Mad River Investors
Mad River Investors reported 30 stocks worth $245M in its 13F filing for Q3 2026, filed Oct 27, 2026. Its largest holdings are TPL (37.8%), PBT (13.6%) and GBTC (9.4%). Compared with Q2 2026, the fund opened new positions in SJT and RGLD, added to PBT, MIAX and WBI, trimmed TPL, GBTC and LB and sold out of CACI.
Holdings
| # | Stock | Value | Weight | Shares | Change | Shares, 8 qtrs | Held |
|---|---|---|---|---|---|---|---|
| 1 |  TPL Texas Pacific Land C | $92.8M | 37.8% | 285K | −559 (−0%) | 8 of 8 | |
| 2 |  PBT Permian Basin Rty TR Unit Ben Int | $33.3M | 13.6% | 1.1M | +51K (+5%) | 8 of 8 | |
| 3 |  GBTC Grayscale Bitcoin Trust | $23M | 9.4% | 355K | −4,695 (−1%) | 8 of 8 | |
| 4 |  LB Landbridge Company LLC | $21.6M | 8.8% | 267K | −1,248 (−0%) | 8 of 8 | |
| 5 |  HE Hawaiian Elec Industries | $11.8M | 4.8% | 1.3M | −2,800 (−0%) | 8 of 8 | |
| 6 |  MIAX Miami Intl Hldgs Inc | $10M | 4.1% | 297K | +8,157 (+3%) | 5 of 8 | |
| 7 |  WBI Waterbridge Infrastructure L | $7.6M | 3.1% | 269K | +950 (+0%) | 5 of 8 | |
| 8 |  MSB Mesabi TR | $6.4M | 2.6% | 327K | +3,581 (+1%) | 8 of 8 | |
| 9 |  WPM Wheaton Precious Metals Corp | $6M | 2.5% | 45K | −11K (−20%) | 8 of 8 | |
| 10 |  FBTC Fidelity Wise Origin Bitcoin | $5.7M | 2.3% | 78K | +8,060 (+11%) | 8 of 8 |
Positions at Sep 30, 2026, as reported. Change is against the fund's Q2 2026 filing; weight is the share of the fund's reported stocks.
Sold out
held in Q2 2026, gone in Q3 2026| Stock | Value last quarter | Shares sold |
|---|---|---|
 CACI Caci Intl Inc | $211K | 455 |
Reported value
last 8 quartersThe value of the US stocks the fund reported, at quarter end prices. It moves with the market as well as with buying and selling.
Filings for Q3 2026
straight from the SEC| Filed | Form | Quarter | |
|---|---|---|---|
| Oct 27, 2026 | 13F-HR | Q3 2026 | SEC filing ↗ |
Other superinvestors
All hedge fund holdings →Mad River Investors 13F FAQ
What does Mad River Investors own?
Mad River Investors reported 30 stocks worth $245M in its 13F filing for Q3 2026, filed Oct 27, 2026. Its largest holdings are TPL (37.8%), PBT (13.6%) and GBTC (9.4%). The table above lists every position in the filing (the top 10 without an account).
What did Mad River Investors buy and sell in Q3 2026?
Compared with Q2 2026: 2 new positions, 9 added to, 9 trimmed and 1 sold out. New positions include SJT and RGLD. It sold all of CACI.
When will Mad River Investors file its next 13F?
Holdings as of Dec 31, 2026 are due by Feb 15, 2027. The filing appears on this page within minutes of reaching the SEC.
How much is Mad River Investors's portfolio worth?
The Q3 2026 filing reports $245M in US stocks. That leaves out cash, bonds, short positions and most foreign holdings, so the fund's total assets are usually larger.
For informational and educational purposes only. Not investment advice, and not a recommendation to buy or sell any security. Holdings come from the fund's SEC Form 13F filings as reported and show positions at the end of the quarter, up to 45 days before the filing. The fund may have changed its positions since. A 13F leaves out short positions, cash, bonds and most foreign holdings. See all hedge fund holdings.