SEC 13F Intelligence

Managers / Q1 2026

MAD RIVER INVESTORS

CIK 0001384484 · 84 STATE STREET, SUITE 1060, BOSTON, MA, 02109 · 617-728-0333

Reported Value
$278M
Q1 2026
Positions
32
Filings on Record
30
2019–present window
Filed
Apr 23, 2026
original filing

Summary

Mad River Investors reported $278M in U.S.-listed holdings across 32 positions for Q1 2026.

The portfolio is heavily concentrated: TPL alone accounts for 48.7% of reported value.

Compared with Q4 2025, the fund opened 0 new positions and exited 3.

Portfolio Metrics

Turnover
+5.3%
vs prior filed quarter
Top-10 Concentration
+91.0%
share of reported value
Largest Position
+48.7%
Texas Pacific Land Corporati

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $90MQ4 ’18Q1 ’19: $113MQ2 ’19: $114MQ3 ’19: $103MQ4 ’19: $117MQ4 ’19Q1 ’20: $65MQ2 ’20: $87MQ3 ’20: $79MQ4 ’20: $102MQ4 ’20Q1 ’21: $150MQ2 ’21: $156MQ3 ’21: $156MQ4 ’21: $131MQ4 ’21Q1 ’22: $130MQ2 ’22: $128MQ3 ’22: $137MQ2 ’23: $135MQ2 ’23Q3 ’23: $141MQ4 ’23: $108MQ1 ’24: $144MQ2 ’24: $149MQ2 ’24Q3 ’24: $180MQ4 ’24: $215MQ1 ’25: $236MQ2 ’25: $223MQ2 ’25Q3 ’25: $234MQ4 ’25: $220MQ1 ’26: $278Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.1%Royalty Trst: 11.4%ETP: 10.3%Other: 0.2%
  • Common Stock · 78.1% · $217M
  • Royalty Trst · 11.4% · $32M
  • ETP · 10.3% · $29M
  • Other · 0.2% · $429,204

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TRVCCITIGROUP INCSOLD OUT−3.0K0−$350,070$0
INVESCO EXCHANGE TRADED FD TSOLD OUT−1.5K0−$288,873$0
KMBKIMBERLY-CLARK CORPSOLD OUT−2.8K0−$282,492$0
VANGUARD SPECIALIZED FUNDSTRIMMED−6001.0K−$136,588$215,060
VANGUARD INDEX FDSTRIMMED−3.3K8.8K−$1M$3M
BRK/BBERKSHIRE HATHAWAY INC DELTRIMMED−300825−$170,142$395,340
RLIRLI CORPTRIMMED−1.5K6.0K−$137,610$342,240
WPMWHEATON PRECIOUS METALS CORPTRIMMED−8.3K89.3K+$224,970$12M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TPLTEXAS PACIFIC LAND CORPORATIhistory →COM48.69%$135M285.1K
2PBTPERMIAN BASIN RTY TRhistory →UNIT BEN INT7.77%$22M1.00M
3HEHAWAIIAN ELEC INDS INC MTN Bhistory →COM7.03%$20M1.32M
4GBTCGRAYSCALE BITCOIN TRUST ETFhistory →SHS REP COM UT6.84%$19M360.1K
5LBLANDBRIDGE COMPANY LLChistory →CL A6.62%$18M266.4K
6WPMWHEATON PRECIOUS METALS CORPhistory →COM4.21%$12M89.3K
7MSBMESABI TRhistory →CTF BEN INT3.65%$10M321.5K
8WBIWATERBRIDGE INFRASTRUCTURE Lhistory →CL A SHS REPSTG2.61%$7M270.9K
9FNVFRANCO NEV CORPhistory →COM2.10%$6M23.6K
10FBTCFIDELITY WISE ORIGIN BITCOINhistory →SHS1.49%$4M70.3K
11CCL1EURCARNIVAL CORPhistory →COMMON STOCK1.45%$4M156.2K
12MIAXMIAMI INTL HLDGS INChistory →COM1.14%$3M81.3K
13VANGUARD INDEX FDSTOTAL STK MKT1.02%$3M8.8K
14BTCGRAYSCALE BITCOIN MINI TR ETSHS NEW0.88%$2M81.2K
15CBOECBOE GLOBAL MKTS INCCOM0.68%$2M6.7K
16AAPLAPPLE INCCOM0.47%$1M5.1K
17ICEINTERCONTINENTAL EXCHANGE INCOM0.43%$1M7.6K
18ORCLORACLE CORPCOM0.43%$1M8.1K
19PANWPALO ALTO NETWORKS INCCOM0.32%$879,1955.5K
20AMZNAMAZON COM INCCOM0.26%$728,9453.5K
21RGLDROYAL GOLD INCCOM0.23%$626,8122.5K
22CINFCINCINNATI FINL CORPCOM0.20%$566,4603.6K
23CSCOCISCO SYS INCCOM0.17%$465,5406.0K
24UNHUNITEDHEALTH GROUP INCCOM0.17%$460,0031.7K
25CA8ACACI INTL INCCL A0.16%$437,816805
26EATON CORP PLCSHS0.15%$429,2041.2K
27JPMJPMORGAN CHASE & COCOM0.15%$416,8251.4K
28BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.14%$395,340825
29RLIRLI CORPCOM0.12%$342,2406.0K
30JNJJOHNSON & JOHNSONCOM0.11%$293,3281.2K
31VANGUARD SPECIALIZED FUNDSDIV APP ETF0.08%$215,0601.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$278M32Apr 23, 202613F-HRchanges · EDGAR ↗
Q4 2025$220M35Feb 6, 202613F-HRchanges · EDGAR ↗
Q3 2025$234M38Oct 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$223M24Jul 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$236M24Apr 22, 202513F-HRchanges · EDGAR ↗
Q4 2024$215M26Jan 16, 202513F-HRchanges · EDGAR ↗
Q3 2024$180M26Oct 22, 202413F-HRchanges · EDGAR ↗
Q2 2024$149M27Aug 2, 202413F-HRchanges · EDGAR ↗
Q1 2024$144M27Apr 19, 202413F-HRchanges · EDGAR ↗
Q4 2023$108M26Jan 26, 202413F-HRchanges · EDGAR ↗
Q3 2023$141M25Oct 18, 202313F-HRchanges · EDGAR ↗
Q2 2023$135M27Aug 3, 202313F-HRchanges · EDGAR ↗
Q1 2023Under review23May 4, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review26Feb 6, 202313F-HRchanges · EDGAR ↗
Q3 2022$137M26Oct 26, 202213F-HRchanges · EDGAR ↗
Q2 2022$128M27Aug 8, 202213F-HRchanges · EDGAR ↗
Q1 2022$130M29Apr 28, 202213F-HRchanges · EDGAR ↗
Q4 2021$131M29Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$156M25Nov 8, 202113F-HRchanges · EDGAR ↗
Q2 2021$156M25Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$150M23May 3, 202113F-HRchanges · EDGAR ↗
Q4 2020$102M23Feb 3, 202113F-HRchanges · EDGAR ↗
Q3 2020$79M23Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$87M21Aug 10, 202013F-HRchanges · EDGAR ↗
Q1 2020$65M19May 5, 202013F-HRchanges · EDGAR ↗
Q4 2019$117M23Jan 30, 202013F-HRchanges · EDGAR ↗
Q3 2019$103M23Oct 30, 201913F-HRchanges · EDGAR ↗
Q2 2019$114M28Aug 7, 201913F-HRchanges · EDGAR ↗
Q1 2019$113M29May 6, 201913F-HRchanges · EDGAR ↗
Q4 2018$90M28Feb 6, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.