MAD RIVER INVESTORS

hedge fundUpdated 38 days ago

Managed by Mad River Investors • Latest filing Q2 2026

Portfolio value

$268.1M

Q2 2026

Filings

14

Quarterly 13F history

Top-10 concentration

99.8%

Weight of largest holdings

Annualized return

21.6%

Implied from 13F holdings

Portfolio value history

13F-disclosed portfolio value over 14 quarters

Show data table

Period	Portfolio value
Q1 2023	$141.9M
Q2 2023	$135.3M
Q3 2023	$141.3M
Q4 2023	$107.7M
Q1 2024	$144.1M
Q2 2024	$149.3M
Q3 2024	$180.3M
Q4 2024	$215.2M
Q1 2025	$236M
Q2 2025	$223.3M
Q3 2025	$233.8M
Q4 2025	$219.6M
Q1 2026	$277.9M
Q2 2026	$268.1M

Top holdings

30 positions as of Q2 2026

#	Stock	Value	Shares	% Portfolio	Change
1	T TPL TEXAS PACIFIC LAND CORPORATI	$124.9M	285.3K	46.58%	Added(+0.1%)
2	P PBT PERMIAN BASIN RTY TR	$25.2M	1.01M	9.39%	Added(+0.2%)
3	L LB LANDBRIDGE COMPANY LLC	$21.2M	268.0K	7.92%	Added(+0.6%)
4	H HE HAWAIIAN ELEC INDS INC MTN B	$17.9M	1.32M	6.67%	Added(+0.4%)
5	G GBTC GRAYSCALE BITCOIN TRUST ETF	$16.4M	360.1K	6.11%	Unchanged
6	M MIAX MIAMI INTL HLDGS INC	$10.7M	289.0K	4.01%	Added(+255.7%)
7	W WBI WATERBRIDGE INFRASTRUCTURE L	$9.2M	267.8K	3.42%	Trimmed(-1.1%)
8	M MSB MESABI TR	$8.2M	323.7K	3.05%	Added(+0.7%)
9	W WPM WHEATON PRECIOUS METALS CORP	$6.3M	56.2K	2.35%	Trimmed(-37.1%)
10	F FNV FRANCO NEV CORP	$4.7M	22.5K	1.75%	Trimmed(-4.6%)
11	F FBTC FIDELITY WISE ORIGIN BITCOIN	$3.6M	70.4K	1.34%	Added(+0.0%)
12	C CCL CARNIVAL CORP LTD	$2.7M	95.4K	1.02%	—
13	V VGES VANGUARD INDEX FDS	$2.5M	6.8K	0.94%	Trimmed(-22.7%)
14	B BTC GRAYSCALE BITCOIN MINI TR ET	$2.1M	81.5K	0.79%	Added(+0.4%)
15	P PANW PALO ALTO NETWORKS INC	$1.9M	5.5K	0.70%	Unchanged
16	C CBOE CBOE GLOBAL MKTS INC	$1.6M	6.7K	0.61%	Added(+0.4%)
17	A AAPL APPLE INC	$1.5M	5.0K	0.55%	Trimmed(-1.0%)
18	O ORCL-PD ORACLE CORP	$1.2M	8.1K	0.44%	Unchanged
19	I ICE INTERCONTINENTAL EXCHANGE IN	$966K	7.8K	0.36%	Added(+2.6%)
20	A AMZN AMAZON COM INC	$810K	3.4K	0.30%	Trimmed(-2.9%)

T

TEXAS PACIFIC LAND CORPORATI

+0.1%

Value

$124.9M

Shares

285.3K

% Port

46.58%

P

PERMIAN BASIN RTY TR

+0.2%

Value

$25.2M

Shares

1.01M

% Port

9.39%

L

3.LB

LANDBRIDGE COMPANY LLC

+0.6%

Value

$21.2M

Shares

268.0K

% Port

7.92%

H

4.HE

HAWAIIAN ELEC INDS INC MTN B

+0.4%

Value

$17.9M

Shares

1.32M

% Port

6.67%

G

GRAYSCALE BITCOIN TRUST ETF

Unchanged

Value

$16.4M

Shares

360.1K

% Port

6.11%

M

MIAMI INTL HLDGS INC

+255.7%

Value

$10.7M

Shares

289.0K

% Port

4.01%

W

WATERBRIDGE INFRASTRUCTURE L

-1.1%

Value

$9.2M

Shares

267.8K

% Port

3.42%

M

MESABI TR

+0.7%

Value

$8.2M

Shares

323.7K

% Port

3.05%

W

WHEATON PRECIOUS METALS CORP

-37.1%

Value

$6.3M

Shares

56.2K

% Port

2.35%

F

10.FNV

FRANCO NEV CORP

-4.6%

Value

$4.7M

Shares

22.5K

% Port

1.75%

F

FIDELITY WISE ORIGIN BITCOIN

+0.0%

Value

$3.6M

Shares

70.4K

% Port

1.34%

C

12.CCL

CARNIVAL CORP LTD

Value

$2.7M

Shares

95.4K

% Port

1.02%

V

VANGUARD INDEX FDS

-22.7%

Value

$2.5M

Shares

6.8K

% Port

0.94%

B

14.BTC

GRAYSCALE BITCOIN MINI TR ET

+0.4%

Value

$2.1M

Shares

81.5K

% Port

0.79%

P

PALO ALTO NETWORKS INC

Unchanged

Value

$1.9M

Shares

5.5K

% Port

0.70%

C

CBOE GLOBAL MKTS INC

+0.4%

Value

$1.6M

Shares

6.7K

% Port

0.61%

A

APPLE INC

-1.0%

Value

$1.5M

Shares

5.0K

% Port

0.55%

O

ORACLE CORP

Unchanged

Value

$1.2M

Shares

8.1K

% Port

0.44%

I

19.ICE

INTERCONTINENTAL EXCHANGE IN

+2.6%

Value

$966K

Shares

7.8K

% Port

0.36%

A

AMAZON COM INC

-2.9%

Value

$810K

Shares

3.4K

% Port

0.30%

View full portfolio (30 holdings) →

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