Marnell Management LLC
Marnell Management LLC reported 65 US-listed holdings worth $196.6 million in its 13F for the quarter ended 30 June 2026, filed 13 August 2026. Its largest: Star Bulk Carriers Corp. (6.5%), Core Natural Resources, Inc. (5.2%) and DHT Holdings Inc. (4.6%). Against the quarter before, it opened 6 positions, added to 36, trimmed 17 and sold out of 5.
Reported holdings$196.6M+30.7% on Q1 2026
Positions65+1 on Q1 2026
The largest ten39.7%of its reported holdings
Latest 13FQ2 2026filed 13 August 2026
Added toTrimmed
The 14 largest of its 65 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +38.7% over the 2 quarters to 30 June 2026, against +9.5% for the S&P 500.
Its reported holdingsThe S&P 500
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Opened 6Added 36Held 6Trimmed 17Sold out 5
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 6
- Borr Drilling Ltd BORR$3.8 million
- Galaxy Digital Inc. GLXY$1.5 million
- Vistra Corp. VST$1.4 million
- NVR Inc. NVR$1.1 million
- Office Pptys Income Trust OPI$865,164
- Fermi Inc. Com FRMI$659,199
Added to 36
- DHT Holdings Inc. DHT+466,437 shares · +618%
- Core Natural Resources, Inc. CNR+54,794 shares · +74%
- EchoStar Corp. ECHO+30,413 shares · +615%
- Tidewater Inc. TDW+43,370 shares · +79%
- Euronav NV CMBT+170,515 shares · +121%
- Okeanis Eco Tankers Cor ECO+43,041 shares · +81%
- Star Bulk Carriers Corp. SBLK+85,416 shares · +20%
- Transocean Ltd. RIG+401,017 shares · +118%
and 28 more in the table below
Trimmed 17
- Terawulf Inc. WULF-361,771 shares · -53%
- Yandex N V NBIS-21,887 shares · -94%
- Cipher Digital Inc. CIFR-158,185 shares · -77%
- Cleanspark Inc. CLSK-238,030 shares · -94%
- Core Scientific, Inc. CORZ-111,532 shares · -65%
- Genco Shipping & Trading Ltd GNK-47,810 shares · -56%
- JBG Smith Properties JBGS-70,254 shares · -16%
- Ardmore Shipping Corp. ASC-63,235 shares · -21%
and 9 more in the table below
Sold out of 5
- Seaport Entertainment Group In SEG$693,804 last quarter
- Celanese Corp. CE$611,661 last quarter
- Olin Corp. OLN$484,867 last quarter
- Caesars Entertainment, Inc. CZR$334,419 last quarter
- West Fraser Timber Co. Ltd WFG$305,296 last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Star Bulk Carriers Corp. SBLK | 515.7K | $12.9 million | 6.55% | +85.4K |
| Core Natural Resources, Inc. CNR | 128.8K | $10.3 million | 5.24% | +54.8K |
| DHT Holdings Inc. DHT | 541.9K | $9.0 million | 4.55% | +466.4K |
| Terawulf Inc. WULF | 325.0K | $8.0 million | 4.08% | -361.8K |
| Torm PLC TRMD | 262.9K | $6.9 million | 3.48% | +15.1K |
| Tidewater Inc. TDW | 98.5K | $6.6 million | 3.34% | +43.4K |
| Warrior Met Coal, Inc. HCC | 79.5K | $6.5 million | 3.28% | +23.6K |
| Vornado Realty Trust VNO | 156.3K | $6.1 million | 3.12% | +13.7K |
| Garrett Motion Inc. GTX | 163.7K | $5.9 million | 3.02% | -18.1K |
| First Citizens Bancshares Inc. FCNCA | 2.8K | $5.9 million | 2.99% | +330 |
| Douglas Emmett Inc. DEI | 497.1K | $5.9 million | 2.98% | +60.8K |
| JBG Smith Properties JBGS | 381.6K | $5.6 million | 2.85% | -70.3K |
| Talen Energy Corp. TLN | 14.6K | $5.6 million | 2.84% | +1.3K |
| Compass, Inc. COMP | 423.3K | $5.2 million | 2.65% | +151.5K |
| Okeanis Eco Tankers Cor ECO | 96.3K | $4.8 million | 2.45% | +43.0K |
| Navios Maritime Partners L P Com Unit Lpi NMM | 67.6K | $4.7 million | 2.41% | +9.9K |
| Alexanders Inc. ALX | 17.0K | $4.7 million | 2.38% | +1.1K |
| Euronav NV CMBT | 311.1K | $4.4 million | 2.21% | +170.5K |
| Sherwin Williams Co. SHW | 12.6K | $4.3 million | 2.20% | +3.3K |
| Borr Drilling Ltd BORR | 922.9K | $3.8 million | 1.94% | new |
| NexPoint Residential Trust, Inc. NXRT | 131.4K | $3.7 million | 1.87% | -4.2K |
| Transocean Ltd. RIG | 740.3K | $3.6 million | 1.84% | +401.0K |
| EchoStar Corp. ECHO | 35.4K | $3.6 million | 1.83% | +30.4K |
| Eagle Materials Inc. EXP | 15.0K | $3.4 million | 1.72% | +3.1K |
| Ardmore Shipping Corp. ASC | 236.1K | $3.3 million | 1.68% | -63.2K |
| Century Aluminum Co. CENX | 71.5K | $3.3 million | 1.67% | +26.2K |
| Himalaya Shipping Ltd HSHP | 217.2K | $2.9 million | 1.48% | +53.1K |
| Teekay Tankers Ltd - US TNK | 44.4K | $2.9 million | 1.46% | +20.8K |
| Frontline PLC FRO | 81.1K | $2.8 million | 1.43% | +21.8K |
| Lennar Corp. LEN | 27.1K | $2.5 million | 1.25% | +8.1K |
| International Seaways, Inc. INSW | 31.9K | $2.4 million | 1.24% | +7.3K |
| Fortune Brands Innovations, Inc. FBIN | 44.5K | $2.4 million | 1.24% | -3.6K |
| Navigator Hldgs Ltd NVGS | 99.5K | $1.9 million | 0.94% | +49.5K |
| Scorpio Tankers Inc. STNG | 24.7K | $1.7 million | 0.87% | -1.6K |
| Ramaco Res Inc. METC | 122.2K | $1.6 million | 0.82% | +4.5K |
| Hudson Pac Pptys Inc. HPP | 102.2K | $1.6 million | 0.79% | -16.7K |
| Martin Marietta Materials Inc. MLM | 2.7K | $1.5 million | 0.78% | +1.2K |
| SPDR Gold Trust GLD | 4.1K | $1.5 million | 0.77% | no change |
| Hut 8 Corp. HUT | 13.1K | $1.5 million | 0.77% | -4.1K |
| Core Scientific, Inc. CORZ | 58.9K | $1.5 million | 0.77% | -111.5K |
| Galaxy Digital Inc. GLXY | 54.3K | $1.5 million | 0.76% | new |
| Valaris Ltd. VAL | 19.1K | $1.4 million | 0.70% | +2.0K |
| Vistra Corp. VST | 8.5K | $1.4 million | 0.69% | new |
| Alpha Metallurgical Resources, Inc. AMR | 7.8K | $1.3 million | 0.66% | +4.7K |
| Peabody Energy Corp. BTU | 53.2K | $1.2 million | 0.63% | +38.9K |
| KKR & Co. Inc. KKR | 13.0K | $1.2 million | 0.61% | +2.8K |
| Cipher Digital Inc. CIFR | 47.7K | $1.2 million | 0.59% | -158.2K |
| NVR Inc. NVR | 162 | $1.1 million | 0.56% | new |
| Seanergy Maritime Hldgs Corp. SHIP | 78.6K | $1.1 million | 0.54% | +39.0K |
| Genco Shipping & Trading Ltd GNK | 38.2K | $946,918 | 0.48% | -47.8K |
| Builders FirstSource, Inc. BLDR | 10.4K | $928,087 | 0.47% | -9.4K |
| Qxo, Inc. QXO | 53.1K | $917,430 | 0.47% | +14.4K |
| Office Pptys Income Trust OPI | 50.9K | $865,164 | 0.44% | new |
| Arcelormittal SA Luxembourg MT | 12.2K | $733,961 | 0.37% | -700 |
| Fermi Inc. Com FRMI | 72.0K | $659,199 | 0.34% | new |
| Owens Corning OC | 3.6K | $570,666 | 0.29% | no change |
| Westlake Corp. WLK | 7.4K | $540,346 | 0.27% | +3.6K |
| Yandex N V NBIS | 1.5K | $406,246 | 0.21% | -21.9K |
| Wyndham Hotels & Resorts, Inc. WH | 4.6K | $391,324 | 0.20% | no change |
| Cleveland-Cliffs Inc. CLF | 39.6K | $371,966 | 0.19% | no change |
| Berkshire Hathaway Inc. Class B BRKB | 710 | $355,277 | 0.18% | no change |
| Lennar Corp. LENB | 3.7K | $329,735 | 0.17% | no change |
| Hafnia Ltd HAFN | 38.8K | $257,366 | 0.13% | -126.5K |
| Tsakos Energy Navigation Ltd TEN | 7.2K | $253,178 | 0.13% | +1.5K |
| Cleanspark Inc. CLSK | 16.3K | $237,834 | 0.12% | -238.0K |
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
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Change is shares against its 13F for the quarter before; the 5 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| Invesco QQQ Trust QQQ | Puts | 80.0K | $58.9 million |
| Borgwarner Inc. BWA | Calls | 27.8K | $1.8 million |
| EchoStar Corp. ECHO | Calls | 15.0K | $1.5 million |
| Hafnia Ltd HAFN | Calls | 214.2K | $1.4 million |
4 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.