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Mad River Investors Portfolio holdings

AUM $278M
1-Year Est. Return 32.21%
This Fund
S&P 500
This Quarter Est. Return
-5.22%
1 Year Est. Return
+32.21%
3 Year Est. Return
+205.53%
5 Year Est. Return
+287.35%
10 Year Est. Return
+1,823.68%
AUM
$220M
AUM Growth
-$14.1M
Cap. Flow
+$2.16M
Cap. Flow %
0.98%
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
HE icon
Hawaiian Electric Industries
HE
+$625K
4
TPL icon
Texas Pacific Land
TPL
+$540K
5
RGLD icon
Royal Gold
RGLD
+$527K

Top Sells

Rank Stock Value
1
SAND
Sandstorm Gold
SAND
+$533K
2
FE icon
FirstEnergy
FE
+$261K
3
VIG icon
Vanguard Dividend Appreciation ETF
VIG
+$218K
4
CRM icon
Salesforce
CRM
+$213K
5
GLPI icon
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
TPL icon
1
Texas Pacific Land
TPL
$27.4B
$82.2M 37.41%
286,083
+1,767
+0.6% +$540K
GBTC icon
2
Grayscale Bitcoin Trust
GBTC
$9.75B
$24.6M 11.22%
360,454
-500
-0.1% -$39.2K
PBT
3
Permian Basin Royalty Trust
PBT
$1.29B
$16.8M 7.63%
986,819
+64,589
+7% +$1.16M
HE icon
4
Hawaiian Electric Industries
HE
$2.28B
$15.8M 7.19%
1,284,150
+53,900
+4% +$625K
LB
5
LandBridge Co
LB
$2.1B
$12.9M 5.87%
262,934
+21,878
+9% +$1.27M
WPM icon
6
Wheaton Precious Metals
WPM
$50.9B
$11.5M 5.22%
97,604
-323
-0.3% -$34.6K
MSB
7
Mesabi Trust
MSB
$297M
$11.4M 5.2%
296,649
+1,126
+0.4% +$38.1K
FBTC icon
8
Fidelity Wise Origin Bitcoin Fund
FBTC
$12.1B
$5.4M 2.46%
70,859
-945
-1% -$82.5K
WBI
9
WaterBridge Infrastructure LLC
WBI
$1.57B
$5.14M 2.34%
257,000
+5,300
+2% +$123K
FNV icon
10
Franco-Nevada
FNV
$41.4B
$4.89M 2.23%
23,594
+15
+0.1% +$3.04K
CCL icon
11
Carnival Corporation Ltd
CCL
$37.1B
$4.75M 2.16%
155,596
+200
+0.1% +$5.58K
VTI icon
12
Vanguard Total Stock Market ETF
VTI
$655B
$4.06M 1.85%
12,122
– –
MIAX
13
Miami International Holdings
MIAX
$4.2B
$3.33M 1.52%
75,050
+450
+0.6% +$20.1K
BTC
14
Grayscale Bitcoin Mini Trust ETF
BTC
$3.44B
$3.01M 1.37%
77,647
-4,532
-6% -$201K
CBOE icon
15
Cboe Global Markets
CBOE
$30.2B
$1.68M 0.76%
6,690
+35
+0.5% +$8.71K
ORCL icon
16
Oracle
ORCL
$345B
$1.57M 0.71%
8,050
– –
AAPL icon
17
Apple
AAPL
$4.95T
$1.39M 0.63%
5,100
+100
+2% +$26.8K
ICE icon
18
Intercontinental Exchange
ICE
$84.1B
$1.24M 0.56%
7,645
-75
-1% -$11.7K
PANW icon
19
Palo Alto Networks
PANW
$259B
$1.01M 0.46%
5,484
– –
AMZN icon
20
Amazon
AMZN
$2.49T
$808K 0.37%
3,500
+100
+3% +$22.9K
RGLD icon
21
Royal Gold
RGLD
$17.1B
$591K 0.27%
+2,656
New +$527K
CINF icon
22
Cincinnati Financial
CINF
$28.5B
$588K 0.27%
3,600
– –
BRK.B icon
23
Berkshire Hathaway Class B
BRK.B
$1.07T
$565K 0.26%
1,125
-50
-4% -$24.9K
UNH icon
24
UnitedHealth
UNH
$379B
$561K 0.26%
1,700
– –
RLI icon
25
RLI Corp
RLI
$5.88B
$480K 0.22%
7,500
– –
1
2

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KWM
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AIA
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ACP
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EM
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DI
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BCH
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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.