MAD RIVER INVESTORS
13F Reported Value
ⓘ$268.1M
incl. option notional
Equity Holdings
ⓘ$267.4M
Option Notional
ⓘ$660,264
$0 puts / $660,264 calls
Holdings
30
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
MAD RIVER INVESTORS disclosed 30 positions worth $268.1M in its Form 13F-HR for Q2 2026 — $267.4M in common stock plus $660,264 of put/call option positions (reported at underlying notional value, not premium at risk), led by $TPL (Texas Pacific Land Corp) at 46.7% of the equity portfolio, followed by $PBT and $LB. During the quarter the fund opened 1 new position and exited 3 — including a new stake in $FRMI and a full exit from $RGLD. The portfolio is most concentrated in Financials (80.8% 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
StableSector 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 — Q2 2026
Click any card to unlockTop Holdings
- 73.0#141
Quality
$124.9M285,330 sh - —
Quality
$25.2M1,005,152 sh - 63.1#659
Quality
$21.2M267,953 sh - 42.5
Quality
$17.9M1,321,850 sh - —
Quality
$16.4M360,139 sh - 66.3
Quality
$10.7M289,000 sh - 54.6
Quality
$9.2M267,801 sh - 50.2
Quality
$8.2M323,735 sh - —
Quality
$6.3M56,173 sh - —
Quality
$4.7M22,506 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Texas Pacific Land Corp$TPL | 73.0#141 | $124.9M | 285,330 |
 PERMIAN BASIN ROYALTY TRUST$PBT | — | $25.2M | 1,005,152 |
 LandBridge Co LLC$LB | 63.1#659 | $21.2M | 267,953 |
 HAWAIIAN ELECTRIC INDUSTRIES INC$HE | 42.5 | $17.9M | 1,321,850 |
 Grayscale Bitcoin Trust ETF$GBTC | — | $16.4M | 360,139 |
 MIAMI INTERNATIONAL HOLDINGS, INC.$MIAX | 66.3 | $10.7M | 289,000 |
 WaterBridge Infrastructure LLC$WBI | 54.6 | $9.2M | 267,801 |
 MESABI TRUST$MSB | 50.2 | $8.2M | 323,735 |
 Wheaton Precious Metals Corp.$WPM | — | $6.3M | 56,173 |
 FRANCO NEVADA Corp$FNV | — | $4.7M | 22,506 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of MAD RIVER INVESTORS's 30 positions.
Showing top 10 of 30 holdings.
Sector Allocation
Financials
$216.2M
Utilities
$17.9M
Materials
$11.0M
Energy
$9.2M
Technology
$5.4M
Industrials
$3.2M
Other
$2.5M
Healthcare
$1.0M
Full Holdings — MAD RIVER INVESTORS (Q2 2026)
All 30 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 | $124.9M | 46.7% | +0% | 73 |
| 2 | $PBT | PERMIAN BASIN ROYALTY TRUST | $25.2M | 9.4% | +0% | — |
| 3 | $LB | LandBridge Co LLC | $21.2M | 7.9% | +1% | 63.1 |
| 4 | $HE | HAWAIIAN ELECTRIC INDUSTRIES INC | $17.9M | 6.7% | +0% | 42.5 |
| 5 | $GBTC | Grayscale Bitcoin Trust ETF | $16.4M | 6.1% | +0% | — |
| 6 | $MIAX | MIAMI INTERNATIONAL HOLDINGS, INC. | $10.7M | 4.0% | +256% | 66.3 |
| 7 | $WBI | WaterBridge Infrastructure LLC | $9.2M | 3.4% | -1% | 54.6 |
| 8 | $MSB | MESABI TRUST | $8.2M | 3.1% | +1% | 50.2 |
| 9 | $WPM | Wheaton Precious Metals Corp. | $6.3M | 2.4% | -37% | — |
| 10 | $FNV | FRANCO NEVADA Corp | $4.7M | 1.8% | -5% | — |
| 11 |  $FBTC | Fidelity Wise Origin Bitcoin Fund | $3.6M | 1.3% | +0% | — |
| 12 |  $CCL | Carnival Corp Ltd. | $2.7M | 1.0% | -39% | — |
| 13 | — | VANGUARD INDEX FDS - TOTAL STK MKT | $2.5M | 0.9% | -23% | — |
| 14 |  $BTC | Grayscale Bitcoin Mini Trust ETF | $2.1M | 0.8% | +0% | — |
| 15 |  $PANW | Palo Alto Networks Inc | $1.9M | 0.7% | +0% | 65.5 |
| 16 |  $CBOE | Cboe Global Markets, Inc. | $1.6M | 0.6% | +0% | 79.2 |
| 17 |  $AAPL | Apple Inc. | $1.5M | 0.6% | -1% | 76.4 |
| 18 |  $ORCL | ORACLE CORP | $1.2M | 0.4% | +0% | 66.2 |
| 19 |  $ICE | Intercontinental Exchange, Inc. | $965,876 | 0.4% | +3% | 73.7 |
| 20 |  $AMZN | AMAZON COM INC | $810,356 | 0.3% | -3% | 68.7 |
| 21 |  $UNH | UNITEDHEALTH GROUP INC | $706,571 | 0.3% | +0% | 62.7 |
| 22 |  $CSCO | CISCO SYSTEMS, INC. | $704,760 | 0.3% | +0% | 70.3 |
| 23 |  $CINF | CINCINNATI FINANCIAL CORP | $666,504 | 0.3% | +0% | 84.3 |
| 24 | $HECALL | HAWAIIAN ELECTRIC INDUSTRIES INC | $660,264 | — | +4% | 42.5 |
| 25 |  $ETN | Eaton Corp plc | $511,344 | 0.2% | +0% | — |
| 26 |  $RLI | RLI CORP | $354,420 | 0.1% | +0% | 74.5 |
| 27 |  $BRK.B | BERKSHIRE HATHAWAY INC | $312,744 | 0.1% | -24% | 73.8 |
| 28 |  $JNJ | JOHNSON & JOHNSON | $304,764 | 0.1% | +0% | 69 |
| 29 |  $CACI | CACI INTERNATIONAL INC /DE/ | $210,784 | 0.1% | -43% | 65 |
| 30 |  $FRMI | Fermi Inc. | $151,140 | 0.1% | NEW | — |
New Positions (1)
$FRMI Fermi Inc.$151,140
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