Mad River Investors Portfolio Concentration Analysis: June 2026 Insights

As of June 30, 2026, Mad River Investors' portfolio totals $244.7 million.

The fund's holdings are dominated by a significant position in Texas Pacific Land Corporation (TPL). With 46.69% allocation, TPL is the largest holding and represents one of the most concentrated positions within this portfolio. This substantial exposure to energy infrastructure underscores the investor's focus on this sector.

The second-largest position belongs to Permiian Basin RTRY TR (PBT), accounting for 9.41% of the total value. PBT is another key player in the energy space, specifically within the Permian Basin region. This further highlights a strong tilt towards energy assets.

In addition to these top holdings, Landbridge Company LLC (LB) and Hawaiian Electric Industries Inc MTN B (HE) also feature prominently with allocations of 7.94% and 6.69% respectively. LB is focused on energy infrastructure while HE operates in the Utilities sector.

The portfolio's sector allocation shows a heavy concentration in Energy, which holds approximately $171 million worth of assets (70.01%). This represents nearly three-quarters of Mad River Investors' holdings and is significantly driven by their positions in TPL and PBT.

The fund also maintains exposure to other sectors including Technology, Utilities, Financial Services, Basic Materials, and Healthcare, though these allocations are considerably smaller. Notably, the portfolio includes a substantial allocation to Unknown sector holdings worth $25 million (10.27%). Furthermore, there is diversification into trusts like Mesabi Trust (MSB) with 3.06% and Wheaton Precious Metals Corp (WPM) with 2.36%, alongside exposure to Bitcoin-related products.

In summary, Mad River Investors' portfolio exhibits a clear preference for energy assets, particularly Texas Pacific Land Corporation, which forms the core of their investment strategy as evidenced by this snapshot from June 2026.