MAD RIVER INVESTORS

Q3 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
9/30/2025
Date filed
10/14/2025
Form type
13F-HR
Num holdings
38
Total value ($000)
$233,754
Net value change ($000)
+10,477 (4.7%)
New positions
17
Sold out positions
3
Turnover %
9.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 7/8/2025 Next filing: 2/6/2026 SEC filing

Snapshot: Change Analysis

Compared to Q2 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
WBI 6,348 NEW
PBT 5,817 52.8%
MIAX 3,003 NEW
ORCL 2,264 NEW
MSB 1,572 22.2%
FNV 1,313 33.3%
AAPL 1,273 NEW
PANW 1,117 NEW
GBTC 814 2.6%
AMZN 747 NEW
Top Reduces (Value $000, Stocks/ETFs)
TPL -11,888 -11.8%
LB -3,005 -18.9%
Aris Water Solutions, Inc. -2,093 -100.0%
CVEO -1,569 -100.0%
VIG -708 -55.8%
CCL -675 -13.1%
EXP -249 -100.0%
ICE -111 -7.9%
RLI -53 -9.8%
CACI -6 -1.5%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 373 (0.2% of total reported value)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type