Marathon Capital Management
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed July 22, 2026), Marathon Capital Management reported 185 stock positions worth $492.3 million. Its top holding was T Rowe Price (TROW) at 13.4% of the portfolio, followed by Corning (GLW, 4.8%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 3.9%). Compared with Q1 2026, it opened 26 new positions, sold out of 11, added to 55 and reduced 69. The biggest buy was a new position in Waystar (WAY) and the biggest sale Chevron (CVX, shares −15%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $492.3M (Q2 2026)
- SEC Filing
- 0001172661-26-002744 ↗ filed Jul 22, 2026
Holdings Value
Holdings 185 stocks · $492.3M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 13.40% | 580,325 | $66.0M | Reduce -9.1% |
| GLW Corning Inc. | 4.82% | 92,961 | $23.7M | Reduce -11.6% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.92% | 210,769 | $19.3M | Add +7.8% |
| GOOG Alphabet Inc. Class C | 2.97% | 41,357 | $14.6M | Reduce -2.0% |
| AMZN Amazon.com Inc. | 2.74% | 56,653 | $13.5M | Add +1.7% |
| AAPL Apple Inc. | 2.51% | 42,655 | $12.3M | Reduce -12.9% |
| AZN Astrazeneca PLC | 2.50% | 64,777 | $12.3M | Reduce -0.6% |
| TTI Tetra Technologies Inc. | 2.21% | 962,171 | $10.9M | Reduce -1.7% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.09% | 104,752 | $10.3M | Add +0.4% |
| ZS Zscaler Inc. | 1.90% | 66,172 | $9.3M | Reduce -0.3% |
| MSFT Microsoft Corp. | 1.81% | 23,877 | $8.9M | Add +5.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.78% | 31,148 | $8.8M | Add +0.7% |
| MET Metlife Inc. | 1.76% | 102,398 | $8.7M | Reduce -0.5% |
| CECO Ceco Environmental Corp. | 1.76% | 95,430 | $8.7M | Reduce -3.0% |
| ALM Almonty Industries Inc. | 1.76% | 522,155 | $8.6M | Reduce -1.3% |
| ALSN Allison Transmission Holding | 1.66% | 72,287 | $8.1M | Add +0.1% |
| FANG Diamondback Energy Inc. | 1.58% | 44,172 | $7.8M | Reduce -7.9% |
| JPM JPMorgan Chase & Co. | 1.41% | 21,166 | $6.9M | Add +0.3% |
| CVX Chevron Corp. | 1.41% | 41,759 | $6.9M | Reduce -15.3% |
| O Realty Income Corp. | 1.40% | 111,531 | $6.9M | Reduce -0.7% |
| BLDR Builders Firstsource Inc. | 1.35% | 74,278 | $6.6M | Add +25.9% |
| ACA Arcosa Inc. | 1.33% | 45,166 | $6.6M | Reduce -0.3% |
| FIS Fidelity National Info Serv | 1.32% | 166,622 | $6.5M | Add +6.9% |
| WAY Waystar Holding Corp. | 1.31% | 315,265 | $6.5M | New |
| JNJ Johnson & Johnson | 1.30% | 25,121 | $6.4M | Reduce -0.7% |
| ZTS Zoetis Inc. | 1.22% | 83,571 | $6.0M | Add +133.2% |
| ANIP Ani Pharmaceuticals Inc. | 1.21% | 71,990 | $6.0M | Reduce -0.8% |
| NPKI NPK International Inc. | 1.11% | 343,930 | $5.5M | Reduce -0.6% |
| QCOM Qualcomm Inc. | 1.05% | 28,075 | $5.2M | Reduce -53.4% |
| DHR Danaher Corp. | 1.03% | 26,510 | $5.0M | Add +13.8% |
| CEF Sprott Physical Gold and Sil | 0.98% | 120,075 | $4.8M | Reduce -0.3% |
| B Barrick Mining Corp. | 0.97% | 130,434 | $4.8M | Add +3.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.96% | 9,473 | $4.7M | Reduce -16.0% |
| ZETA Zeta Global Holdings Corp. Class A | 0.96% | 239,765 | $4.7M | Add +3.4% |
| SGOV iShares 0-3 Month Treasury B | 0.93% | 45,615 | $4.6M | New |
| DOC Healthpeak Properties Inc. | 0.91% | 208,688 | $4.5M | Reduce -15.1% |
| ADMA Adma Biologics Inc. | 0.91% | 532,353 | $4.5M | Reduce -15.2% |
| WTW Willis Towers Watson PLC | 0.87% | 16,415 | $4.3M | Reduce -0.8% |
| CB Chubb Ltd. | 0.83% | 12,035 | $4.1M | Reduce -2.8% |
| GLD SPDR Gold Shares | 0.82% | 10,954 | $4.0M | Add +2.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.76% | 78,134 | $3.7M | Reduce -4.2% |
| CPA Copa Holdings SA Class A | 0.74% | 23,483 | $3.7M | Reduce -15.5% |
| SYM Symbotic Inc. | 0.64% | 69,780 | $3.1M | Add +79.5% |
| CALX Calix Inc. | 0.63% | 83,555 | $3.1M | Add +2.2% |
| MU Micron Technology Inc. | 0.63% | 2,695 | $3.1M | Reduce -45.3% |
| MRK Merck & Co. Inc. | 0.61% | 23,351 | $3.0M | Reduce -1.4% |
| LLY Eli Lilly & Co. | 0.61% | 2,492 | $3.0M | Reduce -2.1% |
| GOOGL Alphabet Inc. Class A | 0.61% | 8,337 | $3.0M | Add +15.3% |
| ENPH Enphase Energy Inc. | 0.57% | 57,128 | $2.8M | Reduce -0.4% |
| MXL Maxlinear Inc. | 0.52% | 20,000 | $2.6M | Reduce -11.1% |
| ATEC Alphatec Holdings Inc. | 0.49% | 279,270 | $2.4M | Add +6.8% |
| AMD Advanced Micro Devices | 0.49% | 4,124 | $2.4M | Reduce -19.9% |
| TRGP Targa Resources Corp. | 0.49% | 8,925 | $2.4M | Reduce -10.1% |
| PG The Procter & Gamble Co. | 0.48% | 16,246 | $2.4M | Add +0.1% |
| NVDA Nvidia Corp. | 0.46% | 11,415 | $2.3M | Add +91.5% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.40% | 42,805 | $2.0M | Reduce -28.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.37% | 2,412 | $1.8M | Reduce -10.5% |
| ABBV Abbvie Inc. | 0.35% | 6,807 | $1.7M | Reduce -0.4% |
| WY Weyerhaeuser Co. | 0.33% | 67,572 | $1.6M | Add +22.8% |
| LSCC Lattice Semiconductor Corp. | 0.31% | 10,100 | $1.5M | No change |
| DAR Darling Ingredients Inc. | 0.31% | 28,225 | $1.5M | Reduce -0.1% |
| PAR Par Technology Corp. | 0.28% | 80,025 | $1.4M | Reduce -20.7% |
| CINF Cincinnati Financial Corp. | 0.28% | 7,485 | $1.4M | No change |
| KO The Coca-Cola Co. | 0.28% | 16,946 | $1.4M | Reduce -1.3% |
| GDX Vaneck Gold Miners ETF | 0.28% | 18,181 | $1.4M | No change |
| SELF Global Self Storage Inc. | 0.28% | 260,784 | $1.4M | Add +0.5% |
| XOM Exxon Mobil Corp. | 0.26% | 9,412 | $1.3M | Reduce -3.5% |
| VZ Verizon Communications Inc. | 0.26% | 29,670 | $1.3M | Add +0.5% |
| LMT Lockheed Martin Corp. | 0.24% | 2,339 | $1.2M | No change |
| KRNT Kornit Digital Ltd. | 0.23% | 70,975 | $1.2M | Add +0.0% |
| CYRX Cryoport Inc. | 0.21% | 67,225 | $1.1M | Add +17.5% |
| AR Antero Resources Corp. | 0.21% | 30,000 | $1.1M | No change |
| RTX RTX Corp. | 0.21% | 5,478 | $1.0M | Add +11.6% |
| HDSN Hudson Technologies Inc. | 0.20% | 173,325 | $995K | Reduce -0.6% |
| EOG EOG Resources Inc. | 0.20% | 7,398 | $960K | Add +12.0% |
| GEHC GE Healthcare Technology | 0.19% | 14,604 | $935K | Add +20.9% |
| AMGN Amgen Inc. | 0.19% | 2,533 | $917K | No change |
| ENB Enbridge Inc. | 0.19% | 16,910 | $917K | Reduce -8.7% |
| BF.B Brown-Forman Corp. Class B | 0.19% | 34,329 | $915K | Add +5.9% |
| ETN Eaton Corp. PLC | 0.18% | 2,136 | $910K | Add +26.5% |
| ALL Allstate Corp. | 0.18% | 3,775 | $898K | Reduce -1.3% |
| MDT Medtronic PLC | 0.18% | 11,357 | $888K | Add +303.6% |
| RGLD Royal Gold Inc. | 0.17% | 4,080 | $814K | No change |
| MYCG State Street MY2027 Corporat | 0.16% | 32,177 | $804K | Add +3.7% |
| PEP Pepsico Inc. | 0.16% | 5,748 | $778K | Reduce -9.8% |
| GE General Electric filed as GE AEROSPACE | 0.15% | 1,955 | $731K | Reduce -4.4% |
| AVGO Broadcom Inc. | 0.14% | 1,889 | $714K | Add +36.9% |
| LOW Lowe's Cos Inc. | 0.14% | 3,185 | $702K | Reduce -0.3% |
| PLD Prologis Inc. | 0.14% | 5,100 | $691K | No change |
| HD Home Depot Inc. | 0.13% | 1,879 | $663K | Reduce -9.6% |
| CSX CSX Corp. | 0.13% | 13,491 | $641K | No change |
| PNC PNC Financial Services Group | 0.13% | 2,581 | $636K | Reduce -14.7% |
| NBR Nabors Industries Ltd. | 0.13% | 7,500 | $630K | No change |
| TXO Txo Partners LP | 0.13% | 50,000 | $625K | No change |
| CSCO Cisco Systems Inc. | 0.12% | 5,173 | $608K | Reduce -16.4% |
| TOL Toll Brothers Inc. | 0.12% | 3,686 | $607K | Add +45.4% |
| SO The Southern Co. | 0.12% | 6,265 | $600K | Add +3.5% |
| HON Honeywell International Inc. | 0.12% | 2,647 | $593K | Reduce -3.9% |
| HONA Honeywell Aerospace Inc. | 0.12% | 2,644 | $585K | Reduce -4.0% |
| MCD McDonald's Corp. | 0.12% | 2,150 | $581K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,014 | $1.2M | No change |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 385 | $483K | Reduce -1.3% |
Total filed on the 13F, all lines: $493.9M.
Portfolio Sells Q1 2026 → Q2 2026
| CVX Chevron Corp. | Reduce -15.3% | 1.41% | −0.89 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.72 |
| QCOM Qualcomm Inc. | Reduce -53.4% | 1.05% | −0.69 |
| FANG Diamondback Energy Inc. | Reduce -7.9% | 1.58% | −0.56 |
| ARCC Ares Capital Corp. | Reduce -81.3% | 0.12% | −0.55 |
| AZN Astrazeneca PLC | Reduce -0.6% | 2.50% | −0.40 |
| ADMA Adma Biologics Inc. | Reduce -15.2% | 0.91% | −0.37 |
| CEF Sprott Physical Gold and Sil | Reduce -0.3% | 0.98% | −0.31 |
| AAPL Apple Inc. | Reduce -12.9% | 2.51% | −0.30 |
| SLB SLB Ltd. | Reduce -28.8% | 0.40% | −0.29 |
| AMPL Amplitude Inc. Class A | Sold out | 0.00% | −0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -16.0% | 0.96% | −0.26 |
| WTW Willis Towers Watson PLC | Reduce -0.8% | 0.87% | −0.21 |
| ZS Zscaler Inc. | Reduce -0.3% | 1.90% | −0.20 |
| HON Honeywell International Inc. | Reduce -3.9% | 0.12% | −0.16 |
| O Realty Income Corp. | Reduce -0.7% | 1.40% | −0.15 |
| XOM Exxon Mobil Corp. | Reduce -3.5% | 0.26% | −0.11 |
| RIO Rio Tinto PLC-Spon ADR | Sold out | 0.00% | −0.10 |
| JNJ Johnson & Johnson | Reduce -0.7% | 1.30% | −0.10 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.09 |
| RXRX Recursion Pharmaceuticals-A | Reduce -85.7% | 0.02% | −0.09 |
| DAR Darling Ingredients Inc. | Reduce -0.1% | 0.31% | −0.08 |
| CB Chubb Ltd. | Reduce -2.8% | 0.83% | −0.08 |
| TRGP Targa Resources Corp. | Reduce -10.1% | 0.49% | −0.07 |
| YOU Clear Secure Inc. Class A | Reduce -46.7% | 0.09% | −0.07 |
| KRMN Karman Holdings Inc. | Sold out | 0.00% | −0.06 |
| PEP Pepsico Inc. | Reduce -9.8% | 0.16% | −0.06 |
| TCAF T Rowe PRC Cap Appreciation | Sold out | 0.00% | −0.05 |
| HLMN Hillman Solutions Corp. | Sold out | 0.00% | −0.05 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -0.8% | 1.21% | −0.05 |
| IBB iShares Biotechnology ETF | Reduce -48.1% | 0.05% | −0.05 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.05 |
| ENB Enbridge Inc. | Reduce -8.7% | 0.19% | −0.04 |
| OKE Oneok Inc. | Reduce -38.1% | 0.05% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -1.4% | 0.61% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -10.5% | 0.37% | −0.03 |
| HDSN Hudson Technologies Inc. | Reduce -0.6% | 0.20% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -0.3% | 0.14% | −0.03 |
| PFE Pfizer Inc. | Reduce -2.1% | 0.08% | −0.03 |
| PAR Par Technology Corp. | Reduce -20.7% | 0.28% | −0.02 |
| HD Home Depot Inc. | Reduce -9.6% | 0.13% | −0.02 |
| NPKI NPK International Inc. | Reduce -0.6% | 1.11% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -8.8% | 0.10% | −0.02 |
| HONA Honeywell Aerospace Inc. | Reduce -4.0% | 0.12% | −0.02 |
| ODFL Old Dominion Freight Line | Reduce -19.1% | 0.07% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -9.5% | 0.05% | −0.02 |
| MYCF State Street MY2026 Corporat | Reduce -4.0% | 0.10% | −0.01 |
| KO The Coca-Cola Co. | Reduce -1.3% | 0.28% | −0.01 |
| INVE Inve Technologies Inc. | Sold out | 0.00% | −0.01 |
| PNC PNC Financial Services Group | Reduce -14.7% | 0.13% | −0.01 |
Portfolio Buys Q1 2026 → Q2 2026
| WAY Waystar Holding Corp. | New | 1.31% | +1.31 |
| SGOV iShares 0-3 Month Treasury B | New | 0.93% | +0.93 |
| ZTS Zoetis Inc. | Add +133.2% | 1.22% | +0.27 |
| BLDR Builders Firstsource Inc. | Add +25.9% | 1.35% | +0.26 |
| NVDA Nvidia Corp. | Add +91.5% | 0.46% | +0.23 |
| SYM Symbotic Inc. | Add +79.5% | 0.64% | +0.17 |
| GOOGL Alphabet Inc. Class A | Add +15.3% | 0.61% | +0.14 |
| AMZN Amazon.com Inc. | Add +1.7% | 2.74% | +0.13 |
| ZETA Zeta Global Holdings Corp. Class A | Add +3.4% | 0.96% | +0.13 |
| MDT Medtronic PLC | Add +303.6% | 0.18% | +0.13 |
| CYRX Cryoport Inc. | Add +17.5% | 0.21% | +0.11 |
| ACN Accenture PLC Class A | New | 0.11% | +0.11 |
| V Visa Inc. Class A | New | 0.11% | +0.11 |
| META Meta Platforms Inc. Class A | New | 0.09% | +0.09 |
| IBM Intl Business Machines Corp. | Add +0.7% | 1.78% | +0.09 |
| AMAT Applied Materials Inc. | New | 0.08% | +0.08 |
| ULTA Ulta Beauty Inc. | New | 0.07% | +0.07 |
| TXN Texas Instruments Inc. | New | 0.07% | +0.07 |
| PANW Palo Alto Networks Inc. | New | 0.07% | +0.07 |
| DUSA Davis Select US Equity ETF | New | 0.07% | +0.07 |
| TSLA Tesla Inc. | New | 0.07% | +0.07 |
| DVN Devon Energy Corp. | New | 0.06% | +0.06 |
| NFLX Netflix Inc. | New | 0.06% | +0.06 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.06% | +0.06 |
| URA Global X Uranium ETF | New | 0.05% | +0.05 |
| XMHQ Invesco S&P Midcap Qual ETF | New | 0.05% | +0.05 |
| ETN Eaton Corp. PLC | Add +26.5% | 0.18% | +0.05 |
| AVGO Broadcom Inc. | Add +36.9% | 0.14% | +0.05 |
| PSC Principal US Small-Cap ETF | New | 0.05% | +0.05 |
| EMMF Wisdomtree Emerging Markets | New | 0.05% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | New | 0.05% | +0.05 |
| TOL Toll Brothers Inc. | Add +45.4% | 0.12% | +0.05 |
| TSM Taiwan Semiconductor-SP ADR | New | 0.04% | +0.04 |
| GWW WW Grainger Inc. | New | 0.04% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.04% | +0.04 |
| FDS Factset Research Systems Inc. | Add +63.2% | 0.10% | +0.04 |
| ELV Elevance Health Inc. | Add +17.4% | 0.11% | +0.03 |
| DHR Danaher Corp. | Add +13.8% | 1.03% | +0.03 |
| WY Weyerhaeuser Co. | Add +22.8% | 0.33% | +0.03 |
| COPX Global X Copper Miners ETF | Add +50.3% | 0.07% | +0.02 |
| ACM Aecom | Add +84.8% | 0.07% | +0.02 |
| ATOM Atomera Inc. | New | 0.02% | +0.02 |
| CPAY Corpay Inc. | Add +14.7% | 0.11% | +0.02 |
| CRBG Corebridge Financial Inc. | Add +10.3% | 0.09% | +0.01 |
| BXP BXP Inc. | Add +0.3% | 0.10% | +0.01 |
| SMWB Similarweb Ltd. | New | 0.01% | +0.01 |
| RPRX Royalty Pharma PLC Class A | Add +4.3% | 0.11% | +0.01 |
| LODE Comstock Inc. | Add +25.0% | 0.02% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +0.3% | 1.41% | +0.01 |
| KLTR Kaltura Inc. | New | 0.00% | +0.00 |
Notes & Other Activity Q1 2026 → Q2 2026
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -1.3% | 385 | $483K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 185 | $492.3M | TROW, GLW, BIL, GOOG, AMZN |
| Q1 2026 | 169 | $443.6M | TROW, BIL, GLW, AZN, AAPL |
| Q4 2025 | 169 | $462.9M | TROW, GLW, BIL, AZN, GOOG |
| Q3 2025 | 161 | $434.2M | TROW, GLW, AAPL, AZN, MSFT |
| Q2 2025 | 161 | $389.4M | TROW, MSFT, AZN, GLW, AAPL |
| Q1 2025 | 156 | $372.7M | TROW, AAPL, AZN, CVX, MSFT |
| Q4 2024 | 152 | $397.3M | TROW, AAPL, GLW, AZN, MSFT |
| Q3 2024 | 152 | $409.5M | TROW, AAPL, AZN, ALSN, MSFT |
| Q2 2024 | 143 | $389.5M | TROW, AZN, AAPL, MSFT, QCOM |
| Q1 2024 | 152 | $416.0M | TROW, AZN, MSFT, AAPL, QCOM |