MAD RIVER INVESTORS
CIK 0001384484
Annualised vol
2.828636%
Beta
0.057062
HHI
2453.960747
Top-10 weight
91.254777%
VaR 95%
0.217792%
VaR 99%
0.57726%
Max drawdown
4.649843%
Matched value
20.145046%
Returns of reported holdings
Loading returns…
Position changes vs prior quarter
What the latest 13F shows bought and sold against the quarter before, by share count.
| Ticker | Change | Shares now | Shares before | Share change % | Value now ($) |
|---|---|---|---|---|---|
| LB | ADDED | 267,953 | 266,385 | 0.59% | 21,232,603 |
| GBTC | UNCHANGED | 360,139 | 360,139 | 0.0% | 16,393,528 |
| WPM | REDUCED | 56,173 | 89,271 | -37.08% | 6,309,356 |
| FBTC | ADDED | 70,369 | 70,339 | 0.04% | 3,592,314 |
| CCL | REDUCED | 95,373 | 156,181 | -38.93% | 2,724,801 |
| PANW | UNCHANGED | 5,484 | 5,484 | 0.0% | 1,870,154 |
| AAPL | REDUCED | 5,050 | 5,100 | -0.98% | 1,461,268 |
| ORCL | UNCHANGED | 8,050 | 8,050 | 0.0% | 1,179,728 |
| AMZN | REDUCED | 3,400 | 3,500 | -2.86% | 810,356 |
| UNH | UNCHANGED | 1,700 | 1,700 | 0.0% | 706,571 |
| ETN | UNCHANGED | 1,200 | 1,200 | 0.0% | 511,344 |
| RLI | UNCHANGED | 6,000 | 6,000 | 0.0% | 354,420 |
| JNJ | UNCHANGED | 1,200 | 1,200 | 0.0% | 304,764 |
| FRMI | NEW | 16,500 | - | - | 151,140 |
| RGLD | CLOSED OUT | 0 | 2,463 | -100.0% | 0 |
| JPM | CLOSED OUT | 0 | 1,417 | -100.0% | 0 |
Holdings (latest quarter)
| Ticker | Change | Issuer | Class | CUSIP | Value ($) | Weight % | Shares |
|---|---|---|---|---|---|---|---|
| - | TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 | 124,871,767 | 46.58 | 285330.0 | |
| - | PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 | 25,169,016 | 9.39 | 1005152.0 | |
| LB | ADDED | LANDBRIDGE COMPANY LLC | CL A | 514952100 | 21,232,603 | 7.92 | 267953.0 |
| - | HAWAIIAN ELEC INDS INC MTN B | COM | 419870100 | 17,884,631 | 6.67 | 1321850.0 | |
| GBTC | UNCHANGED | GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 | 16,393,528 | 6.11 | 360139.0 |
| - | MIAMI INTL HLDGS INC | COM | 59356Q108 | 10,739,240 | 4.01 | 289000.0 | |
| - | WATERBRIDGE INFRASTRUCTURE L | CL A SHS REPSTG | 940923105 | 9,177,525 | 3.42 | 267801.0 | |
| - | MESABI TR | CTF BEN INT | 590672101 | 8,190,493 | 3.05 | 323735.0 | |
| WPM | REDUCED | WHEATON PRECIOUS METALS CORP | COM | 962879102 | 6,309,356 | 2.35 | 56173.0 |
| - | FRANCO NEV CORP | COM | 351858105 | 4,691,175 | 1.75 | 22506.0 | |
| FBTC | ADDED | FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 | 3,592,314 | 1.34 | 70369.0 |
| CCL | REDUCED | CARNIVAL CORP LTD | COMMON SHARES | G2004J103 | 2,724,801 | 1.02 | 95373.0 |
| - | VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | 2,516,272 | 0.94 | 6800.0 | |
| - | GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 | 2,115,367 | 0.79 | 81517.0 | |
| PANW | UNCHANGED | PALO ALTO NETWORKS INC | COM | 697435105 | 1,870,154 | 0.7 | 5484.0 |
| - | CBOE GLOBAL MKTS INC | COM | 12503M108 | 1,627,019 | 0.61 | 6705.0 | |
| AAPL | REDUCED | APPLE INC | COM | 037833100 | 1,461,268 | 0.55 | 5050.0 |
| ORCL | UNCHANGED | ORACLE CORP | COM | 68389X105 | 1,179,728 | 0.44 | 8050.0 |
| - | INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 | 965,876 | 0.36 | 7846.0 | |
| AMZN | REDUCED | AMAZON COM INC | COM | 023135106 | 810,356 | 0.3 | 3400.0 |
| UNH | UNCHANGED | UNITEDHEALTH GROUP INC | COM | 91324P102 | 706,571 | 0.26 | 1700.0 |
| - | CISCO SYS INC | COM | 17275R102 | 704,760 | 0.26 | 6000.0 | |
| - | CINCINNATI FINL CORP | COM | 172062101 | 666,504 | 0.25 | 3600.0 | |
| - | HAWAIIAN ELEC INDS INC MTN B | CALL | 419870100 | 660,264 | 0.25 | 48800.0 | |
| ETN | UNCHANGED | EATON CORP PLC | SHS | G29183103 | 511,344 | 0.19 | 1200.0 |
| RLI | UNCHANGED | RLI CORP | COM | 749607107 | 354,420 | 0.13 | 6000.0 |
| - | BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 312,744 | 0.12 | 625.0 | |
| JNJ | UNCHANGED | JOHNSON & JOHNSON | COM | 478160104 | 304,764 | 0.11 | 1200.0 |
| - | CACI INTL INC | CL A | 127190304 | 210,784 | 0.08 | 455.0 | |
| FRMI | NEW | FERMI INC | COM | 314911108 | 151,140 | 0.06 | 16500.0 |
Quarterly portfolios
| Period | Filed | Value ($) | Positions | Vol % | Beta | Max DD % |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2026-08-03 | 268,105,784 | 30 | 2.828636 | 0.057062 | 4.649843 |
| 2026-03-31 | 2026-04-23 | 277,869,809 | 32 | 2.669532 | 0.057882 | 3.456527 |
| 2025-12-31 | 2026-02-06 | 219,624,393 | 35 | 2.907435 | 0.078201 | 4.156821 |
| 2025-09-30 | 2025-10-14 | 233,754,396 | 38 | 2.719726 | 0.074952 | 3.737772 |
| 2025-03-31 | 2025-04-22 | 236,046,816 | 24 | 2.72246 | 0.041344 | 3.514245 |
| 2024-12-31 | 2025-01-16 | 215,202 | 26 | 2.776588 | 0.050169 | 3.786321 |