Horizon Kinetics' Trades and Holdings in Q3 2024

We break down the stocks Peter Doyle and Murray Stahl (Horizon Kinetics) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Horizon Kinetics' 13F filed on November 13, 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.

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Portfolio Changes in Q3 2024

New positions

Horizon Kinetics established a massive new position in Grayscale Bitcoin Mini (BTC) worth $86 million with over 15 million shares, representing their largest new holding. Other notable new positions include DigitalBridge (DBRG) at $6.5 million, Natural Resource Partners (NRP) at $1.9 million, and smaller positions in SiriusXM (SIRI), Vertiv (VRT), and Seaport Entertainment (SEG) each around $1.5 million.

Bought

The firm significantly increased several key positions, most notably Landbridge (LB) which grew from $109 million to $203 million for an 86% return. MicroStrategy (MSTR) saw a dramatic expansion from 18,836 to 192,905 shares, while Santander (SAN) experienced a massive 525% return as shares increased from 41,410 to 235,177. Other major additions included doubling positions in Rayonier (RYAM) and Enterprise Products Partners (EPD), alongside increases in Energy Transfer (ET) and Black Stone Minerals (BSM).

Sold

Horizon Kinetics completely liquidated positions in Chesapeake Energy (CHK) worth $1.2 million, VXX at $1.1 million, and Intel (INTC) valued at $957,000. The firm also significantly trimmed several holdings including Vanguard Ultra (VUSB) which declined 42%, Liberty Media (FWONA) cut by roughly half for a -49% return, and Bakkt (BKKT) reduced by -55%.

New Investments in Q3 2024

Grayscale Bitcoin Mini BTC

Peter Doyle and Murray Stahl bought $86.04M of Grayscale Bitcoin Mini in Q3 2024. Grayscale Bitcoin Mini Trust ETF (BTC) has demonstrated strong growth since its March 2025 launch, attracting $168.9 million in inflows despite broader outflows from its parent fund GBTC. The fund’s 0.15% fee—the lowest among US spot Bitcoin ETPs—positions it to capture cost-sensitive investors, though its revenue contribution remains modest compared to GBTC’s $268.5 million annualized run rate. Grayscale’s dual-strategy approach leverages BTC’s low fees for retention while maintaining GBTC’s high-margin dominance.

• $168.9 million inflows since March 2025 launch, seeded with $1.7 billion in Bitcoin from GBTC.
• Annualized revenue of $2.55 million from BTC’s 0.15% fee versus GBTC’s $268.5 million

DigitalBridge DBRG

Peter Doyle and Murray Stahl bought $6.54M of DigitalBridge in Q3 2024. DigitalBridge Group DBRG reported mixed Q1 2025 results with 79% year-over-year growth in fee-related earnings to $35 million and 24% fee revenue growth to $90.2 million, though posted a GAAP net loss of $0.9 million. The company maintains leadership in digital infrastructure investing with $100 billion AUM, benefiting from accelerated demand for data centers and connectivity assets. Recent fundraising success and $354 million cash position position it for continued growth despite carried interest volatility.

• Fee-related earnings surged 79% YoY to $35M with 39% margin in Q1 2025.
• Distributable earnings per share reached $0.29, up 26% from prior quarter.
• Cash from operations improved $77M YoY to $50.3M positive flow in Q1.

Natural Resource Partners NRP

Peter Doyle and Murray Stahl bought $1.9M of Natural Resource Partners in Q3 2024. Natural Resource Partners LP (NRP) reported declining performance in Q1 2025 with $60.5 million in revenue, down 21% YoY, driven by lower metallurgical coal prices and reduced soda ash demand. The company maintained strong cash flow generation ($35 million free cash flow) while reducing debt to $118 million, but faces headwinds from commodity market volatility. Recent diversification into geothermal, solar, and lithium exploration signals strategic adaptation to energy transition trends.

• Q1 2025 EPS fell 27% YoY to $2.97 while revenue dropped 21% to $60.5 million.
• Metallurgical coal mix increased to 55% of coal royalties despite 15% price declines.
• Liquidity remains strong at $120.5 million with $89.6 million available credit capacity.

SiriusXM SIRI

Peter Doyle and Murray Stahl bought $1.57M of SiriusXM in Q3 2024. SiriusXM faced a challenging Q1 2025 with revenue declining 4% year-over-year to $2.07 billion and net income dropping 15% to $204 million, driven by a 500,000 subscriber loss and competitive pressures in the audio streaming market. Cost-management initiatives partially offset declines, stabilizing adjusted EBITDA margins at $629 million (-3% YoY). The stock fell 9% post-earnings, reflecting investor concerns about sustained growth amid subscriber attrition.

• Revenue fell 4% YoY to $2.07 billion, while quarterly free cash flow dropped 36% to $56 million.
• Subscriber base shrank to 32.9 million (-1.5% YoY), extending a multi-quarter downward trend.
• Shares declined 9% following earnings release, underperforming broader market indices.

Vertiv VRT

Peter Doyle and Murray Stahl bought $1.53M of Vertiv in Q3 2024. Vertiv Holdings Co. reported robust Q1 2025 results, with 24% YoY revenue growth to $2.04B and 49% adjusted EPS growth, driven by accelerating AI infrastructure demand. The company raised its 2025 sales guidance by $250M midpoint while maintaining profitability targets, supported by a 1.4x book-to-bill ratio and record $7.9B backlog (+25% YoY). Shares surged 10.6% post-earnings as markets rewarded its leadership in next-gen data center solutions.

• Q1 2025 orders grew 13% YoY with trailing twelve-month orders up 20%.
• Gross margin expanded 180bps YoY to 36.6% through operational efficiency gains.
• 2025 revenue guidance raised to $8.6B-$8.9B (was $8.35B-$8.85B) while maintaining $3.00-$3.20 adjusted EPS target.

Seaport Entertainment SEG

Peter Doyle and Murray Stahl bought $1.52M of Seaport Entertainment in Q3 2024. Seaport Entertainment Group reported mixed Q1 2025 results with $16.1 million in revenue (+10.7% YoY) and reduced net losses of $31.9 million (-28% YoY), though stock performance remains challenged (-31% YTD). Recent initiatives like the Meow Wolf partnership at Pier 17 and internalized food operations aim to drive future growth. The company targets breakeven by 2026 but faces liquidity concerns with -61% gross margins.

• 10.7% revenue growth in Q1 2025 ($16.1M) driven by hospitality (+88%) and entertainment segments.
• Net losses improved 28% YoY to $31.9M, with cash burn reduction efforts showing early results.
• Stock declined 31% year-to-date despite strong liquidity position (current ratio of 5.04).

Brookfield Wealth Solutions BNT

Peter Doyle and Murray Stahl bought $1.2M of Brookfield Wealth Solutions in Q3 2024. Brookfield Wealth Solutions (BNT) reported mixed Q1 2025 results with strong operational performance offset by market-driven losses. While distributable operating earnings surged 56% YoY to $437 million, the company recorded a $282 million net loss due to unrealized impacts from interest rate and equity volatility. Assets under management more than doubled YoY to $141.6 billion, driven by strategic acquisitions and $3 billion deployed into high-yield strategies.

• Distributable operating earnings grew 56.6% YoY to $437M in Q1 2025.
• Total AUM surged 124% YoY to $141.6B through acquisitions and $3B deployed at >8% returns.
• Q1 annuity sales hit $4B across retail/PRT channels while maintaining $8B P&C float.

AllianceBernstein AB

Peter Doyle and Murray Stahl bought $902.74K of AllianceBernstein in Q3 2024. AllianceBernstein (AB) reported mixed Q1 2025 results with $74.0 million net income, down 4.1% YoY, while increasing distributions per unit by 9.6% to $0.80. The firm saw $2.7 billion in active net inflows across global channels but experienced a 0.5% AUM decline to $1.99 trillion due to institutional/retail outflows. Improved other comprehensive income swung to $12.8 million from a $4.2 million loss in Q1 2024.

• Q1 2025 net income declined 4.1% YoY to $74.0 million (EPS flat at $0.67).
• Assets under management fell 1.9% QoQ to $1.99 trillion despite active net inflows.
• Distribution per unit increased 9.6% to $0.80 while total partners' capital decreased 1.7%.

Canadian Imperial Bank CM

Peter Doyle and Murray Stahl bought $644.07K of Canadian Imperial Bank in Q3 2024. Canadian Imperial Bank of Commerce (CIBC) delivered strong performance in Q1 2025, with revenue rising 17% YoY to C$7.3B and net income up 26% to C$2.2B, outperforming analyst estimates. The bank's focus on digital initiatives and client engagement drove higher fee income and loan growth across its Canadian Personal and Business Banking segments. Recent updates include CEO Victor Dodig's planned retirement in October 2025, which may influence strategic direction amidst continued economic uncertainties.

• Adjusted EPS rose 22% YoY to C$2.20, exceeding expectations by 12.2%.
• CET1 ratio strengthened to 13.5%, up 50 basis points YoY, reflecting robust capital management.
• Stock price increased 3.67% post-earnings announcement, signaling strong investor confidence.

Bitcoin HODL

Peter Doyle and Murray Stahl bought $548.06K of Bitcoin in Q3 2024. Bitcoin experienced extreme volatility in Q1 2025, reaching a historic high of $109,000 in January before declining 26.6% to approximately $80,000 by quarter-end. While institutional adoption accelerated with record ETF inflows and strategic acquisitions, macroeconomic uncertainties and shifting rate cut expectations drove pronounced corrections. The network demonstrated fundamental strength with record hash rates, though price action underperformed traditional assets amid sector-wide volatility.

• Fell 11.82% in Q1 2025 despite January's all-time high, underperforming historical quarterly averages.
• Saw $4.5 billion in U.S. ETF inflows during January alone, signaling strong institutional demand.
• MicroStrategy expanded holdings by 11,000 BTC ($1.1 billion) in January, totaling 461,000 BTC.

Enbridge ENB

Peter Doyle and Murray Stahl bought $508.93K of Enbridge in Q3 2024. Enbridge reported record Q1 2025 results with $2.3 billion GAAP earnings (64% YoY increase) and 18% adjusted EBITDA growth to $5.8 billion, driven by strategic utility acquisitions and record energy volumes. The company reaffirmed its 2025 financial guidance, signaling confidence in its 98% regulated/take-or-pay cash flow structure. While shares saw only a 0.26% pre-market gain, Enbridge maintains 53-year dividend growth and a $99.85B market cap positioning it as a stable infrastructure play.

• EPS grew 12% YoY to $1.03, beating forecasts by $0.09.
• Revenue surged 22.5% YoY to $10.46B, $690M above expectations.
• 9% DCF growth supports 53 consecutive years of dividend payments.

Broadridge Financial Solutions BR

Peter Doyle and Murray Stahl bought $483.39K of Broadridge Financial Solutions in Q3 2024. Broadridge Financial Solutions has shown mixed performance in recent quarters, with 7% growth in recurring revenues offset by declines in event-driven segments. The company's Q3 2025 results beat EPS estimates ($2.44 vs $2.41 consensus), while facing margin compression from technology investments. Recent 21% growth in closed sales and maintained leadership in investor communications position it for potential long-term growth despite near-term headwinds.

• Recurring revenues grew 7% YoY to $1.2B in Q3 2025 while event-driven revenues declined $14M.
• Adjusted EPS declined 8% in Q1 2025 due to higher interest expenses and technology investments.
• Closed sales increased 21% to $57M in Q1 2025, signaling strong future revenue pipeline.

Macy's M

Peter Doyle and Murray Stahl bought $478.55K of Macy's in Q3 2024. Macy's has faced declining sales and earnings, with Q1 2025 revenue projected at $4.42 billion (down 8% YoY) and adjusted EPS expected to drop 44% YoY to $0.15. The stock has fallen 19% over the last 3 months and 40% over 52 weeks, reflecting investor skepticism about its turnaround strategy. Recent news includes a quarterly dividend declaration of 18.24 cents/share and an upcoming earnings report on May 28 that could impact valuation.

• Analysts project Q1 2025 EPS of $0.15 (down 44% YoY) with revenue declining 8% YoY to $4.42 billion.
• Stock performance remains weak at 11.57/share (down 40% over 52 weeks), though analysts suggest 17.37% upside to average price target of $13.58.
• Maintains strong profitability metrics: 4.27% net margin and 2.03% ROA, outperforming industry averages despite top-line challenges.

Dominion Energy D

Peter Doyle and Murray Stahl bought $476.77K of Dominion Energy in Q3 2024. Dominion Energy (D) reported strong Q1 2025 results with operating earnings of $0.93 per share, surpassing estimates by 20.78%, driven by renewable energy growth and higher demand from data centers. Revenue reached $4.08 billion (6.76% above expectations), reflecting improved operational execution and favorable weather conditions. The stock has gained 1% YTD despite market headwinds, supported by strategic initiatives like its Coastal Virginia Offshore Wind (CVOW) project and affirmed 2025 guidance.

• Q1 2025 EPS surged 69% YoY to $0.93 from $0.55 in Q1 2024.
• Revenue grew 12.4% YoY to $4.08 billion, exceeding forecasts by $302 million.
• Trades at a P/E ratio of 25.39 with full-year operating earnings guidance maintained at $3.28-$3.52 per share.

Kenvue KVUE

Peter Doyle and Murray Stahl bought $422.4K of Kenvue in Q3 2024. Kenvue reported mixed Q1 2025 results with $3.74 billion revenue (-3.9% YoY) beating estimates by 1.6%, while EPS of $0.17 missed by 12%. The company maintained full-year organic sales growth outlook despite a 1.2% quarterly decline, driven by strategic price investments and market share gains in Self Care (+0.3% organic growth). Shares rose 4.11% post-earnings as investors focused on cost discipline improving profit margins to 8.6% (+100 bps YoY).

• Q1 organic sales declined 1.2% (Self Care +0.3%, Skin Health -4.8%, Essential Health flat).
• Net income grew 8.8% YoY to $322M despite revenue decline, demonstrating cost controls.
• Stock up 1.9% over last week and 4.11% immediately post-earnings as outlook affirmed.

Quanta Services PWR

Peter Doyle and Murray Stahl bought $268.33K of Quanta Services in Q3 2024. Quanta Services has demonstrated robust growth in Q1 2025, with revenue surging 24% YoY to $6.23 billion and adjusted EPS hitting a record $1.78, driven by infrastructure modernization and renewable energy demand. The company strengthened its market leadership through a $1.7 billion contract win for the Grain Belt Express transmission line and expanded its backlog to $35.3 billion, signaling sustained growth potential. Recent stock performance reflects strong investor confidence, with shares gaining 9.58% post-earnings and analysts raising price targets by 7.5%.

• Q1 2025 revenue of $6.23B exceeded estimates by 6.11%, marking fourth consecutive quarterly beat.
• Adjusted EBITDA grew 15% YoY to $503.9M with operating cash flow of $243.2M.
• Stock has returned 37.6% over past 5 years, outperforming S&P 500's 13% gain.

Wynn Resorts WYNN

Peter Doyle and Murray Stahl bought $250.34K of Wynn Resorts in Q3 2024. Wynn Resorts (WYNN) reported mixed Q1 2025 results with revenues of $1.7 billion (down 8.7% YoY) and EPS of $1.07, missing estimates by 12.3%. While Macau operations showed strong recovery with a 31% YoY turnover increase, overall performance was impacted by reduced Las Vegas activity post-Super Bowl 2024 and tariff-related economic uncertainties. The company maintains financial resilience with $3.2 billion liquidity and repurchased 2.36 million shares in Q1.

• Q1 2025 revenue declined $162.5 million (-8.7%) YoY to $1.7 billion, missing estimates by 1.5%.
• Macau operations grew 31% YoY, offsetting part of Las Vegas' post-Super Bowl normalization.
• Repurchased 2.36 million shares (1.4% float) in Q1 while maintaining 4.3x net leverage ratio.

Eaton Vance NY Muni Bond ENX

Peter Doyle and Murray Stahl bought $242.61K of Eaton Vance NY Muni Bond in Q3 2024. Eaton Vance New York Municipal Bond Fund (ENX) underperformed broader municipal indices in Q1 2025 with a -0.22% return for the Muni Bond Index, lagging the +2.99% Taxable Muni Index gain. The fund maintained consistent monthly distributions of $0.0417 per share while grappling with rising yields, including a 52 bps surge in 2-year AAA muni rates. Market analysts note elevated yields and strong demand for high-income strategies position tax-exempt munis for potential recovery later in 2025.

• 30-day SEC yield of 4.93% as of May 2025, reflecting attractive income generation.
• High-yield municipal segment outperformed with +0.82% return vs core muni index decline.
• Municipal/Treasury yield ratios remain elevated at 90%+ across maturities, suggesting relative value.

Affiliated Managers Group AMG

Peter Doyle and Murray Stahl bought $240.21K of Affiliated Managers Group in Q3 2024. Affiliated Managers Group (AMG) reported strong Q1 2025 results with Economic EPS of $5.20, driven by $14 billion in net client cash inflows to alternative strategies. The company strengthened its growth profile through three new alternative investment partnerships and $173 million in stock repurchases. While quarterly revenue of $496.6 million missed estimates, AMG's strategic focus on private markets and liquid alternatives positions it well for secular demand trends.

• Q1 2025 EPS of $5.20 beat estimates by $0.10 while revenue of $496.6M missed $508M projections.
• 14% YoY growth in alternatives AUM through new partnerships in energy transition and global multi-strategy funds.
• $173 million in common stock repurchased during Q1, reflecting disciplined capital allocation.

Delta DAL

Peter Doyle and Murray Stahl bought $233.63K of Delta in Q3 2024. Delta Air Lines reported $14.0 billion in Q1 2025 operating revenue, a 3.1% YoY increase, driven by strong premium cabin and international travel demand. Despite cost pressures from labor and infrastructure, the company maintained industry-leading operational performance and reduced adjusted net debt by $1.1 billion to $16.9 billion. Strategic network expansions and fleet upgrades position Delta to capitalize on sustained travel demand while managing macroeconomic uncertainties.

• Q1 2025 operating income declined $45 million YoY to $569 million (4.0% margin) due to rising non-fuel costs.
• Reduced H2 2025 capacity growth to flat YoY while maintaining 4%+ premium revenue growth and 11% lower fuel costs.
• Added 9 new aircraft and launched 4 international routes in Q1, strengthening competitive positioning.

Holdings at the end of Q3 2024

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