Latest MAD RIVER INVESTORS Stock Portfolio

$268Million | No. of Holdings #29

MAD RIVER INVESTORS Performance

2026 Q2-3.63%

YTD+22.11%

2025-35.62%

About MAD RIVER INVESTORS and 13F Hedge Fund Stock Holdings

On 2026-08-03, the fund reported it's updated stock portfolio. In the 13F Holdings report, MAD RIVER INVESTORS reported an equity portfolio of $268.1 Millions as of 30 Jun, 2026. <br><br> The top stock holdings of MAD RIVER INVESTORS are TPL, PBT, . The fund has invested 46.6% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 9.4% of portfolio in PERMIAN BASIN RTY TR. <br><br> The fund managers got completely rid off CARNIVAL CORP (CCL), ROYAL GOLD INC (RGLD) and JPMORGAN CHASE & CO (JPM) stocks. They significantly reduced their stock positions in CACI INTL INC (CACI), WHEATON PRECIOUS METALS CORP (WPM) and BERKSHIRE HATHAWAY INC DEL. MAD RIVER INVESTORS opened new stock positions in CARNIVAL CORP LTD. The fund showed a lot of confidence in some stocks as they added substantially to MIAMI INTL HLDGS INC, INTERCONTINENTAL EXCHANGE IN (ICE) and MESABI TR (MSB).

MAD RIVER INVESTORS Equity Portfolio Value

Last Reported on: 03 Aug, 2026

$268Million

as of Aug 03, 2026

MAD RIVER INVESTORS Annual Return Estimates Vs S&P 500

Our best estimate is that MAD RIVER INVESTORS made a return of -3.63% in the last quarter. In trailing 12 months, it's portfolio return was -24.1%.

Performance
S&P 500

New Buys

Ticker	$ Bought
carnival corp ltd	2,724,800
fermi inc	151,140

New stocks bought by MAD RIVER INVESTORS

Additions

Ticker	% Inc.
miami intl hldgs inc	255
intercontinental exchange in	2.63
mesabi tr	0.68
landbridge company llc	0.59
grayscale bitcoin mini tr et	0.37
cboe global mkts inc	0.37
hawaiian elec inds inc mtn b	0.36
permian basin rty tr	0.2

Additions to existing portfolio by MAD RIVER INVESTORS

Reductions

Ticker	% Reduced
caci intl inc	-43.48
wheaton precious metals corp	-37.08
berkshire hathaway inc del	-24.24
vanguard index fds	-22.73
franco nev corp	-4.6
amazon com inc	-2.86
waterbridge infrastructure l	-1.14
apple inc	-0.98

MAD RIVER INVESTORS reduced stake in above stock

Sold off

Ticker	$ Sold
carnival corp	-4,041,950
royal gold inc	-626,812
jpmorgan chase & co	-416,825
vanguard specialized funds	-215,060

MAD RIVER INVESTORS got rid off the above stocks

Sector Distribution

MAD RIVER INVESTORS has about 89.7% of it's holdings in Others sector.

Others
Utilities
Technology

Sector	%
Others	89.7
Utilities	6.7
Technology	2

Market Cap. Distribution

MAD RIVER INVESTORS has about 2.6% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED
MID-CAP
MEGA-CAP

Category	%
UNALLOCATED	89.7
MID-CAP	6.8
MEGA-CAP	2.6

Stocks belong to which Index?

About 3.4% of the stocks held by MAD RIVER INVESTORS either belong to S&P 500 or RUSSELL 2000 index.

Others
S&P 500

Index	%
Others	96.6
S&P 500	3.4

Top 5 Winners (%)		%
PANW	palo alto networks inc	112.7 %
UNH	unitedhealth group inc	53.6 %
CSCO	cisco sys inc	51.4 %
	waterbridge infrastructure l	27.8 %
ETN	eaton corp plc	19.1 %

Top 5 Winners ($)		$
PBT	permian basin rty tr	3.5 M
	landbridge company llc	2.7 M
	waterbridge infrastructure l	2.0 M
PANW	palo alto networks inc	1.0 M
VB	vanguard index fds	0.4 M

Top 5 Losers (%)		%
ICE	intercontinental exchange in	-21.5 %
MSB	mesabi tr	-19.6 %
FNV	franco nev corp	-15.3 %
	grayscale bitcoin trust etf	-13.7 %
	cboe global mkts inc	-13.6 %

Top 5 Losers ($)		$
TPL	texas pacific land corporati	-10.5 M
	grayscale bitcoin trust etf	-2.6 M
MSB	mesabi tr	-2.0 M
HE	hawaiian elec inds inc mtn b	-1.7 M
WPM	wheaton precious metals corp	-1.4 M

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 29 stocks in it's portfolio. About 91.3% of the portfolio is in top 10 stocks. TPL proved to be the most loss making stock for the portfolio. PBT was the most profitable stock for MAD RIVER INVESTORS last quarter.

$267.45MTotal Value

33.00Positions

03 Aug, 2026Last Reported

Current holdings of Current Stock Holdings of MAD RIVER INVESTORS, last reported on 03 Aug, 2026. Select a row with a linked ticker to view its historical trend.
Holdingsorted ascending	% Portfolio	Shares Held	$ Value	% Change
AAPL Apple Inc Apple IncAAPL MAD RIVER INVESTORS's holding in Apple Inc over time	0.54%	5,050	$1.46M 0.54%	decreased 0.98 percentreduced

AMZN Amazon Com Inc Amazon Com IncAMZN MAD RIVER INVESTORS's holding in Amazon Com Inc over time	0.3%	3,400	$810.4K 0.3%	decreased 2.86 percentreduced

CACI Caci Intl Inc Caci Intl IncCACI MAD RIVER INVESTORS's holding in Caci Intl Inc over time	0.08%	455	$210.8K 0.08%	decreased 43.48 percentreduced

CCL Carnival Corp Carnival CorpCCL MAD RIVER INVESTORS's holding in Carnival Corp over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

CINF Cincinnati Finl Corp Cincinnati Finl CorpCINF MAD RIVER INVESTORS's holding in Cincinnati Finl Corp over time	0.25%	3,600	$666.5K 0.25%	unchanged 0 percentunchanged

CSCO Cisco Sys Inc Cisco Sys IncCSCO MAD RIVER INVESTORS's holding in Cisco Sys Inc over time	0.26%	6,000	$704.8K 0.26%	unchanged 0 percentunchanged

ETN Eaton Corp Plc Eaton Corp PlcETN MAD RIVER INVESTORS's holding in Eaton Corp Plc over time	0.19%	1,200	$511.3K 0.19%	unchanged 0 percentunchanged

FNV Franco Nev Corp Franco Nev Corp FNV MAD RIVER INVESTORS's holding in Franco Nev Corp over time	1.75%	22,506	$4.69M 1.75%	decreased 4.6 percentreduced

HE Hawaiian Elec Inds Inc Mtn B Hawaiian Elec Inds Inc Mtn BHE MAD RIVER INVESTORS's holding in Hawaiian Elec Inds Inc Mtn B over time	6.67%	1,321,850	$17.88M 6.67%	increased 0.36 percentadded

ICE Intercontinental Exchange In Intercontinental Exchange InICE MAD RIVER INVESTORS's holding in Intercontinental Exchange In over time	0.36%	7,846	$965.9K 0.36%	increased 2.63 percentadded

JNJ Johnson & Johnson Johnson & JohnsonJNJ MAD RIVER INVESTORS's holding in Johnson & Johnson over time	0.11%	1,200	$304.8K 0.11%	unchanged 0 percentunchanged

JPM Jpmorgan Chase & Co Jpmorgan Chase & CoJPM MAD RIVER INVESTORS's holding in Jpmorgan Chase & Co over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

MSB Mesabi Tr Mesabi Tr MSB MAD RIVER INVESTORS's holding in Mesabi Tr over time	3.06%	323,735	$8.19M 3.06%	increased 0.68 percentadded

ORCL Oracle Corp Oracle CorpORCL MAD RIVER INVESTORS's holding in Oracle Corp over time	0.44%	8,050	$1.18M 0.44%	unchanged 0 percentunchanged

PANW Palo Alto Networks Inc Palo Alto Networks IncPANW MAD RIVER INVESTORS's holding in Palo Alto Networks Inc over time	0.7%	5,484	$1.87M 0.7%	unchanged 0 percentunchanged

PBT Permian Basin Rty Tr Permian Basin Rty Tr PBT MAD RIVER INVESTORS's holding in Permian Basin Rty Tr over time	9.39%	1,005,150	$25.17M 9.39%	increased 0.2 percentadded

RGLD Royal Gold Inc Royal Gold IncRGLD MAD RIVER INVESTORS's holding in Royal Gold Inc over time	0%	0.00	$0.00 0%	decreased 100 percentsold off

RLI Rli Corp Rli CorpRLI MAD RIVER INVESTORS's holding in Rli Corp over time	0.13%	6,000	$354.4K 0.13%	unchanged 0 percentunchanged

TPL Texas Pacific Land Corporati Texas Pacific Land Corporati TPL MAD RIVER INVESTORS's holding in Texas Pacific Land Corporati over time	46.58%	285,330	$124.87M 46.58%	increased 0.07 percentadded

UNH Unitedhealth Group Inc Unitedhealth Group IncUNH MAD RIVER INVESTORS's holding in Unitedhealth Group Inc over time	0.26%	1,700	$706.6K 0.26%	unchanged 0 percentunchanged