13F Filings History of MAD RIVER INVESTORS

Latest 13F report
Q4 2025 - 06 Feb 2026
Value $
$219,449,733
Signature - Title
Stephen C Carluccio - Chief Compliance Officer
Location
Boston, MA
Summary
This page shows a list of all the recent 13F filings made by MAD RIVER INVESTORS. Form 13F is required to be filed within 45 days of the end of a calendar quarter. MAD RIVER INVESTORS reported 34 stock holdings with total value $219,449,733 as of Q4 2025. Top holdings included TPL, GBTC, PBT, HE, and LB.

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Holdings Value
Quarter Holdings Value $ Bought Sold Net Top Holdings Form Type Filing Time
Q4 2025 34 $219,449,733 +$58,608,058 -$1,796,936 +$56,811,122 TPL, GBTC, PBT, HE, LB 13F-HR 06 Feb 2026, 11:26
Q3 2025 37 $233,380,940 +$20,059,047 -$9,130,308 +$10,928,739 TPL, GBTC, PBT, HE, LB 13F-HR 14 Oct 2025, 08:29
Q2 2025 23 $223,177,787 +$5,738,656 -$5,267,277 +$471,379 TPL, GBTC, LB, HE, PBT 13F-HR 08 Jul 2025, 07:42
Q1 2025 24 $236,046,816 +$17,052,906 -$17,252,787 -$199,881 TPL, GBTC, LB, HE, WPM 13F-HR 22 Apr 2025, 13:57
Q4 2024 26 $215,202,583 +$4,585,699 -$6,982,547 -$2,396,848 TPL, GBTC, LB, WPM, MSB 13F-HR 16 Jan 2025, 16:39
Q3 2024 26 $180,267,692 +$15,645,400 -$5,727,495 +$9,917,905 TPL, GBTC, LB, WPM, CACI 13F-HR 22 Oct 2024, 16:08
Q2 2024 27 $149,007,692 +$266,546 -$6,817,317 -$6,550,771 TPL, GBTC, WPM, CACI, CVEO 13F-HR 02 Aug 2024, 12:15
Q1 2024 27 $143,786,454 +$71,139,452 -$2,711,633 +$68,427,819 TPL, GBTC, WPM, CACI, CVEO 13F-HR 19 Apr 2024, 16:40
Q4 2023 26 $107,452,718 +$216,696 -$25,999,631 -$25,782,935 TPL, WPM, CACI, CVEO, MSB 13F-HR 26 Jan 2024, 11:18
Q3 2023 25 $141,033,988 +$321,398 -$2,149,895 -$1,828,497 TPL, WPM, PBT, MSB, CACI 13F-HR 18 Oct 2023, 14:40
Q2 2023 27 $135,279,372 +$6,171,437 -$5,806,684 +$364,753 TPL, WPM, PBT, CACI, MSB 13F-HR 03 Aug 2023, 13:30
Q1 2023 23 $141,853,086 +$6,248,130 -$7,525,286 -$1,277,156 TPL, WPM, MSB, PBT, CACI 13F-HR 04 May 2023, 13:40
Q4 2022 26 $172,372,000 +$1,808,926 -$3,074,011 -$1,265,085 TPL, CVEO, PBT, CACI, WPM 13F-HR 06 Feb 2023, 11:07
Q3 2022 26 $137,317,000 +$1,072,806 -$1,222,561 -$149,755 TPL, CVEO, CACI, WPM, PBT 13F-HR 26 Oct 2022, 14:18
Q2 2022 27 $127,906,000 +$2,850,760 -$1,908,278 +$942,482 TPL, CVEO, CACI, WPM, PBT 13F-HR 08 Aug 2022, 10:03
Q1 2022 29 $128,848,000 +$3,770,685 -$15,551,603 -$11,780,918 TPL, CVEO, WPM, CACI, FNV 13F-HR 28 Apr 2022, 14:58
Q4 2021 29 $131,236,000 +$7,783,412 -$9,061,193 -$1,277,781 TPL, WPM, CVEO, CACI, FNV 13F-HR 09 Feb 2022, 12:38
Q3 2021 25 $60,566,000 $0 $0 $0 WPM, MSB, CACI, FNV, AC 13F-HR 08 Nov 2021, 13:21
Q2 2021 25 $155,850,000 +$5,801,769 -$7,002,161 -$1,200,392 TPL, WPM, CVEO, MSB, CACI 13F-HR 02 Aug 2021, 11:45
Q1 2021 23 $150,000,000 +$87,197,393 -$40,787,390 +$46,410,003 TPL, WPM, CACI, CVEO, MSB 13F-HR 03 May 2021, 16:05
Q4 2020 23 $101,837,000 +$8,979,839 -$4,131,221 +$4,848,618 TPL, WPM, CACI, MSB, CVEO 13F-HR 03 Feb 2021, 13:48
Q3 2020 23 $78,634,000 +$1,225,000 -$4,774,865 -$3,549,865 TPL, WPM, FNV, CACI, AC 13F-HR 29 Oct 2020, 13:37
Q2 2020 21 $87,200,000 +$2,929,698 -$1,903,739 +$1,025,959 TPL, WPM, FNV, CACI, AC 13F-HR 10 Aug 2020, 13:30
Q1 2020 19 $65,225,000 +$3,059,939 -$12,877,983 -$9,818,044 TPL, WPM, CACI, AC, FNV 13F-HR 05 May 2020, 16:26
Q4 2019 23 $117,040,000 +$1,476,696 -$287,214 +$1,189,482 TPL, HHC, WPM, LBRDK, CVEO 13F-HR 30 Jan 2020, 16:03
Q3 2019 23 $102,749,000 +$1,770,549 -$6,554,027 -$4,783,478 TPL, HHC, WPM, AC, BRKB 13F-HR 30 Oct 2019, 15:42
Q2 2019 28 $114,150,000 +$916,124 -$3,242,325 -$2,326,201 TPL, HHC, WPM, CVEO, AC 13F-HR 07 Aug 2019, 15:58
Q1 2019 29 $112,838,000 +$2,389,375 -$1,862,591 +$526,784 TPL, HHC, CVEO, WPM, AC 13F-HR 06 May 2019, 11:17
Q4 2018 28 $90,473,000 $0 -$3,014,545 -$3,014,545 TPL, HHC, BRKB, LSXMK, AC 13F-HR 06 Feb 2019, 14:34
Q3 2018 28 $129,721,000 +$277,655 -$814,434 -$536,779 TPL, CVEO, HHC, AC, BRKB 13F-HR 01 Nov 2018, 13:10
Q2 2018 29 $120,479,000 +$5,645,687 -$503,980 +$5,141,707 TPL, CVEO, HHC, LSXMK, WPM 13F-HR 01 Aug 2018, 08:42
Q1 2018 28 $103,703,000 +$12,331,765 -$4,521,098 +$7,810,667 TPL, HHC, CVEO, BRKB, LSXMK 13F-HR 23 Apr 2018, 09:51
Q4 2017 24 $91,316,000 +$295,737 -$5,129,750 -$4,834,013 TPL, HHC, CVEO, BRKB, LSXMK 13F-HR 30 Jan 2018, 14:24
Q3 2017 25 $93,403,000 +$7,583,611 -$7,693,902 -$110,291 TPL, HHC, CVEO, LSXMK, BRKB 13F-HR 13 Nov 2017, 12:58
Q2 2017 28 $75,092,000 +$8,039,185 -$8,701,961 -$662,776 TPL, BRKB, LSXMK, IEP, WPM 13F-HR 04 Aug 2017, 13:11
Q1 2017 28 $84,748,000 +$7,541,747 -$3,070,082 +$4,471,665 TPL, HHC, IEP, BRKB, LSXMK 13F-HR 27 Apr 2017, 10:42
Q4 2016 33 $77,467,000 +$5,100,316 -$9,703,834 -$4,603,518 TPL, HHC, IEP, BRKB, LSXMK 13F-HR 13 Feb 2017, 15:48
Q3 2016 32 $79,183,000 +$1,727,836 -$7,906,555 -$6,178,719 HHC, TPL, IEP, SLW, BRKB 13F-HR 08 Nov 2016, 08:15
Q2 2016 31 $79,340,000 +$9,410,081 -$15,773,195 -$6,363,114 HHC, IEP, TPL, DWA, BRKB 13F-HR 29 Jul 2016, 10:09
Q1 2016 31 $80,236,000 +$5,275,964 -$3,489,893 +$1,786,071 HHC, IEP, BRKB, TPL, LMCK 13F-HR 10 May 2016, 14:57
Q4 2015 33 $79,979,000 +$8,241,965 -$12,861,621 -$4,619,656 HHC, IEP, LVNTA, LMCK, BRKB 13F-HR 03 Feb 2016, 09:31
Q3 2015 33 $85,641,000 +$4,498,850 -$26,807,258 -$22,308,408 HHC, IEP, LVNTA, LMCK, TPL 13F-HR 09 Nov 2015, 13:30
Q2 2015 35 $121,569,000 +$2,032,702 -$2,483,276 -$450,574 HHC, IEP, WEN, BRKB, LVNTA 13F-HR 06 Aug 2015, 15:02
Q1 2015 36 $128,098,000 +$6,293,804 -$11,818,891 -$5,525,087 HHC, IEP, WEN, LVNTA, BRKB 13F-HR 14 May 2015, 10:05
Q4 2014 39 $125,264,000 +$10,306,632 -$6,811,709 +$3,494,923 HHC, IEP, WEN, BRKB, LVNTA 13F-HR 11 Feb 2015, 12:22
Q3 2014 36 $131,333,000 +$21,071,146 -$7,288,976 +$13,782,170 HHC, IEP, LMCK, TPL, WEN 13F-HR 13 Nov 2014, 16:05
Q2 2014 35 $136,240,000 +$17,532,167 -$10,754,048 +$6,778,119 HHC, LMCA, IEP, LVNTA, WEN 13F-HR 13 Aug 2014, 07:53
Q1 2014 32 $130,835,000 +$7,926,659 -$11,484,516 -$3,557,857 HHC, IEP, LMCA, LVNTA, WEN 13F-HR 06 May 2014, 13:37
Q4 2013 32 $134,242,000 $0 $0 $0 LMCA, IEP, HHC, LVNTA, RSE 13F-HR 28 Jan 2014, 15:41