CIK: 0002122489
Total reported value
$112.9M
Reporting period: 2026-03-31 · Number of holdings: 29
MSRH, LLC disclosed 29 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $112.9M and a quarterly turnover rate of 39.9%.
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Msrh, LLC's disclosed holdings carry a Herfindahl concentration index of 0.440 — mathematically equivalent to about 2 equally-sized positions, well below its 29 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 3.49), 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 65% 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.
Add TPL
-0.5% $27.8M
Trim GBTC
-0.6% -$6.7M
Trim BTC
0.0% -$902.0K
Trim MSB
0.0% -$316.7K
Add LB
-0.1% $1.9M
Trim HHH
-16.7% -$194.8K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | Stock-Energy | 62.83% | +14.67% | -0.51% | |
| 2 | GBTC | Grayscale Bitcoin Trust ETF | ETF-Crypto | 19.61% | -12.60% | -0.58% | |
| 3 | LB | Landbridge Co Llc-a | Stock-Other | 5.73% | +0.60% | -0.12% | |
| 4 | PBT | Permian Basin Royalty Trust | Stock-Other | 4.58% | +0.05% | +0.54% | |
| 5 | BTC | Grayscale Bitcoin Mini ETF | ETF-Crypto | 2.74% | -1.72% | — | |
| 6 | HE | Hawaiian Electric Inds | Stock-Utilities | 2.20% | +0.17% | +13.08% | |
| 7 | MSB | Mesabi Trust | Stock-Other | 1.26% | -0.68% | — | |
| 8 | HHH | Howard Hughes Holdings INC | Stock-Real Estate | 0.34% | -0.30% | -16.67% | |
| 9 | WBI | Waterbridge Infrastruc-cl A | Stock-Other | 0.30% | +0.02% | — | |
| 10 | MIAX | Miami International Holdings | Stock-Other | 0.25% | +0.25% | NEW | |
| 11 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 0.06% | -0.05% | — | |
| 12 | CVEO | Civeo CORP | Stock-Other | 0.03% | — | — | |
| 13 | SEG | Seaport Entertainment Group | Stock-Other | 0.02% | -0.01% | — | |
| 14 | CCL1EUR | Carnival CORP LTD | Stock-Consumer Disc | 0.01% | +0.01% | NEW | |
| 15 | ✓ | Royal Caribbean Group | Stock-Other | 0.01% | +0.01% | NEW | |
| 16 | BKKT | Bakkt INC | Stock-Other | 0.01% | — | — | |
| 17 | ARLP | Alliance Resource Partners | Stock-Other | 0.01% | — | — | |
| 18 | WPM | Wheaton Precious Metals CORP | Stock-Materials | 0.01% | -0.18% | -96.90% | |
| 19 | IBIT | Ishares Bitcoin Trust ETF | ETF-Crypto | — | -0.01% | — | |
| 20 | NG | Novagold Resources INC | Stock-Other | — | — | — | |
| 21 | TRC | Tejon Ranch Co | Stock-Other | — | — | — | |
| 22 | CRCL | Circle Internet Group INC | Stock-Financials | — | — | +500.00% | |
| 23 | SLV | Ishares Silver Trust | ETF-Commodities | — | — | — | |
| 24 | BUR | Burford Capital Limited | Stock-Other | — | — | NEW | |
| 25 | TMQ | Trilogy Metals INC | Stock-Other | — | — | — | |
| 26 | FRMI | Fermi INC | Stock-Other | — | — | +128.57% | |
| 27 | PAA | Plains All Amer Pipeline LP | Stock-Energy | — | — | — | |
| 28 | ET | Energy Transfer LP | Stock-Energy | — | — | — | |
| 29 | CNTN | Canton Strategic Holdings In | Stock-Other | — | — | NEW |
Performance for Q3 2026
—
Performance Last 4 Quarters
—
Based on 0 months of available history
Based on 16% of reported portfolio value with available pricing
Msrh, LLC's most significant position changes for 2026-03-31: New buy: Miami International Holdings (MIAX); Sold out: Liberty Media Corp-formula-a (FWONA); Sold out: Franco-nevada CORP (FNV); New buy: Carnival CORP LTD (CCL1EUR); New buy: Royal Caribbean Group.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | TPL | Texas Pacific Land CORP | +14.7% | -0.51% | Trim |
| 2 | LB | Landbridge Co Llc-a | +0.6% | -0.12% | Trim |
| 3 | HE | Hawaiian Electric Inds | +0.2% | +13.08% | Add |
| 4 | PBT | Permian Basin Royalty Trust | +0.1% | +0.54% | Add |
| 5 | WBI | Waterbridge Infrastruc-cl A | 0% | — | Unchanged |
| 6 | CVEO | Civeo CORP | — | — | Unchanged |
| 7 | BKKT | Bakkt INC | — | — | Unchanged |
| 8 | ARLP | Alliance Resource Partners | — | — | Unchanged |
| 9 | CRCL | Circle Internet Group INC | — | +500.00% | Add |
| 10 | TRC | Tejon Ranch Co | — | — | Unchanged |
| 11 | NG | Novagold Resources INC | — | — | Unchanged |
| 12 | FRMI | Fermi INC | — | +128.57% | Add |
| 13 | TMQ | Trilogy Metals INC | — | — | Unchanged |
| 14 | SLV | Ishares Silver Trust | — | — | Unchanged |
| 15 | PAA | Plains All Amer Pipeline LP | — | — | Unchanged |
| 16 | ET | Energy Transfer LP | — | — | Unchanged |
| 17 | SEG | Seaport Entertainment Group | 0% | — | Unchanged |
| 18 | IBIT | Ishares Bitcoin Trust ETF | 0% | — | Unchanged |
| 19 | NVO | Novo-nordisk A/s-spons Adr | -0.1% | — | Unchanged |
| 20 | WPM | Wheaton Precious Metals CORP | -0.2% | -96.90% | Trim |
| 21 | HHH | Howard Hughes Holdings INC | -0.3% | -16.67% | Trim |
| 22 | MSB | Mesabi Trust | -0.7% | — | Unchanged |
| 23 | BTC | Grayscale Bitcoin Mini ETF | -1.7% | — | Unchanged |
| 24 | GBTC | Grayscale Bitcoin Trust ETF | -12.6% | -0.58% | Trim |
| 25 | MIAX | Miami International Holdings | — | NEW | New buy |
| 26 | FWONA | Liberty Media Corp-formula-a | — | EXIT | Sold out |
| 27 | FNV | Franco-nevada CORP | — | EXIT | Sold out |
| 28 | CCL1EUR | Carnival CORP LTD | — | NEW | New buy |
| 29 | ✓ | Royal Caribbean Group | — | NEW | New buy |
| 30 | BATRK | Atlanta Braves Holdings In-c | — | EXIT | Sold out |
| 31 | BUR | Burford Capital Limited | — | NEW | New buy |
| 32 | CNTN | Canton Strategic Holdings In | — | NEW | New buy |
| 33 | GLIBA | Liberty Capital CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-11 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-04-06 | 13F-HR | View on EDGAR |
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