Mad River Investors
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 22, 2024), Mad River Investors reported 26 stock positions worth $180.3 million. Its top holding was Texas Pacific Land (TPL) at 48.0% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 10.9%) and Landbridge Co. LLC-A (LB, 5.0%). Compared with Q2 2024, it opened 1 new position, sold out of 3, added to 7 and reduced 13. The biggest buy was a new position in Landbridge Co. LLC-A (LB) and the biggest sale an exit from Associated Capital Group - A (ACGP).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001384484
- Portfolio Value
- $180.3M (Q3 2024)
- SEC Filing
- 0001384484-24-000009 ↗ filed Oct 22, 2024
Holdings Value
Holdings 26 stocks · $180.3M
| TPL Texas Pacific Land Corp. | 47.99% | 97,778 | $86.5M | Reduce -1.5% |
| GBTC Grayscale Bitcoin Trust ETF | 10.92% | 389,745 | $19.7M | Add +26.7% |
| LB Landbridge Co. LLC-A | 5.05% | 232,550 | $9.1M | New |
| WPM Wheaton Precious Metals Corp. | 4.99% | 147,288 | $9.0M | Reduce -3.0% |
| CACI Caci International Inc. Class A | 4.63% | 16,560 | $8.4M | Reduce -1.9% |
| MSB Mesabi Trust | 3.68% | 293,069 | $6.6M | Add +0.5% |
| CVEO Civeo Corp. | 3.50% | 230,258 | $6.3M | Reduce -2.2% |
| FBTC Fidelity Wise Origin Bitcoin | 2.50% | 81,149 | $4.5M | Reduce -2.2% |
| FNV Franco-Nevada Corp. | 2.25% | 32,600 | $4.1M | Add +0.1% |
| CCL Carnival Corp. | 2.05% | 199,596 | $3.7M | Reduce -4.3% |
| VTI VG Morningstar TS MKT ETF-US | 1.90% | 12,122 | $3.4M | Reduce -2.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.84% | 7,225 | $3.3M | Reduce -3.2% |
| PBT Permian Basin Royalty Trust | 1.82% | 276,382 | $3.3M | Add +4.6% |
| BTC Grayscale Bitcoin Mini Trust | 1.22% | 390,445 | $2.2M | Add +26.9% |
| VIG Vanguard Dividend Apprec ETF | 1.00% | 9,065 | $1.8M | Reduce -9.8% |
| EXP Eagle Materials Inc. | 0.91% | 5,672 | $1.6M | Add +0.6% |
| CBOE Cboe Global Markets Inc. | 0.69% | 6,080 | $1.2M | No change |
| ICE Intercontinental Exchange Inc. | 0.68% | 7,625 | $1.2M | Reduce -0.7% |
| SAND Sandstorm Gold Ltd. | 0.64% | 193,249 | $1.2M | Add +0.6% |
| TRC Tejon Ranch Co. | 0.55% | 56,399 | $990K | Reduce -27.3% |
| RLI Rli Corp. | 0.47% | 5,500 | $852K | No change |
| ACWX iShares MSCI Acwi Ex US ETF | 0.25% | 7,747 | $443K | No change |
| CME Cme Group Inc. | 0.16% | 1,318 | $291K | Reduce -74.3% |
| RSP Invesco S&P 500 Equal Weight | 0.15% | 1,508 | $270K | Reduce -7.3% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.13% | 2,400 | $231K | No change |
| RCG Renn Fund Inc. | 0.03% | 28,000 | $59K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| ACGP Associated Capital Group - A | Sold out | 0.00% | −1.19 |
| TPL Texas Pacific Land Corp. | Reduce -1.5% | 47.99% | −0.87 |
| CCL Carnival Corp. | Reduce -4.3% | 2.05% | −0.57 |
| CME Cme Group Inc. | Reduce -74.3% | 0.16% | −0.51 |
| CVEO Civeo Corp. | Reduce -2.2% | 3.50% | −0.43 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -2.2% | 2.50% | −0.42 |
| WPM Wheaton Precious Metals Corp. | Reduce -3.0% | 4.99% | −0.34 |
| TRC Tejon Ranch Co. | Reduce -27.3% | 0.55% | −0.34 |
| VTI VG Morningstar TS MKT ETF-US | Reduce -2.9% | 1.90% | −0.33 |
| VIG Vanguard Dividend Apprec ETF | Reduce -9.8% | 1.00% | −0.23 |
| CACI Caci International Inc. Class A | Reduce -1.9% | 4.63% | −0.23 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -3.2% | 1.84% | −0.19 |
| LSXMK Liberty Media Corp.-Liber-New | Sold out | 0.00% | −0.16 |
| RUM Rum Group Inc. | Sold out | 0.00% | −0.06 |
| RSP Invesco S&P 500 Equal Weight | Reduce -7.3% | 0.15% | −0.03 |
| ICE Intercontinental Exchange Inc. | Reduce -0.7% | 0.68% | −0.02 |
Portfolio Buys Q2 2024 → Q3 2024
| LB Landbridge Co. LLC-A | New | 5.05% | +5.05 |
| MSB Mesabi Trust | Add +0.5% | 3.68% | +0.32 |
| EXP Eagle Materials Inc. | Add +0.6% | 0.91% | +0.08 |
| BTC Grayscale Bitcoin Mini Trust | Add +26.9% | 1.22% | +0.06 |
| GBTC Grayscale Bitcoin Trust ETF | Add +26.7% | 10.92% | −0.05 |
| SAND Sandstorm Gold Ltd. | Add +0.6% | 0.64% | −0.06 |
| PBT Permian Basin Royalty Trust | Add +4.6% | 1.82% | −0.17 |
| FNV Franco-Nevada Corp. | Add +0.1% | 2.25% | −0.34 |
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 |