§ 13F · FUND PROFILE
MAD RIVER INVESTORS.
Institutional filer · behavioral pattern: Other. Summary pending.
AUM · $223.3T (13F)Positions · 24Turnover · — · Q4Filed · Feb 6, 2026
CONCENTRATION
—
Top 10 holdings
NEW BUYS
0
+$590.5B deployed
EXITS
0
No exits
SECTOR SHIFT
—
No prior quarter data
3YR HIT RATE
—
Top-5 overlap
§ 01 · TOP HOLDINGS
The book · Q4 2025
FILED FEB 6, 2026
| # | Ticker | Name | Shares | $ value | % port | Δ Q4 |
|---|---|---|---|---|---|---|
| 1 | TPL | TEXAS PACIFIC LAND CORPORATI | 286K | $82.2T | 37.4% | +202% |
| 2 | GBTC | GRAYSCALE BITCOIN TRUST ETF | 360K | $24.6T | 11.2% | ±0% |
| 3 | PBT | PERMIAN BASIN RTY TR | 987K | $16.8T | 7.6% | +7% |
| 4 | HE | HAWAIIAN ELEC INDUSTRIES | 1.28M | $15.8T | 7.2% | +4% |
| 5 | LB | LANDBRIDGE COMPANY LLC | 263K | $12.9T | 5.9% | +9% |
| 6 | WPM | WHEATON PRECIOUS METALS CORP | 98K | $11.5T | 5.2% | ±0% |
| 7 | MSB | MESABI TR | 297K | $11.4T | 5.2% | ±0% |
| 8 | FBTC | FIDELITY WISE ORIGIN BITCOIN | 71K | $5.4T | 2.5% | −1% |
| 9 | WBI | WATERBRIDGE INFRASTRUCTURE L | 257K | $5.1T | 2.3% | +2% |
| 10 | FNV | FRANCO NEV CORP | 24K | $4.9T | 2.2% | ±0% |
§ 02 · SECTOR ALLOCATION
Where the money is
Sector data pending
§ 03 · THE MAD SIGNAL
AC read
MAD RIVER INVESTORS is a Other fund managing $223277.5 trillion in assets. The fund runs a focused portfolio of just 24 positions.
Read the full dossier →§ 04 · FILING HISTORY
Q-by-Q deltas
1 FILINGS
Q4 2025
Steady book
+0 buys · −0 exits · 0 changed
Q3 2025
Steady book
+0 buys · −0 exits · 0 changed
Q2 2025
Steady book
+0 buys · −0 exits · 0 changed
Q1 2025
Steady book
+0 buys · −0 exits · 0 changed