MAD RIVER INVESTORS

CIK 0001384484 · Q1 2026

13F Equity AUM

$277.9M

+26.5% QoQ

Positions

-3 QoQ

AUM Rank

#6,149

Top 49%

Skill Alpha (FF)

+4.5%/yr^ns

No Clear Edge

Rank #670 · Top 8%

vs S&P -5.3%/yr (unadj.)

Quarters Tracked

~13 years

Portfolio Concentration

Top 5: 77.2%Top 10: 91.3%Top 20: 98.3%

TPL48.7%

PBT7.8%

HE7.3%

GBTC6.8%

LB6.6%

WPM4.2%

MSB3.6%

WBI2.6%

FNV2.1%

FBTC1.5%

Others (21)8.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Energy65.7%

Financial Services13.2%

Basic Materials10.2%

Utilities7.3%

Other3.7%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 31Median: 0.47%Avg: 3.23%

0–0.5%

16(3.6%)

0.5–1%

2(1.6%)

1–3%

6(9.8%)

3–5%

2(7.8%)

5%+

5(77.2%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 31Unique: 0vs 20 funds

0.4%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.6%

BANK OF AMERICA CORP /DE/

0.6%

JPMORGAN CHASE & CO

0.6%

BlackRock, Inc.

0.7%

FMR LLC

0.8%

GEODE CAPITAL MANAGEMENT, LLC

0.7%

VANGUARD CAPITAL MANAGEMENT LLC

0.7%

STATE STREET CORP

0.6%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.7%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New0Increased9Decreased11Exited3

Increased

HE7.3%

+66K(+5%)

MSB3.6%

+25K(+8%)

PBT7.8%

+16K(+2%)

WBI2.6%

+14K(+5%)

MIAX1.1%

+6K(+8%)

BTC0.9%

+4K(+5%)

LB6.6%

+3K(+1%)

CCL1.4%

+585(+0%)

JPM0.1%

+17(+1%)

Decreased

WPM4.2%

-8,333(-9%)

VTI1.0%

-3,322(-27%)

RLI0.1%

-1,500(-20%)

TPL48.7%

-963(-0%)

VIG0.1%

-600(-38%)

FBTC1.5%

-520(-1%)

GBTC6.8%

-315(-0%)

BRK/B0.1%

-300(-27%)

RGLD0.2%

-193(-7%)

CBOE0.7%

-10(-0%)

Exited

TRVC

-3,000

RSP

-1,508

KMB

-2,800

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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