MAD RIVER INVESTORS
Q3 2023 Form 13-F
BOSTON, MASSACHUSETTS
CIK 0001384484
· Institutional investment manager
$141.3M Reported Value Total
Reported value
$141.3M
Quarter over quarter
+13.0%
Holdings
25
Top-10 concentration
89.1%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Stephen C Carluccio
Chief Compliance Officer
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q3 2023 13F record
Q3 2023 13F filing summary
| Period of report | September 30, 2023 |
|---|---|
| Filed | October 18, 2023 |
| Form | 13F-HR |
| Reported value | $141.3M |
| Positions | 25 |
| Change in reported value | +4.5% |
| New positions | 2 |
| Exited positions | 4 |
| Position turnover | 20.7% |
| Top-10 concentration | 89.1% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q3 2026 13F
Filed Oct 27, 2026
|
30 | $245.7M |
|
Q2 2026 13F
Filed Aug 3, 2026
|
29 | $268.1M |
|
Q1 2026 13F
Filed Apr 23, 2026
|
31 | $277.9M |
|
Q4 2025 13F
Filed Feb 6, 2026
|
34 | $219.6M |
|
Q3 2025 13F
Filed Oct 14, 2025
|
37 | $233.8M |
|
Q2 2025 13F
Filed Jul 8, 2025
|
23 | $223.3M |
|
Q1 2025 13F
Filed Apr 22, 2025
|
24 | $236.0M |
|
Q4 2024 13F
Filed Jan 16, 2025
|
26 | $215.2M |
|
Q3 2024 13F
Filed Oct 22, 2024
|
26 | $180.3M |
|
Q2 2024 13F
Filed Aug 2, 2024
|
27 | $149.3M |
|
Q1 2024 13F
Filed Apr 19, 2024
|
27 | $144.1M |
|
Q4 2023 13F
Filed Jan 26, 2024
|
26 | $107.7M |
|
Q3 2023 13F
Filed Oct 18, 2023
|
25 | $141.3M |
|
Q2 2023 13F
Filed Aug 3, 2023
|
27 | $135.3M |
|
Q1 2023 13F
Filed May 4, 2023
|
23 | $141.9M |
|
Q4 2022 13F
Filed Feb 6, 2023
|
26 | $172.4M |
|
Q3 2022 13F
Filed Oct 26, 2022
|
26 | $137.3M |
|
Q2 2022 13F
Filed Aug 8, 2022
|
27 | $127.9M |
|
Q1 2022 13F
Filed Apr 28, 2022
|
29 | $129.5M |
|
Q4 2021 13F
Filed Feb 9, 2022
|
29 | $131.2M |
34 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q3 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | $73.7M | 52.12% |
| 2 | WPM WHEATON PRECIOUS METALS CORP | $7.7M | 5.45% |
| 3 | PBT PERMIAN BASIN RTY TR | $7.1M | 5.05% |
| 4 | MSB MESABI TR | $7.1M | 5.05% |
| 5 | CACI CACI INTL INC | $6.8M | 4.82% |
| 6 | CVEO CIVEO CORP CDA | $6.7M | 4.77% |
| 7 | FNV FRANCO NEV CORP | $5.6M | 3.95% |
| 8 | CCL CARNIVAL CORP | $4.0M | 2.83% |
| 9 | AC ASSOCIATED CAP GROUP INC | $3.6M | 2.57% |
| 10 | TRC TEJON RANCH CO | $3.5M | 2.45% |
| 11 | BRK-B BERKSHIRE HATHAWAY INC DEL | $2.8M | 1.95% |
| 12 | VTI VANGUARD INDEX FDS | $2.7M | 1.88% |
| 13 | VIG VANGUARD SPECIALIZED FUNDS | $1.6M | 1.11% |
| 14 | CME CME GROUP INC | $1.5M | 1.05% |
| 15 | CBOE CBOE GLOBAL MKTS INC | $1.4M | 0.98% |
| 16 | SAND SANDSTORM GOLD LTD | $1.4M | 0.96% |
| 17 | ICE INTERCONTINENTAL EXCHANGE IN | $1.1M | 0.81% |
| 18 | BA BOEING CO | $973.4K | 0.69% |
| 19 | RLI RLI CORP | $747.4K | 0.53% |
| 20 | ACWX ISHARES TR | $382.0K | 0.27% |
Values as reported on the Q3 2023 Form 13F. Every position is in the holdings table below.