This $8B Fund Put 50% Into One Stock — and It’s Crushing the S&P

Some funds diversify. Others concentrate.

And then there’s Horizn Kinetics — a fund that put half its portfolio into a single land stock in Texas, sprinkled in a healthy dose of Bitcoin, and proceeded to stomp the market into the dust - especially when the market had big drawdowns.

→ +55% return in 2022 (when inflation crushed markets)

→ +19% YTD in 2025 (during trade war and tariff chaos)

So who are these investors?

And what makes them so good at winning when everyone else is panicking?

Context: Who is Horizn Kinetics?

• NYC-based investment firm run by Murray Stahl

• ~$8B AUM

• Not flashy, not loud — just consistently dominant performance

• Strategy: high-conviction, long-horizon, contrarian picks

• Their returns show one thing: they don’t try to time the market — they play a different game

Why Are Their Returns So Weird (and Good)?

Horizn Kinetics doesn’t just outperform — they outperform when the rest of the market is falling apart.

In other words: Horizn doesn’t follow the market.

They zig when the world zags — and often, it pays off big.

Let’s decode what’s happening here 👇

📉 2020: Everyone rallies, they fall

COVID-fueled growth stocks soared.

Horizn? Down –5.2%.

But that was just the warm-up.

🔥 2022: The S&P tanks –18%, they rally +54%

Inflation, rate hikes, war, chaos. While most portfolios were bleeding red, Horizn was quietly printing alpha.

Why?

Because they weren’t in Big Tech — they were in oil royalties and Bitcoin. Two assets that held their ground (or surged) while the market tanked.

💥 2025: Another chaotic year — +19%

Markets wrestled with a new trade war, tariffs, and political madness.

Horizn rode their massive Texas land + Bitcoin positions to an almost 19% gain.

Pattern: They’re not “defensive” — they’re different

This isn’t low-beta investing.

This is asynchronous alpha: performance that’s uncorrelated with broad indexes.

That’s why their 3- and 5-year annualized returns are off the charts:

• +35.5% (3Y) vs. +12.5% S&P

• +37.2% (5Y) vs. +14.8% S&P

They’re not market timers. They’re conviction capital allocators.

They don’t just beat the market — they beat it when it matters most.

🔍 What Are They Holding Now?

Here’s what makes them unique:

That’s nearly 65% of their portfolio in 2 names: Texas Pacific Land Corp and Bitcoin.

It sounds insane. Until you look at their returns.

🌵 Texas Pacific Land (TPL)

• Owns 880,000+ acres in West Texas

• Main revenue: oil/gas royalties, plus water sales

• Doesn’t drill — they lease and collect checks

• High margin, low cost, asset-heavy business

• Quietly compounding over decades

• Horizn has ~50% of their capital here. That’s not a bet — it’s an identity.

₿ Side Bet with Conviction: Bitcoin (GBTC)

• 14% in Grayscale Bitcoin Trust (and another ~1.6% in Bitcoin Mini Trust)

• It’s not speculative for them — it’s long-term exposure to hard assets

• Horizn treats Bitcoin the same way they treat land: a hedge against chaos, inflation, and currency debasement

What Can Retail Investors Learn?

If you’re tired of holding a passive ETF that just tracks the S&P, this fund’s approach is a reminder:

• Concentration works — if you know what you’re doing

• Asynchronous bets (like TPL + BTC) can help when markets get weird

• Don’t ignore “boring” assets like land and infrastructure — they can be alpha machines

• You don’t need 40 stocks. Sometimes 5 is plenty.

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