Mad River Investors
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 2, 2024), Mad River Investors reported 27 stock positions worth $149.3 million. Its top holding was Texas Pacific Land (TPL) at 48.9% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 11.0%) and Wheaton Precious Metals (WPM, 5.3%). Compared with Q1 2024, it added to 4 and reduced 15. The biggest buy was Sandstorm Gold (SAND, shares +2%) and the biggest sale Grayscale Bitcoin Trust ETF (GBTC, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001384484
- Portfolio Value
- $149.3M (Q2 2024)
- SEC Filing
- 0001384484-24-000006 ↗ filed Aug 2, 2024
Holdings Value
Holdings 27 stocks · $149.3M
| TPL Texas Pacific Land Corp. | 48.86% | 99,310 | $72.9M | Reduce -0.8% |
| GBTC Grayscale Bitcoin Trust ETF | 10.97% | 307,558 | $16.4M | Reduce -23.1% |
| WPM Wheaton Precious Metals Corp. | 5.33% | 151,871 | $8.0M | Reduce -0.6% |
| CACI Caci International Inc. Class A | 4.86% | 16,880 | $7.3M | Reduce -2.0% |
| CVEO Civeo Corp. | 3.93% | 235,448 | $5.9M | Reduce -2.6% |
| MSB Mesabi Trust | 3.37% | 291,646 | $5.0M | Add +2.0% |
| FBTC Fidelity Wise Origin Bitcoin | 2.92% | 83,001 | $4.4M | Reduce -2.5% |
| CCL Carnival Corp. | 2.62% | 208,500 | $3.9M | Reduce -1.8% |
| FNV Franco-Nevada Corp. | 2.59% | 32,554 | $3.9M | Add +0.5% |
| VTI VG Morningstar TS MKT ETF-US | 2.24% | 12,482 | $3.3M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 2.03% | 7,463 | $3.0M | Reduce -4.5% |
| PBT Permian Basin Royalty Trust | 1.99% | 264,173 | $3.0M | Add +4.6% |
| VIG Vanguard Dividend Apprec ETF | 1.23% | 10,052 | $1.8M | No change |
| ACGP Associated Capital Group - A | 1.19% | 52,300 | $1.8M | Reduce -17.0% |
| TRC Tejon Ranch Co. | 0.89% | 77,600 | $1.3M | Reduce -13.7% |
| EXP Eagle Materials Inc. | 0.82% | 5,640 | $1.2M | Reduce -1.2% |
| ICE Intercontinental Exchange Inc. | 0.70% | 7,675 | $1.1M | Reduce -0.3% |
| SAND Sandstorm Gold Ltd. | 0.70% | 192,069 | $1.0M | Add +1.6% |
| CBOE Cboe Global Markets Inc. | 0.69% | 6,080 | $1.0M | No change |
| CME Cme Group Inc. | 0.68% | 5,129 | $1.0M | Reduce -1.3% |
| RLI Rli Corp. | 0.52% | 5,500 | $774K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.28% | 7,747 | $412K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.18% | 1,626 | $267K | No change |
| LSXMK Liberty Media Corp.-Liber-New | 0.16% | 3,399 | $244K | Reduce -17.6% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.16% | 2,400 | $238K | No change |
| RUM Rum Group Inc. filed as RUMBLE INC | 0.06% | 16,750 | $93K | Reduce -22.1% |
| RCG Renn Fund Inc. | 0.03% | 28,000 | $48K | No change |
Portfolio Sells Q1 2024 → Q2 2024
| GBTC Grayscale Bitcoin Trust ETF | Reduce -23.1% | 10.97% | −6.56 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -2.5% | 2.92% | −0.75 |
| CVEO Civeo Corp. | Reduce -2.6% | 3.93% | −0.58 |
| EXP Eagle Materials Inc. | Reduce -1.2% | 0.82% | −0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -4.5% | 2.03% | −0.25 |
| ACGP Associated Capital Group - A | Reduce -17.0% | 1.19% | −0.24 |
| CME Cme Group Inc. | Reduce -1.3% | 0.68% | −0.10 |
| TRC Tejon Ranch Co. | Reduce -13.7% | 0.89% | −0.07 |
| RUM Rum Group Inc. | Reduce -22.1% | 0.06% | −0.06 |
| ICE Intercontinental Exchange Inc. | Reduce -0.3% | 0.70% | −0.03 |
| LSXMK Liberty Media Corp.-Liber-New | Reduce -17.6% | 0.16% | −0.02 |
| CCL Carnival Corp. | Reduce -1.8% | 2.62% | +0.21 |
| CACI Caci International Inc. Class A | Reduce -2.0% | 4.86% | +0.33 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.6% | 5.33% | +0.34 |
| TPL Texas Pacific Land Corp. | Reduce -0.8% | 48.86% | +8.65 |
Portfolio Buys Q1 2024 → Q2 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 |