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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
+12.82%
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
$236M
AUM Growth
+$20.8M
Cap. Flow
-$1.68M
Cap. Flow %
-0.71%
Top 10 Hldgs %
92.45%
Holding
27
New
1
Increased
8
Reduced
12
Closed
3

Top Buys

Rank Stock Value
1
HE icon
Hawaiian Electric Industries
HE
+$11.1M
2
PBT
Permian Basin Royalty Trust
PBT
+$2.44M
3
ARIS
Aris Water Solutions
ARIS
+$2.12M
4
LB
LandBridge Co
LB
+$56.7K
5
MSB
Mesabi Trust
MSB
+$42.6K

Top Sells

Rank Stock Value
1
CACI icon
CACI
CACI
+$5.91M
2
CVEO icon
Civeo
CVEO
+$3.21M
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$2.35M
4
TPL icon
Texas Pacific Land
TPL
+$1.01M
5
GBTC icon
Grayscale Bitcoin Trust
GBTC
+$982K

Sector Composition

Rank Sector Weight
1 Energy 62.55%
2 Miscellaneous 15.81%
3 Materials 10.54%
4 Utilities 6.66%
5 Consumer Discretionary 2.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TPL icon
1
Texas Pacific Land
TPL
$25.1B
$126M 53.43%
285,549
-2,265
-0.8% -$1.01M
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$11.6B
$24.3M 10.28%
372,481
-13,325
-3% -$982K
LB
3
LandBridge Co
LB
$2.47B
$16.9M 7.14%
234,253
+801
+0.3% +$56.7K
HE icon
4
Hawaiian Electric Industries
HE
$1.97B
$13.3M 5.64%
1,215,900
+1,095,600
+911% +$11.1M
WPM icon
5
Wheaton Precious Metals
WPM
$69.6B
$11.5M 4.86%
147,793
+300
+0.2% +$20K
MSB
6
Mesabi Trust
MSB
$314M
$8.06M 3.42%
296,457
+1,556
+0.5% +$42.6K
FBTC icon
7
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.4B
$5.4M 2.29%
75,053
-1,245
-2% -$101K
PBT
8
Permian Basin Royalty Trust
PBT
$1.58B
$4.67M 1.98%
471,693
+225,400
+92% +$2.44M
FNV icon
9
Franco-Nevada
FNV
$51.3B
$4.38M 1.86%
27,802
-4,549
-14% -$636K
CCL icon
10
Carnival Corporation Ltd
CCL
$33.9B
$3.67M 1.56%
188,096
-4,800
-2% -$114K
VTI icon
11
Vanguard Morningstar Total Stock Market ETF
VTI
$687B
$3.33M 1.41%
12,122
– –
BTC
12
Grayscale Bitcoin Mini Trust ETF
BTC
$4.11B
$2.86M 1.21%
78,286
+200
+0.3% +$8.25K
ARIS
13
DELISTED
Aris Water Solutions
ARIS
$2.4M 1.02%
+74,900
New +$2.12M
CVEO icon
14
Civeo
CVEO
$342M
$1.83M 0.77%
79,497
-137,269
-63% -$3.21M
CBOE icon
15
Cboe Global Markets
CBOE
$32.4B
$1.41M 0.6%
6,215
+10
+0.2% +$2.07K
ICE icon
16
Intercontinental Exchange
ICE
$91.1B
$1.3M 0.55%
7,520
+50
+0.7% +$8.19K
VIG icon
17
Vanguard Dividend Appreciation ETF
VIG
$113B
$1.2M 0.51%
6,200
-2,865
-32% -$570K
BRK.B icon
18
Berkshire Hathaway Class B
BRK.B
$1.08T
$1.01M 0.43%
1,900
-4,825
-72% -$2.35M
RLI icon
19
RLI Corp
RLI
$5.9B
$723K 0.31%
9,000
-2,000
-18% -$152K
SAND
20
DELISTED
Sandstorm Gold
SAND
$486K 0.21%
64,364
-118,735
-65% -$742K
EXP icon
21
Eagle Materials
EXP
$6.06B
$467K 0.2%
2,106
-3,270
-61% -$775K
CACI icon
22
CACI
CACI
$13.9B
$314K 0.13%
855
-15,455
-95% -$5.91M
RSP icon
23
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$261K 0.11%
1,508
– –
DIS icon
24
Walt Disney
DIS
$187B
$237K 0.1%
2,400
– –
ACWX icon
25
iShares MSCI ACWI ex US ETF
ACWX
$12.5B
– –
-7,747
Closed -$404K
1
2

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Mad River Investors's Q1 2025 Portfolio in Review

As of Q1 2025, Mad River Investors held 27 positions worth $236M, up 9.7% from $215M the previous quarter. Its ten largest holdings account for 92% of the portfolio.

Mad River Investors's Q1 2025 filing shows 1 new, 8 increased, 12 reduced and 3 closed positions. Its largest new stake was Aris Water Solutions: 74,900 shares worth $2.4M. The largest sale was CACI, an estimated $5.91M.

By sector, the portfolio is most concentrated in Energy at 63% of assets, up from 58% a quarter earlier, followed by Miscellaneous and Materials.

  • Mad River Investors's largest Q1 2025 buy was Aris Water Solutions: 74,900 shares worth $2.4M.
  • Mad River Investors added most to Hawaiian Electric Industries in Q1 2025, an estimated $11.1M increase.
  • Mad River Investors's biggest Q1 2025 reduction was CACI, cutting an estimated $5.91M.
  • Mad River Investors fully exited Tejon Ranch in Q1 2025, selling an estimated $442K.
  • Mad River Investors's ten largest holdings make up 92% of its $236M portfolio in Q1 2025.
  • Mad River Investors opened 1 new position and closed 3 in Q1 2025.
  • Mad River Investors's portfolio value rose 9.7% quarter-over-quarter to $236M.

Based on Mad River Investors's 13F filing for Q1 2025, filed 22 Apr 2025.