Funds › MAD River Investors
MAD River Investors
13F for Q3 2026, filed Oct 27, 2026. 30 positions worth $245.7M.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
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Holdings, Q3 2026
Largest first. Common shares only.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | TPL Texas Pacific Land Corporation | 284,771 | $92.8M | 37.8% | -0.2% | 13F ↗ |
| 2 | PBT Permian Basin Royalty Trust · Units | 1.06M | $33.3M | 13.5% | +5.1% | 13F ↗ |
| 3 | GBTC Grayscale Bitcoin Trust · Shs Rep Com Ut | 355,444 | $23.0M | 9.3% | -1.3% | 13F ↗ |
| 4 | LB LandBridge Corporation | 266,705 | $21.6M | 8.8% | -0.5% | 13F ↗ |
| 5 | HE Hawaiian Electric Industries, Inc. | 1.32M | $11.8M | 4.8% | -0.2% | 13F ↗ |
| 6 | MIAX Miami International Holdings, Inc. | 297,157 | $10.0M | 4.1% | +2.8% | 13F ↗ |
| 7 | WBI WaterBridge Infrastructure LLC | 268,751 | $7.6M | 3.1% | +0.4% | 13F ↗ |
| 8 | MSB Mesabi Trust · Ctf Ben Int | 327,316 | $6.4M | 2.6% | +1.1% | 13F ↗ |
| 9 | WPM Wheaton Precious Metals Corp | 45,024 | $6.0M | 2.5% | -19.8% | 13F ↗ |
| 10 | FBTC Fidelity Wise Origin Bitcoin Fund | 78,429 | $5.7M | 2.3% | +11.5% | 13F ↗ |
| 11 | FNV Franco-Nevada Corporation | 21,057 | $5.0M | 2.0% | -6.4% | 13F ↗ |
| 12 | BTC Grayscale Bitcoin Mini Trust | 81,517 | $3.0M | 1.2% | Unchanged | 13F ↗ |
| 13 | SJT San Juan Basin Royalty Trust · Units | 597,500 | $2.2M | 0.9% | New | 13F ↗ |
| 14 | PANW Palo Alto Networks, Inc. | 5,484 | $2.2M | 0.9% | Unchanged | 13F ↗ |
| 15 | FRMI Fermi Inc. | 483,200 | $2.0M | 0.8% | +2828% | 13F ↗ |
| 16 | AAPL Apple Inc. | 5,847 | $1.9M | 0.8% | +15.8% | 13F ↗ |
| 17 | CBOE Cboe Global Markets, Inc. | 6,680 | $1.8M | 0.7% | -0.4% | 13F ↗ |
| 18 | Vanguard Index Fds Mrngstr Ttl Stk | 4,600 | $1.7M | 0.7% | -32.4% | 13F ↗ |
| 19 | ICE Intercontinental Exchange Inc. | 8,001 | $1.2M | 0.5% | +2.0% | 13F ↗ |
| 20 | ORCL Oracle Corporation | 8,050 | $1.1M | 0.4% | Unchanged | 13F ↗ |
| 21 | AMZN Amazon.com, Inc. | 3,400 | $847.1K | 0.3% | Unchanged | 13F ↗ |
| 22 | CSCO Cisco Systems, Inc. | 6,000 | $645.8K | 0.3% | Unchanged | 13F ↗ |
| 23 | UNH UnitedHealth Group Incorporated | 1,700 | $624.0K | 0.3% | Unchanged | 13F ↗ |
| 24 | CINF Cincinnati Financial Corporation | 3,600 | $573.7K | 0.2% | Unchanged | 13F ↗ |
| 25 | ETN Eaton Corporation, PLC | 1,200 | $515.7K | 0.2% | Unchanged | 13F ↗ |
| 26 | CCL Carnival Corporation Ltd. | 18,677 | $458.3K | 0.2% | -80.4% | 13F ↗ |
| 27 | BRK-B Berkshire Hathaway Inc. Class B | 775 | $385.9K | 0.2% | +24.0% | 13F ↗ |
| 28 | RLI RLI Corp. | 6,000 | $331.9K | 0.1% | Unchanged | 13F ↗ |
| 29 | JNJ Johnson & Johnson | 1,200 | $317.7K | 0.1% | Unchanged | 13F ↗ |
| 30 | RGLD Royal Gold, Inc. | 940 | $221.8K | 0.1% | New | 13F ↗ |
Changes since Q2 2026
2 new, 9 added to, 9 trimmed, 1 exited, 10 unchanged. By estimated dollars.
New positions (2)
Added to (9)
| FRMI Fermi Inc. | 483,200 | +2828% | $2.0M |
| PBT Permian Basin Royalty Trust · Units | 1.06M | +5.1% | $1.6M |
| FBTC Fidelity Wise Origin Bitcoin Fund | 78,429 | +11.5% | $585.5K |
| MIAX Miami International Holdings, Inc. | 297,157 | +2.8% | $273.3K |
| AAPL Apple Inc. | 5,847 | +15.8% | $265.4K |
| BRK-B Berkshire Hathaway Inc. Class B | 775 | +24.0% | $74.7K |
| MSB Mesabi Trust · Ctf Ben Int | 327,316 | +1.1% | $70.2K |
| WBI WaterBridge Infrastructure LLC | 268,751 | +0.4% | $26.7K |
| ICE Intercontinental Exchange Inc. | 8,001 | +2.0% | $23.6K |
Trimmed (9)
| CCL Carnival Corporation Ltd. | 18,677 | -80.4% | -$1.9M |
| WPM Wheaton Precious Metals Corp | 45,024 | -19.8% | -$1.5M |
| Vanguard Index Fds Mrngstr Ttl Stk | 4,600 | -32.4% | -$823.3K |
| FNV Franco-Nevada Corporation | 21,057 | -6.4% | -$345.0K |
| GBTC Grayscale Bitcoin Trust · Shs Rep Com Ut | 355,444 | -1.3% | -$303.3K |
| TPL Texas Pacific Land Corporation | 284,771 | -0.2% | -$182.1K |
| LB LandBridge Corporation | 266,705 | -0.5% | -$101.3K |
| HE Hawaiian Electric Industries, Inc. | 1.32M | -0.2% | -$25.0K |
| CBOE Cboe Global Markets, Inc. | 6,680 | -0.4% | -$6,882 |
Exited (1)
| Position | Shares | Change | Est. dollars |
|---|---|---|---|
| CACI CACI International, Inc. | 455 | Exited | -$210.8K |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
Compare two quarters
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q3 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q3 2026 | Oct 27, 2026 | 13F-HR | 31 | $245.7M | Current | SEC ↗ |
| Q2 2026 | Aug 3, 2026 | 13F-HR | 30 | $268.1M | Current | SEC ↗ |
| Q1 2026 | Apr 23, 2026 | 13F-HR | 32 | $277.9M | Current | SEC ↗ |
| Q4 2025 | Feb 6, 2026 | 13F-HR | 35 | $219.6M | Current | SEC ↗ |
| Q3 2025 | Oct 14, 2025 | 13F-HR | 38 | $233.8M | Current | SEC ↗ |
| Q2 2025 | Jul 8, 2025 | 13F-HR | 24 | $223.3M | Current | SEC ↗ |
| Q1 2025 | Apr 22, 2025 | 13F-HR | 24 | $236.0M | Current | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer