Peter Doyle and Murray Stahl's Trades and Holdings in Q4 2025

Breaking down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q4 2025, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on February 11, 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 ›
Q4 '25 13F filed with SEC

Holdings in Q4 2025

Current Investment Strategy

Murray Stahl and Peter Doyle's Horizon Kinetics maintained its long-term contrarian value approach in Q4 2025, building a concentrated portfolio around real-asset royalty and inflation-beneficiary themes—spanning precious metals royalties (Metalla), mining majors (Rio Tinto), digital asset vehicles (Grayscale Digital Large Cap), homebuilders (Tri Pointe Homes), and data analytics (Verisk)—while initiating positions in midstream energy (Western Midstream), cryptocurrency infrastructure (Fermi), and international developed-market equities (Vanguard FTSE Developed Markets ETF). The firm continued to shed positions it views as fully valued or outside its core scarcity thesis, exiting Associated Capital, West Fraser Timber, Sandstorm Gold, Aris Water Solutions, and Stryker, while layering in volatility plays via Short VIX and closed-end income funds like PIMCO Income Strategy Fund II and Royce Micro-Cap Trust, underscoring the duo's conviction that owning scarce resources, tollbooth-like royalty businesses, and non-indexed small-cap equities offers superior risk-adjusted returns against what they see as an overconcentrated, IT-driven index bubble.

New Investments

Western Midstream WES

Peter Doyle and Murray Stahl bought $5.3M of Western Midstream in Q4 2025. Western Midstream delivered a challenging third quarter, with earnings per share of $0.74 missing consensus estimates by 11.9%, representing a notable decline from the prior quarter's $0.97 EPS despite management maintaining confidence in full-year guidance. The company offset near-term operational headwinds through strategic capital deployment, including the completion of the Aris Water Solutions acquisition and renegotiation of high-value Delaware Basin contracts with Occidental Petroleum, positioning the partnership for future growth. Trading at a P/E of 12.34 with a substantial 107.69% payout ratio, the security offers attractive yield but reflects investor caution, as evidenced by recent analyst downgrades and a 'Hold' consensus rating despite management's projection that adjusted EBITDA will reach the high end of $2.35–$2.55B guidance.

• Earnings declined 23.7% sequentially from Q2 to Q3 2025, with Q3 EPS of $0.74 missing analyst forecasts by 11.9%.
• Adjusted EBITDA projected to reach high end of $2.35–$2.55B range with free cash flow expected to exceed top end of $1.275–$1.475B guidance.
• P/E ratio of 12.34 trades 30–40% below midstream sector average, reflecting market concern over recent earnings misses despite strategic acquisitions bolstering long-term positioning.

Fermi FRMI

Peter Doyle and Murray Stahl bought $869.61K of Fermi in Q4 2025. Fermi has experienced significant deterioration since its October 2025 IPO, with the stock declining 75% from its IPO price of $21.00 to $9.83 as of mid-February 2026, reflecting investor concerns about the company's path to profitability and execution challenges. Q3 2025 results revealed a substantial operating loss of -$346.8M compared to approximately -$6.4M in Q2 2025, indicating a dramatic deterioration in quarterly performance despite the company being in a pre-revenue development stage. The sharp decline stems from the company's nascent stage with zero revenue to date, aggressive capital deployment in infrastructure development, and the volatile market reception to AI infrastructure plays as investor enthusiasm has cooled significantly since the October IPO.

• Stock down 75% from IPO price of $21.00 in October 2025 to $9.83 by February 2026.
• Q3 2025 net loss deteriorated to -$346.8M, up 5,413.9% from Q2 2025 loss of approximately -$6.4M.
• Pre-revenue stage with 52-week trading range of $7.18 to $36.99 reflecting elevated volatility.

FTSE Developed Markets VEA

Peter Doyle and Murray Stahl bought $256.75K of FTSE Developed Markets in Q4 2025. The FTSE Developed Markets ETF delivered 35.15% total return in 2025, slightly outpacing its benchmark's 34.86% return, driven by strong corporate earnings and two Federal Reserve rate cuts that supported global developed markets. In Q4 2025, the fund returned 5.72%, moderating from Q2's exceptional 13.10% as market concerns over inflation and elevated AI valuations created headwinds, though sector exposure to Financials (+8.3%), Health Care (+9.0%), and Consumer Discretionary (+6.2%) remained supportive. Assets under management expanded significantly to $193.3 billion as of year-end 2025 from $133.3 billion in 2024, while the fund maintained its competitive positioning with a trailing dividend yield of 2.93% and ultra-low 0.03% management fee.

• Up 35.15% in 2025, outperforming benchmark by 29 basis points.
• Assets grew 45.0% year-over-year to $193.3 billion.
• Trailing dividend yield of 2.93% with 0.03% management fee.

Added, Trimmed, and Exited

Added

Horizon Kinetics significantly expanded its core position in Texas Pacific Land (TPL) by nearly 6.8 million shares, almost tripling the position, while also adding meaningfully to Hawaiian Electric (HE) (+1.1M shares), Waterbridge (WBI) (+483K shares), Miami International (MIAX) (+437K shares), and Triple Flag Precious Metal (TFPM.TO) (+399K shares, a roughly 16x increase). Smaller additions were made to San Juan Basin Royalty Trust (SJT), Permian Basin (PBT), Vanguard Ultra (VUSB), and Renn Fund (RCG).
What it means: The massive build-up in TPL reinforces Murray Stahl and Peter Doyle's ultra-concentrated conviction in Texas land and royalty assets, while the large increase in TFPM.TO alongside additions to SJT and PBT signals a continued tilt toward royalty and streaming models with embedded commodity exposure. The additions to HE and MIAX suggest the firm sees deep value in post-crisis utility recovery and exchange infrastructure, respectively—classic Horizon Kinetics contrarian plays in misunderstood or overlooked businesses.

Trimmed

The firm trimmed Wheaton Precious Metals (WPM) by nearly 299K shares, reduced Civeo by 241K shares, and cut DigitalBridge (DBRG) by 240K shares. Additional reductions hit Wendy's (WEN) (-107K shares), Burford Capital (BUR) (-73K shares), Patterson-UTI Energy (PTEN) (-69K shares), Grayscale Bitcoin (GBTC) (-68K shares), Brookfield (BN) (-66K shares), BGC Group (BGC) (-60K shares), Franco-Nevada (FNV) (-44K shares), and Liberty Broadband (LBRDK) (-32K shares).
What it means: The trims to WPM and FNV—two of the largest precious metals streaming companies—appear to be a rotation within the royalty space, as the firm simultaneously built up TFPM.TO aggressively, suggesting a preference for smaller, higher-upside streaming names. The broad-based trimming across GBTC, BUR, BGC, and LBRDK likely reflects disciplined profit-taking or portfolio rebalancing after mixed performance, while the significant cut to WEN (down ~30% in value) may signal waning conviction in the quick-service restaurant turnaround story.

Exited

Horizon Kinetics fully exited 14 positions, headlined by Associated Capital (AC) ($27.0M), West Fraser (WFG) ($20.1M), and Sandstorm Gold (SAND) ($16.0M). The firm also liquidated Aris Water Solutions (ARIS) ($5.5M), Stryker (SYK), UltraPro QQQ (TQQQ), UltraPro Short QQQ (SQQQ), CSW Industrials (CSWI), PIMCO NY Mun II (PNI), Global Carbon (KRBN), Modine (MOD), NuScale Power (SMR), Lockheed Martin (LMT), and Nuveen Municipal (NMZ).
What it means: The exit from ARIS is directly linked to its acquisition by Western Midstream (WES), which the firm initiated as a new position this quarter—a clean swap following the deal's completion. The AC liquidation is notable as it was a Horizon Kinetics-affiliated entity, possibly reflecting corporate restructuring. Selling SAND while rotating into TFPM.TO continues the theme of reshuffling within precious metals streamers. The simultaneous exit of both TQQQ and SQQQ eliminates what appeared to be a hedged Nasdaq bet, while the clearing out of smaller positions in industrials, defense, nuclear, and municipals suggests a sharpening of portfolio focus toward the firm's highest-conviction themes.

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.