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Livermore
Livermore
ZHEN

Mad River Investors

SEC CIK
0001384484
Latest filing
Aug 3, 2026

The latest 13F from Mad River Investors covers Q2 2026 (filed Aug 3, 2026): 29 long positions worth $267.4M. The top 10 holdings make up 91.5% of the portfolio, and the largest is Texas Pacific Land Corp (TPL) at 46.7%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$151.1K
Added
10
Est. +$8.15M
Reduced
9
Est. −$6.83M
Sold out
3
Est. −$1.26M

Top 5 holdings

Share of this quarter's portfolio value

  1. TPLTexas Pacific Land Corp
    46.7%$124.9MHistory
  2. PBTPermian Basin Royalty Trust
    9.4%$25.2MHistory
  3. LBLandBridge Co LLC
    7.9%$21.2MHistory
  4. HEHawaiian Electric Industries Inc
    6.7%$17.9MHistory
  5. GBTCGrayscale Bitcoin Trust ETF
    6.1%$16.4MHistory

Share of portfolio

Top 5 holdings and the other 24 positions, by share of portfolio value

  1. TPL46.7%
  2. PBT9.4%
  3. LB7.9%
  4. HE6.7%
  5. GBTC6.1%
  6. Other 24 positions23.1%

Biggest buys

New and added positions, by estimated amount bought

  1. MIAXMiami International Holdings, Inc.
    +$7.72MAddedHistory
  2. FRMIFermi Inc.
    +$151.1KNewHistory
  3. LBLandBridge Co LLC
    +$124.2KAddedHistory
  4. TPLTexas Pacific Land Corp
    +$91.9KAddedHistory
  5. HEHawaiian Electric Industries Inc
    +$64.9KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. MIAXMiami International Holdings, Inc.
    +2.87 pp1.1% → 4.0%History
  2. PBTPermian Basin Royalty Trust
    +1.62 pp7.8% → 9.4%History
  3. LBLandBridge Co LLC
    +1.30 pp6.6% → 7.9%History
  4. FRMIFermi Inc.
    +0.06 pp0.0% → 0.1%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. WPMWheaton Precious Metals Corp.
    −$3.72MReducedHistory
  2. CCLCarnival Corp Ltd.
    −$1.74MReducedHistory
  3. Vanguard Morningstar Total Stock Market ETF922908769
    −$740.1KReduced
  4. RGLDRoyal Gold Inc
    −$626.8KSold outHistory
  5. JPMJPMorgan Chase & Co
    −$416.8KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. WPMWheaton Precious Metals Corp.
    −1.86 pp4.2% → 2.4%History
  2. CCLCarnival Corp Ltd.
    −0.44 pp1.5% → 1.0%History
  3. FNVFranco Nevada Corp
    −0.35 pp2.1% → 1.8%History
  4. RGLDRoyal Gold Inc
    −0.23 pp0.2% → 0.0%History
  5. JPMJPMorgan Chase & Co
    −0.15 pp0.2% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$267.4M
−$9.73M (−3.5%) vs. prior quarter
Positions
29
−2 vs. prior quarter
Top 10 concentration
91.5%
Top 10 as share of value
Turnover
3.0%
Q2 2026, one quarter
Average holding period
16.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $277.2M (Q1 2026)

Q1 2021: $150.0MQ2 2021: $155.8MQ3 2021: $155.8MQ4 2021: $131.2MQ1 2022: $129.5MQ2 2022: $127.9MQ3 2022: $137.3MQ4 2022: $172.4MQ1 2023: $141.9MQ2 2023: $135.3MQ3 2023: $141.3MQ4 2023: $107.7MQ1 2024: $144.1MQ2 2024: $149.0MQ3 2024: $180.3MQ4 2024: $215.2MQ1 2025: $236.0MQ2 2025: $223.2MQ3 2025: $233.4MQ4 2025: $219.4MQ1 2026: $277.2MQ2 2026: $267.4M
Q1 2021Q2 2026
13F filings of Mad River Investors by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 3, 202629$267.4MTPLPBTLBvs. Q1 2026SEC
Q1 2026Apr 23, 202631$277.2MTPLPBTHEvs. Q4 2025SEC
Q4 2025Feb 6, 202634$219.4MTPLGBTCPBTvs. Q3 2025SEC
Q3 2025Oct 14, 202537$233.4MTPLGBTCPBTvs. Q2 2025SEC
Q2 2025Jul 8, 202523$223.2MTPLGBTCLBvs. Q1 2025SEC
Q1 2025Apr 22, 202524$236.0MTPLGBTCLBvs. Q4 2024SEC
Q4 2024Jan 16, 202526$215.2MTPLGBTCLBvs. Q3 2024SEC
Q3 2024Oct 22, 202426$180.3MTPLGBTCLBvs. Q2 2024SEC
Q2 2024Aug 2, 202427$149.0MTPLGBTCWPMvs. Q1 2024SEC
Q1 2024Apr 19, 202427$144.1MTPLGBTCWPMvs. Q4 2023SEC
Q4 2023Jan 26, 202426$107.7MTPLWPMCACIvs. Q3 2023SEC
Q3 2023Oct 18, 202325$141.3MTPLWPMPBTvs. Q2 2023SEC
Q2 2023Aug 3, 202327$135.3MTPLWPMPBTvs. Q1 2023SEC
Q1 2023May 4, 202323$141.9MTPLWPMMSBvs. Q4 2022SEC
Q4 2022Feb 6, 202326$172.4MTPLCVEOPBTvs. Q3 2022SEC
Q3 2022Oct 26, 202226$137.3MTPLCVEOCACIvs. Q2 2022SEC
Q2 2022Aug 8, 202227$127.9MTPLCVEOCACIvs. Q1 2022SEC
Q1 2022Apr 28, 202229$129.5MTPLCVEOWPMvs. Q4 2021SEC
Q4 2021Feb 9, 202229$131.2MTPLWPMCVEOvs. Q3 2021SEC
Q3 2021Nov 8, 202125$155.8MTPLWPMCVEOvs. Q2 2021SEC
Q2 2021Aug 2, 202125$155.8MTPLWPMCVEOvs. Q1 2021SEC
Q1 2021May 3, 202123$150.0MTPLWPMCACI–SEC