MAD RIVER INVESTORS

Q2 2026 13F-HR Holdings

Location
Boston, MA
Holdings as of
6/30/2026
Date filed
8/3/2026
Form type
13F-HR
Num holdings
30
Total value ($000)
$268,106
Net value change ($000)
-9,764 (-3.5%)
New positions
2
Sold out positions
4
Turnover %
3.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 4/23/2026 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q1 2026
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)
MIAX 7,577 239.6%
PBT 3,581 16.6%
LB 2,839 15.4%
CARNIVAL CORP LTD 2,725 NEW
WBI 1,921 26.5%
PANW 991 112.7%
UNH 247 53.7%
CSCO 239 51.3%
AAPL 167 12.9%
FRMI 151 NEW
Top Reduces (Value $000, Stocks/ETFs)
TPL -10,435 -7.7%
WPM -5,386 -46.1%
CCL -4,042 -100.0%
GBTC -2,607 -13.7%
MSB -1,939 -19.1%
HE -1,660 -8.5%
FNV -1,137 -19.5%
RGLD -627 -100.0%
FBTC -560 -13.5%
JPM -417 -100.0%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 660 (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