MR
Mad River Investors: 13F Stock Holdings & Portfolio (Q2 2026)
Mad River InvestorsCIK: 0001384484
Sector-focusedConcentrated strategyLong-term holder
Total reported value
$268.1M
Reporting period: 2026-06-30 · Number of holdings: 30
MAD RIVER INVESTORS disclosed 30 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $268.1M and a quarterly turnover rate of 0.0%.
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Personality snowflake
- Concentration
- 98.29
- Portfolio Stability
- 0
- Momentum
- 50
- Sector conviction
- 100
- Diversification
- 58
- Sizing Uniformity
- 74.81
Mad River Investors's disclosed holdings carry a Herfindahl concentration index of 0.246 — mathematically equivalent to about 4 equally-sized positions, well below its 30 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.52), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 62% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd MIAX
+255.7% $7.6M
Trim TPL
+0.1% -$10.4M
Trim WPM
-37.1% -$5.4M
Add PBT
+0.2% $3.6M
Sold out CCL1EUR
Add LB
+0.6% $2.8M
Holdings Map
New buyAddUnchangedTrim
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 29 holdings (of 30 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | Stock-Energy | 46.58% | -2.11% | +0.07% | |
| 2 | PBT | Permian Basin Royalty Trust | Stock-Other | 9.39% | +1.62% | +0.20% | |
| 3 | LB | Landbridge Co Llc-a | Stock-Other | 7.92% | +1.30% | +0.59% | |
| 4 | HE | Hawaiian Electric Inds | Stock-Utilities | 6.92% | -0.36% | +0.49% | |
| 5 | GBTC | Grayscale Bitcoin Trust ETF | ETF-Crypto | 6.11% | -0.73% | — | |
| 6 | MIAX | Miami International Holdings | Stock-Other | 4.01% | +2.87% | +255.69% | |
| 7 | WBI | Waterbridge Infrastruc-cl A | Stock-Other | 3.42% | +0.81% | -1.14% | |
| 8 | MSB | Mesabi Trust | Stock-Other | 3.05% | -0.60% | +0.68% | |
| 9 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 2.35% | -1.86% | -37.08% | |
| 10 | FNV | Franco-nevada CORP | Stock-Materials | 1.75% | -0.35% | -4.60% | |
| 11 | FBTC | Fidelity Wise Origin Bitcoin | ETF-Crypto | 1.34% | -0.15% | +0.04% | |
| 12 | ✓ | Carnival CORP LTD F | Stock-Other | 1.02% | +1.02% | NEW | |
| 13 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 0.94% | -0.08% | -22.73% | |
| 14 | BTC | Grayscale Bitcoin Mini ETF | ETF-Crypto | 0.79% | -0.09% | +0.37% | |
| 15 | PANW | Palo Alto Networks Inc | Stock-Tech | 0.70% | +0.38% | — | |
| 16 | CBOE | Cboe Global Markets Inc | Stock-Financials | 0.61% | -0.07% | +0.37% | |
| 17 | AAPL | Apple Inc | Stock-Tech | 0.55% | +0.08% | -0.98% | |
| 18 | ORCL | Oracle CORP | Stock-Tech | 0.44% | +0.01% | — | |
| 19 | ICE | Intercontinental Exchange In | Stock-Financials | 0.36% | -0.07% | +2.63% | |
| 20 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 0.30% | +0.04% | -2.86% | |
| 21 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.26% | +0.09% | — | |
| 22 | CSCO | Cisco Systems Inc | Stock-Tech | 0.26% | +0.09% | — | |
| 23 | CINF | Cincinnati Financial CORP | Stock-Financials | 0.25% | +0.05% | — | |
| 24 | ETN | Eaton Corporation plc | Stock-Industrials | 0.19% | +0.04% | — | |
| 25 | RLI | Rli CORP | Stock-Financials | 0.13% | +0.01% | — | |
| 26 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.12% | -0.02% | -24.24% | |
| 27 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.11% | — | — | |
| 28 | CACI | Caci International Inc -cl A | Stock-Tech | 0.08% | -0.08% | -43.48% | |
| 29 | FRMI | Fermi Inc | Stock-Other | 0.06% | +0.06% | NEW |
Portfolio Performance
Performance for Q3 2026
+1.6%
Performance Last 4 Quarters
+3.3%
- Stdev
- +21%
- Beta
- +0.33
- Alpha
- +11.4%
- Max Drawdown
- -15.2%
- Annualized Perf
- +17.3%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +1.71
- Stutzer
- +0.26
- Treynor
- +0.54
- Sterling
- +0.88
- Calmar
- +1.13
- Information Ratio
- -0.08
- Tracking Error
- +22.2%
- Stdev Down
- +10.6%
- Winning Months %
- +52.8%
- Losing Months %
- +47.2%
- Best 12 Months
- +67.7%
- Worst 12 Months
- -8.8%
- Efficiency Ratio
- +0.43
- Sharpe
- +0.86
- Stdev Sectors
- +24%
- Skewness
- +0.52
- Kurtosis
- +2.11
- Upside Potential
- +3.11
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 30 | $268.1M | 0 | ||
| 2026 Q1 | 32 | $277.9M | 34 | ||
| 2025 Q4 | 35 | $219.6M | 13 | ||
| 2025 Q3 | 38 | $233.8M | 41 | ||
| 2025 Q2 | 24 | $223.3M | 0 | ||
| 2025 Q1 | 24 | $236.0M | 100 | ||
| 2024 Q4 | 26 | $215.2M | 0 | ||
| 2024 Q3 | 26 | $180.3M | 0 | ||
| 2024 Q2 | 27 | $149.3M | 0 | ||
| 2024 Q1 | 27 | $144.1M | 0 | ||
| 2023 Q4 | 26 | $107.7M | 0 | ||
| 2023 Q3 | 25 | $141.3M | 0 | ||
| 2023 Q2 | 27 | $135.3M | 0 | ||
| 2023 Q1 | 23 | $141.9M | 0 | ||
| 2022 Q4 | 26 | $172.4M | 0 | ||
| 2022 Q3 | 26 | $137.3M | 0 | ||
| 2022 Q2 | 27 | $127.9M | 0 | ||
| 2022 Q1 | 29 | $129.5M | 0 | ||
| 2021 Q4 | 29 | $131.2M | 0 | ||
| 2021 Q3 | 25 | $155.9M | 0 | ||
| 2021 Q2 | 25 | $155.9M | 98 | ||
| 2021 Q1 | 23 | $150.0M | 100 | ||
| 2020 Q4 | 23 | $101.8M | 38 | ||
| 2020 Q3 | 23 | $78.6M | 16 | ||
| 2020 Q2 | 21 | $87.2M | 33 | ||
| 2020 Q1 | 19 | $65.2M | 62 | ||
| 2019 Q4 | 23 | $117.0M | 14 | ||
| 2019 Q3 | 23 | $102.7M | 18 | ||
| 2019 Q2 | 28 | $114.2M | 6 | ||
| 2019 Q1 | 29 | $112.8M | 25 | ||
| 2018 Q4 | 28 | $90.5M | 37 | ||
| 2018 Q3 | 28 | $129.7M | 14 | ||
| 2018 Q2 | 29 | $120.5M | 21 | ||
| 2018 Q1 | 28 | $103.7M | 26 | ||
| 2017 Q4 | 24 | $91.3M | 12 | ||
| 2017 Q3 | 25 | $93.4M | 26 | ||
| 2017 Q2 | 28 | $85.8M | 23 | ||
| 2017 Q1 | 28 | $84.7M | 20 | ||
| 2016 Q4 | 33 | $77.5M | 29 | ||
| 2016 Q3 | 32 | $79.2M | 21 | ||
| 2016 Q2 | 31 | $79.8M | 35 | ||
| 2016 Q1 | 31 | $80.2M | 17 | ||
| 2015 Q4 | 33 | $80.0M | 34 | ||
| 2015 Q3 | 33 | $85.6M | 43 | ||
| 2015 Q2 | 35 | $121.6M | 10 | ||
| 2015 Q1 | 36 | $128.1M | 35 | ||
| 2014 Q4 | 39 | $125.3M | 38 | ||
| 2014 Q3 | 36 | $131.3M | 36 | ||
| 2014 Q2 | 35 | $136.2M | 24 | ||
| 2014 Q1 | 32 | $130.8M | 22 | ||
| 2013 Q4 | 32 | $134.2M | 18 | ||
| 2013 Q3 | 35 | $125.9M | 23 | ||
| 2013 Q2 | 34 | $114.0M | 0 |
Holding changes this quarter
Mad River Investors's most significant position changes for 2026-06-30: Sold out: Carnival CORP LTD (CCL1EUR); New buy: Carnival CORP LTD F; Sold out: Royal Gold Inc (RGLD); Sold out: Jpmorgan Chase & Co (JPM); Sold out: Vanguard Dividend Apprec ETF (VIG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | MIAX | Miami International Holdings | +2.9% | +255.69% | Add |
| 2 | PBT | Permian Basin Royalty Trust | +1.6% | +0.20% | Add |
| 3 | LB | Landbridge Co Llc-a | +1.3% | +0.59% | Add |
| 4 | ✓ | Carnival CORP LTD F | +1% | NEW | New buy |
| 5 | WBI | Waterbridge Infrastruc-cl A | +0.8% | -1.14% | Trim |
| 6 | PANW | Palo Alto Networks Inc | +0.4% | — | Unchanged |
| 7 | UNH | Unitedhealth Group Inc | +0.1% | — | Unchanged |
| 8 | CSCO | Cisco Systems Inc | +0.1% | — | Unchanged |
| 9 | AAPL | Apple Inc | +0.1% | -0.98% | Trim |
| 10 | FRMI | Fermi Inc | +0.1% | NEW | New buy |
| 11 | CINF | Cincinnati Financial CORP | +0.1% | — | Unchanged |
| 12 | ETN | Eaton Corporation plc | 0% | — | Unchanged |
| 13 | AMZN | Amazon.com Inc | 0% | -2.86% | Trim |
| 14 | RLI | Rli CORP | 0% | — | Unchanged |
| 15 | ORCL | Oracle CORP | 0% | — | Unchanged |
| 16 | JNJ | Johnson & Johnson | — | — | Unchanged |
| 17 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | -24.24% | Trim |
| 18 | CBOE | Cboe Global Markets Inc | -0.1% | +0.37% | Add |
| 19 | ICE | Intercontinental Exchange In | -0.1% | +2.63% | Add |
| 20 | VTI | Vanguard Total Stock Mkt ETF | -0.1% | -22.73% | Trim |
| 21 | CACI | Caci International Inc -cl A | -0.1% | -43.48% | Trim |
| 22 | VIG | Vanguard Dividend Apprec ETF | -0.1% | EXIT | Sold out |
| 23 | BTC | Grayscale Bitcoin Mini ETF | -0.1% | +0.37% | Add |
| 24 | FBTC | Fidelity Wise Origin Bitcoin | -0.2% | +0.04% | Add |
| 25 | JPM | Jpmorgan Chase & Co | -0.2% | EXIT | Sold out |
| 26 | RGLD | Royal Gold Inc | -0.2% | EXIT | Sold out |
| 27 | FNV | Franco-nevada CORP | -0.4% | -4.60% | Trim |
| 28 | HE | Hawaiian Electric Inds | -0.4% | +0.49% | Add |
| 29 | MSB | Mesabi Trust | -0.6% | +0.68% | Add |
| 30 | GBTC | Grayscale Bitcoin Trust ETF | -0.7% | — | Unchanged |
| 31 | CCL1EUR | Carnival CORP LTD | -1.5% | EXIT | Sold out |
| 32 | WPM | Wheaton Precious Metals CORP | -1.9% | -37.08% | Trim |
| 33 | TPL | Texas Pacific Land CORP | -2.1% | +0.07% | Add |
Filing History
FAQ
What is Mad River Investors and what type of investor is it?
Mad River Investors is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $268.1M, spread across 30 disclosed positions.
What are Mad River Investors's largest equity positions?
Based on the latest 13F filing, Mad River Investors's top holdings by market value are:
1. Texas Pacific Land CORP (TPL) — $124.9M (46.6%)
2. Permian Basin Royalty Trust (PBT) — $25.2M (9.4%)
3. Landbridge Co Llc-a (LB) — $21.2M (7.9%)
4. Hawaiian Electric Inds (HE) — $18.5M (6.9%)
5. Grayscale Bitcoin Trust ETF (GBTC) — $16.4M (6.1%)
What changes did Mad River Investors make in its most recent portfolio filing?
In the latest reported quarter, Mad River Investors made 24 notable position adjustments: 2 new positions were initiated, 10 existing holdings were added to, 8 positions were partially reduced, and 4 were completely exited. The largest of these moves: Sold out: Carnival CORP LTD (CCL1EUR); New buy: Carnival CORP LTD F; Sold out: Royal Gold Inc (RGLD); Sold out: Jpmorgan Chase & Co (JPM); Sold out: Vanguard Dividend Apprec ETF (VIG)
What sectors does Mad River Investors focus on?
Mad River Investors is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 75.3%
• Utilities: 11.2%
• Materials: 6.6%
• Information Technology: 3.3%
• Financials: 2.2%
• Health Care: 0.6%
Investment Profile
Mad River Investors returned an annualized 17.3% over the trailing 36 months — outperforming the S&P 500 by 11.4 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.33 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is concentrated and long-term-holding, with 75.3% of the portfolio concentrated in Energy.
It has added to its PBT position over the past two quarters (+$8.4M, now $25.2M), while trimming GBTC over the same stretch (-$8.2M, still holding $16.4M).
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