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MAD RIVER INVESTORS

84 STATE STREET SUITE 1060, BOSTON, MA 02109 • 617-728-0333

Q1 2026 · Filed 2026-04-23
Market Value
$277M
+26.3%
Holdings
34
-4
New Purchases
0
Added To
9
Closed
3
Reduced
11
Top 10 Concentration
91.2%
Turnover
8.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TPL 48.82% 37.44% +11.37% $135M
LB 6.64% 5.87% +0.77% $18M
WBI 2.62% 2.34% +0.27% $7M
PBT 7.79% 7.64% +0.15% $22M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBTC 6.86% 11.23% -4.37% $19M
MSB 3.65% 5.21% -1.55% $10M
WPM 4.22% 5.23% -1.01% $12M
FBTC 1.50% 2.46% -0.96% $4M
VTI 1.02% 1.85% -0.83% $3M
CCL 1.46% 2.17% -0.71% $4M
BTC 0.88% 1.37% -0.49% $2M
MIAX 1.14% 1.52% -0.38% $3M
ORCL 0.43% 0.71% -0.29% $1M
AAPL 0.47% 0.63% -0.16% $1M
C 0.00% 0.16% -0.16% $0
HE 7.05% 7.20% -0.15% $20M
PANW 0.32% 0.46% -0.14% $879K
RSP 0.00% 0.13% -0.13% $0
ICE 0.43% 0.56% -0.13% $1M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Energy 64.2%
Financial Services 13.1%
Basic Materials 11.1%
Utilities 7.6%
Consumer Cyclical 1.9%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 10 $8M 2.9%
Large Cap 16 $186M 67.2%
Mid Cap 5 $44M 15.8%
Small Cap 3 $39M 14.1%

Portfolio Analytics

Avg Market Cap
$384.2B
Median Market Cap
$42.2B
Avg P/E
36.1
Median P/E
29.9
Avg Dividend Yield
0.01%
Avg Beta
0.94
# Stocks
26
# ETFs / Funds
8

Top Holdings (34 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPL 48.82% 285,120 $135M $474.56 $53M -963 -0.3%
2 PBT 7.79% 1,003,140 $22M $21.52 $5M +16,321 +1.6%
3 HE 7.05% 1,317,050 $20M $14.84 $4M +32,900 +2.6%
4 GBTC 6.86% 360,139 $19M $52.76 -$6M -315 -0.1%
5 LB 6.64% 266,385 $18M $69.05 $6M +3,451 +1.3%
6 WPM 4.22% 89,271 $12M $131.01 $225K -8,333 -8.5%
7 MSB 3.65% 321,546 $10M $31.50 -$1M +24,897 +8.4%
8 WBI 2.62% 270,900 $7M $26.79 $2M +13,900 +5.4%
9 FNV 2.10% 23,590 $6M $247.05 $937K -4 -0.0%
10 FBTC 1.50% 70,339 $4M $59.03 -$1M -520 -0.7%
11 CCL 1.46% 156,181 $4M $25.88 -$710K +585 +0.4%
12 MIAX 1.14% 81,250 $3M $38.92 -$168K +6,200 +8.3%
13 VTI 1.02% 8,800 $3M $320.81 -$1M -3,322 -27.4%
14 BTC 0.88% 81,217 $2M $29.99 -$572K +3,570 +4.6%
15 0HQN.L 0.68% 6,680 $2M $281.06 $198K -10 -0.1%
16 AAPL 0.47% 5,100 $1M $253.79 -$92K
17 ICE 0.43% 7,645 $1M $157.29 -$36K
18 ORCL 0.43% 8,050 $1M $147.11 -$385K
19 PANW 0.32% 5,484 $879K $160.32 -$131K
20 AMZN 0.26% 3,500 $729K $208.27 -$79K
21 RGLD 0.23% 2,463 $627K $254.49 $36K -193 -7.3%
22 CINF 0.20% 3,600 $566K $157.35 -$21K
23 CSCO 0.17% 6,000 $466K $77.59 $3K
24 UNH 0.17% 1,700 $460K $270.59 -$101K
25 CACI 0.16% 805 $438K $543.87 $9K
26 ETN 0.15% 1,200 $429K $357.67 $47K
27 JPM 0.15% 1,417 $417K $294.16 -$34K +17 +1.2%
28 BRK-B 0.14% 825 $395K $479.20 -$170K -300 -26.7%
29 RLI 0.12% 6,000 $342K $57.04 -$138K -1,500 -20.0%
30 JNJ 0.11% 1,200 $293K $244.44 $45K
31 VIG 0.08% 1,000 $215K $215.06 -$137K -600 -37.5%
32 RSP —% -$289K -1,508 -100.0% SOLD
33 KMB —% -$282K -2,800 -100.0% SOLD
34 C —% -$350K -3,000 -100.0% SOLD

Sold Out Positions

SymbolValue% Port
KMB —%
C —%
RSP —%
View SEC EDGAR Filings for MAD RIVER INVESTORS →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms