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

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $416.0M $416.0M Q1 2024 Q2 2024: $389.5M Q2 2024 Q3 2024: $409.5M Q3 2024 Q4 2024: $397.3M Q4 2024 Q1 2025: $372.7M Q1 2025 Q2 2025: $389.4M Q2 2025 Q3 2025: $434.2M Q3 2025 Q4 2025: $462.9M Q4 2025 Q1 2026: $443.6M Q1 2026 Q2 2026: $492.3M Q2 2026

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
MGY Magnolia Oil & Gas Corp. Class A 0.10% 16,000 $415K No change
OKE Oneok Inc. 0.09% 4,800 $385K Reduce -4.0%
IBDP iShares Ibonds Dec 2024 Term 0.09% 14,899 $373K No change
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.09% 2,913 $356K No change
FRO Frontline PLC 0.08% 15,000 $351K No change
MPC Marathon Petroleum Corp. 0.08% 1,700 $343K Reduce -15.0%
SYK Stryker Corp. 0.08% 953 $341K No change
FNB FNB Corp. 0.08% 24,000 $338K No change
SLV iShares Silver Trust 0.08% 14,790 $336K Reduce -11.7%
DUK Duke Energy Corp. 0.08% 3,347 $324K No change
CI The Cigna Group 0.07% 844 $307K No change
KEYS Keysight Technologies Inc. 0.07% 1,929 $302K Reduce -13.9%
ARAY Accuray Inc. 0.07% 110,000 $272K No change
AMGN Amgen Inc. 0.06% 913 $260K No change
EMR Emerson Electric Co. 0.06% 2,125 $241K No change
GE General Electric 0.06% 1,357 $238K New
ENB Enbridge Inc. 0.06% 6,575 $238K No change
MS Morgan Stanley 0.06% 2,521 $237K Reduce -3.8%
CNX CNX Resources Corp. 0.06% 10,000 $237K No change
AON Aon PLC Class A 0.06% 700 $234K No change
HP Helmerich & Payne 0.06% 5,530 $233K Reduce -94.9%
PPG PPG Industries Inc. 0.06% 1,604 $232K Add +0.2%
BP BP PLC-Spons ADR 0.05% 5,981 $225K New
LMT Lockheed Martin Corp. 0.05% 491 $223K No change
PM Philip Morris International 0.05% 2,437 $223K No change
TMFC Motley Fool 100 Index ETF 0.05% 4,460 $221K Reduce -11.9%
CARR Carrier Global Corp. 0.05% 3,767 $219K Add +0.2%
AXP American Express Co. 0.05% 945 $215K New
NEE Nextera Energy Inc. 0.05% 3,350 $214K No change
COF Capital One Financial Corp. 0.05% 1,434 $214K New
IP International Paper Co. 0.05% 5,400 $211K New
HPQ HP Inc. 0.05% 6,925 $209K No change
BALL Ball Corp. 0.05% 3,100 $209K New
PSX Phillips 66 0.05% 1,264 $206K Reduce -91.5%
KN Knowles Corp. 0.04% 11,200 $180K No change
TPC Tutor Perini Corp. 0.04% 11,000 $159K No change
FVCB Fvcbankcorp Inc. 0.04% 12,500 $152K Reduce -16.7%
URBAN-GRO INC 0.04% 111,085 $152K No change
DSKE Daseke Inc. 0.02% 12,500 $104K Reduce -94.9%
LPRO Open Lending Corp. 0.02% 15,075 $94K Reduce -66.9%
NNDM Nano Dimension Ltd. - ADR 0.02% 25,000 $70K No change
HL Hecla Mining Co. 0.01% 11,000 $53K Reduce -8.3%
SAND Sandstorm Gold Ltd. 0.01% 10,000 $53K No change
NOK Nokia Corp.-Spon ADR 0.01% 13,950 $49K No change
STXS Stereotaxis Inc. 0.01% 12,250 $38K No change
GRWG Growgeneration Corp. 0.01% 12,650 $36K No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC 0.01% 36,875 $36K No change
AKTSQ Akoustis Technologies Inc. 0.01% 55,600 $33K Add +56.2%
MCHX Marchex Inc. Class B 0.00% 15,000 $21K New
BRFH Barfresh Food Group Inc. 0.00% 15,384 $18K No change
KOPN Kopin Corp. 0.00% 10,000 $18K No change
OPK Opko Health Inc. 0.00% 15,000 $18K New
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.1M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 1,304$1.6MReduce -5.2%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 1,242$1.5MReduce -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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 185$492.3MTROW, GLW, BIL, GOOG, AMZN
Q1 2026 169$443.6MTROW, BIL, GLW, AZN, AAPL
Q4 2025 169$462.9MTROW, GLW, BIL, AZN, GOOG
Q3 2025 161$434.2MTROW, GLW, AAPL, AZN, MSFT
Q2 2025 161$389.4MTROW, MSFT, AZN, GLW, AAPL
Q1 2025 156$372.7MTROW, AAPL, AZN, CVX, MSFT
Q4 2024 152$397.3MTROW, AAPL, GLW, AZN, MSFT
Q3 2024 152$409.5MTROW, AAPL, AZN, ALSN, MSFT
Q2 2024 143$389.5MTROW, AZN, AAPL, MSFT, QCOM
Q1 2024 152$416.0MTROW, AZN, MSFT, AAPL, QCOM