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Mad River Investors Portfolio holdings
AUM
$268M
1-Year Est. Return
31.54%
This Fund
S&P 500
This Quarter
Est. Return
-1.69%
1 Year Est. Return
+31.54%
3 Year Est. Return
+225.37%
5 Year Est. Return
+261.39%
10 Year Est. Return
+1,619.55%
AUM
$268M
AUM Growth
-$9.76M
(-3.5%)
Cap. Flow
+$1.22M
Cap. Flow
% of AUM
0.45%
Top 10 Holdings %
Top 10 Hldgs %
91.25%
Holding
33
New
1
Increased
10
Reduced
9
Closed
3
Avg Time Held Equity + Options
14.4
quarters
Top 10 Avg Time Held Equity + Options
16.8
quarters
Top 20 Avg Time Held Equity + Options
15.1
quarters
Avg Time Held Equity only
14.8
quarters
Top 10 Avg Time Held Equity only
16.8
quarters
Top 20 Avg Time Held Equity only
15.1
quarters
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Miami International Holdings
MIAX
|
+$9.29M |
| 2 |
LandBridge Co
LB
|
+$108K |
| 3 |
Fermi Inc
FRMI
|
+$104K |
| 4 |
Texas Pacific Land
TPL
|
+$85.1K |
| 5 |
Hawaiian Electric Industries
HE
|
+$68.4K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wheaton Precious Metals
WPM
|
+$4.31M |
| 2 |
Carnival Corporation Ltd
CCL
|
+$1.66M |
| 3 |
Vanguard Morningstar Total Stock Market ETF
VTI
|
+$715K |
| 4 |
Royal Gold
RGLD
|
+$627K |
| 5 |
JPMorgan Chase
JPM
|
+$417K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 67.31% |
| 2 | Miscellaneous | 9.43% |
| 3 | Materials | 7.16% |
| 4 | Utilities | 6.67% |
| 5 | Financials | 5.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Texas Pacific Land
TPL
$25.2B
| $125M | 46.58% |
285,330
+210
| +0.1% | +$85.1K |
2013 Q2
52 quarters
|
|
2
Permian Basin Royalty Trust
PBT
$1.67B
| $25.2M | 9.39% |
1,005,152
+2,012
| +0.2% | +$50.9K |
2022 Q1
17 quarters
|
|
|
3
LandBridge Co
LB
$2.57B
| $21.2M | 7.92% |
267,953
+1,568
| +0.6% | +$108K |
2024 Q3
7 quarters
|
|
|
4
Hawaiian Electric Industries
HE
$1.48B
| $17.9M | 6.67% |
1,321,850
+4,800
| +0.4% | +$68.4K |
2024 Q4
6 quarters
|
|
5
Grayscale Bitcoin Trust
GBTC
$12.5B
| $16.4M | 6.11% |
360,139
| – | – |
2024 Q1
9 quarters
|
|
|
6
Miami International Holdings
MIAX
$2.94B
| $10.7M | 4.01% |
289,000
+207,750
| +256% | +$9.29M |
2025 Q3
3 quarters
|
|
7
WaterBridge Infrastructure LLC
WBI
$1.68B
| $9.18M | 3.42% |
267,801
-3,099
| -1% | -$90.2K |
2025 Q3
3 quarters
|
|
8
Mesabi Trust
MSB
$231M
| $8.19M | 3.05% |
323,735
+2,189
| +0.7% | +$60.2K |
2020 Q3
23 quarters
|
|
|
9
Wheaton Precious Metals
WPM
$61.6B
| $6.31M | 2.35% |
56,173
-33,098
| -37% | -$4.31M |
2015 Q4
42 quarters
|
|
10
Franco-Nevada
FNV
$46.9B
| $4.69M | 1.75% |
22,506
-1,084
| -5% | -$253K |
2019 Q1
29 quarters
|
|
11
Fidelity Wise Origin Bitcoin Fund
FBTC
$15.5B
| $3.59M | 1.34% |
70,369
+30
| +0% | +$1.88K |
2024 Q1
9 quarters
|
|
|
12
Carnival Corporation Ltd
CCL
$35.8B
| $2.72M | 1.02% |
95,373
-60,808
| -39% | -$1.66M |
2023 Q1
13 quarters
|
|
|
13
Vanguard Morningstar Total Stock Market ETF
VTI
$701B
| $2.52M | 0.94% |
6,800
-2,000
| -23% | -$715K |
2023 Q2
12 quarters
|
|
14
Grayscale Bitcoin Mini Trust ETF
BTC
$4.42B
| $2.12M | 0.79% |
81,517
+300
| +0.4% | +$9.53K |
2024 Q3
7 quarters
|
|
15
Palo Alto Networks
PANW
$328B
| $1.87M | 0.7% |
5,484
| – | – |
2025 Q3
3 quarters
|
|
16
Cboe Global Markets
CBOE
$30.8B
| $1.63M | 0.61% |
6,705
+25
| +0.4% | +$7.65K |
2018 Q1
33 quarters
|
|
17
Apple
AAPL
$5.05T
| $1.46M | 0.55% |
5,050
-50
| -1% | -$14.3K |
2025 Q3
3 quarters
|
|
18
Oracle
ORCL
$421B
| $1.18M | 0.44% |
8,050
| – | – |
2025 Q3
3 quarters
|
|
19
Intercontinental Exchange
ICE
$88.8B
| $966K | 0.36% |
7,846
+201
| +3% | +$30.2K |
2020 Q2
24 quarters
|
|
20
Amazon
AMZN
$2.81T
| $810K | 0.3% |
3,400
-100
| -3% | -$25.1K |
2025 Q3
3 quarters
|
|
21
UnitedHealth
UNH
$337B
| $707K | 0.26% |
1,700
| – | – |
2025 Q3
3 quarters
|
|
22
Cisco
CSCO
$451B
| $705K | 0.26% |
6,000
| – | – |
2025 Q3
3 quarters
|
|
23
Cincinnati Financial
CINF
$25.5B
| $667K | 0.25% |
3,600
| – | – |
2025 Q3
3 quarters
|
|
|
24
CALL
Hawaiian Electric Industries
HE
$1.48B
| – | – |
0
| – | – |
2025 Q4
2 quarters
|
|
25
Eaton
ETN
$164B
| $511K | 0.19% |
1,200
| – | – |
2025 Q3
3 quarters
|
|
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Mad River Investors's Q2 2026 Portfolio in Review
As of Q2 2026, Mad River Investors held 33 positions worth $268M, down 3.5% from $278M the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Mad River Investors's Q2 2026 filing shows 1 new, 10 increased, 9 reduced and 3 closed positions. Its largest new stake was Fermi Inc: 16,500 shares worth $151K. The largest sale was Wheaton Precious Metals, an estimated $4.31M.
By sector, the portfolio is most concentrated in Energy at 67% of assets, up from 66% a quarter earlier, followed by Miscellaneous and Materials.
- Mad River Investors's largest Q2 2026 buy was Fermi Inc: 16,500 shares worth $151K.
- Mad River Investors added most to Miami International Holdings in Q2 2026, an estimated $9.29M increase.
- Mad River Investors's biggest Q2 2026 reduction was Wheaton Precious Metals, cutting an estimated $4.31M.
- Mad River Investors fully exited Royal Gold in Q2 2026, selling an estimated $627K.
- Mad River Investors's ten largest holdings make up 91% of its $268M portfolio in Q2 2026.
- Mad River Investors opened 1 new position and closed 3 in Q2 2026.
- Mad River Investors's portfolio value fell 3.5% quarter-over-quarter to $268M.
Based on Mad River Investors's 13F filing for Q2 2026, filed 3 Aug 2026.