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 research-driven firm co-founded by Peter Doyle, maintained its deeply contrarian, long-horizon value posture in Q1 2026, concentrating its portfolio in inflation-beneficiary, asset-light royalty and hard-asset businesses — anchored by core positions in Texas Pacific Land Corp, Grayscale Bitcoin Trust, Wheaton Precious Metals, LandBridge, and Franco-Nevada — while exiting more index-correlated financial names such as Brookfield Asset Management, Nasdaq, and AllianceBernstein with no new positions initiated. The firm's approach continues to deliberately avoid mainstream, benchmark-hugging equities in favor of overlooked owner-operator and royalty structures in commodities, land, and exchange infrastructure, betting that patient compounding in non-indexed assets will ultimately outperform as institutional capital recognizes the scarcity value of critical physical resources underpinning AI and energy infrastructure.

New Investments

Horizon Kinetics did not open any new positions during Q1 2026.

Added, Trimmed, and Exited

Added

Horizon Kinetics added meaningfully to four existing positions during Q1 2026: Hawaiian Electric (HE) was increased by roughly 2.2 million shares, Miami International (MIAX) was nearly doubled with over 1.6 million shares added, San Juan Basin Royalty Trust (SJT) received an addition of ~748,000 shares, and Waterbridge (WBI) was nudged higher by ~505,000 shares.
What it means: The adds to Hawaiian Electric (HE) and San Juan Basin Royalty Trust (SJT) suggest Horizon Kinetics is leaning into out-of-favor, yield-oriented names — both have faced headwinds, and the firm appears to be doubling down with conviction. The aggressive near-doubling of Miami International (MIAX), a private exchange operator, stands out as a high-conviction illiquid bet, consistent with the firm's contrarian, long-duration style. Together, these additions reinforce Murray Stahl and Peter Doyle's preference for overlooked real assets and niche financial infrastructure over mainstream growth.

Trimmed

Horizon Kinetics trimmed three positions: DigitalBridge (DBRG) was cut sharply by over 2.1 million shares (roughly a 69% reduction), Wheaton Precious Metals (WPM) was reduced by ~732,000 shares, and Texas Pacific Land (TPL) was modestly trimmed by ~318,000 shares.
What it means: The dramatic reduction in DigitalBridge (DBRG) — down nearly 69% in value over the period — looks like a capitulation on a thesis that hadn't played out, with the firm paring a loser rather than continuing to average down. The trim in Wheaton Precious Metals (WPM), despite precious metals broadly performing well, may reflect profit-taking or rebalancing given the position's large size. The slight reduction in Texas Pacific Land (TPL), one of the firm's longest-held and best-performing positions, is likely routine rebalancing after extraordinary appreciation rather than any change in conviction — TPL remains a core holding.

Exited

Horizon Kinetics fully exited ten positions in Q1 2026: Brookfield Asset Management (BAM), Liberty Media (FWONK), Sabine Royalty (SBR), AllianceBernstein (AB), Nasdaq (NDAQ), Short Term Treasury (VGSH), Grayscale Bitcoin Cash (BCHG), Liberty Energy (LBRT), Madison Square Garden Sports (MSGS), and Energy Transfer (ET).
What it means: The breadth of exits — spanning financials, energy, royalties, crypto, and cash equivalents — suggests a significant portfolio reshaping rather than isolated position closures. Liquidating the Short Term Treasury (VGSH) ETF position implies the firm is deploying cash into higher-conviction ideas rather than sitting on dry powder. Exiting Grayscale Bitcoin Cash (BCHG) while crypto markets remain active could reflect a narrowing of focus within digital assets. The departure from names like Nasdaq (NDAQ), Brookfield Asset Management (BAM), and AllianceBernstein (AB) — all well-known financial franchises — is consistent with Horizon Kinetics' contrarian bent, potentially signaling the firm sees better relative value in its remaining concentrated, less-covered positions than in larger, widely-followed financial companies.

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.