AI Portfolio Summary
In 2025 Q4, MAD RIVER INVESTORS maintained a portfolio of 40 distinct positions. The most significant new addition to the portfolio was ROYAL GOLD INC, which now represents 0.27% of the total fund value. They heavily accumulated shares in TEXAS PACIFIC LAND C, increasing their position by 201.9%. Conversely, MAD RIVER INVESTORS completely exited their position in SANDSTORM GOLD LTD.
Total Positions
40
Quarter
2025 Q4
Top Holding
TPL (37.4%)
Top 10 Concentration
86.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 40
| 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 | 37.41% | 37.85% |
#1
Prev: #1
|
9.0 | 191,311 | 201.9% |
P
S
|
286,083 | $82,168,821 | 2013 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GBTC
GRAYSCALE BITCO...
|
ETF | 11.22% | 13.86% |
#2
Prev: #2
|
6.0 | -500 | -0.1% |
P
S
|
360,454 | $24,640,636 | 2024 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PBT
PERMIAN BASIN R...
|
Bond/Debt | 7.63% | 7.20% |
#3
Prev: #3
|
6.1 | 64,589 | 7.0% |
P
S
|
986,819 | $16,756,184 | 2022 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
HE
HAWAIIAN ELEC I...
|
Utilities | 7.19% | 5.81% |
#4
Prev: #4
|
3.9 | 53,900 | 4.4% |
P
S
|
1,284,150 | $15,795,045 | 2024 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
LB
LANDBRIDGE COMP...
|
Energy | 5.87% | 5.50% |
#5
Prev: #5
|
4.8 | 21,878 | 9.1% |
P
S
|
262,934 | $12,881,153 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WPM
WHEATON PRECIOU...
|
Basic Materials | 5.22% | 4.69% |
#6
Prev: #6
|
2.6 | -323 | -0.3% |
P
S
|
97,604 | $11,470,412 | 2017 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MSB
MESABI TR
|
Bond/Debt | 5.20% | 3.70% |
#7
Prev: #7
|
2.6 | 1,126 | 0.4% |
P
S
|
296,649 | $11,426,935 | 2020 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FBTC
FIDELITY WISE O...
|
Unknown | 2.46% | 3.07% |
#8
Prev: #8
|
1.5 | -945 | -1.3% |
P
S
|
70,859 | $5,401,582 | 2024 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
WB
WATERBRIDGE INF...
|
Communication Services | 2.34% | 2.72% |
#9
Prev: #9
|
1.4 | 5,300 | 2.1% |
P
S
|
257,000 | $5,142,570 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 2.23% | 2.25% |
#10
Prev: #10
|
1.4 | 15 | 0.1% |
P
S
|
23,594 | $4,890,653 | 2011 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CCL
CARNIVAL CORP
|
Consumer Cyclical | 2.16% | 1.92% |
#11
Prev: #11
|
1.4 | 200 | 0.1% |
P
S
|
155,596 | $4,751,910 | 2023 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
VTI
VANGUARD INDEX ...
|
ETF | 1.85% | 1.70% |
#12
1
Prev: #13
|
1.7 | no change | no change |
P
S
|
12,122 | $4,064,143 | 2023 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
MIAX
MIAMI INTL HLDG...
|
Financial Services | 1.52% | 1.28% |
#13
1
Prev: #14
|
1.1 | 450 | 0.6% |
P
S
|
75,050 | $3,330,719 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BTC
GRAYSCALE BITCO...
|
Unknown | 1.37% | 1.78% |
#14
2
Prev: #12
|
1.0 | -4,532 | -5.5% |
P
S
|
77,647 | $3,007,269 | 2024 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CBOE
CBOE GLOBAL MKT...
|
Financial Services | 0.76% | 0.70% |
#15
1
Prev: #16
|
0.8 | 35 | 0.5% |
P
S
|
6,690 | $1,679,103 | 2010 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ORCL
ORACLE CORP
|
Technology | 0.71% | 0.97% |
#16
1
Prev: #15
|
1.3 | no change | no change |
P
S
|
8,050 | $1,569,026 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AAPL
APPLE INC
|
Technology | 0.63% | 0.54% |
#17
1
Prev: #18
|
0.8 | 100 | 2.0% |
P
S
|
5,100 | $1,386,486 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
ICE
INTERCONTINENTA...
|
Financial Services | 0.56% | 0.56% |
#18
1
Prev: #17
|
0.7 | -75 | -1.0% |
P
S
|
7,645 | $1,238,249 | 2006 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
PANW
PALO ALTO NETWO...
|
Technology | 0.46% | 0.48% |
#19
Prev: #19
|
1.2 | no change | no change |
P
S
|
5,484 | $1,010,153 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 0.37% | 0.32% |
#20
Prev: #20
|
0.6 | 100 | 2.9% |
P
S
|
3,500 | $807,870 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
RGLD
ROYAL GOLD INC
|
Basic Materials | 0.27% | — |
#21
Prev: #—
|
3.6 | 2,656 | no change |
NEW
|
2,656 | $590,507 | 2025 Q4 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CINF
CINCINNATI FINL...
|
Financial Services | 0.27% | 0.24% |
#22
1
Prev: #23
|
1.1 | no change | no change |
P
S
|
3,600 | $587,952 | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
BRK/B
BERKSHIRE HATHA...
|
Financial Services | 0.26% | 0.25% |
#23
2
Prev: #21
|
0.6 | -50 | -4.3% |
P
S
|
1,125 | $565,482 | 2010 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 0.26% | 0.25% |
#24
2
Prev: #22
|
1.1 | no change | no change |
P
S
|
1,700 | $561,187 | 2018 Q1 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
RLI
RLI CORP
|
Financial Services | 0.22% | 0.21% |
#25
1
Prev: #26
|
1.1 | no change | no change |
P
S
|
7,500 | $479,850 | 2015 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
SAND
SANDSTORM GOLD ...
|
Unknown | 0.00% | 0.23% |
Sold All 😨
(Was: #25) |
0.0 | -42,592 | -100.0% |
CLOSED
|
— | $— | 2021 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
TPL
PUT
TEXAS PACIFIC L...
|
PUT Option | 0.00% | 0.16% |
Sold All 😨
(Was: #31) |
0.0 | -400 | -100.0% |
CLOSED
|
— | $— | 2013 Q2 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
FE
FIRSTENERGY COR...
|
Utilities | 0.00% | 0.11% |
Sold All 😨
(Was: #35) |
0.0 | -5,700 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
CRM
SALESFORCE INC
|
Technology | 0.00% | 0.09% |
Sold All 😨
(Was: #37) |
0.0 | -900 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) | |||
|
GLPI
GAMING & LEISUR...
|
Real Estate | 0.00% | 0.09% |
Sold All 😨
(Was: #38) |
0.0 | -4,558 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2025-12-31 | 2026-02-14 (Est.) |
Showing 1-25 of 40 holdings