Latest MAD RIVER INVESTORS Stock Portfolio
MAD RIVER INVESTORS Performance:
2026 Q1: 26.71%YTD: 26.71%2025: -35.62%
Performance for 2026 Q1 is 26.71%, and YTD is 26.71%, and 2025 is -35.62%.
About MAD RIVER INVESTORS and 13F Hedge Fund Stock Holdings
On 2026-04-23, the fund reported it's updated stock portfolio. In the 13F Holdings report, MAD RIVER INVESTORS reported an equity portfolio of $277.9 Millions as of 31 Mar, 2026.
The top stock holdings of MAD RIVER INVESTORS are TPL, PBT, HE. The fund has invested 48.7% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 7.8% of portfolio in PERMIAN BASIN RTY TR.
The fund managers got completely rid off CITIGROUP INC (C), INVESCO EXCHANGE TRADED FD T (CSD) and KIMBERLY-CLARK CORP (KMB) stocks. They significantly reduced their stock positions in VANGUARD SPECIALIZED FUNDS (VIG), VANGUARD INDEX FDS (VB) and BERKSHIRE HATHAWAY INC DEL. The fund showed a lot of confidence in some stocks as they added substantially to MESABI TR (MSB), MIAMI INTL HLDGS INC and HAWAIIAN ELEC INDS INC MTN B (HE).
The top stock holdings of MAD RIVER INVESTORS are TPL, PBT, HE. The fund has invested 48.7% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 7.8% of portfolio in PERMIAN BASIN RTY TR.
The fund managers got completely rid off CITIGROUP INC (C), INVESCO EXCHANGE TRADED FD T (CSD) and KIMBERLY-CLARK CORP (KMB) stocks. They significantly reduced their stock positions in VANGUARD SPECIALIZED FUNDS (VIG), VANGUARD INDEX FDS (VB) and BERKSHIRE HATHAWAY INC DEL. The fund showed a lot of confidence in some stocks as they added substantially to MESABI TR (MSB), MIAMI INTL HLDGS INC and HAWAIIAN ELEC INDS INC MTN B (HE).
MAD RIVER INVESTORS Annual Return Estimates Vs S&P 500
Our best estimate is that MAD RIVER INVESTORS made a return of 26.71% in the last quarter. In trailing 12 months, it's portfolio return was -25.51%.
- Performance
- S&P 500
New Buys
Additions
| Ticker | % Inc. |
|---|---|
| mesabi tr | 8.39 |
| miami intl hldgs inc | 8.26 |
| waterbridge infrastructure l | 5.41 |
| grayscale bitcoin mini tr et | 4.6 |
| hawaiian elec inds inc mtn b | 2.56 |
| permian basin rty tr | 1.65 |
| landbridge company llc | 1.31 |
| jpmorgan chase & co | 1.21 |
Additions to existing portfolio by MAD RIVER INVESTORS
Reductions
| Ticker | % Reduced |
|---|---|
| vanguard specialized funds | -37.5 |
| vanguard index fds | -27.4 |
| berkshire hathaway inc del | -26.67 |
| rli corp | -20.00 |
| wheaton precious metals corp | -8.54 |
| royal gold inc | -7.27 |
| fidelity wise origin bitcoin | -0.73 |
| texas pacific land corporati | -0.34 |
MAD RIVER INVESTORS reduced stake in above stock
Sold off
| Ticker | $ Sold |
|---|---|
| citigroup inc | -350,070 |
| kimberly-clark corp | -282,492 |
| invesco exchange traded fd t | -288,873 |
MAD RIVER INVESTORS got rid off the above stocks
Sector Distribution
MAD RIVER INVESTORS has about 88.1% of it's holdings in Others sector.
- Others
- Utilities
- Consumer Cyclical
- Technology
| Sector | % |
|---|---|
| Others | 88.1 |
| Utilities | 7.1 |
| Consumer Cyclical | 1.7 |
| Technology | 1.5 |
Market Cap. Distribution
MAD RIVER INVESTORS has about 4.7% of it's portfolio invested in the large-cap and mega-cap stocks.
- UNALLOCATED
- MID-CAP
- LARGE-CAP
- MEGA-CAP
| Category | % |
|---|---|
| UNALLOCATED | 88.1 |
| MID-CAP | 7.2 |
| LARGE-CAP | 3 |
| MEGA-CAP | 1.7 |
Stocks belong to which Index?
About 4.3% of the stocks held by MAD RIVER INVESTORS either belong to S&P 500 or RUSSELL 2000 index.
- Others
- S&P 500
| Index | % |
|---|---|
| Others | 95.7 |
| S&P 500 | 4.3 |
MAD RIVER INVESTORS Holdings Map
This heatmap illustrates the top 50 positions within the fund's portfolio.
Current Stock Holdings of MAD RIVER INVESTORS
MAD RIVER INVESTORS has 31 stocks in it's portfolio. About 91% of the portfolio is in top 10 stocks. proved to be the most loss making stock for the portfolio. TPL was the most profitable stock for MAD RIVER INVESTORS last quarter.
Last Reported on: 23 Apr, 2026| Ticker | Namesorted ascending | % Portfolio | Shares Held | $ Value | Type | % Change | Options | |
|---|---|---|---|---|---|---|---|---|
| AAPL | apple inc | 0.47 | 5,100 | 1,294,330 | unchanged | 0.00 | ||
| AMZN | amazon com inc | 0.26 | 3,500 | 728,945 | unchanged | 0.00 | ||
| C | citigroup inc | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| CACI | caci intl inc | 0.16 | 805 | 437,816 | unchanged | 0.00 | ||
| CCL | carnival corp | 1.46 | 156,181 | 4,041,950 | added | 0.38 | ||
| CINF | cincinnati finl corp | 0.20 | 3,600 | 566,460 | unchanged | 0.00 | ||
| CSCO | cisco sys inc | 0.17 | 6,000 | 465,540 | unchanged | 0.00 | ||
| CSD | invesco exchange traded fd t | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| ETN | eaton corp plc | 0.15 | 1,200 | 429,204 | unchanged | 0.00 | ||
| FNV | franco nev corp | 2.10 | 23,590 | 5,827,960 | reduced | -0.02 | ||
| HE | hawaiian elec inds inc mtn b | 7.03 | 1,317,050 | 19,545,000 | added | 2.56 | ||
| ICE | intercontinental exchange in | 0.43 | 7,645 | 1,202,470 | unchanged | 0.00 | ||
| JNJ | johnson & johnson | 0.11 | 1,200 | 293,328 | unchanged | 0.00 | ||
| JPM | jpmorgan chase & co | 0.15 | 1,417 | 416,825 | added | 1.21 | ||
| KMB | kimberly-clark corp | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| MSB | mesabi tr | 3.64 | 321,546 | 10,128,700 | added | 8.39 | ||
| ORCL | oracle corp | 0.43 | 8,050 | 1,184,240 | unchanged | 0.00 | ||
| PANW | palo alto networks inc | 0.32 | 5,484 | 879,195 | unchanged | 0.00 | ||
| PBT | permian basin rty tr | 7.77 | 1,003,140 | 21,587,600 | added | 1.65 | ||
| RGLD | royal gold inc | 0.23 | 2,463 | 626,812 | reduced | -7.27 | ||