MAD RIVER INVESTORS
Long book
$277.2M
Q1 2026
Positions
31
Top-10 weight
91%
concentration
Last quarter
-6.7%
SPY +14.8%
Turnover
9%
of book per quarter
Strategy in plain words
auto-generated from filingsMAD RIVER INVESTORS is a concentrated fundamental stock-picker, specialised in financials (80% of the long book), running a $277.2M US long book across 31 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: TEXAS PACIFIC LAND CORP, PERMIAN BASIN ROYALTY TRUST, HAWAIIAN ELECTRIC INDS, GRAYSCALE BITCOIN TRUST ETF, LANDBRIDGE CO LLC-A.
Over the last 9 quarters its long book ran on average 2.8pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+8.5%
Q2 2024
+16.6%
Q3 2024
+21.4%
Q4 2024
+10.8%
Q1 2025
-5.3%
Q2 2025
-0.2%
Q3 2025
-6.8%
Q4 2025
+27.1%
Q1 2026
-6.7%
Sector allocation
Financials 75%
Utilities 9%
Materials 8%
Energy 3%
Industrials 2%
Technology 2%
Consumer discretionary 0%
Healthcare 0%
Long book by quarter
What does MAD RIVER own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| TPL TEXAS PACIFIC LAND CORP | Financials | 285.1K | $135.3M | 48.8% | -0.3% |
| HE HAWAIIAN ELECTRIC INDS | Utilities | 1.3M | $19.5M | 7.1% | +2.6% |
| LB LANDBRIDGE CO LLC-A | Financials | 266.4K | $18.4M | 6.6% | +1.3% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 89.3K | $11.7M | 4.2% | -8.5% |
| WBI WATERBRIDGE INFRASTRUC-CL A | Energy | 270.9K | $7.3M | 2.6% | +5.4% |
| FNV FRANCO-NEVADA CORP | Materials | 23.6K | $5.8M | 2.1% | 0.0% |
| CCL CARNIVAL CORP LTD | Industrials | 156.2K | $4.0M | 1.5% | +0.4% |
| MIAX MIAMI INTERNATIONAL HOLDINGS | Financials | 81.3K | $3.2M | 1.1% | +8.3% |
| CBOE CBOE GLOBAL MARKETS INC | Financials | 6.7K | $1.9M | 0.7% | -0.1% |
| AAPL APPLE INC | Technology | 5.1K | $1.3M | 0.5% | Held |
| ICE INTERCONTINENTAL EXCHANGE IN | Financials | 7.6K | $1.2M | 0.4% | Held |
| ORCL ORACLE CORP | Technology | 8.1K | $1.2M | 0.4% | Held |
| PANW PALO ALTO NETWORKS INC | Technology | 5.5K | $879K | 0.3% | Held |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.5K | $729K | 0.3% | Held |
| RGLD ROYAL GOLD INC | Financials | 2.5K | $627K | 0.2% | -7.3% |
| CINF CINCINNATI FINANCIAL CORP | Financials | 3.6K | $566K | 0.2% | Held |
| CSCO CISCO SYSTEMS INC | Technology | 6.0K | $466K | 0.2% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 1.7K | $460K | 0.2% | Held |
| CACI CACI INTERNATIONAL INC -CL A | Technology | 805 | $438K | 0.2% | Held |
| ETN EATON CORP PLC | Industrials | 1.2K | $429K | 0.2% | Held |
| JPM JPMORGAN CHASE & CO | Financials | 1.4K | $417K | 0.2% | +1.2% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 825 | $395K | 0.1% | -26.7% |
| RLI RLI CORP | Financials | 6.0K | $342K | 0.1% | -20.0% |
| JNJ JOHNSON & JOHNSON | Healthcare | 1.2K | $293K | 0.1% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 23, 2026 | 32 | $277.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 35 | $219.6M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 14, 2025 | 38 | $233.8M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 8, 2025 | 24 | $223.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 22, 2025 | 24 | $236.0M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 16, 2025 | 26 | $215K | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 22, 2024 | 26 | $180.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 2, 2024 | 27 | $149.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 19, 2024 | 27 | $144.1M | canonical | SEC ↗ |