Fund Holdings — MAD RIVER INVESTORS

Total Portfolio Value
$233.38M
Total Bought
$30.25M
Total Sold
$20.29M
Net Transaction
+$9.96M
Filing Period:
Securities
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SharesValue ($K)
Q2 2025
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Q3 2025
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Change
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Q2 2025
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Q3 2025
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Weight (%)
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Change
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WATERBRIDGE INFRASTRUCTURE L(WBI)0251,700+251,70006,3482.72%+6,348
PERMIAN BASIN RTY TR(PBT)883,917922,230+38,31311,01416,8317.21%+5,817
MIAMI INTL HLDGS INC(MIAX)074,600+74,60003,0031.29%+3,003
ORACLE CORP(ORCL)08,050+8,05002,2640.97%+2,264
MESABI TR(MSB)295,413295,523+1107,0788,6503.71%+1,572
FRANCO NEV CORP(FNV)24,05323,579-4743,9435,2562.25%+1,313
APPLE INC(AAPL)05,000+5,00001,2730.55%+1,273
PALO ALTO NETWORKS INC(PANW)05,484+5,48401,1170.48%+1,117
GRAYSCALE BITCOIN TRUST ETF(GBTC)372,381360,954-11,42731,58932,40313.88%+814
AMAZON COM INC(AMZN)03,400+3,40007470.32%+747
UNITEDHEALTH GROUP INC(UNH)01,700+1,70005870.25%+587
CINCINNATI FINL CORP(CINF)03,600+3,60005690.24%+569
HAWAIIAN ELEC INDUSTRIES(HE)1,225,9001,230,250+4,35013,03113,5825.82%+551
WHEATON PRECIOUS METALS CORP(WPM)115,92597,927-17,99810,41010,9524.69%+542
EATON CORP PLC(ETN)01,200+1,20004490.19%+449
JPMORGAN CHASE & CO.(JPM)01,400+1,40004420.19%+442
GRAYSCALE BITCOIN MINI TR ET(BTC)78,28682,179+3,8933,7384,1611.78%+423
CISCO SYS INC(CSCO)06,000+6,00004110.18%+411
KIMBERLY-CLARK CORP(KMB)02,800+2,80003480.15%+348
CITIGROUP INC(C)03,000+3,00003050.13%+305
VANGUARD INDEX FDS12,12212,12203,6843,9781.70%+294
FIDELITY WISE ORIGIN BITCOIN(FBTC)73,26171,804-1,4576,8867,1673.07%+281
FIRSTENERGY CORP(FE)05,700+5,70002610.11%+261
JOHNSON & JOHNSON(JNJ)01,200+1,20002230.10%+223
SALESFORCE INC(CRM)0900+90002130.09%+213
GAMING & LEISURE PPTYS INC(GLPI)04,558+4,55802120.09%+212
SANDSTORM GOLD LTD48,67442,592-6,0824585330.23%+76
CBOE GLOBAL MKTS INC(CBOE)6,6806,655-251,5581,6320.70%+74
BERKSHIRE HATHAWAY INC DEL1,1751,17505715910.25%+20
INVESCO EXCHANGE TRADED FD T
S&P500 EQL WGT
1,5081,50802742860.12%+12
CACI INTL INC(CACI)855805-504084020.17%-6
RLI CORP(RLI)7,5007,50005424890.21%-52
INTERCONTINENTAL EXCHANGE IN(ICE)7,6957,720+251,4121,3010.56%-111
EAGLE MATLS INC(EXP)1,2310-1,2312490—-249
CARNIVAL CORP183,796155,396-28,4005,1684,4931.92%-676
VANGUARD SPECIALIZED FUNDS6,2002,600-3,6001,2695610.24%-708
CIVEO CORP CDA(CVEO)67,9380-67,9381,5690—-1,569
ARIS WATER SOLUTIONS INC88,5000-88,5002,0930—-2,093
LANDBRIDGE COMPANY LLC(LB)234,754241,056+6,30215,86512,8605.51%-3,004
TEXAS PACIFIC LAND CORPORATI(TPL)95,01394,772-241100,37188,48337.91%-11,888
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MAD RIVER INVESTORS — 13F Holdings — Q3 2025 | TickerTrail