MAD RIVER INVESTORS

Q1 2026 13F-HR Holdings

Location
Boston, MA
Holdings as of
3/31/2026
Date filed
4/23/2026
Form type
13F-HR
Num holdings
32
Total value ($000)
$277,870
Net value change ($000)
+58,246 (26.5%)
New positions
0
Sold out positions
3
Turnover %
0.3%
Sector allocation + QoQ delta (equities-only)
Prev filing: 2/6/2026 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q4 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)
TPL 53,138 64.7%
LB 5,513 42.8%
PBT 4,832 28.8%
HE 3,750 23.7%
WBI 2,114 41.1%
FNV 937 19.2%
WPM 225 2.0%
CBOE 198 11.8%
ETN 47 12.3%
JNJ 45 18.1%
Top Reduces (Value $000, Stocks/ETFs)
GBTC -5,640 -22.9%
MSB -1,298 -11.4%
FBTC -1,250 -23.1%
VTI -1,241 -30.5%
CCL -710 -14.9%
BTC -571 -19.0%
ORCL -385 -24.5%
C -350 -100.0%
RSP -289 -100.0%
KMB -282 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 696 (0.3% 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