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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
Cap. Flow
+$1.22M
Cap. Flow %
0.45%
Top 10 Hldgs %
91.25%
Holding
33
New
1
Increased
10
Reduced
9
Closed
3

Top Buys

Rank Stock Value
1
MIAX
Miami International Holdings
MIAX
+$9.29M
2
LB
LandBridge Co
LB
+$108K
3
FRMI
Fermi Inc
FRMI
+$104K
4
TPL icon
Texas Pacific Land
TPL
+$85.1K
5
HE icon
Hawaiian Electric Industries
HE
+$68.4K

Top Sells

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$4.31M
2
CCL icon
Carnival Corporation Ltd
CCL
+$1.66M
3
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$715K
4
RGLD icon
Royal Gold
RGLD
+$627K
5
JPM icon
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
TPL icon
1
Texas Pacific Land
TPL
$25.1B
$125M 46.58%
285,330
+210
+0.1% +$85.1K
PBT
2
Permian Basin Royalty Trust
PBT
$1.58B
$25.2M 9.39%
1,005,152
+2,012
+0.2% +$50.9K
LB
3
LandBridge Co
LB
$2.47B
$21.2M 7.92%
267,953
+1,568
+0.6% +$108K
HE icon
4
Hawaiian Electric Industries
HE
$1.97B
$17.9M 6.67%
1,321,850
+4,800
+0.4% +$68.4K
GBTC icon
5
Grayscale Bitcoin Trust
GBTC
$11.6B
$16.4M 6.11%
360,139
– –
MIAX
6
Miami International Holdings
MIAX
$4.27B
$10.7M 4.01%
289,000
+207,750
+256% +$9.29M
WBI
7
WaterBridge Infrastructure LLC
WBI
$1.74B
$9.18M 3.42%
267,801
-3,099
-1% -$90.2K
MSB
8
Mesabi Trust
MSB
$314M
$8.19M 3.05%
323,735
+2,189
+0.7% +$60.2K
WPM icon
9
Wheaton Precious Metals
WPM
$69.6B
$6.31M 2.35%
56,173
-33,098
-37% -$4.31M
FNV icon
10
Franco-Nevada
FNV
$51.3B
$4.69M 1.75%
22,506
-1,084
-5% -$253K
FBTC icon
11
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.4B
$3.59M 1.34%
70,369
+30
+0% +$1.88K
CCL icon
12
Carnival Corporation Ltd
CCL
$33.9B
$2.72M 1.02%
95,373
-60,808
-39% -$1.66M
VTI icon
13
Vanguard Morningstar Total Stock Market ETF
VTI
$687B
$2.52M 0.94%
6,800
-2,000
-23% -$715K
BTC
14
Grayscale Bitcoin Mini Trust ETF
BTC
$4.11B
$2.12M 0.79%
81,517
+300
+0.4% +$9.53K
PANW icon
15
Palo Alto Networks
PANW
$303B
$1.87M 0.7%
5,484
– –
CBOE icon
16
Cboe Global Markets
CBOE
$32.4B
$1.63M 0.61%
6,705
+25
+0.4% +$7.65K
AAPL icon
17
Apple
AAPL
$4.67T
$1.46M 0.55%
5,050
-50
-1% -$14.3K
ORCL icon
18
Oracle
ORCL
$435B
$1.18M 0.44%
8,050
– –
ICE icon
19
Intercontinental Exchange
ICE
$91.1B
$966K 0.36%
7,846
+201
+3% +$30.2K
AMZN icon
20
Amazon
AMZN
$2.87T
$810K 0.3%
3,400
-100
-3% -$25.1K
UNH icon
21
UnitedHealth
UNH
$353B
$707K 0.26%
1,700
– –
CSCO icon
22
Cisco
CSCO
$433B
$705K 0.26%
6,000
– –
CINF icon
23
Cincinnati Financial
CINF
$26.4B
$667K 0.25%
3,600
– –
HE icon
24
CALL
Hawaiian Electric Industries
HE
$1.97B
– –
0
– –
ETN icon
25
Eaton
ETN
$156B
$511K 0.19%
1,200
– –
1
2

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MI
Moneywise Inc Forest, Virginia $268M AUM 24.05% 1-Year Est. Return
AP
Aspect Partners Fairfax, Virginia $268M AUM 22.57% 1-Year Est. Return
AB
ANB Bank Denver, Colorado $268M AUM 27.17% 1-Year Est. Return
EMC
Everest Management Corp Cupertino, California $268M AUM 32.42% 1-Year Est. Return
CLA
Carnegie Lake Advisors Princeton, New Jersey $268M AUM 22.32% 1-Year Est. Return
EAIC
Empower Annuity Insurance Company Hartford, Connecticut $268M AUM 0.49% 1-Year Est. Return
NEPPG
New England Professional Planning Group Westerly, Rhode Island $268M AUM 22.36% 1-Year Est. Return
SSW
Smith Shellnut Wilson Ridgeland, Mississippi $268M AUM 33.54% 1-Year Est. Return

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.