Marathon Capital Management
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Marathon Capital Management reported 152 stock positions worth $416.0 million. Its top holding was T Rowe Price (TROW) at 25.3% of the portfolio, followed by Astrazeneca PLC-Spons ADR (AZN, 2.6%) and Microsoft (MSFT, 2.5%). Compared with Q4 2023, it opened 13 new positions, sold out of 12, added to 44 and reduced 47. The biggest buy was Astrazeneca PLC-Spons ADR (AZN, shares +70%) and the biggest sale an exit from Physicians Realty Trust.
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $416.0M (Q1 2024)
- SEC Filing
- 0001172661-24-002443 ↗ filed May 15, 2024
Holdings Value
Holdings 152 stocks · $416.0M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 25.29% | 862,917 | $105.2M | Reduce -0.7% |
| AZN Astrazeneca PLC-Spons ADR | 2.64% | 162,087 | $11.0M | Add +70.3% |
| MSFT Microsoft Corp. | 2.48% | 24,519 | $10.3M | Reduce -3.3% |
| AAPL Apple Inc. | 2.43% | 58,937 | $10.1M | Add +0.6% |
| QCOM Qualcomm Inc. | 2.43% | 59,660 | $10.1M | Reduce -0.5% |
| CVX Chevron Corp. | 2.39% | 63,032 | $9.9M | Add +38.6% |
| ALSN Allison Transmission Holding | 2.34% | 119,717 | $9.7M | Reduce -12.2% |
| HLMN Hillman Solutions Corp. | 2.08% | 814,765 | $8.7M | Reduce -0.5% |
| ENPH Enphase Energy Inc. | 2.08% | 71,493 | $8.6M | Add +0.3% |
| MET Metlife Inc. | 2.08% | 116,596 | $8.6M | Reduce -0.5% |
| FANG Diamondback Energy Inc. | 2.02% | 42,336 | $8.4M | Add +4.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.92% | 41,844 | $8.0M | Reduce -2.6% |
| GLW Corning Inc. | 1.89% | 238,279 | $7.9M | Reduce -0.5% |
| FIS Fidelity National Info Serv | 1.68% | 94,288 | $7.0M | Reduce -0.5% |
| HDSN Hudson Technologies Inc. | 1.59% | 600,150 | $6.6M | Reduce -1.3% |
| CPA Copa Holdings SA Class A | 1.56% | 62,193 | $6.5M | Add +3.2% |
| BMY Bristol-Myers Squibb Co. | 1.50% | 114,880 | $6.2M | Add +0.7% |
| TTI Tetra Technologies Inc. | 1.41% | 1,319,845 | $5.8M | Add +1.9% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 1.37% | 717,974 | $5.7M | Add +0.2% |
| DAL Delta Air Lines Inc. | 1.33% | 115,703 | $5.5M | Add +2.8% |
| WTW Willis Towers Watson PLC | 1.33% | 20,053 | $5.5M | Reduce -0.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.27% | 12,566 | $5.3M | Reduce -1.4% |
| MRO Marathon Oil Corp. | 1.21% | 177,713 | $5.0M | Add +2.0% |
| RIG Transocean Ltd. | 1.19% | 786,350 | $4.9M | Add +333.3% |
| ANIP Ani Pharmaceuticals Inc. | 1.18% | 71,170 | $4.9M | Add +1.9% |
| JNJ Johnson & Johnson | 1.09% | 28,728 | $4.5M | Add +0.6% |
| MRK Merck & Co. Inc. | 1.02% | 32,304 | $4.3M | Reduce -1.2% |
| JPM JPMorgan Chase & Co. | 1.02% | 21,228 | $4.3M | Reduce -0.8% |
| DOW Dow Inc. | 0.99% | 71,208 | $4.1M | Reduce -0.9% |
| CEF Sprott Physical Gold and Sil | 0.98% | 199,650 | $4.1M | Reduce -0.5% |
| ACA Arcosa Inc. | 0.89% | 42,991 | $3.7M | No change |
| ARCC Ares Capital Corp. | 0.83% | 166,215 | $3.5M | Reduce -0.9% |
| CECO Ceco Environmental Corp. | 0.82% | 148,775 | $3.4M | Add +4.9% |
| GLD SPDR Gold Shares | 0.78% | 15,723 | $3.2M | Reduce -2.6% |
| KVUE Kenvue Inc. | 0.77% | 149,185 | $3.2M | Add +7.3% |
| PFE Pfizer Inc. | 0.70% | 105,320 | $2.9M | Add +0.9% |
| PG The Procter & Gamble Co. | 0.70% | 17,858 | $2.9M | Reduce -0.1% |
| QTRX Quanterix Corp. | 0.67% | 119,135 | $2.8M | Add +12.7% |
| CALX Calix Inc. | 0.67% | 83,640 | $2.8M | Add +46.5% |
| CYRX Cryoport Inc. | 0.65% | 152,985 | $2.7M | Reduce -0.3% |
| ZETA Zeta Global Holdings Corp. Class A | 0.64% | 242,650 | $2.7M | Add +1.5% |
| CB Chubb Ltd. | 0.62% | 9,965 | $2.6M | Add +0.3% |
| B Barrick Gold Corp. | 0.57% | 142,425 | $2.4M | Add +9.4% |
| WBD Warner Bros Discovery Inc. | 0.55% | 260,922 | $2.3M | Add +50.0% |
| AMZN Amazon.com Inc. | 0.54% | 12,565 | $2.3M | Reduce -1.3% |
| WY Weyerhaeuser Co. | 0.53% | 61,936 | $2.2M | No change |
| EVLV Evolv Technologies Holdings | 0.53% | 495,450 | $2.2M | Add +7.9% |
| LAND Gladstone Land Corp. | 0.49% | 153,490 | $2.0M | Add +0.5% |
| TRGP Targa Resources Corp. | 0.47% | 17,320 | $1.9M | Reduce -38.5% |
| NPKI NPK International Inc. filed as NEWPARK RES INC | 0.46% | 263,150 | $1.9M | New |
| PGNY Progyny Inc. | 0.46% | 49,720 | $1.9M | Add +13.1% |
| LLY Eli Lilly & Co. | 0.45% | 2,430 | $1.9M | Reduce -5.1% |
| SYM Symbotic Inc. | 0.42% | 38,940 | $1.8M | New |
| RXRX Recursion Pharmaceuticals-A | 0.41% | 172,545 | $1.7M | Add +4.7% |
| SELF Global Self Storage Inc. | 0.39% | 368,250 | $1.6M | Add +1.1% |
| GOOG Alphabet Inc. Class C | 0.39% | 10,565 | $1.6M | Add +0.3% |
| SHYF The Shyft Group Inc. | 0.37% | 124,031 | $1.5M | Reduce -1.4% |
| SSYS Stratasys Ltd. | 0.36% | 129,630 | $1.5M | Add +0.0% |
| VZ Verizon Communications Inc. | 0.31% | 30,419 | $1.3M | Add +0.9% |
| HON Honeywell International Inc. | 0.30% | 6,032 | $1.2M | Reduce -3.2% |
| KRNT Kornit Digital Ltd. | 0.29% | 67,395 | $1.2M | Add +13.2% |
| SWN Southwestern Energy Co. | 0.28% | 151,950 | $1.2M | Add +0.0% |
| ABBV Abbvie Inc. | 0.27% | 6,217 | $1.1M | Reduce -0.8% |
| KO The Coca-Cola Co. | 0.27% | 18,270 | $1.1M | No change |
| XOM Exxon Mobil Corp. | 0.27% | 9,607 | $1.1M | No change |
| GOOGL Alphabet Inc. Class A | 0.27% | 7,305 | $1.1M | No change |
| DCGO Docgo Inc. | 0.26% | 270,815 | $1.1M | Add +5.4% |
| PEP Pepsico Inc. | 0.26% | 6,221 | $1.1M | No change |
| CINF Cincinnati Financial Corp. | 0.23% | 7,730 | $960K | No change |
| NVDA Nvidia Corp. | 0.22% | 1,025 | $926K | Reduce -8.9% |
| AMD Advanced Micro Devices | 0.22% | 5,124 | $925K | No change |
| AR Antero Resources Corp. | 0.21% | 30,000 | $870K | No change |
| O Realty Income Corp. | 0.20% | 15,110 | $817K | Add +2.4% |
| LSCC Lattice Semiconductor Corp. | 0.19% | 10,145 | $794K | Add +1.4% |
| LOW Lowe's Cos Inc. | 0.19% | 3,084 | $786K | Reduce -2.8% |
| XRX Xerox Holdings Corp. | 0.17% | 39,823 | $713K | Reduce -75.9% |
| MU Micron Technology Inc. | 0.17% | 6,000 | $707K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.16% | 1,175 | $683K | Reduce -2.1% |
| ALL Allstate Corp. | 0.16% | 3,943 | $682K | Reduce -0.3% |
| PLD Prologis Inc. | 0.16% | 5,183 | $675K | No change |
| HD Home Depot Inc. | 0.16% | 1,709 | $656K | Reduce -5.5% |
| WEST Westrock Coffee Co. | 0.15% | 59,825 | $618K | New |
| SIG Signet Jewelers Ltd. | 0.14% | 6,000 | $600K | Reduce -20.0% |
| MCD McDonald's Corp. | 0.14% | 2,089 | $589K | No change |
| DHR Danaher Corp. | 0.14% | 2,350 | $587K | No change |
| SBUX Starbucks Corp. | 0.14% | 6,315 | $577K | Reduce -3.1% |
| ABT Abbott Laboratories | 0.13% | 4,851 | $551K | Add +0.3% |
| PNC PNC Financial Services Group | 0.13% | 3,301 | $533K | No change |
| RTX RTX Corp. | 0.13% | 5,451 | $532K | Add +1.4% |
| CSX CSX Corp. | 0.13% | 14,048 | $521K | No change |
| RGLD Royal Gold Inc. | 0.12% | 4,091 | $498K | Add +36.4% |
| IBB iShares Biotechnology ETF | 0.12% | 3,615 | $496K | No change |
| BCX BlackRock Resources & Commod | 0.12% | 54,561 | $495K | Add +2.8% |
| LUNA Luna Innovations Inc. | 0.12% | 152,500 | $489K | Reduce -1.0% |
| FCNCA First Citizens Bcshs Class A | 0.12% | 295 | $482K | Add +7.3% |
| SANM Sanmina Corp. | 0.11% | 7,500 | $466K | No change |
| YOU Clear Secure Inc. Class A | 0.11% | 21,500 | $457K | New |
| TMHC Taylor Morrison Home Corp. | 0.10% | 7,000 | $435K | No change |
| NBR Nabors Industries Ltd. | 0.10% | 5,000 | $431K | No change |
| WWW Wolverine World Wide Inc. | 0.10% | 37,350 | $419K | New |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.1M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,304 | $1.6M | Reduce -5.2% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,242 | $1.5M | Reduce -0.4% |
Total filed on the 13F, all lines: $419.1M.
Portfolio Sells Q4 2023 → Q1 2024
| PHYSICIANS REALTY TRUST | Sold out | 0.00% | −1.54 |
| M D C HLDGS INC | Sold out | 0.00% | −0.99 |
| HP Helmerich & Payne | Reduce -94.9% | 0.06% | −0.95 |
| BMO Bank of Montreal | Sold out | 0.00% | −0.87 |
| XRX Xerox Holdings Corp. | Reduce -75.9% | 0.17% | −0.59 |
| HDSN Hudson Technologies Inc. | Reduce -1.3% | 1.59% | −0.49 |
| DSKE Daseke Inc. | Reduce -94.9% | 0.02% | −0.48 |
| PSX Phillips 66 | Reduce -91.5% | 0.05% | −0.45 |
| BLBD Blue Bird Corp. | Sold out | 0.00% | −0.32 |
| COP Conocophillips | Sold out | 0.00% | −0.22 |
| TRGP Targa Resources Corp. | Reduce -38.5% | 0.47% | −0.15 |
| LUNA Luna Innovations Inc. | Reduce -1.0% | 0.12% | −0.14 |
| BHF Brighthouse Financial Inc. | Sold out | 0.00% | −0.11 |
| C Citigroup Inc. | Sold out | 0.00% | −0.10 |
| ORCL Oracle Corp. | Sold out | 0.00% | −0.10 |
| LPRO Open Lending Corp. | Reduce -66.9% | 0.02% | −0.08 |
| SIG Signet Jewelers Ltd. | Reduce -20.0% | 0.14% | −0.06 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.06 |
| ZYME Zymeworks Inc. | Sold out | 0.00% | −0.05 |
| VIG Vanguard Dividend Apprec ETF | Sold out | 0.00% | −0.05 |
| HON Honeywell International Inc. | Reduce -3.2% | 0.30% | −0.03 |
| SBUX Starbucks Corp. | Reduce -3.1% | 0.14% | −0.02 |
| ARCC Ares Capital Corp. | Reduce -0.9% | 0.83% | −0.02 |
| SHYF The Shyft Group Inc. | Reduce -1.4% | 0.37% | −0.02 |
| KEYS Keysight Technologies Inc. | Reduce -13.9% | 0.07% | −0.02 |
| FVCB Fvcbankcorp Inc. | Reduce -16.7% | 0.04% | −0.02 |
| SLV iShares Silver Trust | Reduce -11.7% | 0.08% | −0.01 |
| DOW Dow Inc. | Reduce -0.9% | 0.99% | −0.01 |
| MS Morgan Stanley | Reduce -3.8% | 0.06% | −0.00 |
| GLD SPDR Gold Shares | Reduce -2.6% | 0.78% | −0.00 |
| TMFC Motley Fool 100 Index ETF | Reduce -11.9% | 0.05% | −0.00 |
| AQMS Aqua Metals Inc. | Sold out | 0.00% | −0.00 |
| HL Hecla Mining Co. | Reduce -8.3% | 0.01% | −0.00 |
| HD Home Depot Inc. | Reduce -5.5% | 0.16% | −0.00 |
| TMO Thermo Fisher Scientific Inc. | Reduce -2.1% | 0.16% | +0.00 |
| CEF Sprott Physical Gold and Sil | Reduce -0.5% | 0.98% | +0.00 |
| OKE Oneok Inc. | Reduce -4.0% | 0.09% | +0.00 |
| MPC Marathon Petroleum Corp. | Reduce -15.0% | 0.08% | +0.01 |
| LOW Lowe's Cos Inc. | Reduce -2.8% | 0.19% | +0.01 |
| ALL Allstate Corp. | Reduce -0.3% | 0.16% | +0.02 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.27% | +0.03 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 0.70% | +0.03 |
| GLW Corning Inc. | Reduce -0.5% | 1.89% | +0.04 |
| CYRX Cryoport Inc. | Reduce -0.3% | 0.65% | +0.05 |
| AMZN Amazon.com Inc. | Reduce -1.3% | 0.54% | +0.05 |
| MSFT Microsoft Corp. | Reduce -3.3% | 2.48% | +0.06 |
| LLY Eli Lilly & Co. | Reduce -5.1% | 0.45% | +0.08 |
| NVDA Nvidia Corp. | Reduce -8.9% | 0.22% | +0.08 |
| WTW Willis Towers Watson PLC | Reduce -0.5% | 1.33% | +0.09 |
| JPM JPMorgan Chase & Co. | Reduce -0.8% | 1.02% | +0.10 |
Portfolio Buys Q4 2023 → Q1 2024
| AZN Astrazeneca PLC-Spons ADR | Add +70.3% | 2.64% | +1.02 |
| RIG Transocean Ltd. | Add +333.3% | 1.19% | +0.89 |
| CVX Chevron Corp. | Add +38.6% | 2.39% | +0.67 |
| NPKI NPK International Inc. | New | 0.46% | +0.46 |
| SYM Symbotic Inc. | New | 0.42% | +0.42 |
| FANG Diamondback Energy Inc. | Add +4.0% | 2.02% | +0.42 |
| ANIP Ani Pharmaceuticals Inc. | Add +1.9% | 1.18% | +0.21 |
| DAL Delta Air Lines Inc. | Add +2.8% | 1.33% | +0.18 |
| WEST Westrock Coffee Co. | New | 0.15% | +0.15 |
| MRO Marathon Oil Corp. | Add +2.0% | 1.21% | +0.14 |
| YOU Clear Secure Inc. Class A | New | 0.11% | +0.11 |
| ZETA Zeta Global Holdings Corp. Class A | Add +1.5% | 0.64% | +0.10 |
| WWW Wolverine World Wide Inc. | New | 0.10% | +0.10 |
| CECO Ceco Environmental Corp. | Add +4.9% | 0.82% | +0.09 |
| GE General Electric | New | 0.06% | +0.06 |
| BP BP PLC-Spons ADR | New | 0.05% | +0.05 |
| CB Chubb Ltd. | Add +0.3% | 0.62% | +0.05 |
| AXP American Express Co. | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | New | 0.05% | +0.05 |
| IP International Paper Co. | New | 0.05% | +0.05 |
| BALL Ball Corp. | New | 0.05% | +0.05 |
| WBD Warner Bros Discovery Inc. | Add +50.0% | 0.55% | +0.05 |
| PGNY Progyny Inc. | Add +13.1% | 0.46% | +0.04 |
| CALX Calix Inc. | Add +46.5% | 0.67% | +0.03 |
| RGLD Royal Gold Inc. | Add +36.4% | 0.12% | +0.03 |
| SWN Southwestern Energy Co. | Add +0.0% | 0.28% | +0.02 |
| VZ Verizon Communications Inc. | Add +0.9% | 0.31% | +0.02 |
| FCNCA First Citizens Bcshs Class A | Add +7.3% | 0.12% | +0.02 |
| LSCC Lattice Semiconductor Corp. | Add +1.4% | 0.19% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +0.7% | 1.50% | +0.01 |
| RTX RTX Corp. | Add +1.4% | 0.13% | +0.01 |
| KVUE Kenvue Inc. | Add +7.3% | 0.77% | +0.01 |
| GOOG Alphabet Inc. Class C | Add +0.3% | 0.39% | +0.01 |
| MCHX Marchex Inc. Class B | New | 0.00% | +0.00 |
| KRNT Kornit Digital Ltd. | Add +13.2% | 0.29% | +0.00 |
| OPK Opko Health Inc. | New | 0.00% | +0.00 |
| RXRX Recursion Pharmaceuticals-A | Add +4.7% | 0.41% | +0.00 |
| AKTSQ Akoustis Technologies Inc. | Add +56.2% | 0.01% | +0.00 |
| BCX BlackRock Resources & Commod | Add +2.8% | 0.12% | −0.00 |
| CARR Carrier Global Corp. | Add +0.2% | 0.05% | −0.00 |
| ABT Abbott Laboratories | Add +0.3% | 0.13% | −0.00 |
| PPG PPG Industries Inc. | Add +0.2% | 0.06% | −0.00 |
| O Realty Income Corp. | Add +2.4% | 0.20% | −0.02 |
| EVLV Evolv Technologies Holdings | Add +7.9% | 0.53% | −0.02 |
| B Barrick Gold Corp. | Add +9.4% | 0.57% | −0.03 |
| SELF Global Self Storage Inc. | Add +1.1% | 0.39% | −0.03 |
| JNJ Johnson & Johnson | Add +0.6% | 1.09% | −0.04 |
| QTRX Quanterix Corp. | Add +12.7% | 0.67% | −0.06 |
| PFE Pfizer Inc. | Add +0.9% | 0.70% | −0.06 |
| CPA Copa Holdings SA Class A | Add +3.2% | 1.56% | −0.07 |
Notes & Other Activity Q4 2023 → Q1 2024
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -5.2% | 1,304 | $1.6M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -0.4% | 1,242 | $1.5M |
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 |