2026 Q2 Portfolio Activity
In 2026 Q2, MAD RIVER INVESTORS maintained a portfolio of 34 distinct positions. The most significant new addition was CARNIVAL CORP LTD, now representing 1.02% of the total fund value. They heavily accumulated shares in HAWAIIAN ELEC INDS INC MTN B, increasing the position by 2718.4%. The fund also reduced its exposure to HAWAIIAN ELEC INDS INC MTN B by 96.3%.
Position History
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Total Positions
34
Quarter
2026 Q2
Top Holding
TPL (46.6%)
Top 10 Concentration
91.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-34 of 34
MAD RIVER INVESTORS Full Holdings List — 2026 Q2
| 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 | 46.58% | 48.69% |
#1
Prev: #1
|
6.5 |
—
|
210 | 0.1% |
P
S
|
285,330 | $124,871,767 | 2013 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
PBT
PERMIAN BASIN R...
|
Bond/Debt | 9.39% | 7.77% |
#2
Prev: #2
|
5.8 |
—
|
2,012 | 0.2% |
P
S
|
1,005,152 | $25,169,016 | 2022 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
LB
LANDBRIDGE COMP...
|
Energy | 7.92% | 6.62% |
#3
2
Prev: #5
|
4.7 |
—
|
1,568 | 0.6% |
P
S
|
267,953 | $21,232,603 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
HE
HAWAIIAN ELEC I...
|
Utilities | 6.67% | 7.03% |
#4
1
Prev: #3
|
3.7 |
—
|
4,800 | 0.4% |
P
S
|
1,321,850 | $17,884,631 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
GBTC
GRAYSCALE BITCO...
|
ETF | 6.11% | 6.84% |
#5
1
Prev: #4
|
3.9 |
—
|
no change | no change |
P
S
|
360,139 | $16,393,528 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
MIAX
MIAMI INTL HLDG...
|
Financial Services | 4.01% | 1.14% |
#6
6
Prev: #12
|
4.6 |
—
|
207,750 | 255.7% |
P
S
|
289,000 | $10,739,240 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
WB
WATERBRIDGE INF...
|
Communication Services | 3.42% | 2.61% |
#7
1
Prev: #8
|
1.9 |
—
|
-3,099 | -1.1% |
P
S
|
267,801 | $9,177,525 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
MSB
MESABI TR
|
Bond/Debt | 3.05% | 3.65% |
#8
1
Prev: #7
|
1.7 |
—
|
2,189 | 0.7% |
P
S
|
323,735 | $8,190,493 | 2020 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
WPM
WHEATON PRECIOU...
|
Basic Materials | 2.35% | 4.21% |
#9
3
Prev: #6
|
0.9 |
—
|
-33,098 | -37.1% |
P
S
|
56,173 | $6,309,356 | 2017 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
FNV
FRANCO NEV CORP
|
Basic Materials | 1.75% | 2.10% |
#10
1
Prev: #9
|
1.2 |
—
|
-1,084 | -4.6% |
P
S
|
22,506 | $4,691,175 | 2011 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
FBTC
FIDELITY WISE O...
|
Unknown | 1.34% | 1.49% |
#11
1
Prev: #10
|
1.0 |
—
|
30 | 0.0% |
P
S
|
70,369 | $3,592,314 | 2024 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
N/A
CARNIVAL CORP L...
|
|
Unknown | 1.02% | — |
#12
Prev: #—
|
3.9 |
—
|
95,373 | — |
NEW
|
95,373 | $2,724,801 | — | 13F Filing | 2026-06-30 | 2026-08-03 | ||
|
VTI
VANGUARD INDEX ...
|
ETF | 0.94% | 1.02% |
#13
Prev: #13
|
0.4 |
—
|
-2,000 | -22.7% |
P
S
|
6,800 | $2,516,272 | 2023 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
BTC
GRAYSCALE BITCO...
|
Unknown | 0.79% | 0.88% |
#14
Prev: #14
|
0.8 |
—
|
300 | 0.4% |
P
S
|
81,517 | $2,115,367 | 2024 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
PANW
PALO ALTO NETWO...
|
Technology | 0.70% | 0.32% |
#15
4
Prev: #19
|
1.3 |
—
|
no change | no change |
P
S
|
5,484 | $1,870,154 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
CBOE
CBOE GLOBAL MKT...
|
Financial Services | 0.61% | 0.68% |
#16
1
Prev: #15
|
0.7 |
—
|
25 | 0.4% |
P
S
|
6,705 | $1,627,019 | 2010 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
AAPL
APPLE INC
|
Technology | 0.55% | 0.47% |
#17
1
Prev: #16
|
0.7 |
—
|
-50 | -1.0% |
P
S
|
5,050 | $1,461,268 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
ORCL
ORACLE CORP
|
Technology | 0.44% | 0.43% |
#18
Prev: #18
|
1.2 |
—
|
no change | no change |
P
S
|
8,050 | $1,179,728 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
ICE
INTERCONTINENTA...
|
Financial Services | 0.36% | 0.43% |
#19
2
Prev: #17
|
0.6 |
—
|
201 | 2.6% |
P
S
|
7,846 | $965,876 | 2006 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
AMZN
AMAZON COM INC
|
Consumer Cyclical | 0.30% | 0.26% |
#20
Prev: #20
|
0.6 |
—
|
-100 | -2.9% |
P
S
|
3,400 | $810,356 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
UNH
UNITEDHEALTH GR...
|
Healthcare | 0.26% | 0.17% |
#21
4
Prev: #25
|
1.1 |
—
|
no change | no change |
P
S
|
1,700 | $706,571 | 2018 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
CSCO
CISCO SYS INC
|
Technology | 0.26% | 0.17% |
#22
2
Prev: #24
|
1.1 |
—
|
no change | no change |
P
S
|
6,000 | $704,760 | 2006 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
CINF
CINCINNATI FINL...
|
Financial Services | 0.25% | 0.20% |
#23
Prev: #23
|
1.1 |
—
|
no change | no change |
P
S
|
3,600 | $666,504 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
HE
CALL
HAWAIIAN ELEC I...
|
CALL Option | 0.25% | 0.25% |
#24
3
Prev: #21
|
0.6 |
—
|
1,900 | 4.1% |
P
S
|
48,800 | $660,264 | 2024 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
ETN
EATON CORP PLC
|
Industrials | 0.19% | 0.15% |
#25
2
Prev: #27
|
1.1 |
—
|
no change | no change |
P
S
|
1,200 | $511,344 | 2025 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
RLI
RLI CORP
|
Financial Services | 0.13% | 0.12% |
#26
4
Prev: #30
|
1.1 |
—
|
no change | no change |
P
S
|
6,000 | $354,420 | 2015 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
BRK/B
BERKSHIRE HATHA...
|
Financial Services | 0.12% | 0.14% |
#27
2
Prev: #29
|
0.0 |
—
|
-200 | -24.2% |
P
S
|
625 | $312,744 | 2010 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
JNJ
JOHNSON & JOHNS...
|
Healthcare | 0.11% | 0.11% |
#28
3
Prev: #31
|
1.0 |
—
|
no change | no change |
P
S
|
1,200 | $304,764 | 2015 Q3 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
CACI
CACI INTL INC
|
Technology | 0.08% | 0.16% |
#29
3
Prev: #26
|
0.0 |
—
|
-350 | -43.5% |
P
S
|
455 | $210,784 | 2018 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
FRMI
FERMI INC
|
Real Estate | 0.06% | — |
#30
Prev: #—
|
3.5 |
—
|
16,500 | — |
NEW
|
16,500 | $151,140 | 2026 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
VIG
VANGUARD SPECIA...
|
ETF | 0.00% | 0.08% |
Sold All 😨
(Was: #32) |
0.0 |
—
|
-1,000 | -100.0% |
CLOSED
|
— | $— | 2023 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
JPM
JPMORGAN CHASE ...
|
Financial Services | 0.00% | 0.15% |
Sold All 😨
(Was: #28) |
0.0 |
—
|
-1,417 | -100.0% |
CLOSED
|
— | $— | 2008 Q2 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
RGLD
ROYAL GOLD INC
|
Basic Materials | 0.00% | 0.23% |
Sold All 😨
(Was: #22) |
0.0 |
—
|
-2,463 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-06-30 | 2026-08-03 | |||
|
CCL
CARNIVAL CORP
|
Consumer Cyclical | 0.00% | 1.45% |
Sold All 😨
(Was: #11) |
0.0 |
—
|
-156,181 | -100.0% |
CLOSED
|
— | $— | 2023 Q1 | 13F Filing | 2026-06-30 | 2026-08-03 |
Showing 1-34 of 34 holdings