MAD RIVER INVESTORS
CIK: 0001384484Latest portfolio: $219.6M · Q4 2025
Holdings
34
Total Value
$219.6M
New Positions
1
Closed Positions
4
Top Holdings
View All 34 Holdings →| # | Stock | Shares | Value | % Portfolio | Change | Type |
|---|---|---|---|---|---|---|
| 1 | TPLTEXAS PACIFIC LAND CORPORATI | 286,083 | $82.2M | 37.41% | NEW | |
| 2 | GBTCGRAYSCALE BITCOIN TRUST ETF | 360,454 | $24.6M | 11.22% | -500 | |
| 3 | PBTPERMIAN BASIN RTY TR | 986,819 | $16.8M | 7.63% | +65K | |
| 4 | HEHAWAIIAN ELEC INDUSTRIES | 1,298,350 | $16.0M | 7.27% | NEW | Call |
| 5 | LBLANDBRIDGE COMPANY LLC | 262,934 | $12.9M | 5.87% | +22K | |
| 6 | WPMWHEATON PRECIOUS METALS CORP | 97,604 | $11.5M | 5.22% | -323 | |
| 7 | MSBMESABI TR | 296,649 | $11.4M | 5.20% | +1K | |
| 8 | FBTCFIDELITY WISE ORIGIN BITCOIN | 70,859 | $5.4M | 2.46% | -945 | |
| 9 | WBIWATERBRIDGE INFRASTRUCTURE L | 257,000 | $5.1M | 2.34% | +5K | |
| 10 | FNVFRANCO NEV CORP | 23,594 | $4.9M | 2.23% | +15 | |
| 11 | CCLCARNIVAL CORP | 155,596 | $4.8M | 2.16% | +200 | |
| 12 | VTIVANGUARD INDEX FDS | 12,122 | $4.1M | 1.85% | — | |
| 13 | MIAXMIAMI INTL HLDGS INC | 75,050 | $3.3M | 1.52% | +450 | |
| 14 | BTCGRAYSCALE BITCOIN MINI TR ET | 77,647 | $3.0M | 1.37% | -4,532 | |
| 15 | CBOECBOE GLOBAL MKTS INC | 6,690 | $1.7M | 0.76% | +35 | |
| 16 | ORCLORACLE CORP | 8,050 | $1.6M | 0.71% | — | |
| 17 | AAPLAPPLE INC | 5,100 | $1.4M | 0.63% | +100 | |
| 18 | ICEINTERCONTINENTAL EXCHANGE IN | 7,645 | $1.2M | 0.56% | -75 | |
| 19 | PANWPALO ALTO NETWORKS INC | 5,484 | $1.0M | 0.46% | — | |
| 20 | AMZNAMAZON COM INC | 3,500 | $807K | 0.37% | +100 | |
| 21 | RGLDROYAL GOLD INC | 2,656 | $590K | 0.27% | NEW | |
| 22 | CINFCINCINNATI FINL CORP | 3,600 | $587K | 0.27% | — | |
| 23 | BRK/BBERKSHIRE HATHAWAY INC DEL | 1,125 | $565K | 0.26% | -50 | |
| 24 | UNHUNITEDHEALTH GROUP INC | 1,700 | $561K | 0.26% | — | |
| 25 | RLIRLI CORP | 7,500 | $479K | 0.22% | — |
Quarterly Changes
Sector Breakdown
Financial Services0.0% ($5.401406433301678e+25T)
Technology0.0% ($246403007156913.8T)
Energy0.0% ($8216816756.1T)
Basic Materials0.0% ($11470114.3T)
Unknown0.0% ($565.4B)
Consumer Cyclical0.0% ($4.8B)
Healthcare0.0% ($561.2M)
Utilities0.0% ($16.0M)
Industrials0.0% ($382K)
Consumer Defensive0.0% ($282K)
Filing History
Fund Information
MAD RIVER INVESTORS is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $219.6M across 34 holdings. The largest position is TEXAS PACIFIC LAND CORPORATI (TPL), representing 37.4% of the portfolio. Compared to the previous quarter, the fund opened 3 new positions and closed 6 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.