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Mad River Investors Portfolio holdings
AUM
$268M
Turnover
12.12%
1-Year Est. Return
31.54%
This Fund
S&P 500
This Quarter
Est. Return
-1.2%
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
$223M
AUM Growth
-$12.8M
(-5.4%)
Cap. Flow
-$85K
Cap. Flow
% of AUM
-0.04%
Top 10 Holdings %
Top 10 Hldgs %
91.97%
Holding
25
New
–
Increased
6
Reduced
12
Closed
1
Avg Time Held Equity + Options
4.2
years
Top 10 Avg Time Held Equity + Options
3.7
years
Top 20 Avg Time Held Equity + Options
4.1
years
Avg Time Held Equity only
4.3
years
Top 10 Avg Time Held Equity only
3.7
years
Top 20 Avg Time Held Equity only
4.1
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Permian Basin Royalty Trust
PBT
|
+$4.38M |
| 2 |
Aris Water Solutions
ARIS
|
+$336K |
| 3 |
Hawaiian Electric Industries
HE
|
+$104K |
| 4 |
Cboe Global Markets
CBOE
|
+$104K |
| 5 |
LandBridge Corporation
LB
|
+$36.1K |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wheaton Precious Metals
WPM
|
+$2.68M |
| 2 |
Franco-Nevada
FNV
|
+$621K |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$368K |
| 4 |
Civeo
CVEO
|
+$244K |
| 5 |
Walt Disney
DIS
|
+$237K |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 56.99% |
| 2 | Miscellaneous | 21.29% |
| 3 | Materials | 9.91% |
| 4 | Utilities | 6.77% |
| 5 | Consumer Discretionary | 3.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Texas Pacific Land
TPL
$24.2B
| $100M | 44.95% |
285,039
-510
| -0.2% | -$209K |
2013 Q2
48 quarters
|
|
2
Grayscale Bitcoin Trust
GBTC
$12.2B
| $31.6M | 14.15% |
372,381
-100
| -0% | -$7.78K |
2024 Q1
5 quarters
|
|
|
3
LandBridge Corporation
LB
$2.42B
| $15.9M | 7.11% |
234,754
+501
| +0.2% | +$36.1K |
2024 Q3
3 quarters
|
|
|
4
Hawaiian Electric Industries
HE
$1.48B
| $13M | 5.84% |
1,225,900
+10,000
| +0.8% | +$104K |
2024 Q4
2 quarters
|
|
|
5
Permian Basin Royalty Trust
PBT
$1.54B
| $11M | 4.93% |
883,917
+412,224
| +87% | +$4.38M |
2022 Q1
13 quarters
|
|
|
6
Wheaton Precious Metals
WPM
$60.9B
| $10.4M | 4.66% |
115,925
-31,868
| -22% | -$2.68M |
2015 Q4
38 quarters
|
|
7
Mesabi Trust
MSB
$235M
| $7.08M | 3.17% |
295,413
-1,044
| -0.4% | -$27.1K |
2020 Q3
19 quarters
|
|
8
Fidelity Wise Origin Bitcoin Fund
FBTC
$15.1B
| $6.89M | 3.08% |
73,261
-1,792
| -2% | -$154K |
2024 Q1
5 quarters
|
|
9
Carnival Corporation Ltd
CCL
$34.8B
| $5.17M | 2.31% |
183,796
-4,300
| -2% | -$92K |
2023 Q1
9 quarters
|
|
|
10
Franco-Nevada
FNV
$47B
| $3.94M | 1.77% |
24,053
-3,749
| -13% | -$621K |
2019 Q1
25 quarters
|
|
11
Grayscale Bitcoin Mini Trust ETF
BTC
$4.32B
| $3.74M | 1.67% |
78,286
| – | – |
2024 Q3
3 quarters
|
|
12
Vanguard Morningstar Total Stock Market ETF
VTI
$689B
| $3.68M | 1.65% |
12,122
| – | – |
2023 Q2
8 quarters
|
|
|
13
DELISTED
Aris Water Solutions
ARIS
| $2.09M | 0.94% |
88,500
+13,600
| +18% | +$336K |
2025 Q1
1 quarter
|
|
|
14
Civeo
CVEO
$303M
| $1.57M | 0.7% |
67,938
-11,559
| -15% | -$244K |
2017 Q1
33 quarters
|
|
|
15
Cboe Global Markets
CBOE
$32.9B
| $1.56M | 0.7% |
6,680
+465
| +7% | +$104K |
2018 Q1
29 quarters
|
|
16
Intercontinental Exchange
ICE
$90.7B
| $1.41M | 0.63% |
7,695
+175
| +2% | +$30.1K |
2020 Q2
20 quarters
|
|
17
Vanguard Dividend Appreciation ETF
VIG
$113B
| $1.27M | 0.57% |
6,200
| – | – |
2023 Q2
8 quarters
|
|
|
18
Berkshire Hathaway Class B
BRK.B
$1.14T
| $571K | 0.26% |
1,175
-725
| -38% | -$368K |
2015 Q4
38 quarters
|
|
19
RLI Corp
RLI
$5.6B
| $542K | 0.24% |
7,500
-1,500
| -17% | -$112K |
2016 Q3
35 quarters
|
|
20
DELISTED
Sandstorm Gold
SAND
| $458K | 0.2% |
48,674
-15,690
| -24% | -$134K |
2021 Q2
16 quarters
|
|
21
CACI
CACI
$13.6B
| $408K | 0.18% |
855
| – | – |
2018 Q2
28 quarters
|
|
22
Invesco S&P 500 Equal Weight ETF
RSP
$97.8B
| $274K | 0.12% |
1,508
| – | – |
2023 Q2
8 quarters
|
|
23
Eagle Materials
EXP
$5.22B
| $249K | 0.11% |
1,231
-875
| -42% | -$189K |
2024 Q1
5 quarters
|
|
|
24
CALL
Permian Basin Royalty Trust
PBT
$1.54B
| – | – |
0
| – | – |
2025 Q2
0 quarters
|
|
|
25
Walt Disney
DIS
$191B
| – | – |
-2,400
| Closed | -$237K | – |
|
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Mad River Investors's Q2 2025 Portfolio in Review
As of Q2 2025, Mad River Investors held 25 positions worth $223M, down 5.4% from $236M the previous quarter. Its ten largest holdings account for 92% of the portfolio.
Trading was light in Q2 2025: portfolio turnover was 4%. Mad River Investors opened no new positions and exited 1, leaving the 25-position portfolio largely intact.
By sector, the portfolio is most concentrated in Energy at 57% of assets, down from 63% a quarter earlier, followed by Miscellaneous and Materials.
- Mad River Investors added most to Permian Basin Royalty Trust in Q2 2025, an estimated $4.38M increase.
- Mad River Investors's biggest Q2 2025 reduction was Wheaton Precious Metals, cutting an estimated $2.68M.
- Mad River Investors fully exited Walt Disney in Q2 2025, selling an estimated $237K.
- Mad River Investors's ten largest holdings make up 92% of its $223M portfolio in Q2 2025.
- Mad River Investors opened 0 new positions and closed 1 in Q2 2025.
- Mad River Investors's portfolio value fell 5.4% quarter-over-quarter to $223M.
Based on Mad River Investors's 13F filing for Q2 2025, filed 8 Jul 2025.