MAD RIVER INVESTORS
13F Reported Value
ⓘ$277.9M
incl. option notional
Equity Holdings
ⓘ$277.2M
Option Notional
ⓘ$695,996
$0 puts / $695,996 calls
Holdings
32
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
MAD RIVER INVESTORS disclosed 32 positions worth $277.9M in its Form 13F-HR for Q1 2026 — $277.2M in common stock plus $695,996 of put/call option positions (reported at underlying notional value, not premium at risk), led by $TPL (Texas Pacific Land Corp) at 48.8% of the equity portfolio, followed by $PBT and $HE. During the quarter the fund opened 0 new positions and exited 3 and a full exit from $C. The portfolio is most concentrated in Financials (79.2% of disclosed assets). All figures are sourced directly from MAD RIVER INVESTORS’s Form 13F-HR filing with the SEC under CIK 1384484.
AI Fund Analysis
ConcentratingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- 79.1#63
Quality
$135.3M285,120 sh - —
Quality
$21.6M1,003,140 sh - 48.0#1,577
Quality
$19.5M1,317,050 sh - —
Quality
$19.0M360,139 sh - 62.6
Quality
$18.4M266,385 sh - —
Quality
$11.7M89,271 sh - —
Quality
$10.1M321,546 sh - —
Quality
$7.3M270,900 sh - —
Quality
$5.8M23,590 sh - $4.2M70,339 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Texas Pacific Land Corp$TPL | 79.1#63 | $135.3M | 285,120 |
 PERMIAN BASIN ROYALTY TRUST$PBT | — | $21.6M | 1,003,140 |
 HAWAIIAN ELECTRIC INDUSTRIES INC$HE | 48.0#1,577 | $19.5M | 1,317,050 |
 Grayscale Bitcoin Trust ETF$GBTC | — | $19.0M | 360,139 |
 LandBridge Co LLC$LB | 62.6 | $18.4M | 266,385 |
 Wheaton Precious Metals Corp.$WPM | — | $11.7M | 89,271 |
 MESABI TRUST$MSB | — | $10.1M | 321,546 |
 WaterBridge Infrastructure LLC$WBI | — | $7.3M | 270,900 |
 FRANCO NEVADA Corp$FNV | — | $5.8M | 23,590 |
 Fidelity Wise Origin Bitcoin Fund$FBTC | — | $4.2M | 70,339 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of MAD RIVER INVESTORS's 32 positions.
Showing top 10 of 32 holdings.
Sector Allocation
Financials
$219.6M
Utilities
$19.5M
Materials
$17.5M
Energy
$7.3M
Industrials
$4.5M
Technology
$4.3M
Other
$3.0M
Healthcare
$753,331
Full Holdings — MAD RIVER INVESTORS (Q1 2026)
All 32 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $TPL | Texas Pacific Land Corp | $135.3M | 48.8% | -0% | 79.1 |
| 2 | $PBT | PERMIAN BASIN ROYALTY TRUST | $21.6M | 7.8% | +2% | — |
| 3 | $HE | HAWAIIAN ELECTRIC INDUSTRIES INC | $19.5M | 7.0% | +3% | 48 |
| 4 | $GBTC | Grayscale Bitcoin Trust ETF | $19.0M | 6.9% | -0% | — |
| 5 | $LB | LandBridge Co LLC | $18.4M | 6.6% | +1% | 62.6 |
| 6 | $WPM | Wheaton Precious Metals Corp. | $11.7M | 4.2% | -9% | — |
| 7 | $MSB | MESABI TRUST | $10.1M | 3.6% | +8% | — |
| 8 | $WBI | WaterBridge Infrastructure LLC | $7.3M | 2.6% | +5% | — |
| 9 | $FNV | FRANCO NEVADA Corp | $5.8M | 2.1% | -0% | — |
| 10 | $FBTC | Fidelity Wise Origin Bitcoin Fund | $4.2M | 1.5% | -1% | — |
| 11 |  $CCL | Carnival Corp Ltd. | $4.0M | 1.5% | +0% | — |
| 12 |  $MIAX | MIAMI INTERNATIONAL HOLDINGS, INC. | $3.2M | 1.1% | +8% | — |
| 13 | — | VANGUARD INDEX FDS | $2.8M | 1.0% | -27% | — |
| 14 |  $BTC | Grayscale Bitcoin Mini Trust ETF | $2.4M | 0.9% | +5% | — |
| 15 |  $CBOE | Cboe Global Markets, Inc. | $1.9M | 0.7% | -0% | 81.2 |
| 16 |  $AAPL | Apple Inc. | $1.3M | 0.5% | +0% | 76.1 |
| 17 |  $ICE | Intercontinental Exchange, Inc. | $1.2M | 0.4% | +0% | 73.8 |
| 18 |  $ORCL | ORACLE CORP | $1.2M | 0.4% | +0% | 67.2 |
| 19 |  $PANW | Palo Alto Networks Inc | $879,195 | 0.3% | +0% | 66.5 |
| 20 |  $AMZN | AMAZON COM INC | $728,945 | 0.3% | +0% | 74.6 |
| 21 | $HECALL | HAWAIIAN ELECTRIC INDUSTRIES INC | $695,996 | — | +230% | 48 |
| 22 |  $RGLD | ROYAL GOLD INC | $626,812 | 0.2% | -7% | 79.4 |
| 23 |  $CINF | CINCINNATI FINANCIAL CORP | $566,460 | 0.2% | +0% | 77 |
| 24 |  $CSCO | CISCO SYSTEMS, INC. | $465,540 | 0.2% | +0% | 72.3 |
| 25 |  $UNH | UNITEDHEALTH GROUP INC | $460,003 | 0.2% | +0% | 66.8 |
| 26 |  $CACI | CACI INTERNATIONAL INC /DE/ | $437,816 | 0.2% | +0% | 66.7 |
| 27 |  $ETN | Eaton Corp plc | $429,204 | 0.1% | +0% | — |
| 28 |  $JPM | JPMORGAN CHASE & CO | $416,825 | 0.1% | +1% | 35.6 |
| 29 |  $BRK.B | BERKSHIRE HATHAWAY INC | $395,340 | 0.1% | -27% | 64.5 |
| 30 |  $RLI | RLI CORP | $342,240 | 0.1% | -20% | 73.8 |
| 31 |  $JNJ | JOHNSON & JOHNSON | $293,328 | 0.1% | +0% | 72.8 |
| 32 | — | VANGUARD SPECIALIZED FUNDS | $215,060 | 0.1% | -38% | — |
Browse Top Institutional Investors
13F Pro tracks 8,700+ institutional investors filing 13F reports with the SEC.
to search all 8,700+ institutional filers.
Available Analysis
13F Pro tracks comprehensive institutional data for MAD RIVER INVESTORS including:
Track MAD RIVER INVESTORS's Full Portfolio
See every holding, quarter-over-quarter changes, sector allocation, and accumulation patterns for MAD RIVER INVESTORS and 8,700+ other institutional investors.
Free tier includes full 13F search and fund profiles. Pro starts at $6.67/mo (billed annually).
AI-Powered Hedge Fund Analysis: MAD RIVER INVESTORS
13F Pro is an AI hedge fund tracker and stock research platform. For MAD RIVER INVESTORS (SEC CIK: 1384484), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.
Every holding in MAD RIVER INVESTORS's portfolio is scored on a 32-signal AI quality ranking (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.