Mad River Investors as of Sept. 30, 2025
Portfolio Holdings for Mad River Investors
Mad River Investors holds 37 positions in its portfolio as reported in the September 2025 quarterly 13F filing
| Company (Ticker) | Portfolio Weight | Valued At | Change in Shares | Share Count | Share Price |
|---|---|---|---|---|---|
| Texas Pacific Land Corp (TPL) | 38.0 | $89M | 95k | 933.64 | |
| Grayscale Bitcoin Trust Etf Shs Rep Com Ut (GBTC) | 13.9 | $32M | 361k | 89.77 | |
| Permian Basin Rty Tr Unit Ben Int (PBT) | 7.2 | $17M | 922k | 18.25 | |
| Hawaiian Electric Industries (HE) | 5.8 | $14M | 1.2M | 11.04 | |
| Landbridge Company Cl A (LB) | 5.5 | $13M | 241k | 53.35 | |
| Wheaton Precious Metals Corp (WPM) | 4.7 | $11M | 98k | 111.84 | |
| Mesabi Tr Ctf Ben Int (MSB) | 3.7 | $8.6M | 296k | 29.27 | |
| Fidelity Wise Origin Bitcoin SHS (FBTC) | 3.1 | $7.2M | 72k | 99.81 | |
| Waterbridge Infrastructure L Cl A Shs Repstg | 2.7 | $6.3M | 252k | 25.22 | |
| Franco-Nevada Corporation (FNV) | 2.2 | $5.3M | 24k | 222.91 | |
| Carnival Corp Unit 99/99/9999 (CCL) | 1.9 | $4.5M | 155k | 28.91 | |
| Grayscale Bitcoin Mini Tr Et Shs New (BTC) | 1.8 | $4.2M | 82k | 50.63 | |
| Vanguard Index Fds Total Stk Mkt (VTI) | 1.7 | $4.0M | 12k | 328.17 | |
| Miami Intl Hldgs | 1.3 | $3.0M | 75k | 40.26 | |
| Oracle Corporation (ORCL) | 1.0 | $2.3M | 8.1k | 281.24 | |
| CBOE Holdings (CBOE) | 0.7 | $1.6M | 6.7k | 245.24 | |
| Intercontinental Exchange (ICE) | 0.6 | $1.3M | 7.7k | 168.49 | |
| Apple (AAPL) | 0.5 | $1.3M | 5.0k | 254.63 | |
| Palo Alto Networks (PANW) | 0.5 | $1.1M | 5.5k | 203.62 | |
| Amazon (AMZN) | 0.3 | $747k | 3.4k | 219.57 | |
| Berkshire Hathaway Inc Del Cl B New (BRK.B) | 0.3 | $591k | 1.2k | 502.74 | |
| UnitedHealth (UNH) | 0.3 | $587k | 1.7k | 345.30 | |
| Cincinnati Financial Corporation (CINF) | 0.2 | $569k | 3.6k | 158.10 | |
| Vanguard Specialized Funds Div App Etf (VIG) | 0.2 | $561k | 2.6k | 215.79 | |
| Sandstorm Gold Com New (SAND) | 0.2 | $533k | 43k | 12.52 | |
| Rli (RLI) | 0.2 | $489k | 7.5k | 65.22 | |
| Eaton Corp SHS (ETN) | 0.2 | $449k | 1.2k | 374.25 | |
| JPMorgan Chase & Co. (JPM) | 0.2 | $442k | 1.4k | 315.43 | |
| Cisco Systems (CSCO) | 0.2 | $411k | 6.0k | 68.42 | |
| Caci Intl Cl A (CACI) | 0.2 | $402k | 805.00 | 498.78 | |
| Kimberly-Clark Corporation (KMB) | 0.1 | $348k | 2.8k | 124.34 | |
| Citigroup Com New (C) | 0.1 | $305k | 3.0k | 101.50 | |
| Invesco Exchange Traded Fd T S&p500 Eql Wgt (RSP) | 0.1 | $286k | 1.5k | 189.70 | |
| FirstEnergy (FE) | 0.1 | $261k | 5.7k | 45.82 | |
| Johnson & Johnson (JNJ) | 0.1 | $223k | 1.2k | 185.42 | |
| salesforce (CRM) | 0.1 | $213k | 900.00 | 237.00 | |
| Gaming & Leisure Pptys (GLPI) | 0.1 | $212k | 4.6k | 46.61 |
