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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
+36.57%
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
$278M
AUM Growth
+$58.2M
Cap. Flow
-$1.48M
Cap. Flow %
-0.53%
Top 10 Hldgs %
91.01%
Holding
35
New
–
Increased
9
Reduced
11
Closed
3

Top Buys

Rank Stock Value
1
MSB
Mesabi Trust
MSB
+$848K
2
HE icon
Hawaiian Electric Industries
HE
+$498K
3
WBI
WaterBridge Infrastructure LLC
WBI
+$331K
4
PBT
Permian Basin Royalty Trust
PBT
+$318K
5
MIAX
Miami International Holdings
MIAX
+$255K

Top Sells

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$1.16M
2
VTI icon
Vanguard Morningstar Total Stock Market ETF
VTI
+$1.11M
3
TPL icon
Texas Pacific Land
TPL
+$414K
4
C icon
Citigroup
C
+$350K
5
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$289K

Sector Composition

Rank Sector Weight
1 Energy 65.69%
2 Materials 10.18%
3 Utilities 7.03%
4 Financials 2.87%
5 Consumer Discretionary 1.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CACI icon
26
CACI
CACI
$14.2B
$438K 0.16%
805
– –
ETN icon
27
Eaton
ETN
$174B
$429K 0.15%
1,200
– –
JPM icon
28
JPMorgan Chase
JPM
$950B
$417K 0.15%
1,417
+17
+1% +$5.16K
BRK.B icon
29
Berkshire Hathaway Class B
BRK.B
$1.13T
$395K 0.14%
825
-300
-27% -$147K
RLI icon
30
RLI Corp
RLI
$5.89B
$342K 0.12%
6,000
-1,500
-20% -$90.1K
JNJ icon
31
Johnson & Johnson
JNJ
$625B
$293K 0.11%
1,200
– –
VIG icon
32
Vanguard Dividend Appreciation ETF
VIG
$114B
$215K 0.08%
1,000
-600
-38% -$134K
C icon
33
Citigroup
C
$226B
– –
-3,000
Closed -$350K
KMB icon
34
Kimberly-Clark
KMB
$36.5B
– –
-2,800
Closed -$282K
RSP icon
35
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
– –
-1,508
Closed -$289K
1
2

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STB
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FC
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PF
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EAIC
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UI
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SSWM
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Mad River Investors's Q1 2026 Portfolio in Review

As of Q1 2026, Mad River Investors held 35 positions worth $278M, up 27% from $220M the previous quarter. Its ten largest holdings account for 91% of the portfolio.

Mad River Investors's Q1 2026 filing shows 9 increased, 11 reduced and 3 closed positions. The largest sale was Wheaton Precious Metals, an estimated $1.16M.

By sector, the portfolio is most concentrated in Energy at 66% of assets, up from 53% a quarter earlier, followed by Materials and Utilities.

  • Mad River Investors added most to Mesabi Trust in Q1 2026, an estimated $848K increase.
  • Mad River Investors's biggest Q1 2026 reduction was Wheaton Precious Metals, cutting an estimated $1.16M.
  • Mad River Investors fully exited Citigroup in Q1 2026, selling an estimated $350K.
  • Mad River Investors's ten largest holdings make up 91% of its $278M portfolio in Q1 2026.
  • Mad River Investors opened 0 new positions and closed 3 in Q1 2026.
  • Mad River Investors's portfolio value rose 27% quarter-over-quarter to $278M.

Based on Mad River Investors's 13F filing for Q1 2026, filed 23 Apr 2026.