Back to MAD RIVER INVESTORS
Q3 2026 13F filing
Updated 9 days ago31 disclosed positions worth $245.7M
Portfolio value
$245.7M
Total holdings
31
New positions
2
Closed positions
1
Increased
9
Decreased
9
Turnover
9.7%
Filed
2026-10-27
Full holdings
Every line item disclosed in Q3 2026
| # | Stock | Value | Shares | % Portfolio | Change |
|---|---|---|---|---|---|
| 1 | T TEXAS PACIFIC LAND CORPORATI | $92.8M | 284.8K | 37.77% | Trimmed(-0.2%) |
| 2 | P PERMIAN BASIN RTY TR | $33.3M | 1.06M | 13.54% | Added(+5.1%) |
| 3 | G GRAYSCALE BITCOIN TRUST ETF | $23M | 355.4K | 9.34% | Trimmed(-1.3%) |
| 4 | L LANDBRIDGE COMPANY LLC | $21.6M | 266.7K | 8.81% | Trimmed(-0.5%) |
| 5 | H HAWAIIAN ELEC INDS INC MTN B | $11.8M | 1.32M | 4.80% | Trimmed(-0.2%) |
| 6 | M MIAMI INTL HLDGS INC | $10M | 297.2K | 4.05% | Added(+2.8%) |
| 7 | W WATERBRIDGE INFRASTRUCTURE L | $7.6M | 268.8K | 3.08% | Added(+0.3%) |
| 8 | M MESABI TR | $6.4M | 327.3K | 2.61% | Added(+1.1%) |
| 9 | W WHEATON PRECIOUS METALS CORP | $6M | 45.0K | 2.45% | Trimmed(-19.9%) |
| 10 | F FIDELITY WISE ORIGIN BITCOIN | $5.7M | 78.4K | 2.32% | Added(+11.4%) |
| 11 | F FRANCO NEV CORP | $5M | 21.1K | 2.04% | Trimmed(-6.4%) |
| 12 | B GRAYSCALE BITCOIN MINI TR ET | $3M | 81.5K | 1.23% | Unchanged |
| 13 | S SAN JUAN BASIN RTY TR | $2.2M | 597.5K | 0.89% | — |
| 14 | P PALO ALTO NETWORKS INC | $2.2M | 5.5K | 0.89% | Unchanged |
| 15 | F FERMI INC | $2M | 483.2K | 0.83% | Added(+2828.5%) |
| 16 | A APPLE INC | $1.9M | 5.8K | 0.79% | Added(+15.8%) |
| 17 | C CBOE GLOBAL MKTS INC | $1.8M | 6.7K | 0.75% | Trimmed(-0.4%) |
| 18 | V VANGUARD INDEX FDS | $1.7M | 4.6K | 0.70% | Trimmed(-32.4%) |
| 19 | I INTERCONTINENTAL EXCHANGE IN | $1.2M | 8.0K | 0.50% | Added(+2.0%) |
| 20 | O ORACLE CORP | $1.1M | 8.1K | 0.45% | Unchanged |
| 21 | A AMAZON COM INC | $847K | 3.4K | 0.34% | Unchanged |
| 22 | C CISCO SYS INC | $646K | 6.0K | 0.26% | Unchanged |
| 23 | U UNITEDHEALTH GROUP INC | $624K | 1.7K | 0.25% | Unchanged |
| 24 | C CINCINNATI FINL CORP | $574K | 3.6K | 0.23% | Unchanged |
| 25 | E EATON CORP PLC | $516K | 1.2K | 0.21% | Unchanged |
| 26 | C CARNIVAL CORP LTD | $458K | 18.7K | 0.19% | Trimmed(-80.4%) |
| 27 | H HAWAIIAN ELEC INDS INC MTN B | $436K | 48.8K | 0.18% | Trimmed(-96.3%) |
| 28 | B BERKSHIRE HATHAWAY INC DEL | $386K | 775 | 0.16% | Added(+24.0%) |
| 29 | R RLI CORP | $332K | 6.0K | 0.14% | Unchanged |
| 30 | J JOHNSON & JOHNSON | $318K | 1.2K | 0.13% | Unchanged |
| 31 | R ROYAL GOLD INC | $222K | 940 | 0.09% | — |