Mad River Investors

Mad River Investors serves individuals, high‑net‑worth clients, companies, and trusts through discretionary separately managed accounts (the Managed Opportunities program) and, as general partner and investment adviser, through the private partnership Long Point Investors, L.P., which is offered only to accredited and qualified investors. As of early 2026 the firm reports managing roughly $333.8 million in Managed Opportunities and $69.7 million in Long Point and provides portfolio management, sub‑advisory services, and fund management for pooled vehicles.

The firm follows an opportunistic, long‑term, equity‑oriented approach that typically concentrates portfolios in about 20–30 positions and accepts material short‑term volatility; portfolios may include covered options, long puts/calls, preferreds, convertibles, corporate and high‑yield bonds, distressed securities, foreign securities, short sales, and a modest allocation to digital assets such as Bitcoin. Mad River selects and oversees third‑party managers (notably a sub‑advisory relationship with Horizon Asset Management) and emphasizes that principals invest alongside clients.

Distinctive aspects disclosed in the brochure include Mad River’s role as general partner and adviser to a long‑running private fund (Long Point, formed in 1992) with fund administration and annual audits in place, its presentation of a firm Model and historical performance (net of fees) dating to the Managed Opportunities inception in 1999, and an alternative performance‑based fee option for qualified clients (an asset fee plus a 5% performance fee using a high‑water mark and a Loss Recovery Account). The firm also discloses potential conflicts tied to owner‑operator investments (for example, holdings in FRMO) and the material reliance on Horizon’s services for managing the Model.