MAD RIVER INVESTORS
Q4 2023 Form 13-F
BOSTON, MASSACHUSETTS
CIK 0001384484
· Institutional investment manager
$107.7M Reported Value Total
Reported value
$107.7M
Quarter over quarter
-5.5%
Holdings
26
Top-10 concentration
87.2%
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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Q4 2023 13F record
Q4 2023 13F filing summary
| Period of report | December 31, 2023 |
|---|---|
| Filed | January 26, 2024 |
| Form | 13F-HR |
| Reported value | $107.7M |
| Positions | 26 |
| Change in reported value | -23.8% |
| New positions | 1 |
| Exited positions | 0 |
| Position turnover | 3.9% |
| Top-10 concentration | 87.2% |
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 · Q4 2023
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | TPL TEXAS PACIFIC LAND CORPORATI | $52.6M | 48.83% |
| 2 | WPM WHEATON PRECIOUS METALS CORP | $7.6M | 7.1% |
| 3 | CACI CACI INTL INC | $5.7M | 5.31% |
| 4 | CVEO CIVEO CORP CDA | $5.6M | 5.19% |
| 5 | MSB MESABI TR | $5.3M | 4.95% |
| 6 | CCL CARNIVAL CORP | $4.0M | 3.73% |
| 7 | FNV FRANCO NEV CORP | $3.7M | 3.39% |
| 8 | PBT PERMIAN BASIN RTY TR | $3.6M | 3.33% |
| 9 | VTI VANGUARD INDEX FDS | $3.0M | 2.75% |
| 10 | BRK-B BERKSHIRE HATHAWAY INC DEL | $2.8M | 2.6% |
| 11 | AC ASSOCIATED CAP GROUP INC | $2.6M | 2.45% |
| 12 | VIG VANGUARD SPECIALIZED FUNDS | $1.7M | 1.59% |
| 13 | TRC TEJON RANCH CO | $1.7M | 1.56% |
| 14 | BA BOEING CO | $1.3M | 1.21% |
| 15 | CME CME GROUP INC | $1.1M | 1.02% |
| 16 | CBOE CBOE GLOBAL MKTS INC | $1.0M | 0.97% |
| 17 | ICE INTERCONTINENTAL EXCHANGE IN | $1.0M | 0.93% |
| 18 | SAND SANDSTORM GOLD LTD | $1.0M | 0.93% |
| 19 | RLI RLI CORP | $732.2K | 0.68% |
| 20 | ACWX ISHARES TR | $414.7K | 0.38% |
Values as reported on the Q4 2023 Form 13F. Every position is in the holdings table below.