MAD RIVER INVESTORS

Q4 2025 13F-HR Holdings

Location
Boston, MA
Holdings as of
12/31/2025
Date filed
2/6/2026
Form type
13F-HR
Num holdings
35
Total value ($000)
$219,624
Net value change ($000)
-14,130 (-6.0%)
New positions
1
Sold out positions
4
Turnover %
0.8%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/14/2025 Next filing: 4/23/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 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)
MSB 2,777 32.1%
HE 2,213 16.3%
RGLD 591 NEW
WPM 518 4.7%
MIAX 328 10.9%
CCL 259 5.8%
AAPL 113 8.9%
VTI 86 2.2%
AMZN 61 8.2%
CSCO 51 12.4%
Top Reduces (Value $000, Stocks/ETFs)
GBTC -7,762 -24.0%
TPL -6,314 -7.1%
FBTC -1,765 -24.6%
WBI -1,205 -19.0%
BTC -1,154 -27.7%
ORCL -695 -30.7%
SAND -533 -100.0%
FNV -365 -6.9%
FE -261 -100.0%
CRM -213 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 175 (0.1% 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