Mad River Investors
Institutional manager — quarterly 13F holdings, Q ending 2026-03-31
Reported value
$277.9M
Q ending 2026-03-31
Prior quarter
$219.6M
Q ending 2025-12-31
Change
+26.5% QoQ · +17.7% YoY
Positions
32
reported holdings
Largest positions
All 32 reported positions, Q ending 2026-03-31. A manager can hold shares, calls and puts on the same security at once — such positions are listed as separate rows. Type: Shares = common stock, Put/Call = option positions (valued at the underlying), Principal = debt. Tickers link to stock pages where covered.
| Holding | Ticker | Type | Value ▼ | Shares |
|---|---|---|---|---|
| Texas Pacific Land Corporati | TPL | Shares | $135.3M | 285K |
| Permian Basin Rty Tr | PBT | Shares | $21.6M | 1.0M |
| Hawaiian Elec Inds Inc Mtn B | HE | Shares | $19.5M | 1.3M |
| Grayscale Bitcoin Trust Etf | GBTC | Shares | $19.0M | 360K |
| Landbridge Company Llc | LB | Shares | $18.4M | 266K |
| Wheaton Precious Metals Corp | WPM | Shares | $11.7M | 89K |
| Mesabi Tr | MSB | Shares | $10.1M | 322K |
| Waterbridge Infrastructure L | WBI | Shares | $7.3M | 271K |
| Franco Nev Corp | FNV | Shares | $5.8M | 24K |
| Fidelity Wise Origin Bitcoin | FBTC | Shares | $4.2M | 70K |
| Carnival Corp | CCL1EUR | Shares | $4.0M | 156K |
| Miami Intl Hldgs Inc | MIAX | Shares | $3.2M | 81K |
| Vanguard Index Fds | VTI | Shares | $2.8M | 9K |
| Grayscale Bitcoin Mini Tr Et | BTC | Shares | $2.4M | 81K |
| Cboe Global Mkts Inc | CBOE | Shares | $1.9M | 7K |
| Apple Inc | AAPL | Shares | $1.3M | 5K |
| Intercontinental Exchange In | ICE | Shares | $1.2M | 8K |
| Oracle Corp | ORCL | Shares | $1.2M | 8K |
| Palo Alto Networks Inc | PANW | Shares | $879K | 5K |
| Amazon Com Inc | AMZN | Shares | $729K | 4K |
| Hawaiian Elec Inds Inc Mtn B | HE | Call | $696K | 47K |
| Royal Gold Inc | RGLD | Shares | $627K | 2K |
| Cincinnati Finl Corp | CINF | Shares | $566K | 4K |
| Cisco Sys Inc | CSCO | Shares | $466K | 6K |
| Unitedhealth Group Inc | UNH | Shares | $460K | 2K |
| Caci Intl Inc | CACI | Shares | $438K | 805 |
| Eaton Corp Plc | Shares | $429K | 1K | |
| Jpmorgan Chase & Co | JPM | Shares | $417K | 1K |
| Berkshire Hathaway Inc Del | BRK/B | Shares | $395K | 825 |
| Rli Corp | RLI | Shares | $342K | 6K |
| Johnson & Johnson | JNJ | Shares | $293K | 1K |
| Vanguard Specialized Funds | VIG | Shares | $215K | 1K |
Values as reported in public regulatory filings (USD); holdings are reported quarterly, up to 45 days after quarter end, and may contain reporting errors. Nothing here is investment advice.