MAD RIVER INVESTORS
CIK 1384484 · View on SEC EDGAR ↗
- Portfolio value
- $268.1M
- Positions
- 30
- As of
- June 30, 2026
#5,515 of 9,443 by 13F value · top 58.4%
Portfolio value QoQ: -3.5% 13F does not disclose cash
- Top 10 holdings weight
- 91.25%
- Top 25 holdings weight
- 99.50%
- Positions above 1%
- 12
- Effective number of positions
- 4.1
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 3.81% Est. buys $11,048,624 · sells $10,390,973
Median holding: 4.0 quarters Tracked Q4 2024–Q2 2026 · 60.0% still held
- New positions
- 2
- Increased
- 11
- Decreased
- 8
- Closed
- 4
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Sector breakdown
Energy
59.4%
Real Estate
8.0%
Materials
7.2%
Utilities
6.9%
Financial Services
4.4%
Technology
1.7%
Health Care
0.4%
Financials
0.4%
Retail
0.3%
Communications
0.3%
Industrials
0.3%
Other/Unmapped
10.9%
Full portfolio 30 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| TPL Texas Pacific Land Corporation Common Stock | $124,871,767 | 46.58% | 285,330 | $-10,434,811 | Up ×1 | ||
| PBT Permian Basin Royalty Trust Common Stock | $25,169,016 | 9.39% | 1,005,152 | $3,581,440 | Up ×6 | ||
| LB LandBridge Company LLC Class A Shares Representing Limited Liability Company Interests | $21,232,603 | 7.92% | 267,953 | $2,838,717 | Up ×6 | ||
| HE Hawaiian Electric Industries, Inc. Common Stock | $17,884,631 | 6.67% | 1,321,850 | $-1,660,391 | Up ×6 | ||
| GBTC | $16,393,528 | 6.11% | 360,139 | $-2,607,406 | |||
| MIAX Miami International Holdings, Inc. Common Stock | $10,739,240 | 4.01% | 289,000 | $7,576,990 | Up ×3 | ||
| WBI WaterBridge Infrastructure LLC Class A Shares Representing Limited Liability Company Interests | $9,177,525 | 3.42% | 267,801 | $1,920,106 | Down ×1 | ||
| MSB Mesabi Trust Common Stock | $8,190,493 | 3.05% | 323,735 | $-1,938,196 | Up ×4 | ||
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $6,309,356 | 2.35% | 56,173 | $-5,386,026 | Down ×5 | ||
| FNV Franco-Nevada Corporation | $4,691,175 | 1.75% | 22,506 | $-1,136,787 | Down ×2 | ||
| FBTC | $3,592,314 | 1.34% | 70,369 | $-559,770 | Up ×1 | ||
| Unknown issuer (CUSIP: G2004J103) | $2,724,801 | 1.02% | 95,373 | Up ×1 | |||
| VTI | $2,516,272 | 0.94% | 6,800 | $-306,856 | Down ×2 | ||
| BTC | $2,115,367 | 0.79% | 81,517 | $-320,331 | Up ×2 | ||
| PANW Palo Alto Networks, Inc. - Common Stock | $1,870,154 | 0.70% | 5,484 | $990,959 | |||
| CBOE | $1,627,019 | 0.61% | 6,705 | $-250,432 | Up ×1 | ||
| AAPL Apple Inc. - Common Stock | $1,461,268 | 0.55% | 5,050 | $166,939 | Down ×1 | ||
| ORCL Oracle Corporation Common Stock | $1,179,728 | 0.44% | 8,050 | $-4,508 | |||
| ICE Intercontinental Exchange Inc. Common Stock | $965,876 | 0.36% | 7,846 | $-236,593 | Up ×1 | ||
| AMZN Amazon.com, Inc. - Common Stock | $810,356 | 0.30% | 3,400 | $81,411 | Down ×1 | ||
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $706,571 | 0.26% | 1,700 | $246,568 | |||
| CSCO Cisco Systems, Inc. - Common Stock | $704,760 | 0.26% | 6,000 | $239,220 | |||
| CINF Cincinnati Financial Corporation - Common Stock | $666,504 | 0.25% | 3,600 | $100,044 | |||
| HE Hawaiian Electric Industries, Inc. Common Stock | $660,264 | 0.25% | 48,800 | Call option | $-35,732 | Up ×2 | |
| ETN Eaton Corporation, PLC Ordinary Shares | $511,344 | 0.19% | 1,200 | $82,140 | |||
| RLI RLI Corp. Common Stock (DE) | $354,420 | 0.13% | 6,000 | $12,180 | |||
| BRKB | $312,744 | 0.12% | 625 | $-82,596 | Down ×3 | ||
| JNJ Johnson & Johnson Common Stock | $304,764 | 0.11% | 1,200 | $11,436 | |||
| CACI CACI International, Inc. Class A Common Stock | $210,784 | 0.08% | 455 | $-227,032 | Down ×1 | ||
| FRMI Fermi Inc. - Common Stock | $151,140 | 0.06% | 16,500 | Up ×1 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| Unknown issuer (CUSIP: G2004J103) | $2,724,801 | 95,373 | 1.02% |
| FRMI | $151,140 | 16,500 | 0.06% |
Top movers (QoQ)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| CCL | June 30, 2026 | 156,181 | $4,041,952 | -10.1% |
| ARIS | Sept. 30, 2025 | 88,500 | $2,093,025 | 109.4% |
| CVEO | Sept. 30, 2025 | 67,938 | $1,568,685 | 52.1% |
| RGLD | June 30, 2026 | 2,463 | $626,812 | 28.9% |
| SAND | Dec. 31, 2025 | 42,592 | $533,252 | No longer tracked |
| TRC | March 31, 2025 | 27,799 | $442,010 | 4.0% |
| JPM | June 30, 2026 | 1,417 | $416,825 | 8.6% |
| ACWX | March 31, 2025 | 7,747 | $404,084 | |
| C | March 31, 2026 | 3,000 | $350,070 | 16.2% |
| RSP | March 31, 2026 | 1,508 | $288,873 | No longer tracked |
| KMB | March 31, 2026 | 2,800 | $282,492 | 12.4% |
| FE | Dec. 31, 2025 | 5,700 | $261,174 | 4.7% |
| EXP | Sept. 30, 2025 | 1,231 | $248,700 | -12.1% |
| DIS | June 30, 2025 | 2,400 | $236,880 | -13.6% |
| VIG | June 30, 2026 | 1,000 | $215,060 | No longer tracked |
| CRM | Dec. 31, 2025 | 900 | $213,300 | -22.4% |
| GLPI | Dec. 31, 2025 | 4,558 | $212,449 | -2.8% |
| RCG | March 31, 2025 | 28,000 | $62,440 | No longer tracked |