MAD RIVER INVESTORS
Clone Performance
Aug 2023–Aug 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. Returns use comparable raw closes and exclude dividends; a captured split can shorten the simulated window. It tracks 100% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
28 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Portfolio Trend
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Energy | 67.9% | $180,450,962 |
| Unclassified | 8.3% | $22,101,230 |
| Basic Materials | 7.2% | $19,190,996 |
| Utilities | 7.0% | $18,544,894 |
| Financial Services | 5.5% | $14,665,930 |
| Technology | 2.0% | $5,426,691 |
| Consumer Cyclical | 1.3% | $3,535,162 |
| Healthcare | 0.4% | $1,011,335 |
| Industrials | 0.2% | $511,344 |
| Real Estate | 0.1% | $151,140 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| MIAX | Miami International Holdings, Inc. | +207,750 | 289,000 | $10,739,240 | |
| HE | Hawaiian Electric Industries Inc | +6,700 | 1,370,650 | $18,544,894 | |
| MSB | Mesabi Trust | +2,189 | 323,735 | $8,190,495 | |
| PBT | Permian Basin Royalty Trust | +2,012 | 1,005,152 | $25,169,006 | |
| LB | LandBridge Co LLC | +1,568 | 267,953 | $21,232,595 | |
| BTC | Grayscale Bitcoin Mini Trust ETF | +300 | 81,517 | $2,115,366 | |
| TPL | Texas Pacific Land Corp | +210 | 285,330 | $124,871,821 | |
| ICE | Intercontinental Exchange, Inc. | +201 | 7,846 | $965,921 | |
| FBTC | Fidelity Wise Origin Bitcoin Fund | +30 | 70,369 | $3,592,337 | |
| CBOE | Cboe Global Markets, Inc. | +25 | 6,705 | $1,627,102 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| CCL | Carnival Corp Ltd. | −60,808 | 95,373 | $2,724,806 | |
| WPM | Wheaton Precious Metals Corp. | −33,098 | 56,173 | $6,309,351 | |
| WBI | WaterBridge Infrastructure LLC | −3,099 | 267,801 | $9,177,540 | |
| FNV | FRANCO NEVADA Corp | −1,084 | 22,506 | $4,691,150 | |
| CACI | Caci International Inc /De/ | −350 | 455 | $210,783 | |
| BRK-B | Berkshire Hathaway Inc | −200 | 625 | $312,743 | |
| AMZN | Amazon Com Inc | −100 | 3,400 | $810,356 | |
| AAPL | Apple Inc. | −50 | 5,050 | $1,461,268 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| FRMI | Fermi Inc. | 16,500 | $151,140 | |
| No positions match the current search. | ||||
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| TPL |
Texas Pacific Land Corp
Energy
|
Added | 285,330 | $124,871,821 | 47.02% | |
| PBT |
Permian Basin Royalty Trust
Energy
|
Added | 1,005,152 | $25,169,006 | 9.48% | |
| LB |
LandBridge Co LLC
Energy
|
Added | 267,953 | $21,232,595 | 7.99% | |
| HE |
Hawaiian Electric Industries Inc
CALL
+ SHARES
Utilities
|
Added | 1,370,650 | $18,544,894 | 6.98% | |
| GBTC |
Grayscale Bitcoin Trust ETF
|
Held | 360,139 | $16,393,527 | 6.17% | |
| MIAX |
Miami International Holdings, Inc.
Financial Services
|
Added | 289,000 | $10,739,240 | 4.04% | |
| WBI |
WaterBridge Infrastructure LLC
Energy
|
Reduced | 267,801 | $9,177,540 | 3.46% | |
| MSB |
Mesabi Trust
Basic Materials
|
Added | 323,735 | $8,190,495 | 3.08% | |
| WPM |
Wheaton Precious Metals Corp.
Basic Materials
|
Reduced | 56,173 | $6,309,351 | 2.38% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 22,506 | $4,691,150 | 1.77% | |
| FBTC |
Fidelity Wise Origin Bitcoin Fund
|
Added | 70,369 | $3,592,337 | 1.35% | |
| CCL |
Carnival Corp Ltd.
Consumer Cyclical
|
Reduced | 95,373 | $2,724,806 | 1.03% | |
| BTC |
Grayscale Bitcoin Mini Trust ETF
|
Added | 81,517 | $2,115,366 | 0.80% | |
| PANW |
Palo Alto Networks Inc
Technology
|
Held | 5,484 | $1,870,153 | 0.70% | |
| CBOE |
Cboe Global Markets, Inc.
Financial Services
|
Added | 6,705 | $1,627,102 | 0.61% | |
| AAPL |
Apple Inc.
Technology
|
Reduced | 5,050 | $1,461,268 | 0.55% | |
| ORCL |
Oracle Corp
Technology
|
Held | 8,050 | $1,179,727 | 0.44% | |
| ICE |
Intercontinental Exchange, Inc.
Financial Services
|
Added | 7,846 | $965,921 | 0.36% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Reduced | 3,400 | $810,356 | 0.31% | |
| UNH |
Unitedhealth Group Inc
Healthcare
|
Held | 1,700 | $706,571 | 0.27% | |
| CSCO |
Cisco Systems, Inc.
Technology
|
Held | 6,000 | $704,760 | 0.27% | |
| CINF |
Cincinnati Financial Corp
Financial Services
|
Held | 3,600 | $666,504 | 0.25% | |
| ETN |
Eaton Corp plc
Industrials
|
Held | 1,200 | $511,344 | 0.19% | |
| RLI |
Rli Corp
Financial Services
|
Held | 6,000 | $354,420 | 0.13% | |
| BRK-B |
Berkshire Hathaway Inc
Financial Services
|
Reduced | 625 | $312,743 | 0.12% | |
| JNJ |
Johnson & Johnson
Healthcare
|
Held | 1,200 | $304,764 | 0.11% | |
| CACI |
Caci International Inc /De/
Technology
|
Reduced | 455 | $210,783 | 0.08% | |
| FRMI |
Fermi Inc.
Real Estate
|
NEW | 16,500 | $151,140 | 0.06% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.