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Latest MAD RIVER INVESTORS Stock Portfolio

$277Million | No. of Holdings #31

MAD RIVER INVESTORS Performance

2026 Q1+26.71%
YTD+26.71%
2025-35.62%

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. <br><br> 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. <br><br> 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 Equity Portfolio Value
Last Reported on: 23 Apr, 2026
$277Million
  as of Apr 23, 2026

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

No new stocks were added by MAD RIVER INVESTORS

Additions

Ticker% Inc.
mesabi tr8.39
miami intl hldgs inc8.26
waterbridge infrastructure l5.41
grayscale bitcoin mini tr et4.6
hawaiian elec inds inc mtn b2.56
permian basin rty tr1.65
landbridge company llc1.31
jpmorgan chase & co1.21
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%
Others88.1
Utilities7.1
Consumer Cyclical1.7
Technology1.5

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%
UNALLOCATED88.1
MID-CAP7.2
LARGE-CAP3
MEGA-CAP1.7

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%
Others95.7
S&P 5004.3
Top 5 Winners (%)%
TPL
texas pacific land corporati
65.1 %
landbridge company llc
40.6 %
waterbridge infrastructure l
32.7 %
PBT
permian basin rty tr
26.5 %
HE
hawaiian elec inds inc mtn b
20.3 %
Top 5 Winners ($)$
TPL
texas pacific land corporati
53.5 M
landbridge company llc
5.3 M
PBT
permian basin rty tr
4.5 M
HE
hawaiian elec inds inc mtn b
3.3 M
waterbridge infrastructure l
1.8 M
Top 5 Losers (%)%
ORCL
oracle corp
-24.5 %
grayscale bitcoin trust etf
-22.8 %
fidelity wise origin bitcoin
-22.5 %
grayscale bitcoin mini tr et
-22.2 %
UNH
unitedhealth group inc
-18.0 %
Top 5 Losers ($)$
grayscale bitcoin trust etf
-5.6 M
MSB
mesabi tr
-2.2 M
fidelity wise origin bitcoin
-1.2 M
CCL
carnival corp
-0.7 M
grayscale bitcoin mini tr et
-0.7 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 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.

$277.17MTotal Value
34.00Positions
23 Apr, 2026Last Reported
Current holdings of Current Stock Holdings of MAD RIVER INVESTORS, last reported on 23 Apr, 2026. Select a row with a linked ticker to view its historical trend.
ExpandHoldingsorted ascending% PortfolioShares Held$ Value% Change
CSD
Invesco Exchange Traded Fd T

Invesco Exchange Traded Fd T

CSD
MAD RIVER INVESTORS's holding in Invesco Exchange Traded Fd T over time
0%0.00
$0.00
0%
decreased 100 percentsold off
FNV
Franco Nev Corp

Franco Nev Corp

FNV
MAD RIVER INVESTORS's holding in Franco Nev Corp over time
2.1%23,590
$5.83M
2.1%
decreased 0.02 percentreduced
MSB
Mesabi Tr

Mesabi Tr

MSB
MAD RIVER INVESTORS's holding in Mesabi Tr over time
3.64%321,546
$10.13M
3.64%
increased 8.39 percentadded
PBT
Permian Basin Rty Tr

Permian Basin Rty Tr

PBT
MAD RIVER INVESTORS's holding in Permian Basin Rty Tr over time
7.77%1,003,140
$21.59M
7.77%
increased 1.65 percentadded