MAD RIVER INVESTORS
Sector Allocation
- Financials82.6%$202.5M
- Utilities4.8%$11.8M
- Materials4.5%$11.0M
- Energy3.1%$7.6M
- Technology2.4%$5.9M
- Real Estate0.8%$2.0M
- Other0.7%$1.7M
- Industrials0.4%$973,990
- Healthcare0.4%$941,724
- Consumer Discretionary0.3%$847,110
AUM History
13fpro.ai/research/fund/mad-river-investors-1384484
Conviction and streaks
Diversifying · top 10 = 88.9%From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.
Largest positions — Q3 2026
TPL
$92.8MPBT
$33.3MGBTC
$23.0MLB
$21.6MHE
$11.8MMIAX
$10.0MWBI
$7.6MMSB
$6.4MWPM
$6.0MFBTC
$5.7MFNV
$5.0MBTC
$3.0MSJT
$2.2MPANW
$2.2MFRMI
$2.0MAAPL
$1.9MCBOE
$1.8M- VANGUARD$1.7M
ICE
$1.2MORCL
$1.1M
Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.
13fpro.ai/research/fund/mad-river-investors-1384484
MAD RIVER INVESTORS 13F holdings — Q3 2026
$245.7M portfolio (-8.4% QoQ) · 31 holdings · Q3 2026 13F · top 10 are 89% of the stock portfolio
Includes $436K of put/call options ($0 puts, $436K calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $245.3M. Weights use the stock portfolio.
$92.8M
37.8% of stocks
-0.2%This quarter0.0%Since filed11+ qtrsHeld$33.3M
13.6% of stocks
+5%This quarter0.0%Since filed11+ qtrsHeld$23.0M
9.4% of stocks
-1%This quarter0.0%Since filed11+ qtrsHeld$21.6M
8.8% of stocks
-0.5%This quarter0.0%Since filed9 qtrsHeld$11.8M
4.8% of stocks
-0.2%This quarter0.0%Since filed8 qtrsHeld$10.0M
4.1% of stocks
+3%This quarter0.0%Since filed5 qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialAdded 3 qtrs in a row$7.6M
3.1% of stocks
+0.4%This quarter0.0%Since filed5 qtrsHeld$6.4M
2.6% of stocks
+1%This quarter0.0%Since filed11+ qtrsHeld$6.0M
2.5% of stocks
-20%This quarter0.0%Since filed11+ qtrsHeldAIQualityAI quality score is Pro: unlock with a free trialEst. buyEstimated buy price is Pro: unlock with a free trialTrimmed 3 qtrs in a row$5.7M
2.3% of stocks
+11%This quarter0.0%Since filed11+ qtrsHeld
All holdings — MAD RIVER INVESTORS (Q3 2026)
31 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.
| # | Company | Held | Source | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 11 | FRANCO NEVADA Corp | Materials | $5.0M | 2.0% | 21K | -6% | 11+ qtrsTrimmed 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 12 | Grayscale Bitcoin Mini Trust ETF | Financials | $3.0M | 1.2% | 82K | — | 8 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 13 | SAN JUAN BASIN ROYALTY TRUSTlp unit | Financials | $2.2M | 0.9% | 598K | New | 1 qtr | AI quality score is Pro: unlock with a free trial | 13F | |
| 14 | Palo Alto Networks Inc | Technology | $2.2M | 0.9% | 5,484 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 15 | Fermi Inc. | Real Estate | $2.0M | 0.8% | 483K | +2828% | 2 qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 16 | Apple Inc. | Technology | $1.9M | 0.8% | 5,847 | +16% | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 17 | Cboe Global Markets, Inc. | Financials | $1.8M | 0.8% | 6,680 | -0.4% | 11+ qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 18 | — | VANGUARD INDEX FDS - MRNGSTR TTL STKetf/fund | — | $1.7M | 0.7% | 4,600 | -32% | — | — | 13F |
| 19 | Intercontinental Exchange, Inc. | Financials | $1.2M | 0.5% | 8,001 | +2% | 11+ qtrsAdded 2 qtrs in a row | AI quality score is Pro: unlock with a free trial | 13F | |
| 20 | ORACLE CORP | Technology | $1.1M | 0.5% | 8,050 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 21 | AMAZON COM INC | Consumer Discretionary | $847K | 0.3% | 3,400 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 22 | CISCO SYSTEMS, INC. | Technology | $646K | 0.3% | 6,000 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 23 | UNITEDHEALTH GROUP INC | Healthcare | $624K | 0.3% | 1,700 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 24 | CINCINNATI FINANCIAL CORP | Financials | $574K | 0.2% | 3,600 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 25 | Eaton Corp plc | Industrials | $516K | 0.2% | 1,200 | — | 5 qtrs | AI quality score is Pro: unlock with a free trial | 13F | |
| 26 | $CCL | Carnival Corp Ltd. | Industrials | $458K | 0.2% | 19K | -80% | |||
| 27 | $HE CALL | HAWAIIAN ELECTRIC INDUSTRIES INC | Utilities | $436K | — | 49K | — | |||
| 28 | $BRK.B | BERKSHIRE HATHAWAY INC | Financials | $386K | 0.2% | 775 | +24% | |||
| 29 | $RLI | RLI CORP | Financials | $332K | 0.1% | 6,000 | — | |||
| 30 | $JNJ | JOHNSON & JOHNSON | Healthcare | $318K | 0.1% | 1,200 | — | |||
| 31 | $RGLD | ROYAL GOLD INC | Financials | $222K | 0.1% | 940 | New |
What changed in Q3 2026
Against the previous quarter's 13F: 2 new, 9 added to, 9 trimmed, 1 sold out. Share-count changes; largest moves by dollar size first.
New positions (2)
Added to (9)
now $2.0M · held 2 qtrs, 2 adds in a row
now $33.3M · held 11+ qtrs
now $5.7M · held 11+ qtrs
now $10.0M · held 5 qtrs, 3 adds in a row
now $1.9M · held 5 qtrs
$BRK.BBERKSHIRE HATHAWAY INC+24%
now $386K · held 11+ qtrs
+3 more in the Excel export
Trimmed (9)
$CCLCarnival Corp Ltd.-80%
now $458K · held 11+ qtrs, 2 trims in a row
now $6.0M · held 11+ qtrs, 3 trims in a row
- VANGUARD INDEX FDS - MRNGSTR TTL STK-32%
now $1.7M
now $5.0M · held 11+ qtrs, 2 trims in a row
now $23.0M · held 11+ qtrs
now $92.8M · held 11+ qtrs
+3 more in the Excel export
Sold out (1)
$CACICACI INTERNATIONAL INC /DE/was $211K
held 10+ qtrs
Holdings by quarter
Every 13F MAD RIVER INVESTORS has filed, 42 earlier quarters. Pick one to see what it held then.
Is it too late to follow MAD RIVER INVESTORS?
Q3 2026 13F filed with the SEC on Oct 27, 2026. Prices are closing prices as of Oct 26, 2026.
Average quality of MAD RIVER INVESTORS's top 20 holdings: 67/100 (our AI quality score, weighted by position size; 12 of the 20 are scored)
Top 10 since filing
0.0%
Value-weighted move of the 10 largest stock positions
Turnover
2%
Last quarter; 7% over the last 4
Top 10 weight
89%
Share of the stock portfolio in its 10 largest positions
Held 4+ quarters
98%
Share of portfolio value in positions held a year or more
Highest-quality names it owns(among its 100 largest positions)
The 8 highest-scoring companies in this portfolio are a Pro feature.
How these are measured
- Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
- Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
- Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
- Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
- Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.
Portfolio Overview
MAD RIVER INVESTORS disclosed 31 positions worth $245.7M in its Form 13F-HR for Q3 2026 — $245.3M in common stock plus $436,272 of put/call option positions (reported at underlying notional value, not premium at risk), led by $TPL (Texas Pacific Land Corp) at 37.8% of the equity portfolio, followed by $PBT and $GBTC. During the quarter the fund opened 2 new positions and exited 1 — including a new stake in $SJT and a full exit from $CACI. The portfolio is most concentrated in Financials (82.6% of disclosed assets). All figures are sourced directly from MAD RIVER INVESTORS’s Form 13F-HR filing with the SEC under CIK 1384484.
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