MAD RIVER INVESTORS
CIK
1384484
Location
BOSTON, MA
Portfolio Value
Small
$274,831,605
Diversification
Highly concentrated
Filing Date
Global Rank
#3,240
/ 8,232
▲ 686
Top Industry
Oil & Gas E&P
54.3%
3Y Alpha vs SPY
-1.3%
Period ended 2 months ago
Filed Apr 23, 2026 · 52d
25 quarters · since Mar 2020
Clone Performance
Jun 2023–Jun 2026 · vs SPYHypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.
Cloned portfolio
+70.8%
SPY
+76.3%
Annualised alpha
-1.3%
Max drawdown
−20.5%
Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.
Portfolio Concentration
29 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
49.2%
+11.0 pts
Top 5
78.1%
+7.1 pts
Top 10
92.3%
+3.5 pts
HHI
2,684
Highly concentrated+852
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Energy | 66.4% | $182,545,414 |
| Basic Materials | 10.3% | $28,278,809 |
| Unclassified | 9.3% | $25,588,741 |
| Utilities | 7.4% | $20,241,018 |
| Financial Services | 2.9% | $7,963,066 |
| Consumer Cyclical | 1.7% | $4,770,909 |
| Technology | 1.6% | $4,261,113 |
| Healthcare | 0.3% | $753,331 |
| Industrials | 0.2% | $429,204 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| HE | Hawaiian Electric Industries Inc | +65,600 | 1,363,950 | $20,241,018 | |
| MSB | Mesabi Trust | +24,897 | 321,546 | $10,128,699 | |
| PBT | Permian Basin Royalty Trust | +16,321 | 1,003,140 | $21,587,572 | |
| WBI | WaterBridge Infrastructure LLC | +13,900 | 270,900 | $7,257,411 | |
| MIAX | Miami International Holdings, Inc. | +6,200 | 81,250 | $3,162,250 | |
| BTC | Grayscale Bitcoin Mini Trust ETF | +3,570 | 81,217 | $2,435,697 | |
| LB | LandBridge Co LLC | +3,451 | 266,385 | $18,393,884 | |
| CCL | Carnival Corp Ltd. | +585 | 156,181 | $4,041,964 | |
| JPM | Jpmorgan Chase & Co | +17 | 1,417 | $416,824 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
9 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| WPM | Wheaton Precious Metals Corp. | −8,333 | 89,271 | $11,695,393 | |
| RLI | Rli Corp | −1,500 | 6,000 | $342,240 | |
| TPL | Texas Pacific Land Corp | −963 | 285,120 | $135,306,547 | |
| FBTC | Fidelity Wise Origin Bitcoin Fund | −520 | 70,339 | $4,152,111 | |
| GBTC | Grayscale Bitcoin Trust ETF | −315 | 360,139 | $19,000,933 | |
| BRK-B | Berkshire Hathaway Inc | −300 | 825 | $395,340 | |
| RGLD | Royal Gold Inc | −193 | 2,463 | $626,808 | |
| CBOE | Cboe Global Markets, Inc. | −10 | 6,680 | $1,877,547 | |
| FNV | FRANCO NEVADA Corp | −4 | 23,590 | $5,827,909 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarterNo qualifying positions this quarter.
29 positions ·
$274,831,605 total
· as of Mar 31, 2026
All sectors
Basic Materials
Consumer Cyclical
Energy
Financial Services
Healthcare
Industrials
Technology
Utilities
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| TPL |
Texas Pacific Land Corp
Energy
|
Reduced | 285,120 | $135,306,547 | 49.23% | |
| PBT |
Permian Basin Royalty Trust
Energy
|
Added | 1,003,140 | $21,587,572 | 7.85% | |
| HE |
Hawaiian Electric Industries Inc
Utilities
|
Added | 1,363,950 | $20,241,018 | 7.36% | |
| GBTC |
Grayscale Bitcoin Trust ETF
|
Reduced | 360,139 | $19,000,933 | 6.91% | |
| LB |
LandBridge Co LLC
Energy
|
Added | 266,385 | $18,393,884 | 6.69% | |
| WPM |
Wheaton Precious Metals Corp.
Basic Materials
|
Reduced | 89,271 | $11,695,393 | 4.26% | |
| MSB |
Mesabi Trust
Basic Materials
|
Added | 321,546 | $10,128,699 | 3.69% | |
| WBI |
WaterBridge Infrastructure LLC
Energy
|
Added | 270,900 | $7,257,411 | 2.64% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 23,590 | $5,827,909 | 2.12% | |
| FBTC |
Fidelity Wise Origin Bitcoin Fund
|
Reduced | 70,339 | $4,152,111 | 1.51% | |
| CCL |
Carnival Corp Ltd.
Consumer Cyclical
|
Added | 156,181 | $4,041,964 | 1.47% | |
| MIAX |
Miami International Holdings, Inc.
Financial Services
|
Added | 81,250 | $3,162,250 | 1.15% | |
| BTC |
Grayscale Bitcoin Mini Trust ETF
|
Added | 81,217 | $2,435,697 | 0.89% | |
| CBOE |
Cboe Global Markets, Inc.
Financial Services
|
Reduced | 6,680 | $1,877,547 | 0.68% | |
| AAPL |
Apple Inc.
Technology
|
Held | 5,100 | $1,294,329 | 0.47% | |
| ICE |
Intercontinental Exchange, Inc.
Financial Services
|
Held | 7,645 | $1,202,405 | 0.44% | |
| ORCL |
Oracle Corp
Technology
|
Held | 8,050 | $1,184,235 | 0.43% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Held | 5,484 | $879,194 | 0.32% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Held | 3,500 | $728,945 | 0.27% | |
| RGLD |
Royal Gold Inc
Basic Materials
|
Reduced | 2,463 | $626,808 | 0.23% | |
| CINF |
Cincinnati Financial Corp
Financial Services
|
Held | 3,600 | $566,460 | 0.21% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Held | 6,000 | $465,540 | 0.17% | |
| UNH |
Unitedhealth Group Inc
Healthcare
|
Held | 1,700 | $460,003 | 0.17% | |
| CACI |
Caci International Inc /De/
Technology
|
Held | 805 | $437,815 | 0.16% | |
| ETN |
Eaton Corp plc
Industrials
|
Held | 1,200 | $429,204 | 0.16% | |
| JPM |
Jpmorgan Chase & Co
Financial Services
|
Added | 1,417 | $416,824 | 0.15% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Reduced | 825 | $395,340 | 0.14% | |
| RLI |
Rli Corp
Financial Services
|
Reduced | 6,000 | $342,240 | 0.12% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Held | 1,200 | $293,328 | 0.11% |