MAD RIVER INVESTORS
CIK: 0001384484SEC EDGAR →
Portfolio Value
$219.6M
Holdings
34
As of
Q4 2025
New Positions
17
Closed Positions
3
Top 10 Holdings
| Rank | Stock | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | TEXAS PACIFIC LAND CORPORATI | 286,083 | $82.2M | 37.41% |
| 2 | GRAYSCALE BITCOIN TRUST ETF | 360,454 | $24.6M | 11.22% |
| 3 | PERMIAN BASIN RTY TR | 986,819 | $16.8M | 7.63% |
| 4 | HECall HAWAIIAN ELEC INDUSTRIES | 1,298,350 | $16.0M | 7.27% |
| 5 | LANDBRIDGE COMPANY LLC | 262,934 | $12.9M | 5.87% |
| 6 | WHEATON PRECIOUS METALS CORP | 97,604 | $11.5M | 5.22% |
| 7 | MESABI TR | 296,649 | $11.4M | 5.20% |
| 8 | FIDELITY WISE ORIGIN BITCOIN | 70,859 | $5.4M | 2.46% |
| 9 | WATERBRIDGE INFRASTRUCTURE L | 257,000 | $5.1M | 2.34% |
| 10 | FRANCO NEV CORP | 23,594 | $4.9M | 2.23% |
Quarterly Changes
Sector Breakdown
| Sector | # Holdings | Value | % |
|---|---|---|---|
| Energy | 4 | $116.9M | 53.3% |
| Technology | 6 | $32.1M | 14.6% |
| Basic Materials | 4 | $28.4M | 12.9% |
| Financial Services | 10 | $17.9M | 8.1% |
| Utilities | 1 | $16.0M | 7.3% |
| Consumer Cyclical | 2 | $5.6M | 2.5% |
| Unknown | 3 | $1.3M | 0.6% |
| Healthcare | 2 | $809K | 0.4% |
| Industrials | 1 | $382K | 0.2% |
| Consumer Defensive | 1 | $282K | 0.1% |