Focused on Durable Dividend Paying Resource Equities

Exposure Across Resource Producers, Processors, Transportation and Infrastructure

Inflation Protection & Portfolio Diversification via Real Assets

Searching for Value Creation in Out of Favor Sectors

Investing in both Traditional Commodities and Those That Enable a More Sustainable Future


A Unique Objective Backed by Decades of Experience

Marathon Resource Advisors (MRA) is a San Francisco-based investment manager focused on creating long-term value for our investors through the natural resources sector. MRA’s global investment universe is predominately comprised of companies including but not limited to energy producers, precious and base metals miners, agricultural, transportation, infrastructure, and other hard asset industries. After a decade of severe underperformance versus financial assets, MRA believes natural resources represent one of the few niches of true value in an increasingly expensive world of financial alternatives. With expertise that spans across both traditional and renewable/green energy, the MRA team are seasoned investors with 35+ years of “full cycle” natural resource portfolio management with long/short equity, credit, private and direct commodity investment experience.

In a world where non-resource related income streams are more richly valued than at any time in history, MRA’s investment philosophy is often contrarian with a value bias, and targets both capital gains and sustainable inflation-protected income. Employing a disciplined investment process, MRA seeks to find resource equities that are exposed to rising commodity values, strong free cash flows, and management teams that are willing and able to pay dividends or distributions. Security analysis and valuation emphasize free cash flow generation and balance sheet quality, as well as production sustainability and the strength of a business franchise through economic and commodity cycles. MRA also has the ability to utilize derivatives to help manage volatility, market dislocations, and the highly cyclical and economically sensitive nature of natural resource equities. In addition, the MRA team has expertise to short high cost, value destroying, cash consuming businesses.

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Investment Insights

Marathon Macro Thoughts – Food, Fuel, Inflation and the Monetary System, May 2022

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Marathon Macro Thoughts- The Road Ahead for Natural Resources, January 2021

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 Marathon Commodity Thoughts – Welcome to the Self-Inflicted Energy Crisis,November 2021

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