Mad River Investors
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 19, 2024), Mad River Investors reported 27 stock positions worth $144.1 million. Its top holding was Texas Pacific Land (TPL) at 40.2% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 17.5%) and Wheaton Precious Metals (WPM, 5.0%). Compared with Q4 2023, it opened 3 new positions, sold out of 2, added to 2 and reduced 16. The biggest buy was a new position in Grayscale Bitcoin Trust ETF (GBTC) and the biggest sale Texas Pacific Land (TPL, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001384484
- Portfolio Value
- $144.1M (Q1 2024)
- SEC Filing
- 0001384484-24-000004 ↗ filed Apr 19, 2024
Holdings Value
Holdings 27 stocks · $144.1M
| TPL Texas Pacific Land Corp. | 40.21% | 100,121 | $57.9M | Reduce -0.3% |
| GBTC Grayscale Bitcoin Trust ETF | 17.53% | 399,725 | $25.3M | New |
| WPM Wheaton Precious Metals Corp. | 5.00% | 152,743 | $7.2M | Reduce -1.4% |
| CACI Caci International Inc. Class A | 4.53% | 17,230 | $6.5M | Reduce -2.5% |
| CVEO Civeo Corp. | 4.51% | 241,866 | $6.5M | Reduce -1.2% |
| FBTC Fidelity Wise Origin Bitcoin | 3.67% | 85,129 | $5.3M | New |
| MSB Mesabi Trust | 3.51% | 285,837 | $5.1M | Add +9.7% |
| FNV Franco-Nevada Corp. | 2.68% | 32,402 | $3.9M | Reduce -1.8% |
| CCL Carnival Corp. | 2.41% | 212,400 | $3.5M | Reduce -1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 2.28% | 7,813 | $3.3M | Reduce -0.6% |
| VTI VG Morningstar TS MKT ETF-US | 2.25% | 12,482 | $3.2M | No change |
| PBT Permian Basin Royalty Trust | 2.12% | 252,447 | $3.1M | Reduce -1.9% |
| ACGP Associated Capital Group - A | 1.43% | 63,000 | $2.1M | Reduce -14.8% |
| VIG Vanguard Dividend Apprec ETF | 1.27% | 10,052 | $1.8M | No change |
| EXP Eagle Materials Inc. | 1.08% | 5,710 | $1.6M | New |
| TRC Tejon Ranch Co. | 0.96% | 89,900 | $1.4M | Reduce -8.1% |
| CME Cme Group Inc. | 0.78% | 5,194 | $1.1M | Reduce -0.9% |
| CBOE Cboe Global Markets Inc. | 0.78% | 6,080 | $1.1M | Add +3.8% |
| ICE Intercontinental Exchange Inc. | 0.73% | 7,700 | $1.1M | Reduce -1.3% |
| SAND Sandstorm Gold Ltd. | 0.69% | 189,053 | $993K | Reduce -5.0% |
| RLI Rli Corp. | 0.57% | 5,500 | $817K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.29% | 7,747 | $414K | Reduce -4.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.20% | 2,400 | $294K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.19% | 1,626 | $275K | No change |
| LSXMK Liberty Media Corp.-Liber-New | 0.19% | 4,127 | $271K | Reduce -12.2% |
| RUM Rum Group Inc. filed as RUMBLE INC | 0.12% | 21,500 | $174K | Reduce -2.3% |
| RCG Renn Fund Inc. | 0.03% | 28,000 | $44K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| TPL Texas Pacific Land Corp. | Reduce -0.3% | 40.21% | −8.62 |
| WPM Wheaton Precious Metals Corp. | Reduce -1.4% | 5.00% | −2.10 |
| CCL Carnival Corp. | Reduce -1.9% | 2.41% | −1.32 |
| PBT Permian Basin Royalty Trust | Reduce -1.9% | 2.12% | −1.21 |
| BA The Boeing Co. | Sold out | 0.00% | −1.21 |
| ACGP Associated Capital Group - A | Reduce -14.8% | 1.43% | −1.02 |
| CACI Caci International Inc. Class A | Reduce -2.5% | 4.53% | −0.78 |
| FNV Franco-Nevada Corp. | Reduce -1.8% | 2.68% | −0.71 |
| CVEO Civeo Corp. | Reduce -1.2% | 4.51% | −0.68 |
| TRC Tejon Ranch Co. | Reduce -8.1% | 0.96% | −0.60 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.6% | 2.28% | −0.32 |
| CME Cme Group Inc. | Reduce -0.9% | 0.78% | −0.25 |
| SAND Sandstorm Gold Ltd. | Reduce -5.0% | 0.69% | −0.24 |
| HHH Howard Hughes Holdings Inc. | Sold out | 0.00% | −0.24 |
| ICE Intercontinental Exchange Inc. | Reduce -1.3% | 0.73% | −0.20 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -4.7% | 0.29% | −0.10 |
| LSXMK Liberty Media Corp.-Liber-New | Reduce -12.2% | 0.19% | −0.09 |
| RUM Rum Group Inc. | Reduce -2.3% | 0.12% | +0.03 |
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 29 | $267.4M | TPL, PBT, LB, HE, GBTC |
| Q1 2026 | 31 | $277.2M | TPL, PBT, HE, GBTC, LB |
| Q4 2025 | 34 | $219.4M | TPL, GBTC, PBT, HE, LB |
| Q3 2025 | 37 | $233.4M | TPL, GBTC, PBT, HE, LB |
| Q2 2025 | 23 | $223.2M | TPL, GBTC, LB, HE, PBT |
| Q1 2025 | 24 | $236.0M | TPL, GBTC, LB, HE, WPM |
| Q4 2024 | 26 | $215.2M | TPL, GBTC, LB, WPM, MSB |
| Q3 2024 | 26 | $180.3M | TPL, GBTC, LB, WPM, CACI |
| Q2 2024 | 27 | $149.3M | TPL, GBTC, WPM, CACI, CVEO |
| Q1 2024 | 27 | $144.1M | TPL, GBTC, WPM, CACI, CVEO |