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MAD RIVER INVESTORS

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

Q3 2025 · Filed 2025-10-14
Market Value
$233M
+6.3%
Holdings
38
+16
New Purchases
17
Added To
6
Closed
1
Reduced
10
Top 10 Concentration
86.8%
Turnover
47.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
WBI 2.72% 0.00% +2.72% $6M
PBT 7.21% 5.02% +2.19% $17M
MIAX 1.29% 0.00% +1.29% $3M
ORCL 0.97% 0.00% +0.97% $2M
AAPL 0.55% 0.00% +0.55% $1M
MSB 3.71% 3.22% +0.48% $9M
PANW 0.48% 0.00% +0.48% $1M
FNV 2.25% 1.80% +0.46% $5M
AMZN 0.32% 0.00% +0.32% $747K
UNH 0.25% 0.00% +0.25% $587K
CINF 0.24% 0.00% +0.24% $569K
ETN 0.19% 0.00% +0.19% $449K
JPM 0.19% 0.00% +0.19% $442K
CSCO 0.18% 0.00% +0.18% $411K
KMB 0.15% 0.00% +0.15% $348K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
TPL 37.91% 45.72% -7.81% $88M
LB 5.51% 7.23% -1.72% $13M
GBTC 13.88% 14.39% -0.51% $32M
CCL 1.92% 2.35% -0.43% $4M
VIG 0.24% 0.58% -0.34% $561K
HE 5.82% 5.94% -0.12% $14M
EXP 0.00% 0.11% -0.11% $0
ICE 0.56% 0.64% -0.09% $1M
FBTC 3.07% 3.14% -0.07% $7M
WPM 4.69% 4.74% -0.05% $11M
RLI 0.21% 0.25% -0.04% $489K
CACI 0.17% 0.19% -0.01% $402K
0HQN.L 0.70% 0.71% -0.01% $2M
BRK-B 0.25% 0.26% -0.01% $591K
RSP 0.12% 0.12% -0.00% $286K

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 $11M 4.6%
Large Cap 18 $156M 66.9%
Mid Cap 7 $35M 14.8%
Small Cap 3 $32M 13.6%

Portfolio Analytics

Avg Market Cap
$349.2B
Median Market Cap
$40.6B
Avg P/E
36.8
Median P/E
28.3
Avg Dividend Yield
0.01%
Avg Beta
0.95
# Stocks
30
# ETFs / Funds
8

Top Holdings (38 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 TPL 37.91% 94,772 $88M $933.64 -$12M -241 -0.2%
2 GBTC 13.88% 360,954 $32M $89.77 $814K -11,427 -3.1%
3 PBT 7.21% 922,230 $17M $18.25 $6M +38,313 +4.3%
4 HE 5.82% 1,230,250 $14M $11.04 $551K +4,350 +0.3%
5 LB 5.51% 241,056 $13M $53.35 -$3M +6,302 +2.7%
6 WPM 4.69% 97,927 $11M $111.84 $542K -17,998 -15.5%
7 MSB 3.71% 295,523 $9M $29.27 $2M +110 +0.0%
8 FBTC 3.07% 71,804 $7M $99.81 $281K -1,457 -2.0%
9 WBI 2.72% 251,700 $6M $25.22 +251,700 NEW
10 FNV 2.25% 23,579 $5M $222.91 $1M -474 -2.0%
11 CCL 1.92% 155,396 $4M $28.91 -$676K -28,400 -15.4%
12 BTC 1.78% 82,179 $4M $50.63 $423K +3,893 +5.0%
13 VTI 1.70% 12,122 $4M $328.17 $294K
14 MIAX 1.29% 74,600 $3M $40.26 +74,600 NEW
15 ORCL 0.97% 8,050 $2M $281.24 +8,050 NEW
16 0HQN.L 0.70% 6,655 $2M $245.24 $74K -25 -0.4%
17 ICE 0.56% 7,720 $1M $168.49 -$111K +25 +0.3%
18 AAPL 0.55% 5,000 $1M $254.63 +5,000 NEW
19 PANW 0.48% 5,484 $1M $203.62 +5,484 NEW
20 AMZN 0.32% 3,400 $747K $219.57 +3,400 NEW
21 BRK-B 0.25% 1,175 $591K $502.74 $20K
22 UNH 0.25% 1,700 $587K $345.30 +1,700 NEW
23 CINF 0.24% 3,600 $569K $158.10 +3,600 NEW
24 VIG 0.24% 2,600 $561K $215.79 -$708K -3,600 -58.1%
25 SAND 0.23% 42,592 $533K $12.52 $76K -6,082 -12.5%
26 RLI 0.21% 7,500 $489K $65.22 -$52K
27 ETN 0.19% 1,200 $449K $374.25 +1,200 NEW
28 JPM 0.19% 1,400 $442K $315.43 +1,400 NEW
29 CSCO 0.18% 6,000 $411K $68.42 +6,000 NEW
30 CACI 0.17% 805 $402K $498.78 -$6K -50 -5.8%
31 KMB 0.15% 2,800 $348K $124.34 +2,800 NEW
32 C 0.13% 3,000 $304K $101.50 +3,000 NEW
33 RSP 0.12% 1,508 $286K $189.70 $12K
34 FE 0.11% 5,700 $261K $45.82 +5,700 NEW
35 JNJ 0.10% 1,200 $223K $185.42 +1,200 NEW
36 CRM 0.09% 900 $213K $237.00 +900 NEW
37 GLPI 0.09% 4,558 $212K $46.61 +4,558 NEW
38 EXP —% -$249K -1,231 -100.0% SOLD

Options Breakdown

1 Calls $0 Call Value 1 Puts $373K Put Value

Top Calls

SymbolSharesValueStatus
PBT $0 SOLD

Top Puts

SymbolSharesValueStatus
TPL 400 $373K NEW

New Positions

SymbolValue% Port
WBI $6M 2.72%
MIAX $3M 1.29%
ORCL $2M 0.97%
AAPL $1M 0.55%
PANW $1M 0.48%
AMZN $747K 0.32%
UNH $587K 0.25%
CINF $569K 0.24%
ETN $449K 0.19%
JPM $442K 0.19%
CSCO $411K 0.18%
KMB $348K 0.15%
C $304K 0.13%
FE $261K 0.11%
JNJ $223K 0.10%

Sold Out Positions

SymbolValue% Port
EXP —%
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