Latest MAD RIVER INVESTORS Stock Portfolio
MAD RIVER INVESTORS Performance:
2025 Q4: -37.6%YTD: -35.78%2024: 1.68%
Performance for 2025 Q4 is -37.6%, and YTD is -35.78%, and 2024 is 1.68%.
About MAD RIVER INVESTORS and 13F Hedge Fund Stock Holdings
On 2026-02-06, the fund reported it's updated stock portfolio. In the 13F Holdings report, MAD RIVER INVESTORS reported an equity portfolio of $219.6 Millions as of 31 Dec, 2025.
The top stock holdings of MAD RIVER INVESTORS are TPL, , PBT. The fund has invested 37.4% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 11.2% of portfolio in GRAYSCALE BITCOIN TRUST ETF.
The fund managers got completely rid off SANDSTORM GOLD LTD, FIRSTENERGY CORP (FE) and SALESFORCE INC (CRM) stocks. They significantly reduced their stock positions in VANGUARD SPECIALIZED FUNDS (VIG), GRAYSCALE BITCOIN MINI TR ET and INTERCONTINENTAL EXCHANGE IN (ICE). MAD RIVER INVESTORS opened new stock positions in ROYAL GOLD INC (RGLD). The fund showed a lot of confidence in some stocks as they added substantially to TEXAS PACIFIC LAND CORPORATI (TPL), LANDBRIDGE COMPANY LLC and PERMIAN BASIN RTY TR (PBT).
The top stock holdings of MAD RIVER INVESTORS are TPL, , PBT. The fund has invested 37.4% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 11.2% of portfolio in GRAYSCALE BITCOIN TRUST ETF.
The fund managers got completely rid off SANDSTORM GOLD LTD, FIRSTENERGY CORP (FE) and SALESFORCE INC (CRM) stocks. They significantly reduced their stock positions in VANGUARD SPECIALIZED FUNDS (VIG), GRAYSCALE BITCOIN MINI TR ET and INTERCONTINENTAL EXCHANGE IN (ICE). MAD RIVER INVESTORS opened new stock positions in ROYAL GOLD INC (RGLD). The fund showed a lot of confidence in some stocks as they added substantially to TEXAS PACIFIC LAND CORPORATI (TPL), LANDBRIDGE COMPANY LLC and PERMIAN BASIN RTY TR (PBT).
MAD RIVER INVESTORS Annual Return Estimates Vs S&P 500
Our best estimate is that MAD RIVER INVESTORS made a return of -37.6% in the last quarter. In trailing 12 months, it's portfolio return was -35.78%.
- Performance
- S&P 500
New Buys
| Ticker | $ Bought |
|---|---|
| royal gold inc | 590,507 |
New stocks bought by MAD RIVER INVESTORS
Additions
| Ticker | % Inc. |
|---|---|
| texas pacific land corporati | 201 |
| landbridge company llc | 9.08 |
| permian basin rty tr | 7.00 |
| hawaiian elec industries | 4.38 |
| amazon com inc | 2.94 |
| waterbridge infrastructure l | 2.11 |
| apple inc | 2.00 |
| miami intl hldgs inc | 0.6 |
Additions to existing portfolio by MAD RIVER INVESTORS
Reductions
| Ticker | % Reduced |
|---|---|
| vanguard specialized funds | -38.46 |
| grayscale bitcoin mini tr et | -5.51 |
| berkshire hathaway inc del | -4.26 |
| fidelity wise origin bitcoin | -1.32 |
| intercontinental exchange in | -0.97 |
| wheaton precious metals corp | -0.33 |
| grayscale bitcoin trust etf | -0.14 |
MAD RIVER INVESTORS reduced stake in above stock
Sold off
| Ticker | $ Sold |
|---|---|
| sandstorm gold ltd | -533,252 |
| firstenergy corp | -261,174 |
| gaming & leisure pptys inc | -212,449 |
| salesforce inc | -213,300 |
MAD RIVER INVESTORS got rid off the above stocks
Sector Distribution
MAD RIVER INVESTORS has about 85.7% of it's holdings in Others sector.
- Others
- Utilities
- Consumer Cyclical
- Technology
- Financial Services
| Sector | % |
|---|---|
| Others | 85.7 |
| Utilities | 7.2 |
| Consumer Cyclical | 2.5 |
| Technology | 2.2 |
| Financial Services | 1.4 |
Market Cap. Distribution
MAD RIVER INVESTORS has about 6.6% of it's portfolio invested in the large-cap and mega-cap stocks.
- UNALLOCATED
- SMALL-CAP
- LARGE-CAP
- MEGA-CAP
| Category | % |
|---|---|
| UNALLOCATED | 85.7 |
| SMALL-CAP | 7.2 |
| LARGE-CAP | 4.3 |
| MEGA-CAP | 2.3 |
Stocks belong to which Index?
About 6.4% of the stocks held by MAD RIVER INVESTORS either belong to S&P 500 or RUSSELL 2000 index.
- Others
- S&P 500
| Index | % |
|---|---|
| Others | 93.6 |
| S&P 500 | 6.4 |
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 34 stocks in it's portfolio. About 86.8% of the portfolio is in top 10 stocks. TPL proved to be the most loss making stock for the portfolio. MSB was the most profitable stock for MAD RIVER INVESTORS last quarter.
Last Reported on: 06 Feb, 2026| Ticker | Namesorted ascending | % Portfolio | Shares Held | $ Value | Type | % Change | Options | |
|---|---|---|---|---|---|---|---|---|
| AAPL | apple inc | 0.63 | 5,100 | 1,386,490 | added | 2.00 | ||
| AMZN | amazon com inc | 0.37 | 3,500 | 807,870 | added | 2.94 | ||
| C | citigroup inc | 0.16 | 3,000 | 350,070 | unchanged | 0.00 | ||
| CACI | caci intl inc | 0.20 | 805 | 428,913 | unchanged | 0.00 | ||
| CCL | carnival corp | 2.16 | 155,596 | 4,751,910 | added | 0.13 | ||
| CINF | cincinnati finl corp | 0.27 | 3,600 | 587,952 | unchanged | 0.00 | ||
| CRM | salesforce inc | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| CSCO | cisco sys inc | 0.21 | 6,000 | 462,180 | unchanged | 0.00 | ||
| CSD | invesco exchange traded fd t | 0.13 | 1,508 | 288,873 | unchanged | 0.00 | ||
| ETN | eaton corp plc | 0.17 | 1,200 | 382,212 | unchanged | 0.00 | ||
| FE | firstenergy corp | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| GLPI | gaming & leisure pptys inc | 0.00 | 0.00 | 0.00 | sold off | -100 | ||
| HE | hawaiian elec industries | 7.19 | 1,284,150 | 15,795,000 | added | 4.38 | ||
| ICE | intercontinental exchange in | 0.56 | 7,645 | 1,238,250 | reduced | -0.97 | ||
| JNJ | johnson & johnson | 0.11 | 1,200 | 248,340 | unchanged | 0.00 | ||
| JPM | jpmorgan chase & co. | 0.20 | 1,400 | 451,108 | unchanged | 0.00 | ||
| KMB | kimberly-clark corp | 0.13 | 2,800 | 282,492 | unchanged | 0.00 | ||
| MSB | mesabi tr | 5.20 | 296,649 | 11,426,900 | added | 0.38 | ||
| ORCL | oracle corp | 0.71 | 8,050 | 1,569,030 | unchanged | 0.00 | ||
| PANW | palo alto networks inc | 0.46 | 5,484 | 1,010,150 | unchanged | 0.00 | ||