Marathon Trading Investment Management LLC
Long book
$336.9M
Q1 2026
Positions
150
Top-10 weight
70%
concentration
Last quarter
+10.1%
SPY +14.8%
Turnover
48%
of book per quarter
Strategy in plain words
auto-generated from filingsMarathon Trading Investment Management LLC is a diversified fundamental manager, running a $336.9M US long book across 150 positions.
The portfolio is concentrated: the top 10 names carry 70% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: MICROSOFT CORP, SPDR GOLD SHARES, TESLA INC, SS SPDR S&P 500 ETF TRUST-US, BLOOM ENERGY CORP- A.
Over the last 9 quarters its long book ran on average 1pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.6%
Q2 2024
+4.4%
Q3 2024
+10.9%
Q4 2024
-0.1%
Q1 2025
+24.6%
Q2 2025
+9.6%
Q3 2025
-2.4%
Q4 2025
-8.7%
Q1 2026
+10.1%
Sector allocation
Technology 54%
Industrials 22%
Financials 14%
Communications 3%
Other 2%
Services media 1%
Consumer discretionary 1%
Real estate 1%
Long book by quarter
What does Marathon Trading own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| MSFT MICROSOFT CORP | Technology | 205.7K | $76.1M | 22.6% | +231.5% |
| TSLA TESLA INC | Industrials | 62.5K | $23.2M | 6.9% | -42.4% |
| BE BLOOM ENERGY CORP- A | Industrials | 150.3K | $20.4M | 6.0% | +3.4% |
| AVGO BROADCOM INC | Technology | 51.4K | $15.9M | 4.7% | +638.0% |
| MSTR STRATEGY INC | Financials | 112.1K | $14.0M | 4.2% | -69.2% |
| NVDA NVIDIA CORP | Technology | 64.4K | $11.2M | 3.3% | -90.9% |
| VSNT VERSANT MEDIA GROUP INC | Communications | 192.7K | $7.1M | 2.1% | New |
| ORCL ORACLE CORP | Technology | 46.6K | $6.9M | 2.0% | +499.2% |
| MARA MARA HOLDINGS INC | Financials | 729.9K | $6.0M | 1.8% | +236.5% |
| BA BOEING CO/THE | Industrials | 21.7K | $4.3M | 1.3% | +469.3% |
| SBET SHARPLINK INC | Financials | 523.1K | $3.4M | 1.0% | -32.2% |
| BAC 7.25 PERP L BANK OF AMERICA CORP | — | 2.5K | $2.9M | 0.9% | Held |
| UNH UNITEDHEALTH GROUP INC | Financials | 9.9K | $2.7M | 0.8% | +198.8% |
| RIVN RIVIAN AUTOMOTIVE INC-A | Industrials | 177.6K | $2.7M | 0.8% | +60.0% |
| APLD APPLIED DIGITAL CORP | Technology | 95.5K | $2.3M | 0.7% | -4.5% |
| CRCL CIRCLE INTERNET GROUP INC | Financials | 16.8K | $1.6M | 0.5% | +41.1% |
| OPEN OPENDOOR TECHNOLOGIES INC | Real estate | 341.2K | $1.6M | 0.5% | -8.7% |
| BYND BEYOND MEAT INC | Consumer staples | 2.1M | $1.4M | 0.4% | -9.9% |
| DJT TRUMP MEDIA & TECHNOLOGY GRO | Technology | 152.5K | $1.4M | 0.4% | +841.1% |
| INTC INTEL CORP | Technology | 30.4K | $1.3M | 0.4% | -70.6% |
| COIN COINBASE GLOBAL INC -CLASS A | Financials | 6.9K | $1.2M | 0.4% | -95.3% |
| PYPL PAYPAL HOLDINGS INC | Services media | 22.1K | $1.0M | 0.3% | -63.5% |
| ENVX ENOVIX CORP | Technology | 175.0K | $907K | 0.3% | +5.0% |
| CORZ CORE SCIENTIFIC INC | Financials | 56.0K | $838K | 0.2% | -72.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 3.9K | $821K | 0.2% | -98.5% |
| INTU INTUIT INC | Technology | 1.7K | $735K | 0.2% | New |
| SCHW SCHWAB (CHARLES) CORP | Financials | 7.5K | $705K | 0.2% | New |
| KVUE KENVUE INC | Other | 40.4K | $697K | 0.2% | -76.8% |
| TEAM ATLASSIAN CORP-CL A | Technology | 9.7K | $662K | 0.2% | New |
| CVNA CARVANA CO | Consumer discretionary | 1.9K | $607K | 0.2% | -44.8% |
| PGY PAGAYA TECHNOLOGIES LTD -A | Financials | 51.6K | $601K | 0.2% | New |
| FSLR FIRST SOLAR INC | Technology | 3.0K | $592K | 0.2% | New |
| S SENTINELONE INC -CLASS A | Technology | 44.0K | $567K | 0.2% | -56.3% |
| META META PLATFORMS INC-CLASS A | Technology | 958 | $548K | 0.2% | -96.9% |
| GOOG ALPHABET INC-CL C | Technology | 1.9K | $545K | 0.2% | -98.9% |
| WFC 7.5 PERP L WELLS FARGO & COMPANY | — | 444 | $513K | 0.2% | Held |
| PSKY PARAMOUNT SKYDANCE CL B | Communications | 56.7K | $512K | 0.2% | New |
| CRWV COREWEAVE INC-CL A | Technology | 6.5K | $500K | 0.1% | -23.6% |
| LLY ELI LILLY & CO | Healthcare | 500 | $460K | 0.1% | New |
| SNAP SNAP INC - A | Technology | 94.5K | $435K | 0.1% | -0.2% |
| BKNG BOOKING HOLDINGS INC | Industrials | 100 | $421K | 0.1% | New |
| CRM SALESFORCE INC | Technology | 2.3K | $420K | 0.1% | New |
| SMR NUSCALE POWER CORP | Industrials | 36.0K | $390K | 0.1% | -61.0% |
| NKE NIKE INC -CL B | Other | 7.2K | $380K | 0.1% | -37.4% |
| LMND LEMONADE INC | Financials | 6.0K | $373K | 0.1% | New |
| Z ZILLOW GROUP INC - C | Services media | 9.0K | $372K | 0.1% | New |
| STUB STUBHUB HOLDINGS INC-CLASS A | Services media | 57.9K | $361K | 0.1% | New |
| NFLX NETFLIX INC | Services media | 3.7K | $356K | 0.1% | -48.3% |
| V VISA INC-CLASS A SHARES | Services media | 1.1K | $332K | 0.1% | -31.3% |
| RGTI RIGETTI COMPUTING INC | Technology | 23.3K | $327K | 0.1% | +26.5% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 389 | $3.67B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 473 | $4.41B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 413 | $1.45B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 7, 2025 | 363 | $836.5M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 465 | $744.7M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 7, 2025 | 341 | $1.82B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 7, 2024 | 287 | $1.11B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 12, 2024 | 340 | $1.32B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 10, 2024 | 376 | $1.31B | canonical | SEC ↗ |
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