Mad River Investors
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 16, 2025), Mad River Investors reported 26 stock positions worth $215.2 million. Its top holding was Texas Pacific Land (TPL) at 49.3% of the portfolio, followed by Grayscale Bitcoin Trust ETF (GBTC, 13.3%) and Landbridge Co. LLC-A (LB, 7.0%). Compared with Q3 2024, it opened 1 new position, sold out of 1, added to 4 and reduced 13. The biggest buy was Landbridge Co. LLC-A (LB, shares +0%) and the biggest sale Caci International Class A (CACI, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- BOSTON, MA
- CIK
- 0001384484
- Portfolio Value
- $215.2M (Q4 2024)
- SEC Filing
- 0001384484-25-000002 ↗ filed Jan 16, 2025
Holdings Value
Holdings 26 stocks · $215.2M
| TPL Texas Pacific Land Corp. | 49.30% | 95,938 | $106.1M | Reduce -1.9% |
| GBTC Grayscale Bitcoin Trust ETF | 13.27% | 385,806 | $28.6M | Reduce -1.0% |
| LB Landbridge Co. LLC-A | 7.01% | 233,452 | $15.1M | Add +0.4% |
| WPM Wheaton Precious Metals Corp. | 3.85% | 147,493 | $8.3M | Add +0.1% |
| MSB Mesabi Trust | 3.85% | 294,901 | $8.3M | Add +0.6% |
| CACI Caci International Inc. Class A | 3.06% | 16,310 | $6.6M | Reduce -1.5% |
| FBTC Fidelity Wise Origin Bitcoin | 2.89% | 76,298 | $6.2M | Reduce -6.0% |
| CVEO Civeo Corp. | 2.29% | 216,766 | $4.9M | Reduce -5.9% |
| CCL Carnival Corp. | 2.23% | 192,896 | $4.8M | Reduce -3.4% |
| FNV Franco-Nevada Corp. | 1.77% | 32,351 | $3.8M | Reduce -0.8% |
| VTI VG Morningstar TS MKT ETF-US | 1.63% | 12,122 | $3.5M | No change |
| BTC Grayscale Bitcoin Mini ETF | 1.52% | 78,086 | $3.3M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% | 6,725 | $3.0M | Reduce -6.9% |
| PBT Permian Basin Royalty Trust | 1.27% | 246,293 | $2.7M | Reduce -10.9% |
| VIG Vanguard Dividend Apprec ETF | 0.82% | 9,065 | $1.8M | No change |
| EXP Eagle Materials Inc. | 0.62% | 5,376 | $1.3M | Reduce -5.2% |
| CBOE Cboe Global Markets Inc. | 0.56% | 6,205 | $1.2M | Add +2.1% |
| HE Hawaiian Electric Inds | 0.54% | 120,300 | $1.2M | New |
| ICE Intercontinental Exchange Inc. | 0.52% | 7,470 | $1.1M | Reduce -2.0% |
| SAND Sandstorm Gold Ltd. | 0.47% | 183,099 | $1.0M | Reduce -5.3% |
| RLI Rli Corp. | 0.42% | 5,500 | $907K | No change |
| TRC Tejon Ranch Co. | 0.21% | 27,799 | $442K | Reduce -50.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.19% | 7,747 | $404K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.12% | 2,400 | $267K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.12% | 1,508 | $264K | No change |
| RCG Renn Fund Inc. | 0.03% | 28,000 | $62K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| CACI Caci International Inc. Class A | Reduce -1.5% | 3.06% | −1.57 |
| CVEO Civeo Corp. | Reduce -5.9% | 2.29% | −1.21 |
| PBT Permian Basin Royalty Trust | Reduce -10.9% | 1.27% | −0.55 |
| FNV Franco-Nevada Corp. | Reduce -0.8% | 1.77% | −0.48 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -6.9% | 1.42% | −0.43 |
| TRC Tejon Ranch Co. | Reduce -50.7% | 0.21% | −0.34 |
| EXP Eagle Materials Inc. | Reduce -5.2% | 0.62% | −0.29 |
| SAND Sandstorm Gold Ltd. | Reduce -5.3% | 0.47% | −0.17 |
| ICE Intercontinental Exchange Inc. | Reduce -2.0% | 0.52% | −0.16 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.16 |
| CCL Carnival Corp. | Reduce -3.4% | 2.23% | +0.19 |
| FBTC Fidelity Wise Origin Bitcoin | Reduce -6.0% | 2.89% | +0.39 |
| TPL Texas Pacific Land Corp. | Reduce -1.9% | 49.30% | +1.31 |
| GBTC Grayscale Bitcoin Trust ETF | Reduce -1.0% | 13.27% | +2.35 |
Portfolio Buys Q3 2024 → Q4 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 |