MAD River Investors
BOSTON, MA
$267m in 29 US stocks at the end of 30 June 2026. The top 10 are 91.5% of the money. It changed about 8.5% of the portfolio this quarter.
Value
$267m
Stocks
29
Top 10 share
91.5%
Turnover
8.5%
What changed this quarter
New
Bought for the first time this quarter.
- CarnivalCCL1.0% of the fund
- FermiFRMI<0.1% of the fund
Added
Bought more of a stock they already held.
- Miami International HoldingsMIAX4.0% of the fund+256%
- Intercontinental ExchangeICE0.4% of the fund+3%
Cut
Sold some of their stake.
- Wheaton Precious MetalsWPM2.4% of the fund-37%
- Franco NevadaFNV1.8% of the fund-5%
- Vanguard Index FDSVTI0.9% of the fund-23%
- Amazon.comAMZN0.3% of the fund-3%
- Berkshire HathawayBRK-B0.1% of the fund-24%
- Caci InternationalCACI<0.1% of the fund-43%
Sold out
Sold their entire stake.
- Carnival-100%
- Royal GoldRGLD-100%
- JPMorgan ChaseJPM-100%
- Vanguard Specialized FundsVIG-100%
Holdings
- Grayscale Bitcoin Trust ETFGBTC
- Share
- 6.1%
- Value
- $16m
- Shares
- 360,139
Held
- Wheaton Precious MetalsWPM
- Share
- 2.4%
- Value
- $6m
- Shares
- 56,173
-37%
- Franco NevadaFNV
- Share
- 1.8%
- Value
- $5m
- Shares
- 22,506
-5%
- Fidelity Wise Origin BitcoinFBTC
- Share
- 1.3%
- Value
- $4m
- Shares
- 70,369
Held
- Vanguard Index FDSVTI
- Share
- 0.9%
- Value
- $3m
- Shares
- 6,800
-23%
- Grayscale Bitcoin Mini TR ETBTC
- Share
- 0.8%
- Value
- $2m
- Shares
- 81,517
Held
- Cboe Global MktsCBOE
- Share
- 0.6%
- Value
- $2m
- Shares
- 6,705
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Texas Pacific LandTPL | 46.7% | $125m | 285,330 | Held |
| Permian Basin Royalty TrustPBT | 9.4% | $25m | 1,005,152 | Held |
| LandBridgeLB | 7.9% | $21m | 267,953 | Held |
| Hawaiian Electric IndustriesHE | 6.7% | $18m | 1,321,850 | Held |
| Grayscale Bitcoin Trust ETFGBTC | 6.1% | $16m | 360,139 | Held |
| Miami International HoldingsMIAX | 4.0% | $11m | 289,000 | +256% |
| WaterBridge InfrastructureWBI | 3.4% | $9m | 267,801 | Held |
| Mesabi TrustMSB | 3.1% | $8m | 323,735 | Held |
| Wheaton Precious MetalsWPM | 2.4% | $6m | 56,173 | -37% |
| Franco NevadaFNV | 1.8% | $5m | 22,506 | -5% |
| Fidelity Wise Origin BitcoinFBTC | 1.3% | $4m | 70,369 | Held |
| CarnivalCCL | 1.0% | $3m | 95,373 | New |
| Vanguard Index FDSVTI | 0.9% | $3m | 6,800 | -23% |
| Grayscale Bitcoin Mini TR ETBTC | 0.8% | $2m | 81,517 | Held |
| Palo Alto NetworksPANW | 0.7% | $2m | 5,484 | Held |
| Cboe Global MktsCBOE | 0.6% | $2m | 6,705 | Held |
| AppleAAPL | 0.5% | $1m | 5,050 | Held |
| OracleORCL | 0.4% | $1m | 8,050 | Held |
| Intercontinental ExchangeICE | 0.4% | $965,876 | 7,846 | +3% |
| Amazon.comAMZN | 0.3% | $810,356 | 3,400 | -3% |
| UnitedHealth GroupUNH | 0.3% | $706,571 | 1,700 | Held |
| Cisco SystemsCSCO | 0.3% | $704,760 | 6,000 | Held |
| Cincinnati FinancialCINF | 0.2% | $666,504 | 3,600 | Held |
| EatonETN | 0.2% | $511,344 | 1,200 | Held |
| RLIRLI | 0.1% | $354,420 | 6,000 | Held |
| Berkshire HathawayBRK-B | 0.1% | $312,744 | 625 | -24% |
| Johnson & JohnsonJNJ | 0.1% | $304,764 | 1,200 | Held |
| Caci InternationalCACI | <0.1% | $210,784 | 455 | -43% |
| FermiFRMI | <0.1% | $151,140 | 16,500 | New |
Options (1)
- Hawaiian Electric IndustriesHE
- Type
- Call
- Value
- $660,264
- Contracts
- 48,800
| Company | Type | Value | Contracts |
|---|---|---|---|
| Hawaiian Electric IndustriesHE | Call | $660,264 | 48,800 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 19.8% since 30 June 2025.
Where the money is
Energy50.1%
Financial services25.3%
Utilities6.7%
Materials4.1%
Technology2.0%
Retail & consumer1.3%
Health care0.4%
Industrials0.3%
Real estate0.1%
Other9.8%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.