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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
-1.2%
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
Cap. Flow
-$85K
Cap. Flow %
-0.04%
Top 10 Hldgs %
91.97%
Holding
25
New
–
Increased
6
Reduced
12
Closed
1

Top Buys

Rank Stock Value
1
PBT
Permian Basin Royalty Trust
PBT
+$4.38M
2
ARIS
Aris Water Solutions
ARIS
+$336K
3
HE icon
Hawaiian Electric Industries
HE
+$104K
4
CBOE icon
Cboe Global Markets
CBOE
+$104K
5
LB
LandBridge Co
LB
+$36.1K

Top Sells

Rank Stock Value
1
WPM icon
Wheaton Precious Metals
WPM
+$2.68M
2
FNV icon
Franco-Nevada
FNV
+$621K
3
BRK.B icon
Berkshire Hathaway Class B
BRK.B
+$368K
4
CVEO icon
Civeo
CVEO
+$244K
5
DIS icon
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
TPL icon
1
Texas Pacific Land
TPL
$25.1B
$100M 44.95%
285,039
-510
-0.2% -$209K
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$11.6B
$31.6M 14.15%
372,381
-100
-0% -$7.78K
LB
3
LandBridge Co
LB
$2.47B
$15.9M 7.11%
234,754
+501
+0.2% +$36.1K
HE icon
4
Hawaiian Electric Industries
HE
$1.97B
$13M 5.84%
1,225,900
+10,000
+0.8% +$104K
PBT
5
Permian Basin Royalty Trust
PBT
$1.58B
$11M 4.93%
883,917
+412,224
+87% +$4.38M
WPM icon
6
Wheaton Precious Metals
WPM
$69.6B
$10.4M 4.66%
115,925
-31,868
-22% -$2.68M
MSB
7
Mesabi Trust
MSB
$314M
$7.08M 3.17%
295,413
-1,044
-0.4% -$27.1K
FBTC icon
8
Fidelity Wise Origin Bitcoin Fund
FBTC
$14.4B
$6.89M 3.08%
73,261
-1,792
-2% -$154K
CCL icon
9
Carnival Corporation Ltd
CCL
$33.9B
$5.17M 2.31%
183,796
-4,300
-2% -$92K
FNV icon
10
Franco-Nevada
FNV
$51.3B
$3.94M 1.77%
24,053
-3,749
-13% -$621K
BTC
11
Grayscale Bitcoin Mini Trust ETF
BTC
$4.11B
$3.74M 1.67%
78,286
– –
VTI icon
12
Vanguard Morningstar Total Stock Market ETF
VTI
$687B
$3.68M 1.65%
12,122
– –
ARIS
13
DELISTED
Aris Water Solutions
ARIS
$2.09M 0.94%
88,500
+13,600
+18% +$336K
CVEO icon
14
Civeo
CVEO
$342M
$1.57M 0.7%
67,938
-11,559
-15% -$244K
CBOE icon
15
Cboe Global Markets
CBOE
$32.4B
$1.56M 0.7%
6,680
+465
+7% +$104K
ICE icon
16
Intercontinental Exchange
ICE
$91.1B
$1.41M 0.63%
7,695
+175
+2% +$30.1K
VIG icon
17
Vanguard Dividend Appreciation ETF
VIG
$113B
$1.27M 0.57%
6,200
– –
BRK.B icon
18
Berkshire Hathaway Class B
BRK.B
$1.08T
$571K 0.26%
1,175
-725
-38% -$368K
RLI icon
19
RLI Corp
RLI
$5.9B
$542K 0.24%
7,500
-1,500
-17% -$112K
SAND
20
DELISTED
Sandstorm Gold
SAND
$458K 0.2%
48,674
-15,690
-24% -$134K
CACI icon
21
CACI
CACI
$13.9B
$408K 0.18%
855
– –
RSP icon
22
Invesco S&P 500 Equal Weight ETF
RSP
$99.5B
$274K 0.12%
1,508
– –
EXP icon
23
Eagle Materials
EXP
$6.06B
$249K 0.11%
1,231
-875
-42% -$189K
PBT
24
CALL
Permian Basin Royalty Trust
PBT
$1.58B
– –
0
– –
DIS icon
25
Walt Disney
DIS
$187B
– –
-2,400
Closed -$237K

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AB
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EMC
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EAIC
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NEPPG
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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.