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The Analysis of MAD RIVER INVESTORS's Holdings & P&L

Currently, MAD RIVER INVESTORS holds 29 types of securities in its portfolio with a total value $267.4M. In the most recent quarter, they have increased their positions in MIAX (+207.8K shares, valued at $7.7M), CCL (+95.4K shares, valued at $2.7M), FRMI (+16.5K shares, valued at $151.1K); decreased their positions in WPM (-33.1K shares, valued at $3.7M), N/A (-2.0K shares, valued at $740.1K), FNV (-1.1K shares, valued at $226.0K); initiated new positions in CCL (+95.4K shares, valued at $2.7M), FRMI (+16.5K shares, valued at $151.1K).

1M P&L

+5.6M+2.41%

3M P&L

+4.0M+1.71%

HY P&L

-30.1M-11.14%

P&L figures are estimated based on reported 13F stock holdings and market price changes. They are approximations and may not reflect actual fund performance. Stock split events may also affect the accuracy of these calculations, and we cannot guarantee that all splits have been fully accounted for.

Top Holding Treemap

Top Industries by Value

1Oil & Gas E&P124.9M

47.6%

2Oil & Gas Equipment & Services30.4M

11.6%

3Oil & Gas Midstream25.2M

9.6%

Top Industries by Stock Count

1N/A3 stocks

12.0%

2Financial Data & Stock Exchanges2 stocks

8.0%

3Insurance - Property & Casualty2 stocks

8.0%

Sponsored

Stock Holdings

TickerCompany NameSharesShares △%Event DateReport DateHistory

TPL TEXAS PACIFIC LAND CORPORATI285.3K shares0.07%2026-06-302026-08-03

PBT PERMIAN BASIN RTY TR1.0M shares0.20%2026-06-302026-08-03

LB LANDBRIDGE COMPANY LLC268.0K shares0.59%2026-06-302026-08-03

HE HAWAIIAN ELEC INDS INC MTN B1.3M shares0.36%2026-06-302026-08-03

GBTC GRAYSCALE BITCOIN TRUST ETF360.1K shares0.00%2026-06-302026-08-03

MIAX MIAMI INTL HLDGS INC289.0K shares255.69%2026-06-302026-08-03

WBI WATERBRIDGE INFRASTRUCTURE L267.8K shares-1.14%2026-06-302026-08-03

MSB MESABI TR323.7K shares0.68%2026-06-302026-08-03

Sponsored

WPM WHEATON PRECIOUS METALS CORP56.2K shares-37.08%2026-06-302026-08-03

FNV FRANCO NEV CORP22.5K shares-4.60%2026-06-302026-08-03

FBTC FIDELITY WISE ORIGIN BITCOIN70.4K shares0.04%2026-06-302026-08-03

CCL CARNIVAL CORP LTD95.4K sharesnew addition2026-06-302026-08-03

VANGUARD INDEX FDS VANGUARD INDEX FDS6.8K shares-22.73%2026-06-302026-08-03

BTC GRAYSCALE BITCOIN MINI TR ET81.5K shares0.37%2026-06-302026-08-03

PANW PALO ALTO NETWORKS INC5.5K shares0.00%2026-06-302026-08-03

CBOE CBOE GLOBAL MKTS INC6.7K shares0.37%2026-06-302026-08-03

Sponsored

AAPL APPLE INC5.0K shares-0.98%2026-06-302026-08-03

ORACLE CORP ORACLE CORP8.1K shares0.00%2026-06-302026-08-03

ICE INTERCONTINENTAL EXCHANGE IN7.8K shares2.63%2026-06-302026-08-03

AMZN AMAZON COM INC3.4K shares-2.86%2026-06-302026-08-03

UNITEDHEALTH GROUP INC UNITEDHEALTH GROUP INC1.7K shares0.00%2026-06-302026-08-03

CISCO SYS INC CISCO SYS INC6.0K shares0.00%2026-06-302026-08-03

CINF CINCINNATI FINL CORP3.6K shares0.00%2026-06-302026-08-03

ETN EATON CORP PLC1.2K shares0.00%2026-06-302026-08-03

Sponsored

RLI RLI CORP6.0K shares0.00%2026-06-302026-08-03

BRK.B BERKSHIRE HATHAWAY INC DEL625 shares-24.24%2026-06-302026-08-03

JNJ JOHNSON & JOHNSON1.2K shares0.00%2026-06-302026-08-03

CACI CACI INTL INC455 shares-43.48%2026-06-302026-08-03

FRMI FERMI INC16.5K sharesnew addition2026-06-302026-08-03

TPL

TEXAS PACIFIC LAND CORPORATI

0.07%

Shares285.3K

Event2026-06-30

Filed2026-08-03

PBT

PERMIAN BASIN RTY TR

0.20%

Shares1.0M

Event2026-06-30

Filed2026-08-03

LANDBRIDGE COMPANY LLC

0.59%

Shares268.0K

Event2026-06-30

Filed2026-08-03

HAWAIIAN ELEC INDS INC MTN B

0.36%

Shares1.3M

Event2026-06-30

Filed2026-08-03

GBTC

GRAYSCALE BITCOIN TRUST ETF

0.00%

Shares360.1K

Event2026-06-30

Filed2026-08-03

MIAX

MIAMI INTL HLDGS INC

255.69%

Shares289.0K

Event2026-06-30

Filed2026-08-03

WBI

WATERBRIDGE INFRASTRUCTURE L

-1.14%

Shares267.8K

Event2026-06-30

Filed2026-08-03

MSB

MESABI TR

0.68%

Shares323.7K

Event2026-06-30

Filed2026-08-03

WPM

WHEATON PRECIOUS METALS CORP

-37.08%

Shares56.2K

Event2026-06-30

Filed2026-08-03

FNV

FRANCO NEV CORP

-4.60%

Shares22.5K

Event2026-06-30

Filed2026-08-03

FBTC

FIDELITY WISE ORIGIN BITCOIN

0.04%

Shares70.4K

Event2026-06-30

Filed2026-08-03

CCL

CARNIVAL CORP LTD

New

Shares95.4K

Event2026-06-30

Filed2026-08-03

VANGUARD INDEX FDS

-22.73%

Shares6.8K

Event2026-06-30

Filed2026-08-03

BTC

GRAYSCALE BITCOIN MINI TR ET

0.37%

Shares81.5K

Event2026-06-30

Filed2026-08-03

PANW

PALO ALTO NETWORKS INC

0.00%

Shares5.5K

Event2026-06-30

Filed2026-08-03

CBOE

CBOE GLOBAL MKTS INC

0.37%

Shares6.7K

Event2026-06-30

Filed2026-08-03

AAPL

APPLE INC

-0.98%

Shares5.0K

Event2026-06-30

Filed2026-08-03

ORACLE CORP

0.00%

Shares8.1K

Event2026-06-30

Filed2026-08-03

ICE

INTERCONTINENTAL EXCHANGE IN

2.63%

Shares7.8K

Event2026-06-30

Filed2026-08-03

AMZN

AMAZON COM INC

-2.86%

Shares3.4K

Event2026-06-30

Filed2026-08-03

UNITEDHEALTH GROUP INC

0.00%

Shares1.7K

Event2026-06-30

Filed2026-08-03

CISCO SYS INC

0.00%

Shares6.0K

Event2026-06-30

Filed2026-08-03

CINF

CINCINNATI FINL CORP

0.00%

Shares3.6K

Event2026-06-30

Filed2026-08-03

ETN

EATON CORP PLC

0.00%

Shares1.2K

Event2026-06-30

Filed2026-08-03

RLI

RLI CORP

0.00%

Shares6.0K

Event2026-06-30

Filed2026-08-03

BRK.B

BERKSHIRE HATHAWAY INC DEL

-24.24%

Shares625

Event2026-06-30

Filed2026-08-03

JNJ

JOHNSON & JOHNSON

0.00%

Shares1.2K

Event2026-06-30

Filed2026-08-03

CACI

CACI INTL INC

-43.48%

Shares455

Event2026-06-30

Filed2026-08-03

FRMI

FERMI INC

New

Shares16.5K

Event2026-06-30

Filed2026-08-03

Call Option Holdings

HE Call CallHAWAIIAN ELEC INDS INC MTN B48.8K shares4.05%2026-06-302026-08-03

HE Call

HAWAIIAN ELEC INDS INC MTN B

4.05%

Shares48.8K

Event2026-06-30

Filed2026-08-03

Put Option Holdings

No put option holdings data available