# MAD RIVER INVESTORS

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1384484. Source: https://holderbook.com/funds/1384484-mad-river-investors/

- Reported value: $268.1M
- Positions: 29
- Weight of the ten largest: 91.5%
- Filed: 2026-08-03

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| TEXAS PACIFIC LAND CORPORATI | [TPL](https://holderbook.com/stocks/TPL/) | $124.9M | 285,330 | 46.6% | 22 |
| PERMIAN BASIN RTY TR | [PBT](https://holderbook.com/stocks/PBT/) | $25.2M | 1,005,152 | 9.4% | 18 |
| LANDBRIDGE COMPANY LLC | [LB](https://holderbook.com/stocks/LB/) | $21.2M | 267,953 | 7.9% | 8 |
| HAWAIIAN ELEC INDS INC MTN B | [HE](https://holderbook.com/stocks/HE/) | $18.5M | 1,321,850 | 6.9% | 7 |
| GRAYSCALE BITCOIN TRUST ETF | [GBTC](https://holderbook.com/stocks/GBTC/) | $16.4M | 360,139 | 6.1% | 10 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $10.7M | 289,000 | 4.0% | 4 |
| WATERBRIDGE INFRASTRUCTURE L | [WBI](https://holderbook.com/stocks/WBI/) | $9.2M | 267,801 | 3.4% | 4 |
| MESABI TR | [MSB](https://holderbook.com/stocks/MSB/) | $8.2M | 323,735 | 3.1% | 24 |
| WHEATON PRECIOUS METALS CORP | [WPM](https://holderbook.com/stocks/WPM/) | $6.3M | 56,173 | 2.4% | 31 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $4.7M | 22,506 | 1.7% | 30 |
| FIDELITY WISE ORIGIN BITCOIN | [FBTC](https://holderbook.com/stocks/FBTC/) | $3.6M | 70,369 | 1.3% | 10 |
| CARNIVAL CORP LTD | [CCL](https://holderbook.com/stocks/CCL/) | $2.7M | 95,373 | 1.0% | 1 |
| VANGUARD INDEX FDS | [VTI](https://holderbook.com/stocks/VTI/) | $2.5M | 6,800 | 0.9% | 13 |
| GRAYSCALE BITCOIN MINI TR ET | [BTC](https://holderbook.com/stocks/BTC/) | $2.1M | 81,517 | 0.8% | 7 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $1.9M | 5,484 | 0.7% | 4 |
| CBOE GLOBAL MKTS INC | [CBOE](https://holderbook.com/stocks/CBOE/) | $1.6M | 6,705 | 0.6% | 31 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.5M | 5,050 | 0.5% | 4 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $1.2M | 8,050 | 0.4% | 4 |
| INTERCONTINENTAL EXCHANGE IN | [ICE](https://holderbook.com/stocks/ICE/) | $965.9K | 7,846 | 0.4% | 25 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $810.4K | 3,400 | 0.3% | 4 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $706.6K | 1,700 | 0.3% | 4 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $704.8K | 6,000 | 0.3% | 4 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $666.5K | 3,600 | 0.2% | 4 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $511.3K | 1,200 | 0.2% | 4 |
| RLI CORP | [RLI](https://holderbook.com/stocks/RLI/) | $354.4K | 6,000 | 0.1% | 31 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $312.7K | 625 | 0.1% | 31 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $304.8K | 1,200 | 0.1% | 4 |
| CACI INTL INC | [CACI](https://holderbook.com/stocks/CACI/) | $210.8K | 455 | 0.1% | 31 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $151.1K | 16,500 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| 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% |
| Q3 2024 | +14.4% | +5.4% | +8.9% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $268.1M | 29 |
| Q1 2026 | $277.9M | 31 |
| Q4 2025 | $219.6M | 34 |
| Q3 2025 | $233.8M | 37 |
| Q2 2025 | $223.3M | 23 |
| Q1 2025 | $236.0M | 24 |
| Q4 2024 | $215.2M | 26 |
| Q3 2024 | $180.3M | 26 |
| Q2 2024 | $149.3M | 27 |
| Q1 2024 | $144.1M | 27 |
| Q4 2023 | $107.7M | 26 |
| Q3 2023 | $141.3M | 25 |