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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
TPL icon
1
Texas Pacific Land
TPL
$27.4B
$135M 48.69%
285,120
-963
-0.3% -$414K
PBT
2
Permian Basin Royalty Trust
PBT
$1.39B
$21.6M 7.77%
1,003,140
+16,321
+2% +$318K
HE icon
3
Hawaiian Electric Industries
HE
$2.19B
$19.5M 7.03%
1,317,050
+32,900
+3% +$498K
GBTC icon
4
Grayscale Bitcoin Trust
GBTC
$9.57B
$19M 6.84%
360,139
-315
-0.1% -$18.8K
LB
5
LandBridge Co
LB
$2.11B
$18.4M 6.62%
266,385
+3,451
+1% +$219K
WPM icon
6
Wheaton Precious Metals
WPM
$50.2B
$11.7M 4.21%
89,271
-8,333
-9% -$1.16M
MSB
7
Mesabi Trust
MSB
$294M
$10.1M 3.65%
321,546
+24,897
+8% +$848K
WBI
8
WaterBridge Infrastructure LLC
WBI
$1.6B
$7.26M 2.61%
270,900
+13,900
+5% +$331K
FNV icon
9
Franco-Nevada
FNV
$41.2B
$5.83M 2.1%
23,590
-4
-0% -$990
FBTC icon
10
Fidelity Wise Origin Bitcoin Fund
FBTC
$11.8B
$4.15M 1.49%
70,339
-520
-0.7% -$34.6K
CCL icon
11
Carnival Corporation Ltd
CCL
$39B
$4.04M 1.45%
156,181
+585
+0.4% +$17.1K
MIAX
12
Miami International Holdings
MIAX
$4.52B
$3.16M 1.14%
81,250
+6,200
+8% +$255K
VTI icon
13
Vanguard Morningstar Total Stock Market ETF
VTI
$669B
$2.82M 1.02%
8,800
-3,322
-27% -$1.11M
BTC
14
Grayscale Bitcoin Mini Trust ETF
BTC
$3.38B
$2.44M 0.88%
81,217
+3,570
+5% +$121K
CBOE icon
15
Cboe Global Markets
CBOE
$30.7B
$1.88M 0.68%
6,680
-10
-0.1% -$2.78K
AAPL icon
16
Apple
AAPL
$4.51T
$1.29M 0.47%
5,100
– –
ICE icon
17
Intercontinental Exchange
ICE
$84.7B
$1.2M 0.43%
7,645
– –
ORCL icon
18
Oracle
ORCL
$401B
$1.18M 0.43%
8,050
– –
PANW icon
19
Palo Alto Networks
PANW
$277B
$879K 0.32%
5,484
– –
AMZN icon
20
Amazon
AMZN
$3.06T
$729K 0.26%
3,500
– –
HE icon
21
CALL
Hawaiian Electric Industries
HE
$2.19B
– –
0
– –
RGLD icon
22
Royal Gold
RGLD
$17B
$627K 0.23%
2,463
-193
-7% -$51.2K
CINF icon
23
Cincinnati Financial
CINF
$27.2B
$566K 0.2%
3,600
– –
CSCO icon
24
Cisco
CSCO
$455B
$466K 0.17%
6,000
– –
UNH icon
25
UnitedHealth
UNH
$378B
$460K 0.17%
1,700
– –
1
2

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AL
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STB
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UI
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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.