We break down the stocks Horizon Kinetics bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on May 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.
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Portfolio Changes in Q1 2025
New Positions
In Q1 2025, Horizon Kinetics initiated positions in six companies, with the largest being EQT Corporation (EQT) worth $2.05M, followed by iShares Russell 2000 ETF (IWM), ProShares UltraPro QQQ (TQQQ), ProShares UltraPro Short QQQ (SQQQ), United Rentals, Inc. (URI), and Barrick Gold Corporation (GOLD).
Bought
The firm significantly increased its stake in Hawaiian Electric Industries, Inc. (HE) by adding 10.3M shares (498% increase) and Aris Water Solutions, Inc. (ARIS) by adding 1.2M shares (754% increase), while also making notable additions to San Juan Basin Royalty Trust (SJT), Vanguard Ultra-Short Bond ETF (VUSB), and Permian Basin Royalty Trust (PBT).
Sold
Sold: Horizon Kinetics completely liquidated its positions in nine companies including Marex Group (MRX) ($4.4M), BlackRock Municipal Income Fund, Inc. (MUI), Dominion Energy, Inc. (D), The Coca-Cola Company (KO), and Comcast Corporation (CMCSA), while substantially reducing holdings in DigitalBridge Group, Inc. (DBRG) (-1.0M shares), Science Applications International Corporation (SAIC) (-355K shares, -87%), CACI International Inc (CACI) (-170K shares, -52%), and Grayscale Bitcoin Trust ETF (GBTC) (-472K shares).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| EQT | EQT Corporation | 0.1% | NEW | $2,051,926 |
| IWM | iShares Russell 2000 ETF | 0.0% | NEW | $590,490 |
| TQQQ | ProShares UltraPro QQQ | 0.0% | NEW | $518,794 |
| SQQQ | ProShares UltraPro Short QQQ | 0.0% | NEW | $482,931 |
| URI | United Rentals, Inc. | 0.0% | NEW | $250,680 |
| GOLD | Barrick Gold Corporation | 0.0% | NEW | $206,064 |
EQT Corporation EQT
Peter Doyle and Murray Stahl bought 38,404 shares of EQT Corporation in Q1 2025. EQT Corporation has demonstrated mixed financial performance over the last 12 months, with revenue increasing 1.36% to $5.04 billion in 2024 despite an 86.71% decline in earnings. Operational efficiencies, including capital expenditures 7% below guidance and $588 million in Q4 2024 free cash flow, highlight cost discipline amid volatile natural gas prices. Recent 2025 guidance projects production upside and $200 million year-over-year capital spending reductions, positioning the company for improved margins as market conditions stabilize.
- Q4 2024 sales volume reached 605 Bcfe, at the high end of guidance, despite net curtailments of 27 Bcfe.
- Average realized natural gas price rose to $3.01 per Mcfe in Q4 2024, up from $2.75 per Mcfe in the prior quarter.
- Analysts project a 12-month price target of $57.00, representing 1.79% upside from current levels.
iShares Russell 2000 ETF IWM
Peter Doyle and Murray Stahl bought 2,960 shares of iShares Russell 2000 ETF in Q1 2025. The iShares Russell 2000 ETF has faced headwinds over the past year, declining 6.14% year-to-date as of May 14, 2025. Small-cap equities have underperformed broader market indices amid elevated interest rates and economic growth concerns weighing on risk appetite. Despite this near-term weakness, IWM maintains a 8.49% annualized return over the past three decades, highlighting the long-term potential of small-cap exposure.
- -6.14% year-to-date return through May 14, 2025.
- +5.04% total return in 2024, outperforming 2023's +2.70% gain.
- 8.49% annualized return over the past 30 years despite a -52.46% maximum drawdown during periods of stress.
ProShares UltraPro QQQ TQQQ
Peter Doyle and Murray Stahl bought 9,054 shares of ProShares UltraPro QQQ in Q1 2025. ProShares UltraPro QQQ (TQQQ) gained 5.9% over the last 12 months but has declined 30.1% year-to-date in 2025, reflecting heightened volatility in tech stocks. While its 3-year annualized return of 16.4% outpaces the Morningstar US Tech Index's 18.8%, recent performance has been pressured by market corrections. The fund's 0.84% net expense ratio remains competitive, with a fee waiver extending through September 2025 to help maintain investor appeal.
- 1-year NAV return of +5.9% underperformed the Morningstar US Tech Index's +14.1%.
- 3-year annualized return of 16.4% demonstrates long-term leverage benefits despite 2022's -79% crash.
- 30.1% YTD decline in 2025 contrasts sharply with 2024's +58.3% full-year gain.
ProShares UltraPro Short QQQ SQQQ
Peter Doyle and Murray Stahl bought 12,596 shares of UltraPro Short QQQ in Q1 2025. ProShares UltraPro Short QQQ (SQQQ) has faced significant challenges over the last 12 months, declining -49.79% in 2024 alone. As a 3x leveraged inverse ETF tracking the Nasdaq-100, its performance reflects prolonged bullish tech sector trends and market volatility. Recent price action shows accelerated declines, with a -23.57% drop over 10 days ending May 14, 2025, driven by renewed investor risk appetite.
- Total return of -49.79% in 2024, underperforming its inverse leverage objective amid tech sector growth.
- Fell -23.57% over 10 days through May 14, 2025, including three consecutive daily losses totaling -1.74%.
- Technical analysis predicts -2.99% downside over next 3 months, with 90% probability range of $23.03-$50.74.
United Rentals, Inc. URI
Peter Doyle and Murray Stahl bought 400 shares of United Rentals, Inc. in Q1 2025. United Rentals, Inc. has demonstrated steady growth over the past year, with revenue increasing 7.07% to $15.35 billion in 2024 and earnings rising 6.23% to $2.58 billion. The stock reached an all-time high of $876.58 in November 2024, though it currently trades at $713.35, supported by a 16.33 forward P/E ratio and analyst price targets implying 3.17% upside. Recent strategic moves, including a $1.5 billion share repurchase program and Q1 2025 results beating expectations, reinforce confidence in its market leadership.
- Q1 2025 adjusted EPS of $8.86 surpassed consensus estimates by 9.3%, driving a 9% stock surge post-announcement.
- 7.07% revenue growth in 2024 outpaced the 5-year industry CAGR of 6.2%, reflecting strong equipment rental demand.
- New $1.5B buyback authorization represents 3.2% of market cap, complementing a 1.70 beta that aligns with infrastructure sector volatility.
Barrick Gold Corporation GOLD
Peter Doyle and Murray Stahl bought 10,600 shares of Barrick Gold Corporation in Q1 2025. Barrick Gold Corporation has demonstrated robust financial and operational performance over the past 12 months, driven by higher gold prices, cost efficiencies, and strategic investments in Tier One assets. The company reported a 69% increase in net earnings to $2.14 billion for 2024 and a 59% year-on-year rise in Q1 2025 net earnings per share, supported by a 40% surge in realized gold prices. Strong free cash flow generation enabled significant shareholder returns, including dividends and share buybacks, while debt reduction and growth projects position the company for sustained value creation.
- Adjusted net earnings per share grew 84% year-over-year in Q1 2025 to $0.35, with full-year 2024 EBITDA reaching a decade-high of $5.19 billion.
- Free cash flow more than doubled to $1.32 billion in 2024 and improved to $375 million in Q1 2025, enabling $143 million in Q1 share repurchases and consistent dividends.
- Gold production hit 758,000 ounces in Q1 2025 (top of guidance), while copper output rose 33% in Q4 2024, with full-year cost reductions enhancing margins.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| GBTC | Grayscale Bitcoin Trust ETF | 47.7% | Sold | $957,771,752 |
| LB | Landbridge | 19.7% | Bought | $394,731,688 |
| HE | Hawaiian Electric Industries, Inc. | 6.9% | Bought | $138,594,150 |
| MSB | Mesabi Trust | 3.9% | Bought | $78,926,110 |
| CACI | CACI International Inc | 3.5% | Sold | $69,587,112 |
| CivEO | 3.4% | Sold | $68,345,490 | |
| ARIS | Aris Water Solutions, Inc. | 2.3% | Bought | $46,915,718 |
| PBT | Permian Basin Royalty Trust | 2.0% | Bought | $40,971,176 |
| OR | Osisko Gold Royalties Ltd | 1.8% | Bought | $35,968,136 |
| DBRG | DigitalBridge Group, Inc. | 1.5% | Sold | $30,393,516 |
| SAND | Sandstorm Gold Ltd. | 1.4% | Sold | $27,729,610 |
| VUSB | Vanguard Ultra-Short Bond ETF | 1.0% | Bought | $19,709,726 |
| SJT | San Juan Basin Royalty Trust | 0.7% | Bought | $13,659,830 |
| ET | Energy Transfer LP | 0.4% | Bought | $7,606,395 |
| PM | Philip Morris International Inc. | 0.3% | $6,078,407 | |
| SAIC | Science Applications International Corporation | 0.3% | Sold | $5,829,283 |
| AB | AllianceBernstein Holding L.P. | 0.2% | Bought | $4,443,424 |
| BX | Blackstone Inc. | 0.2% | $4,221,356 | |
| TPH | Tri Pointe Homes, Inc. | 0.2% | $3,958,463 | |
| MO | Altria Group, Inc. | 0.2% | $3,793,084 | |
| BCHG | Grayscale Bitcoin Cash Trust | 0.2% | Bought | $3,556,634 |
| LLY | Eli Lilly and Company | 0.2% | $3,515,899 | |
| BUR | Burford Capital Limited | 0.2% | Sold | $3,515,254 |
| CSCO | Cisco Systems, Inc. | 0.2% | $3,495,316 | |
| SU | Suncor Energy Inc. | 0.2% | $3,017,992 | |
| LBRT | Liberty Energy Inc. | 0.1% | Sold | $2,515,609 |
| VRSK | Verisk Analytics, Inc. | 0.1% | $2,083,340 | |
| KAR | KAR Auction Services, Inc. | 0.1% | $2,060,203 | |
| EQT | EQT Corporation | 0.1% | New | $2,051,926 |
| RCG | RENN Fund, Inc. | 0.1% | Bought | $2,042,522 |
| HON | Honeywell International Inc. | 0.1% | $2,007,602 | |
| PFN | PIMCO Income Strategy Fund II | 0.1% | $1,940,242 | |
| FTLF | FitLife Brands, Inc. | 0.1% | $1,868,918 | |
| NAD | Nuveen Quality Municipal Income Fund | 0.1% | $1,591,111 | |
| V | Visa Inc. | 0.1% | $1,590,738 | |
| CSWI | CSW Industrials, Inc. | 0.1% | $1,574,208 | |
| ROK | Rockwell Automation, Inc. | 0.1% | $1,554,156 | |
| GDLC | Grayscale Digital Large Cap Fund | 0.1% | $1,424,937 | |
| NVS | Novartis AG | 0.1% | $1,398,740 | |
| ABT | Abbott Laboratories | 0.1% | $1,331,939 | |
| MCD | McDonald's Corporation | 0.1% | $1,263,849 | |
| IWM | iShares Russell 2000 ETF | 0.0% | New | $590,490 |
| TQQQ | ProShares UltraPro QQQ | 0.0% | New | $518,794 |
| SQQQ | ProShares UltraPro Short QQQ | 0.0% | New | $482,931 |
| URI | United Rentals, Inc. | 0.0% | New | $250,680 |
| GOLD | Barrick Gold Corporation | 0.0% | New | $206,064 |
| MRX | Marex Group | 0.0% | Sold Out | $0 |
| MUI | BlackRock Municipal Income Fund, Inc. | 0.0% | Sold Out | $0 |
| D | Dominion Energy, Inc. | 0.0% | Sold Out | $0 |
| KO | The Coca-Cola Company | 0.0% | Sold Out | $0 |
| CMCSA | Comcast Corporation | 0.0% | Sold Out | $0 |
| BEAM | Beam Therapeutics Inc. | 0.0% | Sold Out | $0 |
| BA | The Boeing Company | 0.0% | Sold Out | $0 |
| AXP | American Express Company | 0.0% | Sold Out | $0 |
| APLD | Applied Digital Corporation | 0.0% | Sold Out | $0 |
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