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Latest MAD RIVER INVESTORS Stock Portfolio

$245Million | No. of Holdings #30

MAD RIVER INVESTORS Performance

2026 Q3-9.09%
YTD+11.01%
2025-35.62%

About MAD RIVER INVESTORS and 13F Hedge Fund Stock Holdings

On 2026-10-27, the fund reported it's updated stock portfolio. In the 13F Holdings report, MAD RIVER INVESTORS reported an equity portfolio of $245.7 Millions as of 30 Sep, 2026. <br><br> The top stock holdings of MAD RIVER INVESTORS are TPL, PBT, . The fund has invested 37.8% of it's portfolio in TEXAS PACIFIC LAND CORPORATI and 13.5% of portfolio in PERMIAN BASIN RTY TR. <br><br> The fund managers got completely rid off CACI INTL INC (CACI) stocks. They significantly reduced their stock positions in CARNIVAL CORP LTD, VANGUARD INDEX FDS (VB) and WHEATON PRECIOUS METALS CORP (WPM). MAD RIVER INVESTORS opened new stock positions in SAN JUAN BASIN RTY TR (SJT) and ROYAL GOLD INC (RGLD). The fund showed a lot of confidence in some stocks as they added substantially to FERMI INC, APPLE INC (AAPL) and PERMIAN BASIN RTY TR (PBT).
MAD RIVER INVESTORS Equity Portfolio Value
Last Reported on: 27 Oct, 2026
$245Million
  as of Oct 27, 2026

MAD RIVER INVESTORS Annual Return Estimates Vs S&P 500

Our best estimate is that MAD RIVER INVESTORS made a return of -9.09% in the last quarter. In trailing 12 months, it's portfolio return was -30.73%.
  • Performance
  • S&P 500

New Buys

Ticker$ Bought
san juan basin rty tr2,180,880
royal gold inc221,840
New stocks bought by MAD RIVER INVESTORS

Additions

Ticker% Inc.
fermi inc2,828
berkshire hathaway inc del24.00
apple inc15.78
fidelity wise origin bitcoin11.45
permian basin rty tr5.1
miami intl hldgs inc2.82
intercontinental exchange in1.98
mesabi tr1.11
Additions to existing portfolio by MAD RIVER INVESTORS

Reductions

Ticker% Reduced
carnival corp ltd-80.42
vanguard index fds-32.35
wheaton precious metals corp-19.85
franco nev corp-6.44
grayscale bitcoin trust etf-1.3
landbridge company llc-0.47
cboe global mkts inc-0.37
hawaiian elec inds inc mtn b-0.21
MAD RIVER INVESTORS reduced stake in above stock

Sold off

Ticker$ Sold
caci intl inc-210,784
MAD RIVER INVESTORS got rid off the above stocks

Sector Distribution

MAD RIVER INVESTORS has about 90.9% of it's holdings in Others sector.

  • Others
  • Utilities
  • Technology
Sector%
Others90.9
Utilities4.8
Technology2.4

Market Cap. Distribution

MAD RIVER INVESTORS has about 3.1% of it's portfolio invested in the large-cap and mega-cap stocks.

  • UNALLOCATED
  • MID-CAP
  • MEGA-CAP
Category%
UNALLOCATED90.9
MID-CAP4.9
MEGA-CAP3.1

Stocks belong to which Index?

About 4.1% of the stocks held by MAD RIVER INVESTORS either belong to S&P 500 or RUSSELL 2000 index.

  • Others
  • S&P 500
Index%
Others95.9
S&P 5004.1
Top 5 Winners (%)%
grayscale bitcoin mini tr et
42.4 %
grayscale bitcoin trust etf
41.6 %
fidelity wise origin bitcoin
39.3 %
PBT
permian basin rty tr
24.9 %
ICE
intercontinental exchange in
23.2 %
Top 5 Winners ($)$
grayscale bitcoin trust etf
6.8 M
PBT
permian basin rty tr
6.6 M
fidelity wise origin bitcoin
1.6 M
WPM
wheaton precious metals corp
1.1 M
grayscale bitcoin mini tr et
0.9 M
Top 5 Losers (%)%
fermi inc
-37.8 %
HE
hawaiian elec inds inc mtn b
-33.9 %
TPL
texas pacific land corporati
-25.5 %
MSB
mesabi tr
-22.5 %
waterbridge infrastructure l
-17.9 %
Top 5 Losers ($)$
TPL
texas pacific land corporati
-31.9 M
HE
hawaiian elec inds inc mtn b
-6.1 M
MSB
mesabi tr
-1.9 M
waterbridge infrastructure l
-1.6 M
fermi inc
-1.2 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 30 stocks in it's portfolio. About 88.8% of the portfolio is in top 10 stocks. TPL proved to be the most loss making stock for the portfolio. was the most profitable stock for MAD RIVER INVESTORS last quarter.

$245.25MTotal Value
31.00Positions
27 Oct, 2026Last Reported
Current holdings of Current Stock Holdings of MAD RIVER INVESTORS, last reported on 27 Oct, 2026. Select a row with a linked ticker to view its historical trend.
ExpandHoldingsorted ascending% PortfolioShares Held$ Value% Change
FNV
Franco Nev Corp

Franco Nev Corp

FNV
MAD RIVER INVESTORS's holding in Franco Nev Corp over time
2.04%21,057
$5.01M
2.04%
decreased 6.44 percentreduced
MSB
Mesabi Tr

Mesabi Tr

MSB
MAD RIVER INVESTORS's holding in Mesabi Tr over time
2.61%327,316
$6.41M
2.61%
increased 1.11 percentadded
PBT
Permian Basin Rty Tr

Permian Basin Rty Tr

PBT
MAD RIVER INVESTORS's holding in Permian Basin Rty Tr over time
13.54%1,056,370
$33.25M
13.54%
increased 5.1 percentadded
SJT
San Juan Basin Rty Tr

San Juan Basin Rty Tr

SJT
MAD RIVER INVESTORS's holding in San Juan Basin Rty Tr over time
0.89%597,500
$2.18M
0.89%
new position
TPL
Texas Pacific Land Corporati

Texas Pacific Land Corporati

TPL
MAD RIVER INVESTORS's holding in Texas Pacific Land Corporati over time
37.77%284,771
$92.79M
37.77%
decreased 0.2 percentreduced
VB
Vanguard Index Fds

Vanguard Index Fds

VB
MAD RIVER INVESTORS's holding in Vanguard Index Fds over time
0.7%4,600
$1.72M
0.7%
decreased 32.35 percentreduced