MAD RIVER INVESTORS
Portfolio value QoQ: -3.5% 13F does not disclose cash
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 Q1 2025–Q2 2026 · 63.8% still held
Performance vs S&P 500
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 30 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| TPL | $124,871,767 | 46.58% | 285,330 | $-10,434,811 | Up ×1 | ||
| PBT | $25,169,016 | 9.39% | 1,005,152 | $3,581,440 | Up ×6 | ||
| LB | $21,232,603 | 7.92% | 267,953 | $2,838,717 | Up ×6 | ||
| HE | $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 | $10,739,240 | 4.01% | 289,000 | $7,576,990 | Up ×3 | ||
| WBI | $9,177,525 | 3.42% | 267,801 | $1,920,106 | Down ×1 | ||
| MSB | $8,190,493 | 3.05% | 323,735 | $-1,938,196 | Up ×4 | ||
| WPM | $6,309,356 | 2.35% | 56,173 | $-5,386,026 | Down ×5 | ||
| FNV | $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 | $1,870,154 | 0.70% | 5,484 | $990,959 | |||
| CBOE | $1,627,019 | 0.61% | 6,705 | $-250,432 | Up ×1 | ||
| AAPL | $1,461,268 | 0.55% | 5,050 | $166,939 | Down ×1 | ||
| ORCL | $1,179,728 | 0.44% | 8,050 | $-4,508 | |||
| ICE | $965,876 | 0.36% | 7,846 | $-236,593 | Up ×1 | ||
| AMZN | $810,356 | 0.30% | 3,400 | $81,411 | Down ×1 | ||
| UNH | $706,571 | 0.26% | 1,700 | $246,568 | |||
| CSCO | $704,760 | 0.26% | 6,000 | $239,220 | |||
| CINF | $666,504 | 0.25% | 3,600 | $100,044 | |||
| HE | $660,264 | 0.25% | 48,800 | Call option | $-35,732 | Up ×2 | |
| ETN | $511,344 | 0.19% | 1,200 | $82,140 | |||
| RLI | $354,420 | 0.13% | 6,000 | $12,180 | |||
| BRK-B | $312,744 | 0.12% | 625 | $-82,596 | Down ×3 | ||
| JNJ | $304,764 | 0.11% | 1,200 | $11,436 | |||
| CACI | $210,784 | 0.08% | 455 | $-227,032 | Down ×1 | ||
| FRMI | $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 | -8.6% |
| ARIS | Sept. 30, 2025 | 88,500 | $2,093,025 | 57.8% |
| CVEO | Sept. 30, 2025 | 67,938 | $1,568,685 | 21.5% |
| RGLD | June 30, 2026 | 2,463 | $626,812 | 13.9% |
| SAND | Dec. 31, 2025 | 42,592 | $533,252 | No longer tracked |
| JPM | June 30, 2026 | 1,417 | $416,825 | 1.3% |
| C | March 31, 2026 | 3,000 | $350,070 | 6.4% |
| RSP | March 31, 2026 | 1,508 | $288,873 | 10.0% |
| KMB | March 31, 2026 | 2,800 | $282,492 | 14.2% |
| FE | Dec. 31, 2025 | 5,700 | $261,174 | 3.1% |
| EXP | Sept. 30, 2025 | 1,231 | $248,700 | -25.0% |
| DIS | June 30, 2025 | 2,400 | $236,880 | -9.3% |
| VIG | June 30, 2026 | 1,000 | $215,060 | |
| CRM | Dec. 31, 2025 | 900 | $213,300 | -6.2% |
| GLPI | Dec. 31, 2025 | 4,558 | $212,449 | -11.5% |