Mad River Investors
Annual return '25
-2.2%
SPY '25
+17.7%
Alpha
-19.9ptsvs SPY
Invested
$277.9M
Holdings
31
Trades YTD
0
Performance · Fund vs SPY
Cumulative return · quarterly snapshotsCoverage 99%. 3 quarters of 2025 measured against SPY adj-close benchmark.
Top holdings · current snapshot
Source: 13F-HR01
$TPL
TEXAS PACIFIC LAND CORPORATI
Held since at least Q1 2024
48.7%
02
$PBT
PERMIAN BASIN RTY TR
Held since at least Q1 2024
7.8%
03
$HE
HAWAIIAN ELEC INDS INC MTN B
Held since at least Q1 2024
7.3%
04
$GBTC
GRAYSCALE BITCOIN TRUST ETF
Held since at least Q1 2024
6.8%
05
$LB
LANDBRIDGE COMPANY LLC
Held since at least Q1 2024
6.6%
06
$WPM
WHEATON PRECIOUS METALS CORP
Held since at least Q1 2024
4.2%
07
$MSB
MESABI TR
Held since at least Q1 2024
3.6%
08
$WBI
WATERBRIDGE INFRASTRUCTURE L
Held since at least Q1 2024
2.6%
09
$FNV
FRANCO NEV CORP
Held since at least Q1 2024
2.1%
10
$FBTC
FIDELITY WISE ORIGIN BITCOIN
Held since at least Q1 2024
1.5%
Recent trades · Last 90 days
No Form 4 / 13D / 13G trade events on file in the recent window. 13F filers report position snapshots quarterly rather than per-trade events, so this section is most useful for managers who also file Form 4 or 13D/G.
Convergence · Pattern Engine ships in v1.1
30-day windowIn development
Convergence participation lands with the Pattern Engine.
Once the Pattern Engine ships, this section will list every active convergence event this fund is named in — with the other named funds, the Congress members on the same name, and combined position size.
Source data: SEC EDGAR · 13F-HR filings · Performance through 2025-12-31 · Last refreshed 10:01 UTC.