Mad River Investors Top Holdings and 13F Report (2026) About Mad River InvestorsInvestment ActivityMad River Investors has $245.69 million in total holdings as of September 30, 2026.Mad River Investors owns shares of 31 different stocks, but just 7 companies or ETFs make up 80% of its holdings.Approximately 7.59% of the portfolio was purchased this quarter.About 2.18% of the portfolio was sold this quarter.This quarter, Mad River Investors has purchased 30 new stocks and bought additional shares in 10 stocks.Mad River Investors sold shares of 8 stocks and completely divested from 1 stock this quarter.Largest Holdings Texas Pacific Land $92,786,840Permian Basin Royalty Trust $33,254,393GRAYSCALE BITCOIN TRUST ETF $22,958,128LANDBRIDGE COMPANY LLC $21,648,413Hawaiian Electric Industries $11,792,307 Largest New Holdings this Quarter 798241105 - San Juan Basin Royalty Trust $2,180,875 Holding780287108 - Royal Gold $221,840 Holding Largest Purchases this Quarter Hawaiian Electric Industries 1,270,250 shares (about $11.36M)San Juan Basin Royalty Trust 597,500 shares (about $2.18M)FERMI INC 466,700 shares (about $1.96M)Permian Basin Royalty Trust 51,214 shares (about $1.61M)FIDELITY WISE ORIGIN BITCOIN 8,060 shares (about $585.47K) Largest Sales this Quarter CARNIVAL CORP LTD 76,696 shares (about $1.88M)Wheaton Precious Metals 11,149 shares (about $1.49M)Vanguard Total Stock Market ETF 2,200 shares (about $823.33K)Franco-Nevada 1,449 shares (about $345.02K)GRAYSCALE BITCOIN TRUST ETF 4,695 shares (about $303.25K) Sector Allocation Over TimeMap of 500 Largest Holdings ofMad River Investors Selling Neutral Buying Latest 13F Holdings and Changes Since Previous Quarterly FilingIssuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSectorTPLTexas Pacific Land$92,786,840$182,139 ▼-0.2%284,77137.8%EnergyPBTPermian Basin Royalty Trust$33,254,393$1,612,216 ▲5.1%1,056,36613.5%EnergyGRAYSCALE BITCOIN TRUST ETF$22,958,128$303,250 ▼-1.3%355,4449.3%SHS REP COM UTLANDBRIDGE COMPANY LLC$21,648,413$101,300 ▼-0.5%266,7058.8%CL AHEHawaiian Electric Industries$11,792,307$11,356,035 ▲2,603.0%1,319,0504.8%UtilitiesMIAMI INTL HLDGS INC$9,954,760$273,260 ▲2.8%297,1574.1%COMWATERBRIDGE INFRASTRUCTURE L$7,557,272$26,714 ▲0.4%268,7513.1%CL A SHS REPSTGMSBMesabi Trust$6,412,120$70,152 ▲1.1%327,3162.6%MaterialsWPMWheaton Precious Metals$6,020,563$1,490,833 ▼-19.8%45,0242.5%MaterialsFIDELITY WISE ORIGIN BITCOIN$5,697,049$585,475 ▲11.5%78,4292.3%SHSFNVFranco-Nevada$5,013,851$345,019 ▼-6.4%21,0572.0%MaterialsGRAYSCALE BITCOIN MINI TR ET$3,012,0540.0%81,5171.2%SHS NEWSJTSan Juan Basin Royalty Trust$2,180,875$2,180,875 ▲New Holding597,5000.9%EnergyPANWPalo Alto Networks$2,178,8490.0%5,4840.9%TechnologyFERMI INC$2,034,272$1,964,807 ▲2,828.5%483,2000.8%COMAAPLApple$1,947,168$265,417 ▲15.8%5,8470.8%TechnologyCBOECboe Global Markets$1,838,842$6,882 ▼-0.4%6,6800.7%FinanceVTIVanguard Total Stock Market ETF$1,721,504$823,328 ▼-32.4%4,6000.7%ETFICEIntercontinental Exchange$1,216,346$23,564 ▲2.0%8,0010.5%FinanceORCLOracle$1,105,2650.0%8,0500.4%TechnologyAMZNAmazon.com$847,1100.0%3,4000.3%Consumer DiscretionaryCSCOCisco Systems$645,7800.0%6,0000.3%TechnologyUNHUnitedHealth Group$624,0360.0%1,7000.3%HealthcareCINFCincinnati Financial$573,7320.0%3,6000.2%FinanceETNEaton$515,6520.0%1,2000.2%IndustrialsCARNIVAL CORP LTD$458,338$1,882,138 ▼-80.4%18,6770.2%COMMON SHARESHEHawaiian Electric Industries$436,2720.0%48,8000.2%UtilitiesBRK.BBerkshire Hathaway$385,912$74,693 ▲24.0%7750.2%FinanceRLIRLI$331,8600.0%6,0000.1%FinanceJNJJohnson & Johnson$317,6880.0%1,2000.1%HealthcareRGLDRoyal Gold$221,840$221,840 ▲New Holding9400.1%MaterialsCACICACI International$0$210,784 ▼-100.0%00.0%IndustrialsShowing largest 100 holdings. 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