MAD RIVER INVESTORS
Reported holdings as of Q3 2026, from 32 quarterly filings.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| TEXAS PACIFIC LAND CORPORATI | TPL | $92.8M | 284,771 | -8.81pp | 23q | HELD | |
| PERMIAN BASIN RTY TR | PBT | $33.3M | 1,056,366 | +4.15pp | 19q | +5.1%+$1.6M | |
| GRAYSCALE BITCOIN TRUST ETF | GBTC | $23.0M | 355,444 | +3.23pp | 11q | -1.3%-$303.3K | |
| LANDBRIDGE COMPANY LLC | LB | $21.6M | 266,705 | +0.89pp | 9q | HELD | |
| HAWAIIAN ELEC INDS INC MTN B CALL | HE | $12.2M | 1,319,050 | -1.94pp | 8q | HELD | |
| MIAMI INTL HLDGS INC | MIAX | $10.0M | 297,157 | +0.05pp | 5q | +2.8%+$273.3K | |
| WATERBRIDGE INFRASTRUCTURE L | WBI | $7.6M | 268,751 | -0.35pp | 5q | HELD | |
| MESABI TR | MSB | $6.4M | 327,316 | -0.45pp | 25q | +1.1%+$70.2K | |
| WHEATON PRECIOUS METALS CORP | WPM | $6.0M | 45,024 | +0.10pp | 32q | -19.8%-$1.5M | |
| FIDELITY WISE ORIGIN BITCOIN | FBTC | $5.7M | 78,429 | +0.98pp | 11q | +11.5%+$585.5K | |
| FRANCO NEV CORP | FNV | $5.0M | 21,057 | +0.29pp | 31q | -6.4%-$345.0K | |
| GRAYSCALE BITCOIN MINI TR ET | BTC | $3.0M | 81,517 | +0.44pp | 8q | HELD | |
| SAN JUAN BASIN RTY TR | SJT | $2.2M | 597,500 | - | new | NEW | |
| PALO ALTO NETWORKS INC | PANW | $2.2M | 5,484 | +0.19pp | 5q | HELD | |
| FERMI INC | FRMI | $2.0M | 483,200 | +0.77pp | 2q | +2828.5%+$2.0M | |
| APPLE INC | AAPL | $1.9M | 5,847 | +0.25pp | 5q | +15.8%+$265.4K | |
| CBOE GLOBAL MKTS INC | CBOE | $1.8M | 6,680 | +0.14pp | 32q | HELD | |
| VANGUARD INDEX FDS | VTI | $1.7M | 4,600 | -0.24pp | 14q | -32.4%-$823.3K | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $1.2M | 8,001 | +0.13pp | 26q | +2.0%+$23.6K | |
| ORACLE CORP | ORCL | $1.1M | 8,050 | +0.01pp | 5q | HELD | |
| AMAZON COM INC | AMZN | $847.1K | 3,400 | +0.04pp | 5q | HELD | |
| CISCO SYS INC | CSCO | $645.8K | 6,000 | flat | 5q | HELD | |
| UNITEDHEALTH GROUP INC | UNH | $624.0K | 1,700 | -0.01pp | 5q | HELD | |
| CINCINNATI FINL CORP | CINF | $573.7K | 3,600 | -0.02pp | 5q | HELD | |
| EATON CORP PLC | ETN | $515.7K | 1,200 | +0.02pp | 5q | HELD | |
| CARNIVAL CORP LTD | CCL | $458.3K | 18,677 | -0.83pp | 2q | -80.4%-$1.9M | |
| BERKSHIRE HATHAWAY INC DEL | BRKB | $385.9K | 775 | +0.04pp | 32q | +24.0%+$74.7K | |
| RLI CORP | RLI | $331.9K | 6,000 | flat | 32q | HELD | |
| JOHNSON & JOHNSON | JNJ | $317.7K | 1,200 | +0.02pp | 5q | HELD | |
| ROYAL GOLD INC | RGLD | $221.8K | 940 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Holding & Investment | $156.5M | 63.7% |
| Capital Markets | $44.7M | 18.2% |
| Utilities | $12.2M | 5.0% |
| Mining & Metals | $11.0M | 4.5% |
| Energy | $7.6M | 3.1% |
| Computer Hardware | $4.8M | 1.9% |
| Other sectors | $7.2M | 2.9% |
| Not classified | $1.7M | 0.7% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | -9.0% | +2.1% | -11.1% | 100% |
| Q2 2026 | -3.6% | +14.8% | -18.4% | 100% |
| Q1 2026 | +26.9% | -4.6% | +31.6% | 100% |
| Q4 2025 | -7.0% | +2.4% | -9.4% | 100% |
| Q3 2025 | -0.3% | +7.8% | -8.1% | 100% |
| Q2 2025 | -5.6% | +10.5% | -16.1% | 100% |
| Q1 2025 | +10.0% | -4.6% | +14.6% | 100% |
| Q4 2024 | +28.6% | +2.1% | +26.4% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $245.7M | 30 | 2 | 8 | 5 | 1 | 88.9% | 27 |
| Q2 2026 | $268.1M | 29 | 2 | 4 | 8 | 4 | 91.5% | 34 |
| Q1 2026 | $277.9M | 31 | 0 | 8 | 7 | 3 | 91.3% | 23 |
| Q4 2025 | $219.6M | 34 | 1 | 9 | 5 | 4 | 86.9% | 37 |
| Q3 2025 | $233.8M | 37 | 17 | 3 | 8 | 3 | 86.8% | 14 |
| Q2 2025 | $223.3M | 23 | 0 | 5 | 9 | 1 | 92.0% | 8 |
| Q1 2025 | $236.0M | 24 | 1 | 4 | 12 | 3 | 92.4% | 22 |
| Q4 2024 | $215.2M | 26 | 2 | 2 | 13 | 2 | 89.5% | 16 |
| Q3 2024 | $180.3M | 26 | 2 | 4 | 13 | 3 | 87.6% | 22 |
| Q2 2024 | $149.3M | 27 | 0 | 3 | 14 | 0 | 87.7% | 33 |
| Q1 2024 | $144.1M | 27 | 3 | 2 | 15 | 2 | 86.3% | 19 |
| Q4 2023 | $107.7M | 26 | 1 | 0 | 17 | 0 | 87.2% | 26 |
| Q3 2023 | $141.3M | 25 | 2 | 1 | 10 | 4 | 89.1% | 18 |
| Q2 2023 | $135.3M | 27 | 5 | 5 | 10 | 1 | 87.4% | 34 |
| Q1 2023 | $141.9M | 23 | 1 | 6 | 11 | 4 | 91.9% | 34 |
| Q4 2022 | $172.4M | 26 | 1 | 3 | 14 | 1 | 94.5% | 37 |
| Q3 2022 | $137.3M | 26 | 1 | 6 | 8 | 2 | 92.6% | 26 |
| Q2 2022 | $127.9M | 27 | 0 | 7 | 8 | 2 | 90.9% | 39 |
| Q1 2022 | $129.5M | 29 | 3 | 2 | 18 | 3 | 86.4% | 28 |
| Q4 2021 | $131.2M | 29 | 5 | 1 | 19 | 1 | 86.3% | 40 |
| Q3 2021 | $155.8M | 25 | 0 | 0 | 0 | 0 | 87.8% | 39 |
| Q2 2021 | $155.8M | 25 | 2 | 3 | 16 | 0 | 87.8% | 33 |
| Q1 2021 | $150.0M | 23 | 1 | 6 | 11 | 1 | 89.8% | 33 |
| Q4 2020 | $101.8M | 23 | 1 | 6 | 9 | 1 | 85.2% | 34 |
| Q3 2020 | $78.6M | 23 | 2 | 0 | 18 | 0 | 84.8% | 29 |
| Q2 2020 | $87.2M | 21 | 2 | 0 | 7 | 0 | 87.6% | 41 |
| Q1 2020 | $65.2M | 19 | 0 | 2 | 14 | 4 | 87.3% | 35 |
| Q4 2019 | $117.0M | 23 | 1 | 2 | 3 | 1 | 83.3% | 30 |
| Q3 2019 | $102.7M | 23 | 0 | 1 | 11 | 5 | 82.4% | 30 |
| Q2 2019 | $114.2M | 28 | 0 | 1 | 14 | 1 | 83.0% | 38 |
| Q1 2019 | $112.8M | 29 | 1 | 1 | 18 | 0 | 83.3% | 36 |
| Q4 2018 | $90.5M | 28 | 0 | 0 | 0 | 0 | 81.1% | 37 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.