Peter Doyle and Murray Stahl's Trades and Holdings in Q3 2025

Breaking down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on November 14, 2025.

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 ›
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Horizon Kinetics maintained its contrarian, long-term value approach in Q3 2025, anchored by concentrated positions in owner-operator businesses and inflation hedges, with top holdings spanning nutritional supplements firm FitLife Brands, cryptocurrency exposure via Grayscale Digital Large Cap, and quality industrial names including Verisk, Abbott, and Berkshire Hathaway. The firm added positions in financial exchange operator Miami International and healthcare giant UnitedHealth while exiting energy royalty play Sitio Royalties and Bitcoin trust HODL, reflecting a tactical shift toward exchange infrastructure and established healthcare franchises amid persistent inflation concerns.

New Investments

Waterbridge WBI

Peter Doyle and Murray Stahl bought $160.26M of Waterbridge in Q3 2025. WaterBridge Infrastructure concluded its debut quarter as a publicly traded company with Q3 2025 pro forma revenue of $205.5 million, though profitability was pressured by $73.5 million in depreciation, amortization, and accretion expenses along with substantial interest costs from post-IPO integration. The stock exhibited minimal volatility in after-market trading following the November 12 earnings release, despite management highlighting strong operational volume growth and infrastructure project advancement, indicating investor caution during the digestion period. Consensus forecasts project full-year 2025 revenue of approximately $779.7 million, positioning the company as a pure-play water infrastructure investment navigating integration complexities from its September 2025 IPO.

• Q3 2025 pro forma revenue reached $205.5 million with full-year 2025 analyst consensus at approximately $779.7 million.
• Non-cash charges totaled $73.5 million in depreciation, amortization, and accretion expenses, representing significant earnings drag from infrastructure base and recent public market transition.
• Stock posted 0% after-market movement on November 12, 2025 earnings announcement despite pre-announcement gains, reflecting muted investor sentiment as market reconciles mixed operational performance with financial results.

Miami International MIAX

Peter Doyle and Murray Stahl bought $55.66M of Miami International in Q3 2025. Miami International Holdings delivered exceptional operational performance in Q3 2025, growing net revenue 57% year-over-year to $109.5 million while expanding adjusted EBITDA margins to 44% from 27%, demonstrating strong execution across its core options business and recent strategic initiatives. The GAAP net loss of $102.1 million was primarily driven by one-time charges related to the company's recent IPO and debt restructuring activities, masking underlying operational strength with adjusted earnings increasing nearly five times to $39.9 million. Recent business catalysts including the launch of the MIAX Sapphire trading floor in September 2025, the TISE acquisition completed in June 2025, and record market share gains are positioning the company for continued value creation.

• Net revenue grew 57% year-over-year to $109.5 million in Q3 2025, driven primarily by strong options business performance and increased industry volumes.
• Adjusted EBITDA more than doubled to $48.0 million with margin expansion to 44% from 27% in the prior-year period.
• Options market share reached a record 17.2% in Q3 2025, with October 2025 showing accelerating momentum including a monthly market share record of 19.4% and daily volume record of 19.7 million contracts.

UnitedHealth UNH

Peter Doyle and Murray Stahl bought $585.28K of UnitedHealth in Q3 2025. UnitedHealth delivered 12% year-over-year revenue growth to $113.2 billion in Q3 2025 with adjusted EPS of $2.92 beating expectations, though profitability faced significant headwinds from medical cost inflation and Medicare funding reductions. The company expanded domestic membership by 795,000 lives year-over-year to 50.1 million and raised full-year 2025 guidance, yet the core UnitedHealthcare segment saw operating margins compress sharply to 2.1% from 5.6% in the prior year quarter, with the medical care ratio deteriorating 470 basis points to 89.9%. Despite near-term margin pressure, UnitedHealth's strategic investments in AI-driven Optum innovations, strong $5.9 billion in operating cash flow (2.3x net income), and positive market reception (stock up 3.83% post-earnings) signal management confidence in sustainable 2026 growth.

• Revenue CAGR of 11% over the past 5 years with Q3 2025 revenues up 12% year-over-year to $113.2 billion.
• Adjusted EPS of $2.92 exceeded forecast by 3.91%, though medical care ratio deteriorated 470 basis points year-over-year to 89.9%.
• Domestic membership grew 780,000 lives year-to-date to 50.1 million with operating cash flow generation of $5.9 billion, or 2.3x net income.

Constellation Brands STZ

Peter Doyle and Murray Stahl bought $581.37K of Constellation Brands in Q3 2025. Constellation Brands delivered a strong earnings beat in the most recent quarter with adjusted EPS of $3.63 exceeding consensus estimates by 6.5%, demonstrating operational resilience amid macroeconomic headwinds. The company's beer portfolio, anchored by Corona and Modelo brands, drove performance with dramatic operating margin expansion to 35.2% from negative 42.1% in the prior year, bolstered by $40 million in Q3 supply chain cost savings. However, management's 10.2% reduction in full-year guidance and persistent weakness in the wine and spirits segment—which saw net sales decline over 14%—signal that near-term headwinds from consumer spending pressures and tariff-related costs will likely persist despite strong brand loyalty.

• Adjusted EPS of $3.63 beat consensus by 6.5%, though organic revenue declined 8% year-over-year versus expectations of 9.6% declines, representing a 155 basis point beat.
• Operating margin improved 7,710 basis points year-over-year to 35.2% as management executed $40M in Q3 cost savings and maintained disciplined pricing discipline of 1% to 2%.
• Revenue of $2.48 billion represents 15% year-over-year decline but beat analyst estimates by 0.5%, while wine and spirits segment projected to decline 5% to 8% for full fiscal year 2025.

Aehr Test Systems AEHR

Peter Doyle and Murray Stahl bought $463.69K of Aehr Test Systems in Q3 2025. Aehr Test Systems demonstrated exceptional momentum in Q3 fiscal 2025 with revenue of $18.3 million, representing a 142% year-over-year increase driven primarily by penetration into the AI semiconductor processor market, which now accounts for over 35% of the business. The company is decisively shifting its product mix away from the challenged silicon carbide power semiconductor market toward higher-growth AI applications, evidenced by WaferPak revenues declining to 32% of total revenue from 63% year-over-year. While the quarter showed strong operational execution with EPS of $0.07 beating consensus by 75% and bookings surging to $24.1 million versus $9.2 million in Q2, the company temporarily withdrew guidance due to uncertainty around customer orders and supply chain impacts, suggesting some caution is warranted despite the impressive results.

• Revenue grew 142% YoY to $18.3 million, exceeding analyst consensus of $17.76 million.
• Non-GAAP EPS of $0.07 beat consensus estimate of $0.04 by 75%.
• Bookings increased 162% sequentially to $24.1 million in Q3 versus $9.2 million in Q2, with effective backlog now at $21.8 million.

PIMCO NY Mun II PNI

Peter Doyle and Murray Stahl bought $261.56K of PIMCO NY Mun II in Q3 2025. The fund demonstrated a notable recovery in Q3 2025, posting +4.8% returns over the 3-month period following a challenging prior year with -7.4% market returns. The August 2025 reorganization consolidating PIMCO's New York municipal funds into a single entity streamlined operations and may support future stability. However, the fund continues to trade at a significant -11.08% discount to net asset value, reflecting persistent investor caution despite the recent rebound.

• 3-month return of +4.8% in Q3 2025 reversed a 1-year decline of -7.4% market value, showing recent momentum shift.
• Fund trading at -11.08% discount to NAV as of mid-October 2025, indicating sustained market repricing concerns.
• August 1, 2025 completion of fund reorganization consolidated PNF and PYN into a single vehicle to enhance operational efficiency.

Beam Therapeutics BEAM

Peter Doyle and Murray Stahl bought $232.92K of Beam Therapeutics in Q3 2025. Beam Therapeutics is a clinical-stage gene-editing biotech facing near-term revenue headwinds but bolstered by high-conviction clinical catalysts and strong institutional investor support. In Q3 2025, the company reported $9.7 million in revenue (a 32% year-over-year decline and 14% miss versus estimates) while net losses widened 16.6% to $112.73 million, though per-share losses improved 6%, reflecting operational discipline despite elevated R&D spending. Recent catalysts—including FDA RMAT designation for BEAM-101, $1.5 billion Orbital Therapeutics acquisition validation, ARK Invest's $7.06 million share purchase, and analyst price target increases to $37—suggest growing confidence in clinical progression and pipeline potential offset by current profitability concerns.

• Q3 2025 revenue contracted 32% year-over-year to $9.7 million, missing analyst expectations by approximately 14%.
• Net loss expanded 16.6% to $112.73 million while EPS improved 6% to $1.10 per share loss, reflecting R&D-heavy investment profile.
• Stock appreciated 6.7% on November 13 following Clear Street price target raise to $37, with cash runway of $1.1 billion supporting operations through 2028.

Northrop Grumman NOC

Peter Doyle and Murray Stahl bought $219.35K of Northrop Grumman in Q3 2025. Northrop Grumman delivered a significant earnings beat in Q3 2025 with $7.67 EPS vs. $6.46 consensus, though revenue of $10.42B missed expectations of $10.72B due to timing of contract awards and space segment headwinds. The company expanded segment operating margins to 12.3% from 11.5% year-over-year and raised full-year EPS guidance by $0.65 despite modestly lowering revenue guidance, reflecting strong operational execution, excellent cost control, and a robust 1.17x book-to-bill ratio indicating substantial backlog growth.

• EPS grew 10% year-over-year to $7.67, beating consensus by 18.7%; full-year EPS guidance raised to $25.65-$26.05 range.
• Segment operating margin expanded 80 basis points to 12.3% from 11.5% YoY, with operating income up 11%; free cash flow surged 72% year-over-year.
• Defense Systems sales grew 14%, Mission Systems up 10%, and international sales surged 32%; ROE stands at 27% with net awards of $12.2B.

NextEra Energy NEE

Peter Doyle and Murray Stahl bought $215.9K of NextEra Energy in Q3 2025. NextEra Energy demonstrated strong operational performance in Q3 2025, beating adjusted EPS expectations by 15.31% to $1.13 while capitalizing on strategic investments in renewable energy and a landmark 25-year power purchase agreement with Google for nuclear power generation. The Energy Resources segment delivered particularly robust results with 13% earnings growth and 3 GW added to the renewables backlog, showcasing effective cost management and operational efficiency despite a modest 2.21% revenue miss. While the company trades at a premium valuation with a P/E ratio of 29.5x, management remains confident in delivering adjusted EPS at the top end of its 2025-2027 guidance ranges with ~10% annual dividend growth through 2026.

• Q3 adjusted EPS grew 9.7% year-over-year to $1.13, beating consensus forecasts by 15.31%.
• Energy Resources segment earnings increased 13% with strategic Google partnership and 3 GW renewables backlog expansion.
• Company expects to deliver at top end of 2025-2027 adjusted EPS ranges with ~10% annual dividend growth through 2026.

Thermo Fisher TMO

Peter Doyle and Murray Stahl bought $212.44K of Thermo Fisher in Q3 2025. Thermo Fisher delivered solid Q3 2025 results, beating both revenue and earnings estimates with $11.12 billion in revenue (4.9% YoY growth) and adjusted EPS of $5.79 (5.3% beat), while expanding operating margins despite modest organic growth of 3%. The company demonstrated cost discipline with its adjusted operating margin reaching 22.6%, up 56 basis points year-over-year, and launched high-impact products including the Olink Target 48 Neurodegeneration panel. However, near-term growth expectations remain subdued relative to sector averages, with forward guidance projecting only 3.9% revenue growth over the next 12 months.

• Adjusted EPS grew 9.7% year-over-year to $5.79, beating consensus estimates by 5.3%.
• Adjusted operating margin expanded 56 basis points year-over-year to 22.6%, reflecting strong cost management.
• Revenue growth of 4.9% year-over-year beat estimates by 1.9%, though organic revenue growth of 3% remained below sector average expectations.

Added, Trimmed, and Exited

Added

Horizon Kinetics significantly increased several existing positions, most notably adding 1.06 million shares to Horizon Kinetics Holdings (their own firm, generating a remarkable +5,662% return), 1.98 million shares to Hawaiian Electric (HE), 1.02 million shares to San Juan Basin Royalty Trust (SJT), 476,270 shares to Brookfield (BN), 259,224 shares to Permian Basin (PBT), 197,398 shares to Liberty Energy (LBRT), and 149,375 shares to CME Group (CME).
What it means: The aggressive expansion of their own firm's holdings signals exceptional internal conviction, while the pattern of additions reveals a decisive pivot toward energy infrastructure and commodity-leveraged businesses. The simultaneous buildup in Hawaiian Electric (despite regulatory challenges), oil & gas royalty trusts (San Juan Basin, Permian Basin), and energy services (Liberty Energy) suggests Stahl and Doyle are positioning for an extended energy upcycle or persistent supply constraints. The CME Group addition aligns with their new Miami International (MIAX) position, indicating increased conviction in exchange operators benefiting from elevated volatility and derivatives trading volumes. These moves collectively represent a contrarian bet on traditionally cyclical, asset-intensive businesses trading at depressed valuations.

Trimmed

Horizon Kinetics substantially reduced positions in Sandstorm Gold (SAND) by 2.37 million shares, Aris Water Solutions (ARIS) by 1.87 million shares, Archer Daniels Midland (ADM) by 438,586 shares, Grayscale Bitcoin (GBTC) by 369,991 shares, Wendy's (WEN) by 232,921 shares, Wheaton Precious Metals (WPM) by 193,374 shares, and Live Nation (LYV) by 139,004 shares.
What it means: The trimming activity reveals a disciplined approach to pruning underperformers and taking profits where appropriate—notably cutting losses in Aris Water Solutions (-88.9%), Archer Daniels Midland (-84.9%), and Wendy's (-46.5%), while trimming profitable positions in Wheaton Precious Metals (+16.5%) and Grayscale Bitcoin (+3.1%). The simultaneous reduction in precious metals exposure (Sandstorm Gold, Wheaton Precious Metals) while adding to energy suggests a tactical rotation from defensive gold plays to more economically sensitive commodities. The Live Nation trim may reflect concerns about consumer discretionary spending or valuation, while the GBTC reduction—though modest given their massive Bitcoin exposure through new purchases—indicates some portfolio rebalancing amid crypto volatility.

Exited

Horizon Kinetics completely liquidated Sitio Royalties (STR) ($16.9M, their largest exit), Bitcoin (HODL) ($929.9K), Brookfield Infrastructure (BIP) ($910.2K), Canadian Imperial Bank (CM) ($743.7K), Dow (DOW) ($719.3K), Enbridge (ENB) ($568K), Kenvue (KVUE) ($501.5K), Macy's (M) ($379K), Coinbase (COIN) ($250.6K), Costco (COST) ($202.9K), and several municipal bond funds including PIMCO NY Municipal Income (PNF).
What it means: The exit pattern reveals a strategic consolidation away from Canadian infrastructure plays (Brookfield Infrastructure, Enbridge, Canadian Imperial Bank), direct cryptocurrency exchange exposure (Coinbase), and challenged retail concepts (Macy's). The complete sale of Sitio Royalties—an oil & gas royalty trust—while simultaneously adding heavily to San Juan Basin and Permian Basin suggests selective repositioning within the energy royalty space toward preferred names. Exiting the Bitcoin (HODL) ETF while maintaining GBTC and adding Fidelity Bitcoin (FBTC) indicates consolidation of Bitcoin exposure into preferred wrappers. The elimination of premium-priced quality retailers like Costco and commodity chemicals like Dow signals discomfort with valuations in these sectors, while the municipal bond fund exits reflect portfolio streamlining as evidenced by the new concentrated position in PIMCO NY Mun II (PNI).

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.