MRM-Horizon Advisors

Mad River Investors as of June 30, 2025

Portfolio Holdings for Mad River Investors

Mad River Investors holds 23 positions in its portfolio as reported in the June 2025 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Texas Pacific Land Corp (TPL) 45.0 $100M 95k 1056.39
Grayscale Bitcoin Trust Etf Shs Rep Com Ut (GBTC) 14.1 $32M 372k 84.83
Landbridge Company Cl A (LB) 7.1 $16M 235k 67.58
Hawaiian Electric Industries (HE) 5.8 $13M 1.2M 10.63
Permian Basin Rty Tr Call Call Option (Principal) (PBT) 5.0 $11M 892k 12.46
Wheaton Precious Metals Corp (WPM) 4.7 $10M 116k 89.80
Mesabi Tr Ctf Ben Int (MSB) 3.2 $7.1M 295k 23.96
Fidelity Wise Origin Bitcoin SHS (FBTC) 3.1 $6.9M 73k 93.99
Carnival Corp Unit 99/99/9999 (CCL) 2.3 $5.2M 184k 28.12
Franco-Nevada Corporation (FNV) 1.8 $3.9M 24k 163.92
Grayscale Bitcoin Mini Tr Et Shs New (BTC) 1.7 $3.7M 78k 47.75
Vanguard Index Fds Total Stk Mkt (VTI) 1.7 $3.7M 12k 303.93
Aris Water Solutions Class A Com (ARIS) 0.9 $2.1M 89k 23.65
Civeo Corp Cda Com New (CVEO) 0.7 $1.6M 68k 23.09
CBOE Holdings (CBOE) 0.7 $1.6M 6.7k 233.20
Intercontinental Exchange (ICE) 0.6 $1.4M 7.7k 183.48
Vanguard Specialized Funds Div App Etf (VIG) 0.6 $1.3M 6.2k 204.67
Berkshire Hathaway Inc Del Cl B New (BRK.B) 0.3 $571k 1.2k 485.77
Rli (RLI) 0.2 $542k 7.5k 72.22
Sandstorm Gold Com New (SAND) 0.2 $458k 49k 9.40
Caci Intl Cl A (CACI) 0.2 $408k 855.00 476.70
Invesco Exchange Traded Fd T S&p500 Eql Wgt (RSP) 0.1 $274k 1.5k 181.74
Eagle Materials (EXP) 0.1 $249k 1.2k 202.03