2026 Q1 Portfolio Activity
In 2026 Q1, MAD RIVER INVESTORS maintained a portfolio of 35 distinct positions. They heavily accumulated shares in HAWAIIAN ELEC INDS INC MTN B, increasing the position by 9175.0%. The fund also reduced its exposure to HAWAIIAN ELEC INDUSTRIES by 96.3%.
Position History
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Total Positions
35
Quarter
2026 Q1
Top Holding
TPL (48.7%)
Top 10 Concentration
91.0%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-35 of 35
MAD RIVER INVESTORS Full Holdings List — 2026 Q1
| 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 | 48.69% | 37.41% |
#1
Prev: #1
|
6.5 |
—
|
-963 | -0.3% |
P
S
|
285,120 | $135,306,578 | 2013 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
PBT
PERMIAN BASIN R...
|
Bond/Debt | 7.77% | 7.63% |
#2
1
Prev: #3
|
5.1 |
—
|
16,321 | 1.7% |
P
S
|
1,003,140 | $21,587,576 | 2022 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
HE
HAWAIIAN ELEC I...
|
Utilities | 7.03% | 7.19% |
#3
1
Prev: #4
|
4.3 |
—
|
32,900 | 2.6% |
P
S
|
1,317,050 | $19,545,022 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
GBTC
GRAYSCALE BITCO...
|
ETF | 6.84% | 11.22% |
#4
2
Prev: #2
|
3.7 |
—
|
-315 | -0.1% |
P
S
|
360,139 | $19,000,934 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
LB
LANDBRIDGE COMP...
|
Energy | 6.62% | 5.87% |
#5
Prev: #5
|
3.6 |
—
|
3,451 | 1.3% |
P
S
|
266,385 | $18,393,886 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
WPM
WHEATON PRECIOU...
|
Basic Materials | 4.21% | 5.22% |
#6
Prev: #6
|
2.2 |
—
|
-8,333 | -8.5% |
P
S
|
89,271 | $11,695,382 | 2017 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
MSB
MESABI TR
|
Bond/Debt | 3.65% | 5.20% |
#7
Prev: #7
|
3.5 |
—
|
24,897 | 8.4% |
P
S
|
321,546 | $10,128,689 | 2020 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
WB
WATERBRIDGE INF...
|
Communication Services | 2.61% | 2.34% |
#8
1
Prev: #9
|
3.0 |
—
|
13,900 | 5.4% |
P
S
|
270,900 | $7,257,419 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 2.10% | 2.23% |
#9
1
Prev: #10
|
1.3 |
—
|
-4 | -0.0% |
P
S
|
23,590 | $5,827,962 | 2011 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
FBTC
FIDELITY WISE O...
|
Unknown | 1.49% | 2.46% |
#10
2
Prev: #8
|
1.1 |
—
|
-520 | -0.7% |
P
S
|
70,339 | $4,152,084 | 2024 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
CCL
CARNIVAL CORP
|
Consumer Cyclical | 1.45% | 2.16% |
#11
Prev: #11
|
1.1 |
—
|
585 | 0.4% |
P
S
|
156,181 | $4,041,952 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
MIAX
MIAMI INTL HLDG...
|
Financial Services | 1.14% | 1.52% |
#12
1
Prev: #13
|
2.5 |
—
|
6,200 | 8.3% |
P
S
|
81,250 | $3,162,250 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
VTI
VANGUARD INDEX ...
|
ETF | 1.02% | 1.85% |
#13
1
Prev: #12
|
0.4 |
—
|
-3,322 | -27.4% |
P
S
|
8,800 | $2,823,128 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
BTC
GRAYSCALE BITCO...
|
Unknown | 0.88% | 1.37% |
#14
Prev: #14
|
0.9 |
—
|
3,570 | 4.6% |
P
S
|
81,217 | $2,435,698 | 2024 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
CBOE
CBOE GLOBAL MKT...
|
Financial Services | 0.68% | 0.76% |
#15
Prev: #15
|
0.8 |
—
|
-10 | -0.1% |
P
S
|
6,680 | $1,877,451 | 2010 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
AAPL
APPLE INC
|
Technology | 0.47% | 0.63% |
#16
1
Prev: #17
|
1.2 |
—
|
no change | no change |
P
S
|
5,100 | $1,294,329 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
ICE
INTERCONTINENTA...
|
Financial Services | 0.43% | 0.56% |
#17
1
Prev: #18
|
1.2 |
—
|
no change | no change |
P
S
|
7,645 | $1,202,469 | 2006 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
ORCL
ORACLE CORP
|
Technology | 0.43% | 0.71% |
#18
2
Prev: #16
|
1.2 |
—
|
no change | no change |
P
S
|
8,050 | $1,184,236 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
PANW
PALO ALTO NETWO...
|
Technology | 0.32% | 0.46% |
#19
Prev: #19
|
1.1 |
—
|
no change | no change |
P
S
|
5,484 | $879,195 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 0.26% | 0.37% |
#20
Prev: #20
|
1.1 |
—
|
no change | no change |
P
S
|
3,500 | $728,945 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
HE
CALL
HAWAIIAN ELEC I...
|
CALL Option | 0.25% | 0.08% |
#21
14
Prev: #35
|
3.1 |
—
|
32,700 | 230.3% |
P
S
|
46,900 | $695,996 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
RGLD
ROYAL GOLD INC
|
Basic Materials | 0.23% | 0.27% |
#22
1
Prev: #21
|
0.6 |
—
|
-193 | -7.3% |
P
S
|
2,463 | $626,812 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
CINF
CINCINNATI FINL...
|
Financial Services | 0.20% | 0.27% |
#23
1
Prev: #22
|
1.1 |
—
|
no change | no change |
P
S
|
3,600 | $566,460 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
CSCO
CISCO SYS INC
|
Technology | 0.17% | 0.21% |
#24
2
Prev: #26
|
1.1 |
—
|
no change | no change |
P
S
|
6,000 | $465,540 | 2006 Q4 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 0.17% | 0.26% |
#25
1
Prev: #24
|
1.1 |
—
|
no change | no change |
P
S
|
1,700 | $460,003 | 2018 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
CACI
CACI INTL INC
|
Technology | 0.16% | 0.20% |
#26
2
Prev: #28
|
1.1 |
—
|
no change | no change |
P
S
|
805 | $437,816 | 2018 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
ETN
EATON CORP PLC
|
Industrials | 0.15% | 0.17% |
#27
2
Prev: #29
|
1.1 |
—
|
no change | no change |
P
S
|
1,200 | $429,204 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
JPM
JPMORGAN CHASE ...
|
Financial Services | 0.15% | 0.21% |
#28
1
Prev: #27
|
0.6 |
—
|
17 | 1.2% |
P
S
|
1,417 | $416,825 | 2008 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
BRK/B
BERKSHIRE HATHA...
|
Financial Services | 0.14% | 0.26% |
#29
6
Prev: #23
|
0.1 |
—
|
-300 | -26.7% |
P
S
|
825 | $395,340 | 2010 Q1 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
RLI
RLI CORP
|
Financial Services | 0.12% | 0.22% |
#30
5
Prev: #25
|
0.0 |
—
|
-1,500 | -20.0% |
P
S
|
6,000 | $342,240 | 2015 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
JNJ
JOHNSON & JOHNS...
|
Healthcare | 0.11% | 0.11% |
#31
3
Prev: #34
|
1.0 |
—
|
no change | no change |
P
S
|
1,200 | $293,328 | 2015 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
VIG
VANGUARD SPECIA...
|
ETF | 0.08% | 0.16% |
#32
2
Prev: #30
|
0.0 |
—
|
-600 | -37.5% |
P
S
|
1,000 | $215,060 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
KMB
KIMBERLY-CLARK ...
|
Consumer Defensive | 0.00% | 0.13% |
Sold All 😨
(Was: #33) |
0.0 |
—
|
-2,800 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
RSP
INVESCO EXCHANG...
|
Unknown | 0.00% | 0.13% |
Sold All 😨
(Was: #32) |
0.0 |
—
|
-1,508 | -100.0% |
CLOSED
|
— | $— | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-04-23 | |||
|
C
CITIGROUP INC
|
Financial Services | 0.00% | 0.16% |
Sold All 😨
(Was: #31) |
0.0 |
—
|
-3,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-04-23 |
Showing 1-35 of 35 holdings