MAD RIVER INVESTORS — 13F Holdings & Portfolio
CIK 1384484 · latest 13F-HR filed 2026-04-23
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$277.9M
Long-equity book
32
Distinct positions
2026-03-31
Filed 2026-04-23
+0 / −3 / ↑10 / ↓16
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- TEXAS PACIFIC LAND CORPORATI$53.1M +64.7%
- LANDBRIDGE COMPANY LLC$5.5M +42.8%
- PERMIAN BASIN RTY TR$4.8M +28.8%
- HAWAIIAN ELEC INDS INC MTN B$3.7M +23.7%
- WATERBRIDGE INFRASTRUCTURE L$2.1M +41.1%
Top Trims
- GRAYSCALE BITCOIN TRUST ETF-$5.6M -22.9%
- MESABI TR-$1.3M -11.4%
- FIDELITY WISE ORIGIN BITCOIN-$1.2M -23.1%
- VANGUARD INDEX FDS-$1.2M -30.5%
- CARNIVAL CORP-$710.0K -14.9%
Exited Positions
- CITIGROUP INC$350.1K
- INVESCO EXCHANGE TRADED FD T$288.9K
- KIMBERLY-CLARK CORP$282.5K
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 88262P102 | $135.3M | 48.69% | 285,120 | SH |
| 2 | PERMIAN BASIN RTY TR | PBT | 714236106 | $21.6M | 7.77% | 1,003,140 | SH |
| 3 | HAWAIIAN ELEC INDS INC MTN B | HE | 419870100 | $19.5M | 7.03% | 1,317,050 | SH |
| 4 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 389637109 | $19.0M | 6.84% | 360,139 | SH |
| 5 | LANDBRIDGE COMPANY LLC | LB | 514952100 | $18.4M | 6.62% | 266,385 | SH |
| 6 | WHEATON PRECIOUS METALS CORP | WPM | 962879102 | $11.7M | 4.21% | 89,271 | SH |
| 7 | MESABI TR | MSB | 590672101 | $10.1M | 3.65% | 321,546 | SH |
| 8 | WATERBRIDGE INFRASTRUCTURE L | WBI | 940923105 | $7.3M | 2.61% | 270,900 | SH |
| 9 | FRANCO NEV CORP | FNV | 351858105 | $5.8M | 2.10% | 23,590 | SH |
| 10 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 315948109 | $4.2M | 1.49% | 70,339 | SH |
| 11 | CARNIVAL CORP | CCL | 143658300 | $4.0M | 1.45% | 156,181 | SH |
| 12 | MIAMI INTL HLDGS INC | MIAX | 59356Q108 | $3.2M | 1.14% | 81,250 | SH |
| 13 | VANGUARD INDEX FDS | VTI | 922908769 | $2.8M | 1.02% | 8,800 | SH |
| 14 | GRAYSCALE BITCOIN MINI TR ET | BTC | 389930207 | $2.4M | 0.88% | 81,217 | SH |
| 15 | CBOE GLOBAL MKTS INC | CBOE | 12503M108 | $1.9M | 0.68% | 6,680 | SH |
| 16 | APPLE INC | AAPL | 037833100 | $1.3M | 0.47% | 5,100 | SH |
| 17 | INTERCONTINENTAL EXCHANGE IN | ICE | 45866F104 | $1.2M | 0.43% | 7,645 | SH |
| 18 | ORACLE CORP | ORCL | 68389X105 | $1.2M | 0.43% | 8,050 | SH |
| 19 | PALO ALTO NETWORKS INC | PANW | 697435105 | $879.2K | 0.32% | 5,484 | SH |
| 20 | AMAZON COM INC | AMZN | 023135106 | $728.9K | 0.26% | 3,500 | SH |
| 21 | HAWAIIAN ELEC INDS INC MTN B Call | HE | 419870100 | $696.0K | 0.25% | 46,900 | PRN |
| 22 | ROYAL GOLD INC | RGLD | 780287108 | $626.8K | 0.23% | 2,463 | SH |
| 23 | CINCINNATI FINL CORP | CINF | 172062101 | $566.5K | 0.20% | 3,600 | SH |
| 24 | CISCO SYS INC | CSCO | 17275R102 | $465.5K | 0.17% | 6,000 | SH |
| 25 | UNITEDHEALTH GROUP INC | UNH | 91324P102 | $460.0K | 0.17% | 1,700 | SH |
| 26 | CACI INTL INC | CACI | 127190304 | $437.8K | 0.16% | 805 | SH |
| 27 | EATON CORP PLC | ETN | G29183103 | $429.2K | 0.15% | 1,200 | SH |
| 28 | JPMORGAN CHASE & CO | JPM | 46625H100 | $416.8K | 0.15% | 1,417 | SH |
| 29 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $395.3K | 0.14% | 825 | SH |
| 30 | RLI CORP | RLI | 749607107 | $342.2K | 0.12% | 6,000 | SH |
| 31 | JOHNSON & JOHNSON | JNJ | 478160104 | $293.3K | 0.11% | 1,200 | SH |
| 32 | VANGUARD SPECIALIZED FUNDS | VIG | 921908844 | $215.1K | 0.08% | 1,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-04-23 | $277.9M | 32 | 0001384484-26-000004 |
| 2025-12-31 | 2026-02-06 | $219.6M | 35 | 0001384484-26-000002 |