Institutional Manager · CIK 0001384484
MAD RIVER INVESTORS
BOSTON, MA · File #028-12322
Latest AUM
$219.6M
Positions
35
Top-10 Concentration
86.8%
Filings
12
Sector Allocation
Filing History
View all filings →- 13F HOLDINGS REPORTQ/E Dec 202535 pos · $219.6M
- 13F HOLDINGS REPORTQ/E Sep 202538 pos · $233.8M
- 13F HOLDINGS REPORTQ/E Jun 202524 pos · $223.3M
- 13F HOLDINGS REPORTQ/E Mar 202524 pos · $236.0M
- 13F HOLDINGS REPORTQ/E Dec 202426 pos · $215,202
- 13F HOLDINGS REPORTQ/E Sep 202426 pos · $180.3M
- 13F HOLDINGS REPORTQ/E Jun 202427 pos · $149.3M
- 13F HOLDINGS REPORTQ/E Mar 202427 pos · $144.1M
- 13F HOLDINGS REPORTQ/E Dec 202325 pos · $141.3M
- 13F HOLDINGS REPORTQ/E Sep 202327 pos · $135.3M
- 13F HOLDINGS REPORTQ/E Jun 202323 pos · $141.9M
- 13F HOLDINGS REPORTQ/E Mar 202326 pos · $172,372
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | TPL | 286,083 | $82.2M | 37.41% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | GBTC | 360,454 | $24.6M | 11.22% |
| 3 | PERMIAN BASIN RTY TR | 714236106 | 986,819 | $16.8M | 7.63% |
| 4 | HAWAIIAN ELEC INDUSTRIES | 419870100 | 1,284,150 | $15.8M | 7.19% |
| 5 | LANDBRIDGE COMPANY LLC | LB | 262,934 | $12.9M | 5.87% |
| 6 | WHEATON PRECIOUS METALS CORP | WPM | 97,604 | $11.5M | 5.22% |
| 7 | MESABI TR | MSB | 296,649 | $11.4M | 5.20% |
| 8 | FIDELITY WISE ORIGIN BITCOIN | FBTC | 70,859 | $5.4M | 2.46% |
| 9 | WATERBRIDGE INFRASTRUCTURE L | WBI | 257,000 | $5.1M | 2.34% |
| 10 | FRANCO NEV CORP | FNV | 23,594 | $4.9M | 2.23% |
| 11 | CARNIVAL CORP | CUKPF | 155,596 | $4.8M | 2.16% |
| 12 | VANGUARD INDEX FDS | 922908769 | 12,122 | $4.1M | 1.85% |
| 13 | MIAMI INTL HLDGS INC | 59356Q108 | 75,050 | $3.3M | 1.52% |
| 14 | GRAYSCALE BITCOIN MINI TR ET | 389930207 | 77,647 | $3.0M | 1.37% |
| 15 | CBOE GLOBAL MKTS INC | 12503M108 | 6,690 | $1.7M | 0.76% |
| 16 | ORACLE CORP | ORCL-PD | 8,050 | $1.6M | 0.71% |
| 17 | APPLE INC | AAPL | 5,100 | $1.4M | 0.63% |
| 18 | INTERCONTINENTAL EXCHANGE IN | 45866F104 | 7,645 | $1.2M | 0.56% |
| 19 | PALO ALTO NETWORKS INC | PANW | 5,484 | $1.0M | 0.46% |
| 20 | AMAZON COM INC | AMZN | 3,500 | $807,870 | 0.37% |