Marnell Management LLC

FARMINGTON HILLS, MI · CIK 1852314 · 13F filing filed 2026-08-13

SEC-registered investment adviser since 2026 · limited liability company

Assets managed$306.1m
Staff2 · 1 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $167.8m gross assets
Websitemarnellmanagement.com
Form ADV · 2026-07-02SEC adviser record

Legal entityMARNELL MANAGEMENT LLC (US)

Kindhedge funds, futures
Others nearbyFarmington, MI

As an employer

Offices in1 country
Private fundshedge 1

$196.6m reported value +30.7% vs Q1 2026

65positions

39.7%in top 10

6 new 36 added 17 reduced 5 sold out vs Q1 2026

Options: 3 call positions ($4.8m notional), 1 put positions ($58.9m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	STAR BULK CARRIERS CORP. SHS PAR SBLK	SBLK	515,698	$12.9m6.55%	6.55%	Added +85.4k	+85,416 19.9%
2	CORE NATURAL RESOURCES INC COM SHS CNR	CNR	128,778	$10.3m5.24%	5.24%	Added +54.8k	+54,794 74.1%
3	DHT HOLDINGS INC SHS NEW DHT	DHT	541,871	$9.0m4.55%	4.55%	Added +466.4k	+466,437 618.3%
4	TERAWULF INC COM WULF	WULF	324,991	$8.0m4.08%	4.08%	Reduced -361.8k	-361,771 -52.7%
5	TORM PLC SHS CL A TRMD	TRMD	262,876	$6.9m3.48%	3.48%	Added +15.1k	+15,114 6.1%
6	TIDEWATER INC NEW COM TDW	TDW	98,490	$6.6m3.34%	3.34%	Added +43.4k	+43,370 78.7%
7	WARRIOR MET COAL INC COM HCC	HCC	79,511	$6.5m3.28%	3.28%	Added +23.6k	+23,598 42.2%
8	VORNADO RLTY TR SH BEN INT VNO	VNO	156,292	$6.1m3.12%	3.12%	Added +13.7k	+13,700 9.6%
9	GARRETT MOTION INC COM GTX	GTX	163,713	$5.9m3.02%	3.02%	Reduced -18.1k	-18,150 -10.0%
10	FIRST CTZNS BANCSHARES INC N CL A FCNCA	FCNCA	2,829	$5.9m2.99%	2.99%	Added +330	+330 13.2%
11	DOUGLAS EMMETT INC COM DEI	DEI	497,133	$5.9m2.98%	2.98%	Added +60.8k	+60,843 13.9%
12	JBG SMITH PPTYS COM JBGS	JBGS	381,619	$5.6m2.85%	2.85%	Reduced -70.3k	-70,254 -15.6%
13	TALEN ENERGY CORP COM TLN	TLN	14,551	$5.6m2.84%	2.84%	Added +1.3k	+1,287 9.7%
14	COMPASS INC CL A COMP	COMP	423,302	$5.2m2.65%	2.65%	Added +151.5k	+151,523 55.8%
15	OKEANIS ECO TANKERS COR SHS ECO	ECO	96,294	$4.8m2.45%	2.45%	Added +43.0k	+43,041 80.8%
16	NAVIOS MARITIME PARTNERS L P COM UNIT LPI NMM	NMM	67,593	$4.7m2.41%	2.41%	Added +9.9k	+9,911 17.2%
17	ALEXANDERS INC COM ALX	ALX	16,991	$4.7m2.38%	2.38%	Added +1.1k	+1,150 7.3%
18	EURONAV NV SHS CMBT	CMBT	311,109	$4.4m2.21%	2.21%	Added +170.5k	+170,515 121.3%
19	SHERWIN WILLIAMS CO COM SHW	SHW	12,593	$4.3m2.20%	2.20%	Added +3.3k	+3,257 34.9%
20	BORR DRILLING LTD SHS BORR	BORR	922,914	$3.8m1.94%	1.94%	New
21	NEXPOINT RESIDENTIAL TR INC COM NXRT	NXRT	131,406	$3.7m1.87%	1.87%	Reduced -4.2k	-4,200 -3.1%
22	TRANSOCEAN LTD REGISTERED SHS RIG	RIG	740,270	$3.6m1.84%	1.84%	Added +401.0k	+401,017 118.2%
23	ECHOSTAR CORP CL A ECHO	ECHO	35,359	$3.6m1.83%	1.83%	Added +30.4k	+30,413 614.9%
24	EAGLE MATLS INC COM EXP	EXP	15,039	$3.4m1.72%	1.72%	Added +3.1k	+3,100 26.0%
25	ARDMORE SHIPPING CORP COM ASC	ASC	236,122	$3.3m1.68%	1.68%	Reduced -63.2k	-63,235 -21.1%
26	CENTURY ALUM CO COM CENX	CENX	71,516	$3.3m1.67%	1.67%	Added +26.2k	+26,218 57.9%
27	HIMALAYA SHIPPING LTD ORD SHS HSHP	HSHP	217,162	$2.9m1.48%	1.48%	Added +53.1k	+53,130 32.4%
28	TEEKAY TANKERS LTD CL A TNK	TNK	44,391	$2.9m1.46%	1.46%	Added +20.8k	+20,824 88.4%
29	FRONTLINE PLC COM FRO	FRO	81,081	$2.8m1.43%	1.43%	Added +21.8k	+21,794 36.8%
30	LENNAR CORP CL A LEN	LEN	27,100	$2.5m1.25%	1.25%	Added +8.1k	+8,100 42.6%
31	INTERNATIONAL SEAWAYS INC COM INSW	INSW	31,939	$2.4m1.24%	1.24%	Added +7.3k	+7,342 29.9%
32	FORTUNE BRANDS INNOVATIONS I COM FBIN	FBIN	44,500	$2.4m1.24%	1.24%	Reduced -3.6k	-3,600 -7.5%
33	NAVIGATOR HLDGS LTD SHS NVGS	NVGS	99,545	$1.9m0.94%	0.94%	Added +49.5k	+49,545 99.1%
34	SCORPIO TANKERS INC SHS STNG	STNG	24,726	$1.7m0.87%	0.87%	Reduced -1.6k	-1,607 -6.1%
35	RAMACO RES INC COM CL A METC	METC	122,165	$1.6m0.82%	0.82%	Added +4.5k	+4,500 3.8%
36	HUDSON PACIFIC PROPERTIES IN COM HPP	HPP	102,186	$1.6m0.79%	0.79%	Reduced -16.7k	-16,739 -14.1%
37	MARTIN MARIETTA MATLS INC COM MLM	MLM	2,651	$1.5m0.78%	0.78%	Added +1.2k	+1,160 77.8%
38	SPDR GOLD TR GOLD SHS GLD	GLD	4,121	$1.5m0.77%	0.77%	Unchanged
39	HUT 8 CORP COM HUT	HUT	13,084	$1.5m0.77%	0.77%	Reduced -4.1k	-4,059 -23.7%
40	CORE SCIENTIFIC INC NEW COM CORZ	CORZ	58,944	$1.5m0.77%	0.77%	Reduced -111.5k	-111,532 -65.4%
41	GALAXY DIGITAL INC. CL A GLXY	GLXY	54,342	$1.5m0.76%	0.76%	New
42	VALARIS LTD CL A VAL	VAL	19,075	$1.4m0.70%	0.70%	Added +2.0k	+2,000 11.7%
43	VISTRA CORP COM VST	VST	8,542	$1.4m0.69%	0.69%	New
44	ALPHA METALLURGICAL RESOUR I COM AMR	AMR	7,817	$1.3m0.66%	0.66%	Added +4.7k	+4,740 154.1%
45	PEABODY ENERGY CORP COM BTU	BTU	53,212	$1.2m0.63%	0.63%	Added +38.9k	+38,900 271.8%
46	KKR & CO INC COM KKR	KKR	13,019	$1.2m0.61%	0.61%	Added +2.8k	+2,800 27.4%
47	CIPHER MINING INC COM CIFR	CIFR	47,715	$1.2m0.59%	0.59%	Reduced -158.2k	-158,185 -76.8%
48	NVR INC COM NVR	NVR	162	$1.1m0.56%	0.56%	New
49	SEANERGY MARITIME HLDGS CORP SHS SHIP	SHIP	78,605	$1.1m0.54%	0.54%	Added +39.0k	+39,046 98.7%
50	GENCO SHIPPING & TRADING LTD SHS GNK	GNK	38,213	$946.9k0.48%	0.48%	Reduced -47.8k	-47,810 -55.6%
51	BUILDERS FIRSTSOURCE INC COM BLDR	BLDR	10,372	$928.1k0.47%	0.47%	Reduced -9.4k	-9,400 -47.5%
52	QXO INC COM NEW QXO	QXO	53,092	$917.4k0.47%	0.47%	Added +14.4k	+14,392 37.2%
53	OFFICE PPTYS INCOME TR COM OF BENEFICIA OPI	OPI	50,892	$865.2k0.44%	0.44%	New
54	ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH MT	MT	12,188	$734.0k0.37%	0.37%	Reduced -700	-700 -5.4%
55	FERMI INC COM FRMI	FRMI	71,965	$659.2k0.34%	0.34%	New
56	OWENS CORNING NEW COM OC	OC	3,590	$570.7k0.29%	0.29%	Unchanged
57	WESTLAKE CORPORATION COM WLK	WLK	7,402	$540.3k0.27%	0.27%	Added +3.6k	+3,600 94.7%
58	NEBIUS GROUP N.V. SHS CLASS A NBIS	NBIS	1,471	$406.2k0.21%	0.21%	Reduced -21.9k	-21,887 -93.7%
59	WYNDHAM HOTELS & RESORTS INC COM WH	WH	4,647	$391.3k0.20%	0.20%	Unchanged
60	CLEVELAND-CLIFFS INC NEW COM CLF	CLF	39,613	$372.0k0.19%	0.19%	Unchanged
61	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	710	$355.3k0.18%	0.18%	Unchanged
62	LENNAR CORP CL B LEN.B	LEN.B	3,717	$329.7k0.17%	0.17%	Unchanged
63	HAFNIA LTD SHS HAFN	HAFN	38,760	$257.4k0.13%	0.13%	Reduced -126.5k	-126,485 -76.5%
64	TSAKOS ENERGY NAVIGATION LTD SHS TEN	TEN	7,158	$253.2k0.13%	0.13%	Added +1.5k	+1,467 25.8%
65	CLEANSPARK INC COM NEW CLSK	CLSK	16,346	$237.8k0.12%	0.12%	Reduced -238.0k	-238,030 -93.6%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SEAPORT ENTMT GROUP INC SEG	SEG	32,300	$693.8k32.3k shares
CELANESE CORP DEL CE	CE	9,300	$611.7k9.3k shares
OLIN CORP OLN	OLN	16,309	$484.9k16.3k shares
CAESARS ENTERTAINMENT INC NE CZR	CZR	12,653	$334.4k12.7k shares
WEST FRASER TIMBER CO LTD WFG	WFG	4,676	$305.3k4.7k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
INVESCO QQQ TR QQQ · Put	QQQ	Put	80,000	$58.9m80.0k shares	Added
BORGWARNER INC BWA · Call	BWA	Call	27,800	$1.8m27.8k shares	Unchanged
ECHOSTAR CORP ECHO · Call	ECHO	Call	15,000	$1.5m15.0k shares	New
HAFNIA LTD HAFN · Call	HAFN	Call	214,200	$1.4m214.2k shares	Reduced