2026 Q3 Portfolio Activity
In 2026 Q3, MAD RIVER INVESTORS maintained a portfolio of 32 distinct positions. The most significant new addition was SAN JUAN BASIN RTY TR, now representing 0.89% of the total fund value. They heavily accumulated shares in HAWAIIAN ELEC INDS INC MTN B, increasing the position by 2603.0%. The fund also reduced its exposure to HAWAIIAN ELEC INDS INC MTN B by 96.3%.
Position History
hover any row below to update
Loading…
Total Positions
32
Quarter
2026 Q3
Top Holding
TPL (37.8%)
Top 10 Concentration
88.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-32 of 32
MAD RIVER INVESTORS Full Holdings List — 2026 Q3
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
TPL
TEXAS PACIFIC L...
|
Energy | 37.77% | 46.58% |
#1
Prev: #1
|
6.5 |
—
|
-559 | -0.2% |
P
S
|
284,771 | $92,786,840 |
$218.20
+51.4%
|
2013 Q2 | 13F Filing | 2026-09-30 | 2026-10-27 | ||
|
PBT
PERMIAN BASIN R...
|
Bond/Debt | 13.54% | 9.39% |
#2
Prev: #2
|
7.5 |
—
|
51,214 | 5.1% |
P
S
|
1,056,366 | $33,254,393 |
$12.87
+145.6%
|
2022 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | ||
|
GBTC
GRAYSCALE BITCO...
|
ETF | 9.34% | 6.11% |
#3
2
Prev: #5
|
5.2 |
—
|
-4,695 | -1.3% |
P
S
|
355,444 | $22,958,128 |
$55.94
+6.9%
|
2024 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | ||
|
LB
LANDBRIDGE COMP...
|
Energy | 8.81% | 7.92% |
#4
1
Prev: #3
|
4.5 |
—
|
-1,248 | -0.5% |
P
S
|
266,705 | $21,648,413 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
HE
HAWAIIAN ELEC I...
|
Utilities | 4.80% | 6.67% |
#5
1
Prev: #4
|
2.9 |
—
|
-2,800 | -0.2% |
P
S
|
1,319,050 | $11,792,307 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
MIAX
MIAMI INTL HLDG...
|
Financial Services | 4.05% | 4.01% |
#6
Prev: #6
|
2.1 |
—
|
8,157 | 2.8% |
P
S
|
297,157 | $9,954,760 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
WB
WATERBRIDGE INF...
|
Communication Services | 3.08% | 3.42% |
#7
Prev: #7
|
1.7 |
—
|
950 | 0.4% |
P
S
|
268,751 | $7,557,272 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
MSB
MESABI TR
|
Bond/Debt | 2.61% | 3.05% |
#8
Prev: #8
|
1.5 |
—
|
3,581 | 1.1% |
P
S
|
327,316 | $6,412,120 | 2020 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
WPM
WHEATON PRECIOU...
|
Basic Materials | 2.45% | 2.35% |
#9
Prev: #9
|
1.5 |
—
|
-11,149 | -19.8% |
P
S
|
45,024 | $6,020,563 | 2017 Q2 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
FBTC
FIDELITY WISE O...
|
Unknown | 2.32% | 1.34% |
#10
1
Prev: #11
|
2.9 |
—
|
8,060 | 11.5% |
P
S
|
78,429 | $5,697,049 | 2024 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 2.04% | 1.75% |
#11
1
Prev: #10
|
1.3 |
—
|
-1,449 | -6.4% |
P
S
|
21,057 | $5,013,851 | 2011 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
BTC
GRAYSCALE BITCO...
|
Unknown | 1.23% | 0.79% |
#12
2
Prev: #14
|
1.5 |
—
|
no change | no change |
P
S
|
81,517 | $3,012,054 | 2024 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
SJT
SAN JUAN BASIN ...
|
Bond/Debt | 0.89% | — |
#13
Prev: #—
|
3.9 |
—
|
597,500 | — |
NEW
|
597,500 | $2,180,875 | 2026 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
PANW
PALO ALTO NETWO...
|
Technology | 0.89% | 0.70% |
#14
1
Prev: #15
|
1.4 |
—
|
no change | no change |
P
S
|
5,484 | $2,178,849 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
FRMI
FERMI INC
|
Real Estate | 0.83% | 0.06% |
#15
15
Prev: #30
|
3.3 |
—
|
466,700 | 2828.5% |
P
S
|
483,200 | $2,034,272 | 2026 Q2 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
AAPL
APPLE INC
|
Technology | 0.79% | 0.55% |
#16
1
Prev: #17
|
2.3 |
—
|
797 | 15.8% |
P
S
|
5,847 | $1,947,168 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
CBOE
CBOE GLOBAL MKT...
|
Financial Services | 0.75% | 0.61% |
#17
1
Prev: #16
|
0.8 |
—
|
-25 | -0.4% |
P
S
|
6,680 | $1,838,842 | 2010 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
VTI
VANGUARD INDEX ...
|
ETF | 0.70% | 0.94% |
#18
5
Prev: #13
|
0.3 |
—
|
-2,200 | -32.4% |
P
S
|
4,600 | $1,721,504 | 2023 Q2 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
ICE
INTERCONTINENTA...
|
Financial Services | 0.50% | 0.36% |
#19
Prev: #19
|
0.7 |
—
|
155 | 2.0% |
P
S
|
8,001 | $1,216,346 | 2006 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
ORCL
ORACLE CORP
|
Technology | 0.45% | 0.44% |
#20
2
Prev: #18
|
1.2 |
—
|
no change | no change |
P
S
|
8,050 | $1,105,265 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 0.34% | 0.30% |
#21
1
Prev: #20
|
1.1 |
—
|
no change | no change |
P
S
|
3,400 | $847,110 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
CSCO
CISCO SYS INC
|
Technology | 0.26% | 0.26% |
#22
Prev: #22
|
1.1 |
—
|
no change | no change |
P
S
|
6,000 | $645,780 | 2006 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 0.25% | 0.26% |
#23
2
Prev: #21
|
1.1 |
—
|
no change | no change |
P
S
|
1,700 | $624,036 | 2018 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
CINF
CINCINNATI FINL...
|
Financial Services | 0.23% | 0.25% |
#24
1
Prev: #23
|
1.1 |
—
|
no change | no change |
P
S
|
3,600 | $573,732 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
ETN
EATON CORP PLC
|
Industrials | 0.21% | 0.19% |
#25
Prev: #25
|
1.1 |
—
|
no change | no change |
P
S
|
1,200 | $515,652 | 2025 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
CCL
CARNIVAL CORP L...
|
Consumer Cyclical | 0.19% | 1.02% |
#26
14
Prev: #12
|
0.1 |
—
|
-76,696 | -80.4% |
P
S
|
18,677 | $458,338 | 2023 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
HE
CALL
HAWAIIAN ELEC I...
|
CALL Option | 0.18% | 0.25% |
#27
3
Prev: #24
|
1.1 |
—
|
no change | no change |
P
S
|
48,800 | $436,272 | 2024 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
BRK/B
BERKSHIRE HATHA...
|
Financial Services | 0.16% | 0.12% |
#28
1
Prev: #27
|
2.6 |
—
|
150 | 24.0% |
P
S
|
775 | $385,912 | 2010 Q1 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
RLI
RLI CORP
|
Financial Services | 0.14% | 0.13% |
#29
3
Prev: #26
|
1.1 |
—
|
no change | no change |
P
S
|
6,000 | $331,860 | 2015 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
JNJ
JOHNSON & JOHNS...
|
Healthcare | 0.13% | 0.11% |
#30
2
Prev: #28
|
1.1 |
—
|
no change | no change |
P
S
|
1,200 | $317,688 | 2015 Q3 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
RGLD
ROYAL GOLD INC
|
Basic Materials | 0.09% | — |
#31
Prev: #—
|
3.5 |
—
|
940 | — |
NEW
|
940 | $221,840 | 2025 Q4 | 13F Filing | 2026-09-30 | 2026-10-27 | |||
|
CACI
CACI INTL INC
|
Technology | 0.00% | 0.08% |
Sold All 😨
(Was: #29) |
0.0 |
—
|
-455 | -100.0% |
CLOSED
|
— | $— | 2018 Q2 | 13F Filing | 2026-09-30 | 2026-10-27 |
Showing 1-32 of 32 holdings