Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact

This article first appeared on GuruFocus.

Insight into Murray Stahl (Trades, Portfolio)'s Recent 13F Filing and Investment Strategy

Warning! GuruFocus has detected 2 Warning Signs with TPL. Is TPL fairly valued? Test your thesis with our free DCF calculator.

Murray Stahl (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, providing insights into his investment moves during this period. Murray Stahl (Trades, Portfolio) is the Chief Executive Officer and Chairman of the Board of Horizon Kinetics, a firm he co-founded. With over thirty years of investing experience, he oversees the firms proprietary research and serves as the Chief Investment Officer. He chairs the Investment Committee, responsible for portfolio management decisions, and co-manages several registered investment companies, private funds, and institutional separate accounts. Additionally, he is the Chairman and CEO of FRMO Corp and serves on the boards of the Minneapolis Grain Exchange, the Bermuda Stock Exchange, and Texas Pacific Land Corporation. Prior to founding Horizon Kinetics, Stahl spent 16 years at Bankers Trust Company as a senior portfolio manager and research analyst. Horizon Kinetics LLC is known for its fundamental value, contrarian-oriented investment approach, emphasizing long-term investment horizons to harness the power of compounding.Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact

Summary of New Buy

Murray Stahl (Trades, Portfolio) added a total of 43 stocks, among them:

The most significant addition was Alpha Architect 1-3 Month Box ETF (BOXX), with 47,475 shares, accounting for 0.06% of the portfolio and a total value of $5.52 million. The second largest addition to the portfolio was Hubbell Inc (NYSE:HUBB), consisting of 3,532 shares, representing approximately 0.02% of the portfolio, with a total value of $1.73 million. The third largest addition was Plains All American Pipeline LP (NASDAQ:PAA), with 90,209 shares, accounting for 0.02% of the portfolio and a total value of $2.01 million.

Key Position Increases

Murray Stahl (Trades, Portfolio) also increased stakes in a total of 86 stocks, among them:

The most notable increase was Miami International Holdings Inc (NYSE:MIAX), with an additional 1,631,751 shares, bringing the total to 3,451,549 shares. This adjustment represents a significant 89.67% increase in share count, a 0.69% impact on the current portfolio, with a total value of $134.33 million. The second largest increase was Hawaiian Electric Industries Inc (NYSE:HE), with an additional 2,242,931 shares, bringing the total to 21,635,294. This adjustment represents a significant 11.57% increase in share count, with a total value of $321.07 million.

Story Continues

Summary of Sold Out

Murray Stahl (Trades, Portfolio) completely exited 15 holdings in the first quarter of 2026, as detailed below:

Blackrock Munivest Fund Inc (NYSE:MVF): Murray Stahl (Trades, Portfolio) sold all 93,068 shares, resulting in a -0.01% impact on the portfolio. PotlatchDeltic Corp (PCH): Murray Stahl (Trades, Portfolio) liquidated all 23,457 shares, causing a -0.01% impact on the portfolio.

Key Position Reduces

Murray Stahl (Trades, Portfolio) also reduced positions in 151 stocks. The most significant changes include:

Reduced Texas Pacific Land Corp (NYSE:TPL) by 318,383 shares, resulting in a -3.08% decrease in shares and a -1.24% impact on the portfolio. The stock traded at an average price of $429.75 during the quarter and has returned -10.29% over the past 3 months and 35.02% year-to-date. Reduced Wheaton Precious Metals Corp (NYSE:WPM) by 731,999 shares, resulting in a -29.36% reduction in shares and a -1.16% impact on the portfolio. The stock traded at an average price of $139.07 during the quarter and has returned -11.20% over the past 3 months and 10.25% year-to-date.

Portfolio Overview

At the first quarter of 2026, Murray Stahl (Trades, Portfolio)'s portfolio included 352 stocks. The top holdings included 51.51% in Texas Pacific Land Corp (NYSE:TPL), 8.01% in Grayscale Bitcoin Trust (GBTC), 4.23% in LandBridge Co LLC (NYSE:LB), 3.48% in Hawaiian Electric Industries Inc (NYSE:HE), and 2.5% in Wheaton Precious Metals Corp (NYSE:WPM).Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact

The holdings are mainly concentrated in 11 industries: Energy, Financial Services, Basic Materials, Utilities, Consumer Cyclical, Technology, Industrials, Consumer Defensive, Real Estate, Healthcare, and Communication Services.Murray Stahl's Strategic Moves: Texas Pacific Land Corp Sees a -1.24% Portfolio Impact

View Comments