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Q2 2026 13F · SEC CIK 1384484

Mad River Investors

Wealth managerFiled 2026-08-03 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value
$267.4M
Reported positions
29
Top holdings a year, 3 yrs
+18.3%
Assets under management
$403.5M

Mad River Investors is a wealth manager that reported 29 positions worth $267.4M in its Q2 2026 13F, filed 2026-08-03. Its largest holdings were Texas Pacific Land Corporati (TPL, 46.7%), Permian Basin Rty Tr (PBT, 9.4%), Landbridge Company LLC (LB, 7.9%). A portfolio copying its top holdings returned 18.3% a year over the last 3 years, against 20.4% for the S&P 500.

Mad River Investors holdings all 29 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Mad River Investors 13F holdings
Stock% of 13F valueShare changeReported value
TPLTexas Pacific Land Corporati46.7%+0.1%$124.9M
PBTPermian Basin Rty Tr9.4%+0.2%$25.2M
LBLandbridge Company LLC7.9%+0.6%$21.2M
HEHawaiian Elec Inds Inc Mtn B6.7%+0.4%$17.9M
GBTCGrayscale Bitcoin Trust ETF6.1%+0.0%$16.4M
MIAXMiami Intl Hldgs Inc4.0%+255.7%$10.7M
WBIWaterbridge Infrastructure L3.4%-1.1%$9.2M
MSBMesabi Tr3.1%+0.7%$8.2M
WPMWheaton Precious Metals2.4%-37.1%$6.3M
FNVFranco Nev Corp1.8%-4.6%$4.7M
FBTCFidelity Wise Origin Bitcoin1.3%+0.0%$3.6M
CCLCarnival Corp Ltd1.0%—$2.7M
VTIVanguard Index Fds0.9%-22.7%$2.5M
BTCGrayscale Bitcoin Mini Tr Et0.8%+0.4%$2.1M
PANWPalo Alto Networks Inc0.7%+0.0%$1.9M
CBOECboe Global Mkts Inc0.6%+0.4%$1.6M
AAPLApple Inc0.5%-1.0%$1.5M
ORCLOracle Corp0.4%+0.0%$1.2M
ICEIntercontinental Exchange in0.4%+2.6%$966K
AMZNAmazon Com Inc Com0.3%-2.9%$810K
UNHUnitedhealth Group Inc Com0.3%+0.0%$707K
CSCOCisco Sys Inc0.3%+0.0%$705K
CINFCincinnati Financial Corporation0.2%+0.0%$667K
ETNEaton Corp PLC0.2%+0.0%$511K
RLIRli Corp0.1%+0.0%$354K
BRK-BBerkshire Hathaway Inc Del0.1%-24.2%$313K
JNJJohnson & Johnson0.1%+0.0%$305K
CACICaci Intl Inc0.1%-43.5%$211K
FRMIFermi Inc0.1%—$151K

What Mad River Investors bought and sold in Q2 2026, against Q1 2026.

New positions

Added to

Reduced

Sold out

Share counts compared with the Q1 2026 13F; a split also changes share counts.

How the holdings did against the S&P 500.

1 year
+14.1% /yr
S&P 500 +20.1%
3 years
+18.3% /yr
S&P 500 +20.4%
5 years
+13.7% /yr
S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value and rebuilt each quarter on the day the filing became public. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter13F valuePositions
Q2 2026$267.4M29
Q1 2026$277.2M31
Q4 2025$219.4M34
Q3 2025$233.4M37
Q2 2025$223.2M23
Q1 2025$236.0M24
Q4 2024$215.2M26
Q3 2024$180.3M26
Q2 2024$149.3M27
Q1 2024$144.1M27
Q4 2023$107.7M26
Q3 2023$141.3M25

Questions about Mad River Investors's portfolio

What stocks does Mad River Investors own?

Mad River Investors's latest 13F, for Q2 2026 and filed Aug 3, 2026, lists 29 positions worth $267.4M. The largest are Texas Pacific Land Corporati (TPL) at 46.7%, Permian Basin Rty Tr (PBT) at 9.4%, Landbridge Company LLC (LB) at 7.9%, Hawaiian Elec Inds Inc Mtn B (HE) at 6.7% and Grayscale Bitcoin Trust ETF (GBTC) at 6.1%.

What did Mad River Investors buy last quarter?

In Q2 2026, Mad River Investors added a new position in Carnival Corp Ltd (CCL), a new position in Fermi Inc (FRMI) and Miami Intl Hldgs Inc (MIAX) (+255.7% shares), compared with its Q1 2026 filing.

What did Mad River Investors sell last quarter?

In Q2 2026, Mad River Investors sold all of Carnival Corp (CUK), sold all of Royal Gold Inc (RGLD), sold all of Jpmorgan Chase & Co (JPM), sold all of Vanguard Dividend Appreciation ETF (VIG), Caci Intl Inc (CACI) (-43.5% shares), Wheaton Precious Metals (WPM) (-37.1% shares) and Berkshire Hathaway Inc Del (BRK-B) (-24.2% shares), compared with its Q1 2026 filing.

How has Mad River Investors's portfolio performed?

A portfolio copying Mad River Investors's 20 largest 13F holdings each quarter, from the day each filing was public, returned +18.3% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +14.1% against +20.1%. Over 5 years: +13.7% a year against +11.6%.

When is Mad River Investors's next 13F filing due?

13F filings are due 45 days after each quarter ends. Mad River Investors's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Mad River Investors manage?

Mad River Investors reported $403.5M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $267.4M.