Mad River Investors Portfolio Stock Holdings

Mad River Investors disclosed 29 stock positions valued at approximately $267.4 million in its latest SEC 13F filing. The largest holdings include TEXAS PACIFIC LAND CORPORATI, PERMIAN BASIN RTY TR, and LANDBRIDGE COMPANY LLC. The filing reflects positions held as of June 30, 2026 and was filed on August 3, 2026.

Report Period
June 30, 2026
No. of Stocks
29
Portfolio Value
$267.4M
Holdings by Sector
Mad River Investors Portfolio Holdings in Q2 2026

25 holdings in the latest reporting period.

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CompanySymbolSectorPortfolio %SharesChange (Shares)Change %Value
TEXAS PACIFIC LAND CORPORATITPLEnergy46.69%285,330+210+0.07%$124,871,767
PERMIAN BASIN RTY TRPBTEnergy9.41%1,005,152+2,012+0.20%$25,169,016
LANDBRIDGE COMPANY LLCLBEnergy7.94%267,953+1,568+0.59%$21,232,603
HAWAIIAN ELEC INDS INC MTN BHEUtilities6.69%1,321,850+4,800+0.36%$17,884,631
GRAYSCALE BITCOIN TRUST ETFGBTCOther6.13%360,139--$16,393,528
MESABI TRMSBBasic Materials3.06%323,735+2,189+0.68%$8,190,493
WHEATON PRECIOUS METALS CORPWPMBasic Materials2.36%56,173-33,098-37.08%$6,309,356
FRANCO NEV CORPFNVBasic Materials1.75%22,506-1,084-4.60%$4,691,175
FIDELITY WISE ORIGIN BITCOINFBTCOther1.34%70,369+30+0.04%$3,592,314
VANGUARD INDEX FDSVTIOther0.94%6,800-2,000-22.73%$2,516,272
GRAYSCALE BITCOIN MINI TR ETBTCOther0.79%81,517+300+0.37%$2,115,367
PALO ALTO NETWORKS INCPANWTechnology0.70%5,484--$1,870,154
CBOE GLOBAL MKTS INCCBOEFinancial Services0.61%6,705+25+0.37%$1,627,019
APPLE INCAAPLTechnology0.55%5,050-50-0.98%$1,461,268
ORACLE CORPORCLTechnology0.44%8,050--$1,179,728
INTERCONTINENTAL EXCHANGE INICEFinancial Services0.36%7,846+201+2.63%$965,876
AMAZON COM INCAMZNConsumer Cyclical0.30%3,400-100-2.86%$810,356
UNITEDHEALTH GROUP INCUNHHealthcare0.26%1,700--$706,571
CISCO SYS INCCSCOTechnology0.26%6,000--$704,760
CINCINNATI FINL CORPCINFFinancial Services0.25%3,600--$666,504
EATON CORP PLCETNOther0.19%1,200--$511,344
RLI CORPRLIFinancial Services0.13%6,000--$354,420
BERKSHIRE HATHAWAY INC DELBRK-BFinancial Services0.12%625-200-24.24%$312,744
JOHNSON & JOHNSONJNJHealthcare0.11%1,200--$304,764
CACI INTL INCCACITechnology0.08%455-350-43.48%$210,784
Mad River Investors Options Holdings in Q2 2026

1 options positions in the latest reporting period.

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QuarterSymbolCompanyOptionContractsNotional Value
Q2 2026HEHawaiian Electric Industries, ICALL48,800$660,264

Notional value represents the total exposure of the options position.