Mad River Investors Top Holdings and 13F Report (2026) About Mad River InvestorsInvestment ActivityMad River Investors has $268.11 million in total holdings as of June 30, 2026.Mad River Investors owns shares of 30 different stocks, but just 6 companies or ETFs make up 80% of its holdings.Approximately 10.53% of the portfolio was purchased this quarter.About 3.88% of the portfolio was sold this quarter.This quarter, Mad River Investors has purchased 32 new stocks and bought additional shares in 11 stocks.Mad River Investors sold shares of 8 stocks and completely divested from 4 stocks this quarter.Largest Holdings Texas Pacific Land $124,871,767Permian Basin Royalty Trust $25,169,016LANDBRIDGE COMPANY LLC $21,232,603Hawaiian Electric Industries $17,884,631GRAYSCALE BITCOIN TRUST ETF $16,393,528 Largest New Holdings this Quarter G2004J103 - CARNIVAL CORP LTD $2,724,801 Holding314911108 - FERMI INC $151,140 Holding Largest Purchases this Quarter Hawaiian Electric Industries 1,274,950 shares (about $17.25M)MIAMI INTL HLDGS INC 207,750 shares (about $7.72M)CARNIVAL CORP LTD 95,373 shares (about $2.72M)FERMI INC 16,500 shares (about $151.14K)LANDBRIDGE COMPANY LLC 1,568 shares (about $124.25K) Largest Sales this Quarter Wheaton Precious Metals 33,098 shares (about $3.72M)Vanguard Total Stock Market ETF 2,000 shares (about $740.08K)Franco-Nevada 1,084 shares (about $225.95K)CACI International 350 shares (about $162.14K)WATERBRIDGE INFRASTRUCTURE L 3,099 shares (about $106.20K) 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$124,871,767$91,904 â–²0.1%285,33046.6%EnergyPBTPermian Basin Royalty Trust$25,169,016$50,380 â–²0.2%1,005,1529.4%EnergyLANDBRIDGE COMPANY LLC$21,232,603$124,248 â–²0.6%267,9537.9%CL AHEHawaiian Electric Industries$17,884,631$17,250,074 â–²2,718.4%1,321,8506.7%UtilitiesGRAYSCALE BITCOIN TRUST ETF$16,393,5280.0%360,1396.1%SHS REP COM UTMIAMI INTL HLDGS INC$10,739,240$7,719,990 â–²255.7%289,0004.0%COMWATERBRIDGE INFRASTRUCTURE L$9,177,525$106,203 â–¼-1.1%267,8013.4%CL A SHS REPSTGMSBMesabi Trust$8,190,493$55,382 â–²0.7%323,7353.1%MaterialsWPMWheaton Precious Metals$6,309,356$3,717,570 â–¼-37.1%56,1732.4%MaterialsFNVFranco-Nevada$4,691,175$225,950 â–¼-4.6%22,5061.7%MaterialsFIDELITY WISE ORIGIN BITCOIN$3,592,314$1,531 â–²0.0%70,3691.3%SHSCARNIVAL CORP LTD$2,724,801$2,724,801 â–²New Holding95,3731.0%COMMON SHARESVTIVanguard Total Stock Market ETF$2,516,272$740,080 â–¼-22.7%6,8000.9%ETFGRAYSCALE BITCOIN MINI TR ET$2,115,367$7,785 â–²0.4%81,5170.8%SHS NEWPANWPalo Alto Networks$1,870,1540.0%5,4840.7%TechnologyCBOECboe Global Markets$1,627,019$6,066 â–²0.4%6,7050.6%FinanceAAPLApple$1,461,268$14,468 â–¼-1.0%5,0500.5%TechnologyORCLOracle$1,179,7280.0%8,0500.4%TechnologyICEIntercontinental Exchange$965,876$24,744 â–²2.6%7,8460.4%FinanceAMZNAmazon.com$810,356$23,834 â–¼-2.9%3,4000.3%Consumer DiscretionaryUNHUnitedHealth Group$706,5710.0%1,7000.3%HealthcareCSCOCisco Systems$704,7600.0%6,0000.3%TechnologyCINFCincinnati Financial$666,5040.0%3,6000.2%FinanceHEHawaiian Electric Industries$660,264$25,707 â–²4.1%48,8000.2%UtilitiesETNEaton$511,3440.0%1,2000.2%IndustrialsRLIRLI$354,4200.0%6,0000.1%FinanceBRK.BBerkshire Hathaway$312,744$100,078 â–¼-24.2%6250.1%FinanceJNJJohnson & Johnson$304,7640.0%1,2000.1%HealthcareCACICACI International$210,784$162,142 â–¼-43.5%4550.1%IndustrialsFERMI INC$151,140$151,140 â–²New Holding16,5000.1%COMCCLCarnival$0$4,041,952 â–¼-100.0%00.0%Consumer DiscretionaryRGLDRoyal Gold$0$626,812 â–¼-100.0%00.0%MaterialsJPMJPMorgan Chase & Co.$0$416,825 â–¼-100.0%00.0%FinanceVIGVanguard Dividend Appreciation ETF$0$215,060 â–¼-100.0%00.0%ETFShowing largest 100 holdings. 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