1y return+13.5%S&P 500 +20.9%
3y return+99.5%S&P 500 +68.5%
5y return+85.9%S&P 500 +74.5%
10y return+367.5%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $467 against $357 in the S&P 500.2
Mad River InvestorsS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TPLTexas Pacific Land Corporati | $124.9M | 46.7% | |
| PBTPermian Basin Rty Tr | $25.2M | 9.4% | |
| LBLandbridge Company LLC | $21.2M | 7.9% | |
| HEHawaiian Elec Inds Inc Mtn B | $17.9M | 6.7% | |
| GBTCGrayscale Bitcoin Trust Etf | $16.4M | 6.1% | |
| MIAXMiami Intl Hldgs Inc | $10.7M | 4.0% | +255.7% |
| WBIWaterbridge Infrastructure L | $9.2M | 3.4% | −1.1% |
| MSBMesabi Tr | $8.2M | 3.1% | |
| WPMWheaton Precious Metals Corp | $6.3M | 2.4% | −37.1% |
| FNVFranco Nev Corp | $4.7M | 1.8% | −4.6% |
| FBTCFidelity Wise Origin Bitcoin | $3.6M | 1.3% | |
| Carnival Corp LtdCUSIP G2004J103 | $2.7M | 1.0% | New |
| VTIVanguard Index Fds | $2.5M | 0.9% | −22.7% |
| BTCGrayscale Bitcoin Mini Tr Et | $2.1M | 0.8% | |
| PANWPalo Alto Networks Inc | $1.9M | 0.7% | |
| CBOECboe Global Mkts Inc | $1.6M | 0.6% | |
| AAPLApple Inc | $1.5M | 0.5% | |
| ORCLOracle Corp | $1.2M | 0.4% | |
| ICEIntercontinental Exchange In | $966K | 0.4% | +2.6% |
| AMZNAmazon Com Inc | $810K | 0.3% | −2.9% |
| UNHUnitedhealth Group Inc | $707K | 0.3% | |
| CSCOCisco Sys Inc | $705K | 0.3% | |
| CINFCincinnati Finl Corp | $667K | 0.2% | |
| Eaton Corp PLCCUSIP G29183103 | $511K | 0.2% | |
| RLIRli Corp | $354K | 0.1% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| BRK/BBerkshire Hathaway Inc Del | June 30, 2020 | +180.3% | $313K |
| CBOECboe Global Mkts Inc | June 30, 2020 | +160.2% | $1.6M |
| WPMWheaton Precious Metals Corp | June 30, 2020 | +155.1% | $6.3M |
| TPLTexas Pacific Land Corporati | March 31, 2021 | +147.8% | $124.9M |
| CACICaci Intl Inc | June 30, 2020 | +113.6% | $211K |
| LBLandbridge Company LLC | September 30, 2024 | +102.6% | $21.2M |
| PBTPermian Basin Rty Tr | March 31, 2022 | +100.2% | $25.2M |
| CSCOCisco Sys Inc | September 30, 2025 | +71.7% | $705K |
| VTIVanguard Index Fds | June 30, 2023 | +68.0% | $2.5M |
| PANWPalo Alto Networks Inc | September 30, 2025 | +67.5% | $1.9M |
Sold off last quarter
- Carnival CorpCUSIP 143658300 was $4.0M
- RGLDRoyal Gold Inc was $627K
- JPMJpmorgan Chase & Co was $417K
- VIGVanguard Specialized Funds was $215K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −3.6% | +14.8% |
| March 31, 2026 | +26.9% | −4.6% |
| December 31, 2025 | −7.0% | +2.4% |
| September 30, 2025 | −0.3% | +7.8% |
| June 30, 2025 | −5.6% | +10.5% |
| March 31, 2025 | +10.0% | −4.6% |
| December 31, 2024 | +21.3% | +2.1% |
| September 30, 2024 | +14.4% | +5.4% |
| June 30, 2024 | +8.2% | +4.0% |
| March 31, 2024 | +5.8% | +10.0% |
| December 31, 2023 | −5.5% | +11.2% |
| September 30, 2023 | +12.9% | −3.6% |
| June 30, 2023 | −11.3% | +8.3% |
| March 31, 2023 | −17.0% | +7.0% |
| December 31, 2022 | +26.6% | +7.1% |
| September 30, 2022 | +7.5% | −5.3% |
| June 30, 2022 | −1.2% | −16.5% |
| March 31, 2022 | +7.2% | −4.9% |
| December 31, 2021 | +3.6% | +10.7% |
| September 30, 2021 | −15.2% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Mad River Investors Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1384484&type=13F-HR&dateb=&owner=include&count=40CIK 1384484
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1384484/000138448426000006/Filed August 3, 2026 · accession 0001384484-26-000006