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MAD RIVER INVESTORS

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

Q4 2025 · Filed 2026-02-06
Market Value
$219M
-6.0%
Holdings
38
New Purchases
1
Added To
12
Closed
4
Reduced
7
Top 10 Concentration
86.8%
Turnover
13.2%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
MSB 5.21% 3.71% +1.50% $11M
HE 7.20% 5.82% +1.38% $16M
WPM 5.23% 4.69% +0.53% $11M
PBT 7.64% 7.21% +0.42% $17M
LB 5.87% 5.51% +0.36% $13M
RGLD 0.27% 0.00% +0.27% $591K
CCL 2.17% 1.92% +0.24% $5M
MIAX 1.52% 1.29% +0.23% $3M
VTI 1.85% 1.70% +0.15% $4M
AAPL 0.63% 0.55% +0.09% $1M
0HQN.L 0.77% 0.70% +0.07% $2M
AMZN 0.37% 0.32% +0.05% $808K
CSCO 0.21% 0.18% +0.03% $462K
C 0.16% 0.13% +0.03% $350K
CINF 0.27% 0.24% +0.02% $588K

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GBTC 11.23% 13.88% -2.66% $25M
FBTC 2.46% 3.07% -0.61% $5M
TPL 37.44% 37.91% -0.47% $82M
BTC 1.37% 1.78% -0.41% $3M
WBI 2.34% 2.72% -0.38% $5M
ORCL 0.71% 0.97% -0.26% $2M
SAND 0.00% 0.23% -0.23% $0
FE 0.00% 0.11% -0.11% $0
CRM 0.00% 0.09% -0.09% $0
GLPI 0.00% 0.09% -0.09% $0
VIG 0.16% 0.24% -0.08% $352K
FNV 2.23% 2.25% -0.02% $5M
KMB 0.13% 0.15% -0.02% $282K
ETN 0.17% 0.19% -0.02% $382K
PANW 0.46% 0.48% -0.02% $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 $10M 4.8%
Large Cap 19 $140M 63.9%
Mid Cap 6 $35M 16.2%
Small Cap 3 $33M 15.2%

Portfolio Analytics

Avg Market Cap
$349.4B
Median Market Cap
$40.6B
Avg P/E
37.2
Median P/E
29.4
Avg Dividend Yield
0.01%
Avg Beta
0.92
# 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 37.44% 286,083 $82M $287.22 -$6M +191,311 +201.9%
2 GBTC 11.23% 360,454 $25M $68.36 -$8M -500 -0.1%
3 PBT 7.64% 986,819 $17M $16.98 -$75K +64,589 +7.0%
4 HE 7.20% 1,284,150 $16M $12.30 $2M +53,900 +4.4%
5 LB 5.87% 262,934 $13M $48.99 $21K +21,878 +9.1%
6 WPM 5.23% 97,604 $11M $117.52 $518K -323 -0.3%
7 MSB 5.21% 296,649 $11M $38.52 $3M +1,126 +0.4%
8 FBTC 2.46% 70,859 $5M $76.23 -$2M -945 -1.3%
9 WBI 2.34% 257,000 $5M $20.01 -$1M +5,300 +2.1%
10 FNV 2.23% 23,594 $5M $207.28 -$365K +15 +0.1%
11 CCL 2.17% 155,596 $5M $30.54 $259K +200 +0.1%
12 VTI 1.85% 12,122 $4M $335.27 $86K
13 MIAX 1.52% 75,050 $3M $44.38 $327K +450 +0.6%
14 BTC 1.37% 77,647 $3M $38.73 -$1M -4,532 -5.5%
15 0HQN.L 0.77% 6,690 $2M $250.99 $47K +35 +0.5%
16 ORCL 0.71% 8,050 $2M $194.91 -$695K
17 AAPL 0.63% 5,100 $1M $271.86 $113K +100 +2.0%
18 ICE 0.56% 7,645 $1M $161.97 -$62K -75 -1.0%
19 PANW 0.46% 5,484 $1M $184.20 -$106K
20 AMZN 0.37% 3,500 $808K $230.82 $61K +100 +2.9%
21 RGLD 0.27% 2,656 $591K $222.33 +2,656 NEW
22 CINF 0.27% 3,600 $588K $163.32 $19K
23 BRK-B 0.26% 1,125 $565K $502.65 -$25K -50 -4.3%
24 UNH 0.26% 1,700 $561K $330.11 -$26K
25 RLI 0.22% 7,500 $480K $63.98 -$9K
26 CSCO 0.21% 6,000 $462K $77.03 $52K
27 JPM 0.21% 1,400 $451K $322.22 $10K
28 CACI 0.20% 805 $429K $532.81 $27K
29 ETN 0.17% 1,200 $382K $318.51 -$67K
30 VIG 0.16% 1,600 $352K $219.78 -$209K -1,000 -38.5%
31 C 0.16% 3,000 $350K $116.69 $46K
32 RSP 0.13% 1,508 $289K $191.56 $3K
33 KMB 0.13% 2,800 $282K $100.89 -$66K
34 JNJ 0.11% 1,200 $248K $206.95 $26K
35 GLPI —% -$212K -4,558 -100.0% SOLD
36 CRM —% -$213K -900 -100.0% SOLD
37 SAND —% -$533K -42,592 -100.0% SOLD
38 FE —% -$261K -5,700 -100.0% SOLD

Options Breakdown

1 Calls $175K Call Value 1 Puts $0 Put Value 0.0 P/C Ratio

Top Calls

SymbolSharesValueStatus
HE 14,200 $175K NEW

Top Puts

SymbolSharesValueStatus
TPL $0 SOLD

New Positions

SymbolValue% Port
RGLD $591K 0.27%

Sold Out Positions

SymbolValue% Port
CRM —%
FE —%
GLPI —%
SAND —%
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