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Mad River Investors

CIK 1384484 · latest 13F filed 3 August 2026 · Read the filing on EDGAR

Mad River Investors reported 29 US-listed holdings worth $267.4 million in its 13F for the quarter ended 30 June 2026, filed 3 August 2026. Its largest: Texas Pacific Land Corp. (46.7%), Permian Basin Rty Trust Unit Ben Int (9.4%) and Landbridge Company LLC (7.9%). Against the quarter before, it opened 2 positions, added to 8, trimmed 8 and sold out of 4.

Reported holdings$267.4M-3.5% on Q1 2026
Positions29-2 on Q1 2026
The largest ten91.5%of its reported holdings
Latest 13FQ2 2026filed 3 August 2026
Where the money is
OpenedAdded toHeldTrimmed
TPL46.7%PBT9.4%LB7.9%HE6.7%GBTC6.1%MIAX4.0%WBI3.4%MSB3.1%WPM2.4%FNV1.8%FBTC1.3%CCL1.0%VTI0.9%BTC0.8%15 more4.4%

The 14 largest of its 29 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $180.3 million in 26 positions$180MQ3 24Q4 2024: $215.2 million in 26 positions$215MQ4 24Q1 2025: $236.0 million in 24 positions$236MQ1 25Q2 2025: $223.2 million in 23 positions$223MQ2 25Q3 2025: $233.4 million in 37 positions$233MQ3 25Q4 2025: $219.4 million in 34 positions$219MQ4 25Q1 2026: $277.2 million in 31 positions$277MQ1 26Q2 2026: $267.4 million in 29 positions$267MQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What its reported holdings returned

Held through each quarter, the holdings it reported returned +51.5% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.

Its reported holdingsThe S&P 500
100120140160Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26Its holdings +51.5%S&P 500 +30.2%

Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.

What it did on the quarter

Opened 2Added 8Held 11Trimmed 8Sold out 4
Opened: 2Added: 8Held: 11Trimmed: 8Sold out: 4

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 2

  1. Carnival Corp. Ltd. CCL$2.7 million
  2. Fermi Inc. Com FRMI$151,140

Added to 8

  1. Miami Intl Hldgs Inc. MIAX+207,750 shares · +256%
  2. Landbridge Company LLC LB+1,568 shares · +1%
  3. Hawaiian Electric Industries Inc. HE+4,800 shares · +0%
  4. Mesabi Trust MSB+2,189 shares · +1%
  5. Permian Basin Rty Trust Unit Ben Int PBT+2,012 shares · +0%
  6. Intercontinental Exchange, Inc. ICE+201 shares · +3%
  7. Grayscale Bitcoin Mini Trust Et BTC+300 shares · +0%
  8. Cboe Global Markets, Inc. CBOE+25 shares · +0%

Trimmed 8

  1. Wheaton Precious Metals Corp. WPM-33,098 shares · -37%
  2. VG Totl STK Vprs VTI-2,000 shares · -23%
  3. Franco Nev Corp. FNV-1,084 shares · -5%
  4. Caci International Inc. CACI-350 shares · -43%
  5. Waterbridge Infrastructure L WBI-3,099 shares · -1%
  6. Berkshire Hathaway Inc. Class B BRKB-200 shares · -24%
  7. Amazon.com Inc. AMZN-100 shares · -3%
  8. Apple Inc. AAPL-50 shares · -1%

Sold out of 4

  1. Carnival Corp. Ltd. CCL$4.0 million last quarter
  2. Royal Gold Inc. RGLD$626,812 last quarter
  3. JPMorgan Chase & Co. JPM$416,825 last quarter
  4. Vanguard Specialized Funds VIG$215,060 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Texas Pacific Land Corp. TPL285.3K$124.9 million46.69%+210
Permian Basin Rty Trust Unit Ben Int PBT1.0M$25.2 million9.41%+2.0K
Landbridge Company LLC LB268.0K$21.2 million7.94%+1.6K
Hawaiian Electric Industries Inc. HE1.3M$17.9 million6.69%+4.8K
Grayscale Bitcoin Trust BTC GBTC360.1K$16.4 million6.13%no change
Miami Intl Hldgs Inc. MIAX289.0K$10.7 million4.02%+207.8K
Waterbridge Infrastructure L WBI267.8K$9.2 million3.43%-3.1K
Mesabi Trust MSB323.7K$8.2 million3.06%+2.2K
Wheaton Precious Metals Corp. WPM56.2K$6.3 million2.36%-33.1K
Franco Nev Corp. FNV22.5K$4.7 million1.75%-1.1K
Fidelity Wise Origin Bitcoin FBTC70.4K$3.6 million1.34%+30
Carnival Corp. Ltd. CCL95.4K$2.7 million1.02%new
VG Totl STK Vprs VTI6.8K$2.5 million0.94%-2.0K
Grayscale Bitcoin Mini Trust Et BTC81.5K$2.1 million0.79%+300
Palo Alto Networks Inc. PANW5.5K$1.9 million0.70%no change
Cboe Global Markets, Inc. CBOE6.7K$1.6 million0.61%+25
Apple Inc. AAPL5.0K$1.5 million0.55%-50
Oracle Corp. ORCL8.1K$1.2 million0.44%no change
Intercontinental Exchange, Inc. ICE7.8K$965,8760.36%+201
Amazon.com Inc. AMZN3.4K$810,3560.30%-100
UnitedHealth Group Inc. UNH1.7K$706,5710.26%no change
Cisco Systems, Inc. CSCO6.0K$704,7600.26%no change
Cincinnati Financial Corp. CINF3.6K$666,5040.25%no change
Eaton Corp. plc ETN1.2K$511,3440.19%no change
RLI Corp. RLI6.0K$354,4200.13%no change
Berkshire Hathaway Inc. Class B BRKB625$312,7440.12%-200
Johnson & Johnson JNJ1.2K$304,7640.11%no change
Caci International Inc. CACI455$210,7840.08%-350
Fermi Inc. Com FRMI16.5K$151,1400.06%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 4 it sold out of are in the box above.

Options it reported

CompanyOptionShares under the optionsValue of those shares
Hawaiian Electric Industries Inc. HECalls48.8K$660,264

1 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.