MAD RIVER INVESTORS

Q3 2026 13F-HR Holdings

Location
Boston, MA
Holdings as of
9/30/2026
Date filed
10/27/2026
Form type
13F-HR
Num holdings
31
Total value ($000)
$245,689
Net value change ($000)
-22,417 (-8.4%)
New positions
2
Sold out positions
1
Turnover %
1.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 8/3/2026 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q2 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)
PBT 8,085 32.1%
GBTC 6,564 40.0%
SJT 2,181 NEW
FBTC 2,105 58.6%
FRMI 1,883 1247.0%
BTC 897 42.4%
AAPL 486 33.3%
LB 415 2.0%
FNV 323 6.9%
PANW 309 16.5%
Top Reduces (Value $000, Stocks/ETFs)
TPL -32,085 -25.7%
HE -6,093 -34.1%
CARNIVAL CORP LTD -2,267 -83.2%
MSB -1,778 -21.7%
WBI -1,621 -17.7%
VTI -794 -31.6%
MIAX -784 -7.3%
WPM -288 -4.6%
CACI -211 -100.0%
CINF -93 -13.9%
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000): 436 (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