Mad River Investors

13F filer · CIK 0001384484

Reported Aug 3, 2026

Net buyer this quarter

13F portfolio value$268MU.S. long equity reported on 13F

Positions281 new · 2 closed

Net flow last quarter+$1.26MBuys minus sells

Top 10 positions weight91.3%Concentration

Holdings

13F · last 4 quarters free

Scroll for earlier quarters

Company	Value	% of portfolio	% of company	POSITION CHANGE qoq %	First reported
Q2 2026Reported Aug 3, 202628 positions
TPLTexas Pacific Land Corp	$125M	46.58%	0.41%	+0.1%	Q3 2013
PBTPermian Basin Royalty Trust	$25.2M	9.39%	Not reported	+0.2%	Q1 2022
LBLandBridge Co LLC	$21.2M	7.92%	1.15%	+0.6%	Q3 2024
HEHawaiian Electric Industries Inc	$17.9M	6.67%	0.77%	+0.4%	Q1 2025
GBTCGrayscale Bitcoin Trust ETF	$16.4M	6.11%	0.19%	Not reported	Q1 2024
MIAXMiami International Holdings, Inc.	$10.7M	4.01%	0.29%	+255.7%	Q3 2025
WBIWaterBridge Infrastructure LLC	$9.18M	3.42%	Not reported	-1.1%	Q3 2025
MSBMesabi Trust	$8.19M	3.05%	2.47%	+0.7%	Q3 2020
WPMWheaton Precious Metals Corp.	$6.31M	2.35%	0.01%	-37.1%	Q2 2017
FNVFRANCO NEVADA Corp	$4.69M	1.75%	0.01%	-4.6%	Q1 2019
FBTCFidelity Wise Origin Bitcoin Fund	$3.59M	1.34%	0.04%	0.0%	Q1 2024
CCLCarnival Corp Ltd.	$2.72M	1.02%	0.01%	-38.9%	Q1 2023
BTCGrayscale Bitcoin Mini Trust ETF	$2.12M	0.79%	0.07%	+0.4%	Q3 2024
PANWPalo Alto Networks Inc	$1.87M	0.70%	0.00%	Not reported	Q3 2025
CBOECboe Global Markets, Inc.	$1.63M	0.61%	0.01%	+0.4%	Q3 2013
AAPLApple Inc.	$1.46M	0.55%	0.00%	-1.0%	Q3 2025
ORCLOracle Corp	$1.18M	0.44%	0.00%	Not reported	Q3 2025
ICEIntercontinental Exchange, Inc.	$966K	0.36%	0.00%	+2.6%	Q2 2020
AMZNAmazon Com Inc	$810K	0.30%	0.00%	-2.9%	Q3 2025
UNHUnitedhealth Group Inc	$707K	0.26%	0.00%	Not reported	Q1 2018
CSCOCisco Systems, Inc.	$705K	0.26%	0.00%	Not reported	Q3 2025
CINFCincinnati Financial Corp	$667K	0.25%	0.00%	Not reported	Q3 2025
ETNEaton Corp plc	$511K	0.19%	0.00%	Not reported	Q3 2025
RLIRli Corp	$354K	0.13%	0.01%	Not reported	Q3 2015
BRK.BBerkshire Hathaway Inc	$313K	0.12%	Not reported	-24.2%	Q3 2013
JNJJohnson & Johnson	$305K	0.11%	0.00%	Not reported	Q3 2015
CACICaci International Inc	$211K	0.08%	0.00%	-43.5%	Q2 2018
FRMIFermi Inc.	$151K	0.06%	0.00%	New	Q2 2026
Q1 2026Reported Apr 23, 202629 positions
TPLTexas Pacific Land Corp	$135M	48.69%	0.41%	-0.3%	Q3 2013
PBTPermian Basin Royalty Trust	$21.6M	7.77%	Not reported	+1.7%	Q1 2022
HEHawaiian Electric Industries Inc	$19.5M	7.03%	0.76%	+2.6%	Q1 2025
GBTCGrayscale Bitcoin Trust ETF	$19M	6.84%	0.18%	-0.1%	Q1 2024
LBLandBridge Co LLC	$18.4M	6.62%	1.15%	+1.3%	Q3 2024
WPMWheaton Precious Metals Corp.	$11.7M	4.21%	0.02%	-8.5%	Q2 2017
MSBMesabi Trust	$10.1M	3.65%	2.45%	+8.4%	Q3 2020
WBIWaterBridge Infrastructure LLC	$7.26M	2.61%	Not reported	+5.4%	Q3 2025
FNVFRANCO NEVADA Corp	$5.83M	2.10%	0.01%	0.0%	Q1 2019
FBTCFidelity Wise Origin Bitcoin Fund	$4.15M	1.49%	0.03%	-0.7%	Q1 2024
CCLCarnival Corp Ltd.	$4.04M	1.45%	0.01%	+0.4%	Q1 2023
MIAXMiami International Holdings, Inc.	$3.16M	1.14%	0.09%	+8.3%	Q3 2025
BTCGrayscale Bitcoin Mini Trust ETF	$2.44M	0.88%	0.07%	+4.6%	Q3 2024
CBOECboe Global Markets, Inc.	$1.88M	0.68%	0.01%	-0.2%	Q3 2013
AAPLApple Inc.	$1.29M	0.47%	0.00%	Not reported	Q3 2025
ICEIntercontinental Exchange, Inc.	$1.2M	0.43%	0.00%	Not reported	Q2 2020
ORCLOracle Corp	$1.18M	0.43%	0.00%	Not reported	Q3 2025
PANWPalo Alto Networks Inc	$879K	0.32%	0.00%	Not reported	Q3 2025
AMZNAmazon Com Inc	$729K	0.26%	0.00%	Not reported	Q3 2025
RGLDRoyal Gold Inc	$627K	0.23%	0.00%	-7.3%	Q4 2025
CINFCincinnati Financial Corp	$566K	0.20%	0.00%	Not reported	Q3 2025
CSCOCisco Systems, Inc.	$466K	0.17%	0.00%	Not reported	Q3 2025
UNHUnitedhealth Group Inc	$460K	0.17%	0.00%	Not reported	Q1 2018
CACICaci International Inc	$438K	0.16%	0.00%	Not reported	Q2 2018
ETNEaton Corp plc	$429K	0.15%	0.00%	Not reported	Q3 2025
JPMJPMorgan Chase & Co	$417K	0.15%	0.00%	+1.2%	Q3 2025
BRK.BBerkshire Hathaway Inc	$395K	0.14%	Not reported	-26.7%	Q3 2013
RLIRli Corp	$342K	0.12%	0.01%	-20.0%	Q3 2015
JNJJohnson & Johnson	$293K	0.11%	0.00%	Not reported	Q3 2015
Q4 2025Reported Feb 6, 202631 positions
TPLTexas Pacific Land Corp	$82.2M	37.41%	0.42%	+0.6%	Q3 2013
GBTCGrayscale Bitcoin Trust ETF	$24.6M	11.22%	0.16%	-0.1%	Q1 2024
PBTPermian Basin Royalty Trust	$16.8M	7.63%	Not reported	+7.0%	Q1 2022
HEHawaiian Electric Industries Inc	$15.8M	7.19%	0.74%	+4.4%	Q1 2025
LBLandBridge Co LLC	$12.9M	5.87%	1.13%	+9.1%	Q3 2024
WPMWheaton Precious Metals Corp.	$11.5M	5.22%	0.02%	-0.3%	Q2 2017
MSBMesabi Trust	$11.4M	5.20%	2.26%	+0.4%	Q3 2020
FBTCFidelity Wise Origin Bitcoin Fund	$5.4M	2.46%	0.03%	-1.3%	Q1 2024
WBIWaterBridge Infrastructure LLC	$5.14M	2.34%	Not reported	+2.1%	Q3 2025
FNVFRANCO NEVADA Corp	$4.89M	2.23%	0.01%	+0.1%	Q1 2019
CCLCarnival Corp Ltd.	$4.75M	2.16%	0.01%	+0.1%	Q1 2023
MIAXMiami International Holdings, Inc.	$3.33M	1.52%	0.09%	+0.6%	Q3 2025
BTCGrayscale Bitcoin Mini Trust ETF	$3.01M	1.37%	0.07%	-5.5%	Q3 2024
CBOECboe Global Markets, Inc.	$1.68M	0.76%	0.01%	+0.5%	Q3 2013
ORCLOracle Corp	$1.57M	0.71%	0.00%	Not reported	Q3 2025
AAPLApple Inc.	$1.39M	0.63%	0.00%	+2.0%	Q3 2025
ICEIntercontinental Exchange, Inc.	$1.24M	0.56%	0.00%	-1.0%	Q2 2020
PANWPalo Alto Networks Inc	$1.01M	0.46%	0.00%	Not reported	Q3 2025
AMZNAmazon Com Inc	$808K	0.37%	0.00%	+2.9%	Q3 2025
RGLDRoyal Gold Inc	$591K	0.27%	0.00%	New	Q4 2025
CINFCincinnati Financial Corp	$588K	0.27%	0.00%	Not reported	Q3 2025
BRK.BBerkshire Hathaway Inc	$565K	0.26%	Not reported	-4.3%	Q3 2013
UNHUnitedhealth Group Inc	$561K	0.26%	0.00%	Not reported	Q1 2018
RLIRli Corp	$480K	0.22%	0.01%	Not reported	Q3 2015
CSCOCisco Systems, Inc.	$462K	0.21%	0.00%	Not reported	Q3 2025
JPMJPMorgan Chase & Co	$451K	0.21%	0.00%	Not reported	Q3 2025
CACICaci International Inc	$429K	0.20%	0.00%	Not reported	Q2 2018
ETNEaton Corp plc	$382K	0.17%	0.00%	Not reported	Q3 2025
CCitigroup Inc	$350K	0.16%	0.00%	Not reported	Q3 2025
KMBKimberly Clark Corp	$282K	0.13%	0.00%	Not reported	Q3 2025
JNJJohnson & Johnson	$248K	0.11%	0.00%	Not reported	Q3 2015
Q3 2025Reported Oct 14, 202534 positions
TPLTexas Pacific Land Corp	$88.5M	37.85%	0.41%	-0.3%	Q3 2013
GBTCGrayscale Bitcoin Trust ETF	$32.4M	13.86%	0.16%	-3.1%	Q1 2024
PBTPermian Basin Royalty Trust	$16.8M	7.20%	Not reported	+4.3%	Q1 2022
HEHawaiian Electric Industries Inc	$13.6M	5.81%	0.71%	+0.4%	Q1 2025
LBLandBridge Co LLC	$12.9M	5.50%	1.04%	+2.7%	Q3 2024
WPMWheaton Precious Metals Corp.	$11M	4.69%	0.02%	-15.5%	Q2 2017
MSBMesabi Trust	$8.65M	3.70%	2.25%	0.0%	Q3 2020
FBTCFidelity Wise Origin Bitcoin Fund	$7.17M	3.07%	0.03%	-2.0%	Q1 2024
WBIWaterBridge Infrastructure LLC	$6.35M	2.72%	Not reported	New	Q3 2025
FNVFRANCO NEVADA Corp	$5.26M	2.25%	0.01%	-2.0%	Q1 2019
CCLCarnival Corp Ltd.	$4.49M	1.92%	0.01%	-15.5%	Q1 2023
BTCGrayscale Bitcoin Mini Trust ETF	$4.16M	1.78%	0.08%	+5.0%	Q3 2024
MIAXMiami International Holdings, Inc.	$3M	1.28%	0.09%	New	Q3 2025
ORCLOracle Corp	$2.26M	0.97%	0.00%	New	Q3 2025
CBOECboe Global Markets, Inc.	$1.63M	0.70%	0.01%	-0.4%	Q3 2013
ICEIntercontinental Exchange, Inc.	$1.3M	0.56%	0.00%	+0.3%	Q2 2020
AAPLApple Inc.	$1.27M	0.54%	0.00%	New	Q3 2025
PANWPalo Alto Networks Inc	$1.12M	0.48%	0.00%	New	Q3 2025
AMZNAmazon Com Inc	$747K	0.32%	0.00%	New	Q3 2025
BRK.BBerkshire Hathaway Inc	$591K	0.25%	Not reported	Not reported	Q3 2013
UNHUnitedhealth Group Inc	$587K	0.25%	0.00%	Not reported	Q1 2018
CINFCincinnati Financial Corp	$569K	0.24%	0.00%	New	Q3 2025
SSLSasol Ltd	$533K	0.23%	Not reported	-12.5%	Q3 2021
RLIRli Corp	$489K	0.21%	0.01%	Not reported	Q3 2015
ETNEaton Corp plc	$449K	0.19%	0.00%	New	Q3 2025
JPMJPMorgan Chase & Co	$442K	0.19%	0.00%	New	Q3 2025
CSCOCisco Systems, Inc.	$411K	0.18%	0.00%	New	Q3 2025
CACICaci International Inc	$402K	0.17%	0.00%	-5.9%	Q2 2018
KMBKimberly Clark Corp	$348K	0.15%	0.00%	New	Q3 2025
CCitigroup Inc	$305K	0.13%	0.00%	New	Q3 2025
FEFirstenergy Corp	$261K	0.11%	0.00%	New	Q3 2025
JNJJohnson & Johnson	$223K	0.10%	0.00%	Not reported	Q3 2015
CRMSalesforce, Inc.	$213K	0.09%	0.00%	New	Q3 2025
GLPIGaming & Leisure Properties, Inc.	$212K	0.09%	0.00%	New	Q3 2025

Premium opens every quarter this fund has filed