Mad River Investors
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Client AUMClient assets under management
$287,888,038
Clients
89
Advisors
4
across 2 offices
About
Mad River Investors provides discretionary investment management to individuals, high‑net‑worth clients, companies, trusts and other institutional clients, and also serves as a sub‑advisor and manager to other advisors and pooled investment vehicles. The firm additionally acts as general partner and investment adviser to a long‑standing private investment partnership that is offered to accredited and qualified investors.
The firm employs an opportunistic, concentrated equity‑oriented approach managed through a single portfolio model in conjunction with an SEC‑registered sub‑adviser; portfolios typically hold roughly 20–25 positions and may include options, short positions, distressed debt, foreign securities and a modest allocation to digital assets. Mad River emphasizes a long‑term, contrarian orientation, often investing alongside clients, managing position size rather than routinely rebalancing, and accepting higher short‑term volatility in pursuit of multi‑year returns.
Noteworthy features that distinguish Mad River from many peers include operating a private fund as general partner (with incentive allocations), providing portfolio management for pooled vehicles, offering qualified clients an alternative performance‑based fee arrangement tracked by a high‑water mark, and presenting a firm model and historical performance to prospects. The combination of running a private partnership, employing performance‑based fee structures, and publicly referencing model returns is relatively uncommon among supported advisers of similar size.
Client services
Expertise
Fee options
$0 - $: 1.5% annually for Managed Opportunities program standard fee, but fee is negotiable and may differ $0 - $: 1.00% annually under alternative performance-based fee schedule plus 5% performance fee on investment returns
5% of investment returns (realized and unrealized) under the alternative performance-based fee schedule for qualified Managed Opportunities clients
Account minimum: $500,000
Main office
See office84 State Street, Suite 1060
Boston MA 02109
Advisors at this office
2
Offices (2)
Most active in
Florida · Illinois · Massachusetts · New York · Pennsylvania
Also doing business as
Mad River Advisors · Mad River Investors · Mrm Horizon Advisors, LLC
Disclosures
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
Is active or affiliated with:
Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
Is not active or affiliated with:
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Insurance agent
They sell insurance products and may earn commissions on those sales.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Advisors at this firm
Stephen C
Series 65
Boston, MA
Mad River Investors
Stephen Carluccio is a financial advisor at Mad River Investors in Boston, MA, holding a Series 65 designation with 19 years of industry experience. He has been with Mad River Investors since 2012 and concurrently operates SCC Legal and Business Services, where he provides a small amount of outside legal work for former clients with employer approval. Mad River Investors offers discretionary investment management to individuals, high-net-worth clients, companies, trusts, and institutional clients. The firm uses an opportunistic, concentrated equity-oriented approach with a long-term, contrarian focus, managing portfolios typically consisting of 20–25 positions and including diverse asset types such as options and digital assets.
Michael G
Series 65
Saint Petersburg, FL
Mad River Investors
Michael Gagne is a financial advisor at Mad River Investors with one year of industry experience. He holds a Series 65 designation and has previously worked at Egmont LLC, Axon, Allego, Kantar, and Comscore. Outside of his advisory role, he is the owner and CEO of Egmont LLC, a consulting business focused on sales and marketing strategy development. Mad River Investors provides discretionary investment management to individuals, high-net-worth clients, companies, trusts, and institutional clients. The firm uses an opportunistic, concentrated equity-oriented approach with a long-term, contrarian orientation, managing portfolios typically holding 20–25 positions across multiple asset types.
Joshua S
Series 63, Series 65
Boston, MA
Mad River Investors
Joshua Stewart is a financial advisor at Mad River Investors with 21 years of industry experience. He holds the Series 63 and Series 65 designations and has been with Mad River Investors since 2002. Mad River Investors provides discretionary investment management to individuals, high-net-worth clients, companies, trusts, and institutional clients, and also serves as a sub-advisor and manager to other advisors and pooled investment vehicles. The firm employs an opportunistic, concentrated equity-oriented strategy with a long-term, contrarian approach and operates a private investment partnership for accredited investors.
Richard S
Series 63, Series 65
St Petersburg, FL
Mad River Investors
Richard Silver is a financial advisor at Mad River Investors in St. Petersburg, FL, holding Series 63 and Series 65 designations with 27 years of industry experience. He has been with MRM-Horizon Advisors, LLC d/b/a Mad River Investors since 1999. Mad River Investors provides discretionary investment management to individuals, high-net-worth clients, companies, trusts, and institutional clients, while also serving as a sub-advisor and manager to other advisors and pooled investment vehicles. The firm employs an opportunistic, concentrated equity-oriented approach with a long-term, contrarian orientation and manages a private investment partnership offered to accredited and qualified investors.
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