MAD RIVER INVESTORS
CIK
1384484
Location
BOSTON, MA
Portfolio Value
Micro
$28,278,809
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.
4 positions ·
$28,278,809 total
· Basic Materials only
· 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 |
|---|---|---|---|---|---|---|
| WPM |
Wheaton Precious Metals Corp.
Basic Materials
|
Reduced | 89,271 | $11,695,393 | 41.36% | |
| MSB |
Mesabi Trust
Basic Materials
|
Added | 321,546 | $10,128,699 | 35.82% | |
| FNV |
FRANCO NEVADA Corp
Basic Materials
|
Reduced | 23,590 | $5,827,909 | 20.61% | |
| RGLD |
Royal Gold Inc
Basic Materials
|
Reduced | 2,463 | $626,808 | 2.22% |