expanded its product lineup, including new Cambria ETFs registered with the SEC in early 2026, and despite pockets of earnings softness in certain sector funds, the combination of solid trailing returns and increasing assets positions the trust for potential value creation if markets remain favorable.

• Honeytree U.S. Equity ETF 3-month total return: +7.37%; 1-year total return: +7.69%.
• Bastion Energy ETF 1-month return: -2.18%; 3-month return: -1.01%; 1-year return: +45.64%.
• Rainwater Equity ETF assets under management increased from approximately $16.96M (6 months ago) to around $19.24M currently, a gain of roughly +13%.

Consensus Mining & Seigniorage Corp Com

Peter Doyle and Murray Stahl bought $4.28M of Consensus Mining & Seigniorage Corp Com in Q1 2026. Over the last two quarters, the company has moved decisively into loss‑making territory, posting a 2Q2026 net loss of 2.7 million (EPS -1.19) and a six‑month 2026 net loss of 9.3 million versus 4.0 million net income in the prior‑year period, as weaker Bitcoin and Dogecoin prices, lower mining rewards, and significant unrealized losses on crypto holdings pressured results. Over the last twelve months, book value per share has fallen from 43.59 to 37.35, total assets declined from 96.3 million to 82.2 million, and 2025 full‑year performance swung to a 1.1 million net loss (EPS -0.51) from 13.0 million net income, reflecting reduced mining revenue (down to 4.5 million from 5.5 million) and a 2.5 million fair‑value hit to digital assets. Despite these deteriorating fundamentals, the stock trades around US$59.00, between its US$42.99 52‑week low and US$80.00 high, and has recently outpaced its sector with a +31.1% 7‑day move, a volatility spike that may reflect investor optimism around cost reductions, diversification into Zcash mining, and the potential for a recovery in crypto prices to reverse recent fair‑value losses.

• 2Q2026 net loss 2.7 million (EPS -1.19) versus 2Q2025 net income 6.7 million (EPS 2.99)..
• Six‑month 2026 net loss 9.3 million versus six‑month 2025 net income 4.0 million; book value per share down from 43.59 to 37.35 year‑over‑year..
• Total assets decreased from 96.3 million at December 31, 2025 to 82.2 million at June 30, 2026, while digital asset mining revenue in 2Q2026 fell to 0.5 million from 1.1 million a year earlier..

Grayscale Litecoin

Peter Doyle and Murray Stahl bought $2.4M of Grayscale Litecoin in Q1 2026. Over the last 12 months, the trust has declined about 60% in market price, with a -21.14% price total return in the most recent quarter and -44.20% year‑to‑date as of July 30, 2026; historically its NAV returns have lagged the digital‑asset ETF category, where a prior 1‑year NAV return of -32.3% compared to a category average of 83.9%. Fundamentally, Q1 2026 was weak: net assets fell from $175.9M to $107.0M, NAV per share dropped to $4.41, and the trust recorded about $68.9M in net decreases from operations as the LTC price slid from $87.11 to $54.01 alongside a 2.5% annual sponsor fee drag. While Q2 2026 showed headline net income of $61.69M, revenue of just $14K (+255.6% YoY) and a gross margin of -81.5% underscore that current‑quarter performance remains almost entirely a function of Litecoin’s price—recent one‑month price gains of 5.37% are modest relative to prior drawdowns, so upside from here depends primarily on a sustained rally in LTC similar to the strong price moves that previously drove net gains of over $39.9M in late 2025.

• Price total return over the last quarter is -21.14%, with year‑to‑date performance at -44.20% and 12‑month performance around -62.40% as of late July 2026..
• Net assets declined from $175.9M to $107.0M between June 30, 2025 and March 31, 2026, a drop of roughly 39%, while NAV per share fell to $4.41 with a nine‑month total return of -39.17%..
• In Q2 2026, the trust reported revenue of $14.00K (+255.6% YoY), net income of $61.69M (YoY change -190.6%), and a gross margin of -81.5%, highlighting the dominance of LTC price movements in reported results..

Fidelity Natl Finl Inc

Peter Doyle and Murray Stahl bought $2.06M of Fidelity Natl Finl Inc in Q1 2026. In the latest quarter, the company reported consolidated revenue of $4.05–$4.1 billion (about 11% year-over-year growth) and adjusted EPS of $1.39, both ahead of consensus forecasts, reinforcing an upward earnings trajectory that supports your incremental position. Performance was led by the Title segment, where revenue grew 16% to $2.5 billion, adjusted pre-tax title earnings increased 33% to $448 million, and margins expanded 230 bps to an industry-leading 17.8% on strong commercial activity and resilient purchase/refinance orders versus peers. Across the last two quarters, first-half 2026 net earnings attributable to common shareholders rose to $531 million and F&G assets under management climbed to $74.7 billion (up 8% year over year), while management returned $417 million via dividends and buybacks—clear signs the business is gaining momentum and that recent earnings beats, margin expansion, and the strategic shift toward higher-margin fee-based products are key drivers for potential value accretion.

• Q2 2026 consolidated revenue of $4.05–$4.1 billion, up about 11% year over year; adjusted revenue excluding gains was $3.7 billion, up 5.7%..
• Adjusted EPS increased from $1.16 to $1.39 year over year in Q2, a rise of roughly 20%, while adjusted net earnings grew from $318 million to $370 million..
• Title segment revenue rose 16% to $2.5 billion with adjusted pre-tax title earnings up 33% to $448 million and margins expanding 230 bps to 17.8%, supporting first-half net earnings of $531 million..

Plains All Amern Pipeline L

Peter Doyle and Murray Stahl bought $2.01M of Plains All Amern Pipeline L in Q1 2026. The partnership’s near-term trajectory is positive: Q1 2026 delivered adjusted EBITDA of $730M and EPS of $0.39 per unit, followed by Q2 2026 adjusted EBITDA of $738M, adjusted EPS of $0.41, and net income of $1.83B boosted by the Canadian NGL divestiture. Operationally, crude oil segment EBITDA increased from $582M in Q1 to $690M in Q2 (about +19% QoQ) on higher pipeline volumes and Cactus III synergies, indicating the business is gaining earnings power despite modest headwinds from long-haul contract rate resets. The Canadian NGL sale and related $2.9B debt reduction lowered pro forma leverage to 3.3x and support a quarterly cash distribution of $0.4175 per unit (~7% yield), leaving the partnership as a more focused crude-oil midstream name trading around a ~19x P/E with potential upside if it delivers on its $2.88B 2026 EBITDA target and maintains capital discipline.

• Q2 2026 revenue rose 66.3% year-over-year to $17.69B, while adjusted EPS increased 13.9% to $0.41 per unit..
• Crude oil segment Adjusted EBITDA grew from $582M in Q1 2026 to $690M in Q2 2026, a roughly 19% sequential increase..
• Pro forma leverage improved to 3.3x at Q2 2026 quarter-end following $2.9B of debt reduction from the Canadian NGL divestiture, supporting a cash distribution of $0.4175 per unit (~7% yield)..

Hubbell

Peter Doyle and Murray Stahl bought $1.73M of Hubbell in Q1 2026. Hubbell is showing accelerating operational momentum, with Q2 2026 adjusted EPS rising to $5.52 (up 12% year-over-year) on net sales of about $1.71B (up 15% year-over-year), and adjusted operating margin of 23.9% only modestly lower (about 50 bps) than last year, following a prior quarter that also modestly beat earnings expectations. Over the last 12 months the stock has appreciated roughly 15–16%, supported by double‑digit organic growth, acquisition-driven expansion (including the roughly $3B NSI Industries deal), and robust demand in utility transmission, distribution, and data center markets. Management has raised full‑year 2026 guidance to expect 16–18% sales growth and adjusted diluted EPS of $20.25–$20.55, signaling confidence that current-quarter strength and synergies from recent acquisitions can sustain around 9–10% EPS growth over the next year.

• Q2 2026 adjusted EPS increased 12% year-over-year to $5.52, beating analysts’ estimates by roughly 2–3%..
• Q2 2026 net sales rose 15.3% year-over-year to about $1.71B, with organic growth of roughly 10% and acquisitions contributing about 5%..
• Hubbell shares are up approximately 15–16% over the past year and about 15.5% since the start of 2026..

Nuveen Ny Amt Free

Peter Doyle and Murray Stahl bought $1.41M of Nuveen Ny Amt Free in Q1 2026. Recent performance has been strong, with the fund’s share price delivering a 7.16% year-to-date return as of 7/31/2026, materially outperforming the Morningstar New York municipal CEF category’s 1.74% price return and indicating that the vehicle has been gaining rather than declining over the last couple of quarters. NAV performance has been more muted at 0.65% YTD, but the market discount has narrowed from an average 5.28% over the past 52 weeks to just 1.63% currently, suggesting that in the current quarter investors are bidding up the shares relative to underlying assets as demand for New York tax‑exempt municipal income improves (analyst inference based on discount behavior). Fund earnings remain stable, with the latest quarter posting revenue of $38.05 million and operating income of $30.51 million, essentially flat versus the prior quarter’s levels, while trailing twelve‑month EPS of 0.31 per share supports the current income profile and provides a fundamental underpinning for the recent price strength.

• Share price year-to-date total return 7.16% vs category price return 1.74% as of 7/31/2026..
• Current discount to NAV 1.63% vs 52-week average discount 5.28%, a narrowing of roughly 3.65 percentage points..
• Most recent quarter revenue $38.05 million, up approximately 0.28% from the prior quarter; trailing EPS (TTM) at 0.31 per share..

General Mills

Peter Doyle and Murray Stahl bought $1.12M of General Mills in Q1 2026. Over the last 12 months, General Mills’ top line has been mildly negative, with full-year FY26 net sales down 5% and organic net sales down 2%, but Q4 FY26 net sales returned to growth, rising 1% year-over-year to $4.6B with flat organic sales. Headline earnings in the current quarter were dominated by non-cash goodwill and brand impairments and a valuation loss tied to the planned Brazil divestiture, driving a Q4 operating loss of $2.1B and GAAP EPS of roughly - $3.73, yet adjusted operating profit grew 13% in constant currency to $705M and adjusted EPS of about $0.95 beat the $0.80 consensus, marking an improvement from the prior quarter’s EPS decline of 37% and adjusted operating profit drop of 32%. Relative to food peers, where earnings have grown about 4.4% annually, General Mills’ earnings growth has been roughly flat at 0.07% and revenue growth about 0.8%, but management is actively reshaping the portfolio through divestitures (including North American yogurt and Brazil), restructuring, and cost and innovation initiatives to win back budget-conscious consumers, while sustaining a quarterly dividend of $0.61 per share—factors that can support a re-rating if the recent operational improvements in Q4 prove durable.

• Q4 FY26 net sales were $4.6B, up 1% year-over-year, with organic net sales flat and North America Retail net sales down 4%..
• Q3 FY26 revenue was $4.4B, down 8% year-over-year, EPS was $0.64 (down 37% in constant currency), and adjusted operating profit was $547M (down 32%)..
• Full-year FY26 net sales totaled $18.4B (down 5% with a 6-point divestiture headwind), adjusted operating profit was $2.8B (down 16% in constant currency), and the board declared a quarterly dividend of $0.61 per share..

AstraZeneca

Peter Doyle and Murray Stahl bought $1.04M of AstraZeneca in Q1 2026. The purchase comes as AstraZeneca has delivered a solid first half, with H1 2026 revenue up 6% and core EPS up 11% year over year, driven by double-digit growth in oncology and rare disease despite headwinds from generic competition. In the current quarter, Q2 2026 EPS of $2.63 (about 1.98 GBP) beat estimates by roughly 6% while revenue grew 5% to $15.38B, supporting management’s decision to reaffirm full‑year and long‑term guidance and signalling improving operating leverage. Despite these fundamental gains, the shares are down about 7% year‑to‑date and have trailed larger pharma peers such as GSK, but a recent roughly 6% rally after reports dismissing potential merger talks with Bristol Myers Squibb, combined with a reaffirmed outlook and robust pipeline, has eased investor concerns and could catalyze a re‑rating if execution continues.

• Q2 2026 EPS $2.63, beating consensus by about 6%, with revenue up 5% year over year to $15.38B..
• H1 2026 revenue grew 6% and core EPS rose 11% versus the prior year, driven by double‑digit oncology and rare disease sales..
• Share price is down roughly 7% year‑to‑date but recently jumped about 6% on news dismissing Bristol Myers Squibb merger talks..

Blackrock Muniyild Qult Fd I

Peter Doyle and Murray Stahl bought $911.13K of Blackrock Muniyild Qult Fd I in Q1 2026. Over the last 12 months, the fund has delivered modest positive returns, with 2025 price total return 4.26% versus the municipal CEF category’s 6.77%, and 2026 YTD price total return 3.92% versus category 3.70%, while NAV total return is 2.05% versus category 2.31% as of May 31, 2026. Across the last two quarters, performance has been gaining, with the share price up about 0.8% from $11.28 at the start of 2026 to roughly $11.37 in early August and the discount to NAV narrowing from a 52-week low near -10.45% to around -7.13%, indicating improving sentiment relative to muni CEF peers. Recent institutional buying—Bank of New York Mellon raised its stake by 493.7% in Q1 2026 to 121,623 shares valued at about $1.34 million—combined with a still-wide discount and the fund’s stable tax-exempt income profile are key supports that could drive further value appreciation in the current quarter.

• 2026 YTD price total return 3.92% vs municipal CEF category 3.70%; NAV total return 2.05% vs category 2.31% (as of 5/31/26)..
• 2025 calendar-year price total return 4.26% and NAV total return 2.29%, compared with category returns of 6.77% (price) and 2.00% (NAV)..
• Current share price about $11.60 vs NAV $12.47, implying a discount of roughly -7.13% versus a 52-week discount range of around -4.90% to -10.45%..

State Str Spdr S&P 500 Etf T

Peter Doyle and Murray Stahl bought $809.02K of State Str Spdr S&P 500 Etf T in Q1 2026. Tracking the S&P 500, the ETF has delivered a strong trailing 12‑month return of 21.2%, broadly in line with other broad‑market funds like VTI at 22.2% and RSP at 21.1%, while slightly behind growth‑tilted QQQ at 25.2%. Over the last two quarters, performance has accelerated, with Q2 2026 after‑tax QTD returns of 8.98% and 1‑year after‑tax returns of 13.21% as of June 30, followed by a flat start to the current quarter where Q3 QTD returns were -0.06% at July month‑end. Despite this short‑term consolidation, the ETF is still up 13.6% year‑to‑date as of mid‑August, and—based on its passive exposure to the S&P 500 rather than company‑specific drivers—any further upside will largely depend on continued earnings growth, stable interest‑rate expectations, and investor risk appetite for U.S. large‑cap equities.

• YTD total return 13.6% vs large‑blend category’s 5.14% as of August 11, 2026..
• Trailing 12‑month return 21.2% vs QQQ 25.2%, RSP 21.1%, and VTI 22.2%..
• Q2 2026 after‑tax QTD return 8.98% and 1‑year after‑tax return 13.21% as of June 30, 2026..

Circle

Peter Doyle and Murray Stahl bought $661.38K of Circle in Q1 2026. This new position increases our exposure to a leading stablecoin and blockchain infrastructure provider whose last two quarters show a transition from hyper-growth to more measured expansion, with Q2 2026 revenue up 7% year-over-year to $701 million, modestly below consensus, and only about 1% sequentially from Q1’s roughly $694 million. Profitability has improved sharply over the past 12 months, with net income swinging from a loss of roughly -$482 million in Q2 2025 to a profit of $48 million in Q2 2026 and diluted EPS reaching $0.18, even as adjusted EBITDA declined quarter-on-quarter from $151 million to $143 million and revenue growth decelerated from about 20% in Q1. Underlying USDC activity remains robust—average circulation around $76.5 billion, quarter-end circulation of $73.3 billion, and onchain transaction volume of $14.8 trillion (up 19%, 25%, and 151% year-over-year, respectively)—but lower reserve yields and a 66 bps decline in stablecoin market share to roughly 27% are tempering near-term revenue momentum, while recent approvals for Circle National Trust and Circle New York Trust and the planned mid-September Arc network mainnet launch with major financial institutions as validators create meaningful potential catalysts for further value accretion.

• Q2 2026 total revenue and reserve income of $701.3 million, up 7% year-over-year and roughly 1% quarter-over-quarter versus Q1’s ~$694 million..
• Net income from continuing operations improved to $48 million in Q2 2026 from a loss of about -$482 million in Q2 2025, driving diluted EPS to $0.18 versus a $4.48 loss per share a year ago and down from $0.21 in Q1 2026..
• USDC quarter-end circulation reached $73.3 billion (average $76.5 billion) with onchain transaction volume of $14.8 trillion, representing 19%, 25%, and 151% year-over-year growth respectively, while stablecoin market share slipped 66 bps to about 27%..

ProShares

Peter Doyle and Murray Stahl bought $502.16K of ProShares in Q1 2026. Over the last twelve months, ProShares’ suite of leveraged equity ETFs has produced strong absolute returns, with its flagship Nasdaq‑100 exposure up roughly 42.06% year‑to‑date as of mid‑August 2026, materially ahead of standard index trackers and reinforcing investor appetite for high‑beta exposures. In the current quarter, performance dispersion has widened: long S&P 500 strategies have benefited from continued large‑cap strength while inverse products such as the Short S&P500 ETF are down about 7.04% year‑to‑date and 12.12% over the last three months as of June 30, 2026, indicating that ProShares’ bullish complex is gaining while its bearish offerings are under pressure in a rising market. From a platform perspective, ProShares has been fine‑tuning trading efficiency via share splits on 22 ETFs in late 2025 and expanding seasoned strategies like its interest rate‑hedged high yield bond ETF, which is now benchmarked against as many as 193 peer funds, developments that support liquidity, category visibility and potential valuation upside at the issuer level.

• Nasdaq‑100 leveraged ETF year‑to‑date total return around 42.06% as of 8/12/2026, significantly above the underlying index..
• Short S&P500 ETF total return -7.04% YTD and -12.12% over the last 3 months as of 6/30/2026, reflecting equity market gains in H1 2026..
• ProShares executed share splits on 22 ETFs in November 2025, alongside an interest rate‑hedged high yield bond ETF now evaluated against 193 peer funds over 3 years, supporting liquidity and product depth..

Slb Limited

Peter Doyle and Murray Stahl bought $401.82K of Slb Limited in Q1 2026. Following a softer first quarter, the company delivered a stronger Q2 2026 with revenue rising to $8.97B (from $8.72B in Q1, up 3% sequentially and 5% year-on-year) and adjusted EBITDA up 7% quarter-on-quarter, driven by robust offshore and international activity that more than offset a 13% sequential revenue decline in the Middle East. Nonetheless, profitability is still below last year's levels, as GAAP EPS fell to $0.52 (about 30% lower year-on-year) and net income to $786M (down roughly 22% YoY), and over a longer horizon the company has grown earnings at about 22.5% annually versus roughly 44.6% for the energy services industry, indicating relative earnings underperformance vs peers. Recent catalysts—including strong Q2 free cash flow of $716M, a maintained dividend of $0.295 per share, and new strategic agreements such as the Liberty Energy data center alliance and Eni Baleine Phase 3 EPC award—combined with guidance for Q4 revenue above $10B and adjusted EBITDA margin near 24% provide a constructive setup for value creation if international momentum persists and Middle East disruptions ease.

• Q2 2026 revenue increased 3% sequentially and 5% year-on-year to $8.97B, while adjusted EBITDA rose 7% quarter-on-quarter to $1.90B..
• Q2 2026 adjusted EPS was $0.55 (up 6% vs. Q1 but down 26% vs. Q2 2025), and GAAP EPS was $0.52 with net income of $786M..
• Operating cash flow reached $1.36B and free cash flow improved to $716M in Q2, up roughly $739M from Q1, with the stock trading around a normalized P/E of approximately 17x..

Diamondback Energy

Peter Doyle and Murray Stahl bought $395.98K of Diamondback Energy in Q1 2026. Over the last 12 months, Diamondback has transitioned into a higher-output, higher-cash-flow operator, with Q2 2026 revenue rising 51% year over year to $5.56 billion and adjusted EPS up about 143% to $6.48, both well above consensus, signaling strong fundamental momentum. Compared with Q1 2026, where EPS was $4.23, Q2 delivered sequential earnings growth of roughly 53% and record total production of 1,018 MBOE/d, confirming that the company is currently in an accelerating growth phase driven by higher realized oil prices and volume gains. While the stock pulled back roughly 3–7% in the days following the Q2 print despite these beats, the combination of raised full-year production guidance, stronger free cash flow and disciplined capital returns positions the security to gain value if oil prices remain elevated and execution stays on track.

• Q2 2026 revenue increased 51.2% year over year to $5.56 billion, beating the roughly $4.94 billion consensus estimate by about 12.7%..
• Adjusted EPS in Q2 was $6.48, up from $2.67 a year ago (approximately 143% growth) and ahead of the $5.96–$6.08 consensus range..
• Q2 2026 production averaged 1,018 MBOE/d (oil 525 MBO/d), supporting Adjusted EBITDA of about $3.9 billion and Adjusted Free Cash Flow of roughly $2.3 billion, up around 32% year over year..

ConocoPhillips

Peter Doyle and Murray Stahl bought $371.05K of ConocoPhillips in Q1 2026. The purchase adds exposure to a large-cap upstream energy producer that has delivered a strong fundamental inflection this quarter, with Q2 2026 adjusted EPS of 3.24 versus 1.42 in Q2 2025, driven by a 36% increase in realized prices and record production levels. Operationally, the company produced 2.248 million BOE/d in Q2, above guidance with Permian output above 900,000 BOE/d, generating about $4.2B in free cash flow and returning $3B to shareholders via dividends and doubled share repurchases, signaling momentum rather than deterioration; recent announcements on CEO succession, LNG and Middle East portfolio expansion, and reaffirmed 2029 free cash flow inflection guidance further support a constructive outlook on medium‑term value. On the equity side, the stock has gained roughly 38.07% year‑to‑date and 39.04% over the last 12 months versus 13.19% and 20.21% for the S&P 500, while it is up about 1.03% over the last 3 months and roughly 13.90% over the past month, and analysts maintain a consensus Buy rating with a 12‑month target implying nearly 17.96% additional upside, suggesting the market is rewarding recent execution and sees further value creation potential.

• Q2 2026 adjusted EPS was 3.24 versus Wall Street’s forecast of 2.85, a positive surprise of 13.68%..
• Q2 2026 production reached 2.248 million BOE/d, above guidance, with Permian volumes exceeding 900,000 BOE/d and generating approximately $4.2B in free cash flow..
• The stock is up about 38.07% year‑to‑date and 39.04% over the past year, compared with the S&P 500’s 13.19% and 20.21% total returns over the same periods..

Grainger

Peter Doyle and Murray Stahl bought $332.7K of Grainger in Q1 2026. As an industrial MRO distributor with resilient end‑markets, the company has delivered two consecutive quarters of double‑digit earnings growth, with Q1 2026 EPS of roughly $11.65 beating consensus by more than $1.40 and Q2 2026 EPS accelerating to $12.01, up 20.5% year over year. In the current quarter, sales grew 10.3% to about $5.0 billion (or 13.7% on a daily organic constant‑currency basis), operating margin expanded 120 bps to 16.1%, gross margin reached 39.5%, and EPS beat estimates by roughly 6–7%, driven by broad‑based MRO demand and tariff‑related refunds. Despite a short‑term share pullback of about 6% on margin‑quality concerns following the print, the stock is still up roughly 30.33% over the last 12 months and 30.9% year to date, and management’s raised full‑year guidance plus ongoing tariff refunds and improving manufacturing and government demand provide tangible catalysts for further value creation, even as prior analysis showed the shares modestly trailing their industry’s 16.6% gain over an earlier 12‑month period.

• Q2 2026 sales of about $5.0 billion, up 10.3% year over year and 13.7% on a daily organic constant‑currency basis..
• Q2 2026 diluted EPS of $12.01, up 20.5% year over year and beating consensus by roughly 6–7%..
• Share price up approximately 30.33% over the last 12 months and 30.9% year to date, despite a post‑earnings decline of about 6.1% on the Q2 release..

Nuveen Mun Cr Income Fd

Peter Doyle and Murray Stahl bought $322.1K of Nuveen Mun Cr Income Fd in Q1 2026. Over the past 12 months, the fund has delivered a modest positive total return of 2.8%, while its current-year performance of -0.62% suggests most of that gain was earned prior to 2026, leaving recent quarters comparatively muted.. Recent share prices around the low-$12 range, including a last close near $12.31, point to a largely range-bound current quarter in which regular tax-exempt income rather than price appreciation has been the primary contributor to total return.. With no major fund-specific announcements beyond routine disclosures, near-term value drivers are dominated by broader municipal bond fundamentals—Nuveen highlights relatively constructive credit conditions and demand for tax-exempt income, which could support the fund’s valuation if long-term yields stabilize..

• Total return over the last 12 months: +2.8%; current-year performance: -0.62%..
• Cumulative performance since inception is 240.52%, with a risk-adjusted return of 0.64 over that period..
• Risk-adjusted return over the past 10 years is 3.88, indicating stronger volatility-adjusted results in the recent decade relative to the full history..

Added, Trimmed, and Exited

Added

Horizon Kinetics added meaningfully to several existing holdings, led by Hawaiian Elec Inds Inc Mtn B (+2.24M shares, value up roughly $82.5M to $321.1M), Waterbridge Infrastructure L (+504,627 shares, up about $59.9M to $196.7M), Miami Intl Hldgs Inc (+1.63M shares, up roughly $53.6M to $134.3M), and Permian Basin royalty trust (+191,892 units, up about $32.2M), with smaller increases to RB Global, Fermi Inc, BlackRock MuniYield Quality and Listed Fds Tr. Notably, San Juan Basin Royalty Trust and Mesabi Trust saw shares added even as reported value slipped (down about 4.1% and 15.2% respectively), reflecting commodity-price softness rather than a change in conviction.
What it means: The pattern of adds skews toward private/illiquid or thinly traded, owner-operator-style businesses (a Hawaiian utility financing vehicle, an infrastructure water midstream operator, an exchange operator, and hard-asset royalty trusts) rather than large-cap liquid names — consistent with Horizon Kinetics' long-standing preference for hard-to-replicate, asset-backed businesses. The willingness to keep buying royalty trusts even as near-term valuations dipped suggests the firm is treating commodity-linked income streams as a multi-year compounding thesis rather than a trade, using weakness as an accumulation opportunity.

Trimmed

The largest reduction was in Bitcoin Trust ETF, where value fell about $225.9M (down 23.4%) on both share sales and price weakness, followed by Wheaton Precious Metals (-731,999 shares, down about $62.3M or 21.2%), DigitalBridge (-2.1M shares, down roughly 69% to $14.5M), Franco-Nevada (-210,804 shares, down about $13.6M), and Howard Hughes (-96,950 shares, down nearly 47%). Interestingly, Texas Pacific Land, Or Royalties Inc., Liberty Energy and Civeo Corp Cda were also trimmed in share count, yet reported values rose due to sharp price appreciation (Texas Pacific Land alone gained over $1.78B in value despite fewer shares held).
What it means: The reduction in Bitcoin Trust ETF and precious-metals royalty names like Wheaton Precious Metals and Franco-Nevada suggests some profit-taking or risk-trimming after strong multi-year runs in gold/crypto-adjacent exposure, while the steep cut to DigitalBridge and Howard Hughes points to a reassessment of digital infrastructure and real-estate-linked theses. At the same time, trimming shares of appreciating winners such as Texas Pacific Land is a classic disciplined rebalancing move — locking in gains on a position that has become an outsized portfolio weight rather than a loss of conviction in the underlying business.

Exited

Horizon Kinetics fully exited roughly 16 smaller positions this quarter, including PotlatchDeltic, BlackRock Munivest Fd, Nuveen New York Amt Qlt Muni, SPDR S&P 500 ETF Tr, Telefonica, Grayscale Zcash, BlackRock Invt Quality Muni, Grayscale Ethereum Classic, Nuveen Municipal Credit, KKR, Vanguard Tax-Managed Funds, Nuveen New York Qlt Mun Inc, BGC Group, Automatic Data Processing, Dorman Products and Cohen & Steers (separately, positions in Carnival, Grayscale Litecoin, Fidelity Natl Finl Inc and AstraZeneca were reclassified/respelled rather than truly liquidated, and continue on).
What it means: The breadth of exits — spanning niche crypto trusts, several municipal closed-end bond funds, a broad-market S&P 500 ETF, and a handful of small-cap industrials/financials — looks like portfolio housekeeping and consolidation of smaller, non-core positions rather than a directional macro call, freeing up capital to concentrate further into the firm's higher-conviction additions in royalty trusts, infrastructure and owner-operator equities noted above.

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.