We break down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on May 14, 2024.
Who are Peter Doyle and Murray Stahl 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
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Portfolio Changes in Q1 2024
New positions
Horizon Kinetics established several new positions in Q1 2024, most notably a major $29 million stake in Bitcoin (IBIT), representing their largest new holding. The firm also initiated smaller positions across diverse sectors including Citigroup (C), Netflix (NFLX), Amazon (AMZN), and Dominion Energy (D), while adding both long and short QQQ exposure through UltraPro QQQ (TQQQ) and UltraPro Short QQQ (SQQQ).
Bought
Horizon Kinetics significantly increased several existing energy and royalty positions, with the most dramatic additions being 6.8 million shares of Bakkt (BKKT) generating a 73% return, 2.4 million shares of Texas Pacific Land (TPL), and substantial increases in San Juan Basin Royalty Trust (SJT) and Liberty Energy (LBRT) which delivered exceptional returns of 595% and 968% respectively.
Sold
The firm completely liquidated its positions in Paramount Global (PARA), Municipal Income Trust (IIM), Capital Southwest (CSWC), and Mosaic (MOS), while reducing exposure to Grayscale Bitcoin (GBTC) by 630,521 shares despite the position generating a 75% return, and trimming various mining and energy holdings including Mesabi (MSB), Wheaton Precious Metals (WPM), and Sandstorm Gold (SAND).
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| IBIT | Bitcoin | 94.1% | NEW | $29.01M |
| C | Citigroup | 1.3% | NEW | $408.59K |
| SQQQ | UltraPro Short QQQ | 0.8% | NEW | $250.64K |
| TQQQ | UltraPro QQQ | 0.8% | NEW | $249.56K |
| NFLX | Netflix | 0.8% | NEW | $239.9K |
| PBH | Prestige Consumer Healthcare | 0.7% | NEW | $224.72K |
| D | Dominion Energy | 0.7% | NEW | $221.4K |
| AMZN | Amazon | 0.7% | NEW | $215.91K |
Bitcoin IBIT
Peter Doyle and Murray Stahl bought $29.01M of Bitcoin in Q1 2024. Bitcoin (IBIT) experienced significant volatility in Q1 2025, surging to a historic high of $109,000 in January before declining 11.82% for the quarter amid macroeconomic uncertainties. Institutional confidence remained strong, with U.S. Bitcoin ETFs attracting $4.5 billion in net inflows and MicroStrategy adding 11,000 BTC ($1.1 billion) to its holdings. Optimism about crypto-friendly policies under the new U.S. administration supported sentiment despite the quarterly pullback.
- Fell 11.82% in Q1 2025, closing at approximately $80,000.
- U.S. Bitcoin ETFs saw $4.5 billion in net inflows during January alone.
- MicroStrategy increased its Bitcoin holdings to 461,000 BTC ($36.9 billion) by late January.
Citigroup C
Peter Doyle and Murray Stahl bought $408.59K of Citigroup in Q1 2024. Citigroup (C) reported strong Q1 2025 results with $4.1 billion net income, up 21% YoY, driven by 3% revenue growth to $21.6 billion and 5% expense reduction. The bank beat EPS estimates by $0.11 with $1.96 EPS, while maintaining a healthy CET1 ratio of 13.45%. Recent performance shows improving momentum in Markets (particularly 23% equities trading gain) and progress in strategic restructuring.
- EPS of $1.96 surpassed estimates by $0.11 (6% beat).
- Equities trading revenue surged 23% YoY to $6 billion total Markets revenue.
- Common Equity Tier 1 ratio remains robust at 13.45% despite Argentina currency impacts.
UltraPro Short QQQ SQQQ
Peter Doyle and Murray Stahl bought $250.64K of UltraPro Short QQQ in Q1 2024. ProShares UltraPro Short QQQ (SQQQ) declined 12% over the last three months as the Nasdaq-100 Index rallied, reflecting its -3x inverse correlation to the tech-heavy benchmark. Despite this underperformance, institutional investors like IMC Chicago acquired $17.3 million in shares during Q1 2025, potentially hedging against expected market volatility. The ETF remains a high-risk tactical tool for short-term bearish bets, with Seeking Alpha analysts rating it a Hold for hedging purposes amid elevated tech valuations.
- -12% total return over the last three months as of April 30, 2025 .
- -3.00 beta to Nasdaq-100 Index with near-perfect inverse correlation (-0.99) in Q1 2025 .
- Institutional inflows of $17.3 million from IMC Chicago in Q1 2025 despite 12-month lows .
UltraPro QQQ TQQQ
Peter Doyle and Murray Stahl bought $249.56K of UltraPro QQQ in Q1 2024. ProShares UltraPro QQQ (TQQQ) delivered 17.22% NAV returns in Q1 2025 but faced volatility in Q2, including a -14.4% single-day loss on April 8 after a gap-up event. Despite recent declines, it remains the largest leveraged ETF with $25 billion in assets, benefiting from Nasdaq-100’s tech exposure. The fund’s 0.84% expense ratio and fee waiver through September 2025 enhance its cost competitiveness amid market turbulence.
- 17.22% NAV total return in Q1 2025, outperforming the Nasdaq-100 Index’s 6% average daily return.
- -14.4% intraday drop on April 8, 2025, erasing a +10.1% gap-up opening amid heightened volatility.
- 3.00 beta confirms 3x daily leverage correlation to the Nasdaq-100, with 0.99 tracking precision in Q1.
Netflix NFLX
Peter Doyle and Murray Stahl bought $239.9K of Netflix in Q1 2024. Netflix (NFLX) reported strong Q1 2025 results with revenue of $10.54 billion (up 12% YoY) and EPS of $6.61, beating estimates by $0.87. The stock rose 4% post-earnings and is up 9% YTD, supported by Morgan Stanley naming it a 'top pick' and a $1,200 price target. The company aims to double its 2023 revenue by 2030, targeting a $1 trillion market cap, while maintaining its 2025 revenue guidance of $43.5-$44.5 billion.
- Q1 EPS surged 25% YoY to $6.61, crushing consensus estimates by $0.87.
- Trading at 58.32 P/E ratio with 26 analysts assigning Buy ratings and average price target of $1,084.91.
- Revenue beat estimates by $30 million in Q1 with 28.5% operating margin, while guiding Q2 revenue to $11.04 billion (+4.7% QoQ).
Prestige Consumer Healthcare PBH
Peter Doyle and Murray Stahl bought $224.72K of Prestige Consumer Healthcare in Q1 2024. Prestige Consumer Healthcare (PBH) reported $267.1 million in Q1 FY2025 revenue, a 4.4% YoY decline but ahead of expectations due to accelerated Clear Eyes® shipments. While net income fell to $49.1 million ($0.98 EPS) from $53.3 million YoY, operational cash flow grew 13.9% to $54.8 million, enabling $35 million debt reduction and $26 million share repurchases. The company reaffirmed its full-year FY2025 guidance despite ongoing supply constraints.
- Q1 revenue declined 4.4% YoY to $267.1M but beat expectations due to early Clear Eyes® shipments.
- EPS fell to $0.98 (adjusted $0.90) from $1.06 YoY, while operational cash flow increased 13.9%.
- Reduced debt by $35M and repurchased $26M shares in Q1, maintaining full-year outlook.
Dominion Energy D
Peter Doyle and Murray Stahl bought $221.4K of Dominion Energy in Q1 2024. Dominion Energy (D) reported strong Q1 2025 results with operating earnings of $0.93/share, surpassing estimates by 20.78%, and revenue of $4.08B (6.76% above expectations). The company has gained momentum with 69% YoY operating EPS growth (from $0.55 to $0.93) and outperformed the S&P 500 with 1% YTD stock growth. Key drivers include renewable energy projects like the Coastal Virginia Offshore Wind (CVOW) development and surging demand from data centers, though liquidity remains a concern with a current ratio of 0.71.
- EPS surged 69% YoY ($0.55 to $0.93) in Q1 2025 with three earnings beats in last four quarters.
- Revenue grew 12.4% YoY ($3.63B to $4.08B) in Q1 2025, exceeding estimates by $300M.
- P/E ratio of 25.39 reflects confidence in strategic initiatives despite short-term liquidity pressures.
Amazon AMZN
Peter Doyle and Murray Stahl bought $215.91K of Amazon in Q1 2024. Amazon (AMZN) reported 9% YoY revenue growth to $155.7B in Q1 2025, with net income surging 64% to $17.1B. While operational efficiencies and advertising growth drove performance, shares fell 4% post-earnings due to Q2 operating income guidance below consensus. The stock remains down 13% YTD as investors weigh tariff uncertainties against record fulfillment speeds and retail media momentum.
- EPS grew 62% YoY to $1.59 per share in Q1, outpacing analyst estimates.
- Advertising revenue jumped 19% YoY to $13.9B, supported by a 275M+ US ad audience.
- Shares declined 13% YTD through April 2025 despite beating Q1 revenue expectations.
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TPL | Texas Pacific Land | 58.0% | Added (+182%) | $2.18B |
| GBTC | Grayscale Bitcoin | 25.1% | Trimmed (-4%) | $945.92M |
| WPM | Wheaton Precious Metals | 3.4% | Trimmed (-8%) | $126.54M |
| ICE | Intercontinental Exchange | 2.7% | Trimmed (-7%) | $100.12M |
| Civeo | 2.4% | Trimmed (-11%) | $89.11M | |
| MSB | Mesabi | 1.2% | Trimmed (-11%) | $46.04M |
| VNOM | Viper Energy | 1.2% | Trimmed (-4%) | $44.73M |
| AC | Associated Capital | 0.9% | Trimmed (-9%) | $34.03M |
| IBIT | Bitcoin | 0.8% | NEW | $29.01M |
| SAND | Sandstorm Gold | 0.6% | Trimmed (-8%) | $23.25M |
| OR | Osisko Gold Royalties | 0.5% | Trimmed (-8%) | $20.39M |
| WEN | Wendy's | 0.5% | Trimmed (-6%) | $20.07M |
| WFG | West Fraser | 0.5% | Trimmed (-22%) | $18.28M |
| STR | Sitio Royalties | 0.4% | Trimmed (-25%) | $16.88M |
| TRC | Tejon Ranch | 0.4% | Trimmed (-14%) | $14.44M |
| XOM | ExxonMobil | 0.1% | $5.29M | |
| SJT | San Juan Basin Royalty Trust | 0.1% | Added (+567%) | $4.56M |
| LBRT | Liberty Energy | 0.1% | Added (+835%) | $4.25M |
| NEA | Nuveen Municipal Income | 0.1% | Trimmed (-20%) | $3.75M |
| BKKT | Bakkt | 0.1% | Added (+738%) | $3.57M |
| BSM | Black Stone Minerals | 0.1% | $2.68M | |
| PM | Philip Morris | 0.1% | $2.09M | |
| PFN | PIMCO Income Strategy Fund II | 0.1% | $2.09M | |
| FitLife Brands | 0.0% | $1.84M | ||
| KMI | Kinder Morgan | 0.0% | Trimmed (-38%) | $1.83M |
| VRSK | Verisk | 0.0% | $1.65M | |
| ROK | Rockwell Automation | 0.0% | $1.31M | |
| NAD | Nuveen Quality Municipal | 0.0% | Trimmed (-33%) | $1.3M |
| VXX | VXX | 0.0% | $1.27M | |
| HON | Honeywell International | 0.0% | $1.26M | |
| MTA | Metalla | 0.0% | $1.24M | |
| V | Visa | 0.0% | $1.21M | |
| MCD | McDonald's | 0.0% | $1.16M | |
| NVS | Novartis | 0.0% | $1.14M | |
| DBL | DoubleLine Opportunistic | 0.0% | $1.09M | |
| GSK | GSK | 0.0% | $1.08M | |
| JFR | Nuveen Floating Rate Income | 0.0% | $1.05M | |
| AMGN | Amgen | 0.0% | $1.05M | |
| GDLC | Grayscale Digital Large Cap | 0.0% | $973.21K | |
| CMS | CMS Energy | 0.0% | $933.76K | |
| PFL | PIMCO Income Strategy | 0.0% | $840.29K | |
| C | Citigroup | 0.0% | NEW | $408.59K |
| SQQQ | UltraPro Short QQQ | 0.0% | NEW | $250.64K |
| TQQQ | UltraPro QQQ | 0.0% | NEW | $249.56K |
| NFLX | Netflix | 0.0% | NEW | $239.9K |
| PBH | Prestige Consumer Healthcare | 0.0% | NEW | $224.72K |
| D | Dominion Energy | 0.0% | NEW | $221.4K |
| AMZN | Amazon | 0.0% | NEW | $215.91K |
| PARA | Paramount Global | 0.0% | Exited | $0 |
| IIM | Municipal Income Trust | 0.0% | Exited | $0 |
| CSWC | Capital Southwest | 0.0% | Exited | $0 |
| MOS | Mosaic | 0.0% | Exited | $0 |
| BTT | Mun 2030 | 0.0% | Exited | $0 |
| BHP | BHP Group | 0.0% | Exited | $0 |
| LXU | LSB Industries | 0.0% | Exited | $0 |
| LILAK | Liberty Latin America | 0.0% | Exited | $0 |
| RAIN | Rain Oncology | 0.0% | Exited | $0 |
| TCRT | Alaunos | 0.0% | Exited | $0 |
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