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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
-5.22%
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
$220M
AUM Growth
-$14.1M
(-6%)
Cap. Flow
+$2.16M
Cap. Flow
% of AUM
0.98%
Top 10 Holdings %
Top 10 Hldgs %
86.77%
Holding
40
New
1
Increased
12
Reduced
7
Closed
4
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
LB
LandBridge Co
LB
|
+$1.27M |
| 2 |
PBT
Permian Basin Royalty Trust
PBT
|
+$1.16M |
| 3 |
Hawaiian Electric Industries
HE
|
+$625K |
| 4 |
Texas Pacific Land
TPL
|
+$540K |
| 5 |
Royal Gold
RGLD
|
+$527K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SAND
Sandstorm Gold
SAND
|
+$533K |
| 2 |
FirstEnergy
FE
|
+$261K |
| 3 |
Vanguard Dividend Appreciation ETF
VIG
|
+$218K |
| 4 |
Salesforce
CRM
|
+$213K |
| 5 |
Gaming and Leisure Properties
GLPI
|
+$212K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 53.25% |
| 2 | Materials | 12.92% |
| 3 | Utilities | 7.19% |
| 4 | Financials | 3.95% |
| 5 | Consumer Discretionary | 2.53% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Cisco
CSCO
$479B
| $462K | 0.21% |
6,000
| – | – |
|
27
JPMorgan Chase
JPM
$950B
| $451K | 0.21% |
1,400
| – | – |
|
28
CACI
CACI
$14.2B
| $429K | 0.2% |
805
| – | – |
|
29
Eaton
ETN
$174B
| $382K | 0.17% |
1,200
| – | – |
|
|
30
Vanguard Dividend Appreciation ETF
VIG
$114B
| $352K | 0.16% |
1,600
-1,000
| -38% | -$218K |
|
31
Citigroup
C
$226B
| $350K | 0.16% |
3,000
| – | – |
|
32
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
| $289K | 0.13% |
1,508
| – | – |
|
33
Kimberly-Clark
KMB
$36.5B
| $282K | 0.13% |
2,800
| – | – |
|
34
Johnson & Johnson
JNJ
$625B
| $248K | 0.11% |
1,200
| – | – |
|
|
35
CALL
Hawaiian Electric Industries
HE
$2.14B
| – | – |
0
| – | – |
|
|
36
Salesforce
CRM
$158B
| – | – |
-900
| Closed | -$213K |
|
|
37
FirstEnergy
FE
$27.5B
| – | – |
-5,700
| Closed | -$261K |
|
|
38
Gaming and Leisure Properties
GLPI
$12.8B
| – | – |
-4,558
| Closed | -$212K |
|
|
SAND
39
DELISTED
Sandstorm Gold
SAND
| – | – |
-42,592
| Closed | -$533K |
|
|
40
PUT
Texas Pacific Land
TPL
$23.5B
| – | – |
0
| – | -$373K |
|
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Mad River Investors's Q4 2025 Portfolio in Review
As of Q4 2025, Mad River Investors held 40 positions worth $220M, down 6% from $234M the previous quarter. Its ten largest holdings account for 87% of the portfolio.
Mad River Investors's Q4 2025 filing shows 1 new, 12 increased, 7 reduced and 4 closed positions. Its largest new stake was Royal Gold: 2,656 shares worth $591K. The largest sale was Sandstorm Gold, an estimated $533K.
By sector, the portfolio is most concentrated in Energy at 53% of assets, down from 53% a quarter earlier, followed by Materials and Utilities.
- Mad River Investors's largest Q4 2025 buy was Royal Gold: 2,656 shares worth $591K.
- Mad River Investors added most to LandBridge Co in Q4 2025, an estimated $1.27M increase.
- Mad River Investors's biggest Q4 2025 reduction was Vanguard Dividend Appreciation ETF, cutting an estimated $218K.
- Mad River Investors fully exited Sandstorm Gold in Q4 2025, selling an estimated $533K.
- Mad River Investors's ten largest holdings make up 87% of its $220M portfolio in Q4 2025.
- Mad River Investors opened 1 new position and closed 4 in Q4 2025.
- Mad River Investors's portfolio value fell 6% quarter-over-quarter to $220M.
Based on Mad River Investors's 13F filing for Q4 2025, filed 6 Feb 2026.