How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to MAD RIVER INVESTORS

13F Portfolio OverlapQ1 2026MAD RIVER INVESTORS portfolio →

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Most similar hedge funds by 13F overlap

MAD RIVER INVESTORS is an institutional investor managing $278M across 32 U.S. equity positions as of Q1 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to MAD RIVER INVESTORS are HORIZON KINETICS ASSET, MSRH,, Atlas Wealth Partners,, with shared positions in $TPL, $GBTC, $LB, $HE, $WPM, $WBI. The full ranking of 25 similar funds is below.

#1HORIZON KINETICS ASSET MANAGEMENT LLCSmart money

Highly similar · 15 shared positions

$TPL $GBTC $LB $HE $WPM $WBI

$9.2B

353 positions

#2MSRH, LLCActive

Highly similar · 11 shared positions

$TPL $GBTC $LB $PBT $HE $MSB

$113M

29 positions

#3Atlas Wealth Partners, LLCActive

Highly similar · 11 shared positions

$TPL $GBTC $WPM $LB $PBT $FNV

$97M

65 positions

#4EagleClaw Capital Managment, LLCActive

Substantial overlap · 12 shared positions

$TPL $WPM $GBTC $LB $FNV $BTC

$714M

145 positions

#5One Charles Private Wealth Services, LLCActive

Substantial overlap · 5 shared positions

$TPL $LB $GBTC $BTC $HUM

$400M

159 positions

#6SCHWARTZ INVESTMENT COUNSEL INCActive

Notable overlap · 5 shared positions

$TPL $WBI $LB $WPM $FNV

$2.8B

129 positions

#7PROMETHIUM ADVISORS,LLCPassive

Notable overlap · 7 shared positions

$TPL $LB $WBI $HE $PBT $CBOE

$193M

112 positions

#8Citrine Capital LLCActive

Notable overlap · 3 shared positions

$GBTC $FBTC $BTC

$231M

58 positions

#9Redwood Family Wealth LLCPassive

Notable overlap · 3 shared positions

$TPL $UNH $HUM

$102M

102 positions

#10NCM Capital Management, LLCPassive

Some overlap · 3 shared positions

$TPL $WPM $ETN

$279M

185 positions

#11Fielder Capital Group LLCPassive

Some overlap · 4 shared positions

$TPL $GBTC $BTC $WPM

$459M

290 positions

#12Guild Investment Management, Inc.Active

Some overlap · 5 shared positions

$GBTC $FBTC $BTC $TPL $WPM

$140M

47 positions

#13PRING TURNER CAPITAL GROUP INCPassive

Some overlap · 5 shared positions

$WPM $TPL $FNV $RGLD $ETN

$166M

72 positions

#14PECAUT & CO.Active

Some overlap · 8 shared positions

$TPL $WBI $WPM $ICE $LB $MSB

$308M

66 positions

#15HATCH COVE CAPITAL, LLCActive

Some overlap · 3 shared positions

$WPM $FNV $RGLD

$262M

19 positions

#16Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A.Active

Some overlap · 3 shared positions

$WPM $FNV $RGLD

$56M

38 positions

#17CORTLAND ASSOCIATES INC/MOActive

Some overlap · 4 shared positions

$LB $TPL $ICE $FNV

$697M

62 positions

#18SPROTT INC.Active

Some overlap · 4 shared positions

$WPM $FNV $TPL $RGLD

$3.4B

243 positions

#19SLT Holdings LLCPassive

Some overlap · 4 shared positions

$GBTC $BTC $UNH $HUM

$148M

136 positions

#20Moors & Cabot, Inc.Passive

Some overlap · 5 shared positions

$TPL $GBTC $LB $PBT $ETN

$2.3B

927 positions

#21KLEIN PAVLIS & PEASLEY FINANCIAL, INC.Passive

Some overlap · 3 shared positions

$WPM $FNV $CINF

$181M

93 positions

#22TMB Capital Partners, LLCPassive

Some overlap · 4 shared positions

$TPL $WPM $UNH $ETN

$297M

176 positions

#23McAlvany Wealth Management LLCPassive

Some overlap · 3 shared positions

$WPM $FNV $RGLD

$149M

42 positions

#24Summit Street Capital Management, LLCActive

Some overlap · 3 shared positions

$TPL $LB $HUM

$707M

31 positions

#25Intellus Advisors LLCActive

Some overlap · 3 shared positions

$WPM $FNV $HUM

$732M

125 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.