Marathon Capital Management
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Marathon Capital Management reported 143 stock positions worth $389.5 million. Its top holding was T Rowe Price (TROW) at 25.5% of the portfolio, followed by Astrazeneca PLC-Spons ADR (AZN, 3.2%) and Apple (AAPL, 3.2%). Compared with Q1 2024, it opened 9 new positions, sold out of 18, added to 44 and reduced 62. The biggest buy was Realty Income (O, shares +627%) and the biggest sale Bristol-Myers Squibb (BMY, shares −92%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $389.5M (Q2 2024)
- SEC Filing
- 0001172661-24-003493 ↗ filed Aug 14, 2024
Holdings Value
Holdings 143 stocks · $389.5M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 25.50% | 861,161 | $99.3M | Reduce -0.2% |
| AZN Astrazeneca PLC-Spons ADR | 3.24% | 161,872 | $12.6M | Reduce -0.1% |
| AAPL Apple Inc. | 3.19% | 58,959 | $12.4M | Add +0.0% |
| MSFT Microsoft Corp. | 2.93% | 25,533 | $11.4M | Add +4.1% |
| QCOM Qualcomm Inc. | 2.85% | 55,777 | $11.1M | Reduce -6.5% |
| CVX Chevron Corp. | 2.55% | 63,513 | $9.9M | Add +0.8% |
| GLW Corning Inc. | 2.34% | 234,355 | $9.1M | Reduce -1.6% |
| ALSN Allison Transmission Holding | 2.31% | 118,718 | $9.0M | Reduce -0.8% |
| FANG Diamondback Energy Inc. | 2.19% | 42,636 | $8.5M | Add +0.7% |
| MET Metlife Inc. | 2.00% | 110,886 | $7.8M | Reduce -4.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.85% | 41,725 | $7.2M | Reduce -0.3% |
| HLMN Hillman Solutions Corp. | 1.84% | 810,690 | $7.2M | Reduce -0.5% |
| FIS Fidelity National Info Serv | 1.80% | 93,014 | $7.0M | Reduce -1.4% |
| CPA Copa Holdings SA Class A | 1.70% | 69,503 | $6.6M | Add +11.8% |
| ENPH Enphase Energy Inc. | 1.49% | 58,348 | $5.8M | Reduce -18.4% |
| O Realty Income Corp. | 1.49% | 109,911 | $5.8M | Add +627.4% |
| WTW Willis Towers Watson PLC | 1.34% | 19,933 | $5.2M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.24% | 11,895 | $4.8M | Reduce -5.3% |
| ANIP Ani Pharmaceuticals Inc. | 1.15% | 70,295 | $4.5M | Reduce -1.2% |
| JPM JPMorgan Chase & Co. | 1.12% | 21,629 | $4.4M | Add +1.9% |
| JNJ Johnson & Johnson | 1.11% | 29,668 | $4.3M | Add +3.3% |
| TTI Tetra Technologies Inc. | 1.09% | 1,228,370 | $4.3M | Reduce -6.9% |
| RIG Transocean Ltd. | 1.08% | 786,575 | $4.2M | Add +0.0% |
| CECO Ceco Environmental Corp. | 1.08% | 145,775 | $4.2M | Reduce -2.0% |
| ZETA Zeta Global Holdings Corp. Class A | 1.08% | 238,275 | $4.2M | Reduce -1.8% |
| MRK Merck & Co. Inc. | 1.02% | 32,064 | $4.0M | Reduce -0.7% |
| FMX Fomento Economico Mex-SP ADR | 0.95% | 34,495 | $3.7M | New |
| DOW Dow Inc. | 0.92% | 67,713 | $3.6M | Reduce -4.9% |
| HDSN Hudson Technologies Inc. | 0.91% | 404,050 | $3.6M | Reduce -32.7% |
| ARCC Ares Capital Corp. | 0.88% | 164,715 | $3.4M | Reduce -0.9% |
| CEF Sprott Physical Gold and Sil | 0.88% | 155,100 | $3.4M | Reduce -22.3% |
| ACA Arcosa Inc. | 0.87% | 40,666 | $3.4M | Reduce -5.4% |
| CALX Calix Inc. | 0.82% | 90,415 | $3.2M | Add +8.1% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.79% | 715,425 | $3.1M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.76% | 105,439 | $3.0M | Add +0.1% |
| ATEC Alphatec Holdings Inc. | 0.72% | 267,975 | $2.8M | New |
| PG The Procter & Gamble Co. | 0.71% | 16,816 | $2.8M | Reduce -5.8% |
| KVUE Kenvue Inc. | 0.70% | 149,699 | $2.7M | Add +0.3% |
| CB Chubb Ltd. | 0.64% | 9,785 | $2.5M | Reduce -1.8% |
| GLD SPDR Gold Shares | 0.64% | 11,550 | $2.5M | Reduce -26.5% |
| AMZN Amazon.com Inc. | 0.62% | 12,520 | $2.4M | Reduce -0.4% |
| B Barrick Gold Corp. | 0.60% | 140,275 | $2.3M | Reduce -1.5% |
| TRGP Targa Resources Corp. | 0.57% | 17,245 | $2.2M | Reduce -0.4% |
| NPKI NPK International Inc. filed as NEWPARK RES INC | 0.57% | 266,175 | $2.2M | Add +1.1% |
| LLY Eli Lilly & Co. | 0.56% | 2,430 | $2.2M | No change |
| LAND Gladstone Land Corp. | 0.54% | 154,271 | $2.1M | Add +0.5% |
| GOOG Alphabet Inc. Class C | 0.53% | 11,320 | $2.1M | Add +7.2% |
| QTRX Quanterix Corp. | 0.47% | 137,560 | $1.8M | Add +15.5% |
| WBD Warner Bros Discovery Inc. | 0.47% | 244,146 | $1.8M | Reduce -6.4% |
| SELF Global Self Storage Inc. | 0.46% | 369,943 | $1.8M | Add +0.5% |
| WY Weyerhaeuser Co. | 0.43% | 59,186 | $1.7M | Reduce -4.4% |
| KRNT Kornit Digital Ltd. | 0.39% | 102,775 | $1.5M | Add +52.5% |
| SYM Symbotic Inc. | 0.38% | 42,055 | $1.5M | Add +8.0% |
| SHYF The Shyft Group Inc. | 0.37% | 122,046 | $1.4M | Reduce -1.6% |
| PGNY Progyny Inc. | 0.35% | 48,095 | $1.4M | Reduce -3.3% |
| EVLV Evolv Technologies Holdings | 0.35% | 527,450 | $1.3M | Add +6.5% |
| GOOGL Alphabet Inc. Class A | 0.34% | 7,230 | $1.3M | Reduce -1.0% |
| RXRX Recursion Pharmaceuticals-A | 0.34% | 175,220 | $1.3M | Add +1.6% |
| VZ Verizon Communications Inc. | 0.33% | 31,272 | $1.3M | Add +2.8% |
| HON Honeywell International Inc. | 0.33% | 6,022 | $1.3M | Reduce -0.2% |
| XOM Exxon Mobil Corp. | 0.30% | 10,007 | $1.2M | Add +4.2% |
| KO The Coca-Cola Co. | 0.29% | 17,520 | $1.1M | Reduce -4.1% |
| ABBV Abbvie Inc. | 0.28% | 6,422 | $1.1M | Add +3.3% |
| PEP Pepsico Inc. | 0.27% | 6,271 | $1.0M | Add +0.8% |
| SSYS Stratasys Ltd. | 0.26% | 122,535 | $1.0M | Reduce -5.5% |
| CYRX Cryoport Inc. | 0.26% | 148,285 | $1.0M | Reduce -3.1% |
| NVDA Nvidia Corp. | 0.26% | 8,220 | $1.0M | Reduce -19.8% |
| SWN Southwestern Energy Co. | 0.26% | 149,700 | $1.0M | Reduce -1.5% |
| AR Antero Resources Corp. | 0.25% | 30,000 | $979K | No change |
| CINF Cincinnati Financial Corp. | 0.23% | 7,500 | $886K | Reduce -3.0% |
| DCGO Docgo Inc. | 0.22% | 277,100 | $856K | Add +2.3% |
| AMD Advanced Micro Devices | 0.21% | 5,124 | $831K | No change |
| MU Micron Technology Inc. | 0.20% | 5,850 | $769K | Reduce -2.5% |
| ALL Allstate Corp. | 0.17% | 4,268 | $681K | Add +8.2% |
| LOW Lowe's Cos Inc. | 0.17% | 3,084 | $680K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.17% | 1,175 | $650K | No change |
| HD Home Depot Inc. | 0.16% | 1,859 | $640K | Add +8.8% |
| WEST Westrock Coffee Co. | 0.15% | 58,725 | $601K | Reduce -1.8% |
| PLD Prologis Inc. | 0.15% | 5,250 | $590K | Add +1.3% |
| LSCC Lattice Semiconductor Corp. | 0.15% | 10,145 | $588K | No change |
| DHR Danaher Corp. | 0.15% | 2,350 | $587K | No change |
| RTX RTX Corp. | 0.15% | 5,704 | $573K | Add +4.6% |
| FCNCA First Citizens Bcshs Class A | 0.14% | 325 | $547K | Add +10.2% |
| PNC PNC Financial Services Group | 0.14% | 3,491 | $543K | Add +5.8% |
| LUNA Luna Innovations Inc. | 0.14% | 167,500 | $536K | Add +9.8% |
| MCD McDonald's Corp. | 0.14% | 2,089 | $532K | No change |
| RGLD Royal Gold Inc. | 0.13% | 4,091 | $512K | No change |
| WWW Wolverine World Wide Inc. | 0.13% | 37,225 | $503K | Reduce -0.3% |
| ABT Abbott Laboratories | 0.13% | 4,839 | $503K | Reduce -0.3% |
| IBB iShares Biotechnology ETF | 0.13% | 3,615 | $496K | No change |
| SBUX Starbucks Corp. | 0.12% | 6,240 | $486K | Reduce -1.2% |
| BCX BlackRock Resources & Commod | 0.12% | 52,561 | $483K | Reduce -3.7% |
| CSX CSX Corp. | 0.12% | 14,048 | $470K | No change |
| SIG Signet Jewelers Ltd. | 0.12% | 5,000 | $448K | Reduce -16.7% |
| XRX Xerox Holdings Corp. | 0.11% | 36,923 | $429K | Reduce -7.3% |
| BXP BXP Inc. filed as BOSTON PROPERTIES INC | 0.11% | 6,930 | $427K | New |
| YOU Clear Secure Inc. Class A | 0.10% | 21,500 | $402K | No change |
| TMHC Taylor Morrison Home Corp. | 0.10% | 7,000 | $388K | No change |
| IBDP iShares Ibonds Dec 2024 Term | 0.10% | 15,299 | $384K | Add +2.7% |
| OKE Oneok Inc. | 0.10% | 4,700 | $383K | Reduce -2.1% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,228 | $1.5M | Reduce -5.8% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,225 | $1.5M | Reduce -1.4% |
Total filed on the 13F, all lines: $392.4M.
Portfolio Sells Q1 2024 → Q2 2024
| BMY Bristol-Myers Squibb Co. | Reduce -92.4% | 0.09% | −1.40 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −1.33 |
| MRO Marathon Oil Corp. | Sold out | 0.00% | −1.21 |
| HDSN Hudson Technologies Inc. | Reduce -32.7% | 0.91% | −0.68 |
| ENPH Enphase Energy Inc. | Reduce -18.4% | 1.49% | −0.59 |
| INVE Inve Technologies Inc. | Reduce -0.4% | 0.79% | −0.58 |
| CYRX Cryoport Inc. | Reduce -3.1% | 0.26% | −0.39 |
| TTI Tetra Technologies Inc. | Reduce -6.9% | 1.09% | −0.31 |
| HLMN Hillman Solutions Corp. | Reduce -0.5% | 1.84% | −0.24 |
| GLD SPDR Gold Shares | Reduce -26.5% | 0.64% | −0.14 |
| WY Weyerhaeuser Co. | Reduce -4.4% | 0.43% | −0.10 |
| PGNY Progyny Inc. | Reduce -3.3% | 0.35% | −0.10 |
| CEF Sprott Physical Gold and Sil | Reduce -22.3% | 0.88% | −0.10 |
| SSYS Stratasys Ltd. | Reduce -5.5% | 0.26% | −0.10 |
| WBD Warner Bros Discovery Inc. | Reduce -6.4% | 0.47% | −0.08 |
| MET Metlife Inc. | Reduce -4.9% | 2.00% | −0.08 |
| DOW Dow Inc. | Reduce -4.9% | 0.92% | −0.07 |
| IBM Intl Business Machines Corp. | Reduce -0.3% | 1.85% | −0.07 |
| XRX Xerox Holdings Corp. | Reduce -7.3% | 0.11% | −0.06 |
| HP Helmerich & Payne | Sold out | 0.00% | −0.06 |
| BP BP PLC-Spons ADR | Sold out | 0.00% | −0.05 |
| AXP American Express Co. | Sold out | 0.00% | −0.05 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.05 |
| IP International Paper Co. | Sold out | 0.00% | −0.05 |
| HPQ HP Inc. | Sold out | 0.00% | −0.05 |
| BALL Ball Corp. | Sold out | 0.00% | −0.05 |
| PSX Phillips 66 | Sold out | 0.00% | −0.05 |
| KN Knowles Corp. | Sold out | 0.00% | −0.04 |
| TPC Tutor Perini Corp. | Sold out | 0.00% | −0.04 |
| MGY Magnolia Oil & Gas Corp. Class A | Reduce -37.5% | 0.07% | −0.03 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -1.2% | 1.15% | −0.03 |
| SIG Signet Jewelers Ltd. | Reduce -16.7% | 0.12% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.3% | 1.24% | −0.03 |
| SANM Sanmina Corp. | Reduce -33.3% | 0.09% | −0.03 |
| DSKE Daseke Inc. | Sold out | 0.00% | −0.02 |
| LPRO Open Lending Corp. | Sold out | 0.00% | −0.02 |
| ALSN Allison Transmission Holding | Reduce -0.8% | 2.31% | −0.02 |
| SWN Southwestern Energy Co. | Reduce -1.5% | 0.26% | −0.02 |
| FRO Frontline PLC | Reduce -33.3% | 0.07% | −0.02 |
| ACA Arcosa Inc. | Reduce -5.4% | 0.87% | −0.02 |
| SBUX Starbucks Corp. | Reduce -1.2% | 0.12% | −0.01 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.01 |
| SAND Sandstorm Gold Ltd. | Sold out | 0.00% | −0.01 |
| NOK Nokia Corp.-Spon ADR | Sold out | 0.00% | −0.01 |
| STXS Stereotaxis Inc. | Sold out | 0.00% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -0.7% | 1.02% | −0.01 |
| ABT Abbott Laboratories | Reduce -0.3% | 0.13% | −0.00 |
| CINF Cincinnati Financial Corp. | Reduce -3.0% | 0.23% | −0.00 |
| ONDS Ondas Inc. | Reduce -0.7% | 0.01% | −0.00 |
| CI The Cigna Group | Reduce -1.2% | 0.07% | −0.00 |
Portfolio Buys Q1 2024 → Q2 2024
| O Realty Income Corp. | Add +627.4% | 1.49% | +1.29 |
| FMX Fomento Economico Mex-SP ADR | New | 0.95% | +0.95 |
| AAPL Apple Inc. | Add +0.0% | 3.19% | +0.76 |
| ATEC Alphatec Holdings Inc. | New | 0.72% | +0.72 |
| MSFT Microsoft Corp. | Add +4.1% | 2.93% | +0.45 |
| FANG Diamondback Energy Inc. | Add +0.7% | 2.19% | +0.17 |
| CVX Chevron Corp. | Add +0.8% | 2.55% | +0.16 |
| CALX Calix Inc. | Add +8.1% | 0.82% | +0.16 |
| GOOG Alphabet Inc. Class C | Add +7.2% | 0.53% | +0.15 |
| CPA Copa Holdings SA Class A | Add +11.8% | 1.70% | +0.14 |
| NPKI NPK International Inc. | Add +1.1% | 0.57% | +0.11 |
| BXP BXP Inc. | New | 0.11% | +0.11 |
| JPM JPMorgan Chase & Co. | Add +1.9% | 1.12% | +0.10 |
| KRNT Kornit Digital Ltd. | Add +52.5% | 0.39% | +0.09 |
| BIL SS SPDR BB 1-3M T-Bill ETF | New | 0.08% | +0.08 |
| SELF Global Self Storage Inc. | Add +0.5% | 0.46% | +0.07 |
| VYMI Vanguard Int High DVD YLD Inc. | New | 0.06% | +0.06 |
| CP Canadian Pacific Kansas City | New | 0.06% | +0.06 |
| PFE Pfizer Inc. | Add +0.1% | 0.76% | +0.05 |
| NEM Newmont Corp. | New | 0.05% | +0.05 |
| LAND Gladstone Land Corp. | Add +0.5% | 0.54% | +0.05 |
| AMGN Amgen Inc. | Add +30.1% | 0.10% | +0.03 |
| XOM Exxon Mobil Corp. | Add +4.2% | 0.30% | +0.03 |
| FCNCA First Citizens Bcshs Class A | Add +10.2% | 0.14% | +0.02 |
| VZ Verizon Communications Inc. | Add +2.8% | 0.33% | +0.02 |
| JNJ Johnson & Johnson | Add +3.3% | 1.11% | +0.02 |
| LUNA Luna Innovations Inc. | Add +9.8% | 0.14% | +0.02 |
| RTX RTX Corp. | Add +4.6% | 0.15% | +0.02 |
| GE General Electric | Add +25.8% | 0.07% | +0.01 |
| TMFC Motley Fool 100 Index ETF | Add +5.0% | 0.06% | +0.01 |
| PNC PNC Financial Services Group | Add +5.8% | 0.14% | +0.01 |
| ALL Allstate Corp. | Add +8.2% | 0.17% | +0.01 |
| CARR Carrier Global Corp. | Add +4.1% | 0.06% | +0.01 |
| ABBV Abbvie Inc. | Add +3.3% | 0.28% | +0.01 |
| IBDP iShares Ibonds Dec 2024 Term | Add +2.7% | 0.10% | +0.01 |
| EMR Emerson Electric Co. | Add +9.0% | 0.07% | +0.01 |
| HD Home Depot Inc. | Add +8.8% | 0.16% | +0.01 |
| PXLW Pixelworks Inc. | New | 0.01% | +0.01 |
| ENB Enbridge Inc. | Add +3.0% | 0.06% | +0.00 |
| PEP Pepsico Inc. | Add +0.8% | 0.27% | +0.00 |
| LODE Comstock Inc. | New | 0.00% | +0.00 |
| PPG PPG Industries Inc. | Add +8.0% | 0.06% | +0.00 |
| KOPN Kopin Corp. | Add +100.0% | 0.00% | 0.00 |
| AKTSQ Akoustis Technologies Inc. | Add +24.3% | 0.00% | −0.01 |
| DIS The Walt Disney Co. | Add +3.4% | 0.08% | −0.01 |
| PLD Prologis Inc. | Add +1.3% | 0.15% | −0.01 |
| SYM Symbotic Inc. | Add +8.0% | 0.38% | −0.04 |
| DCGO Docgo Inc. | Add +2.3% | 0.22% | −0.04 |
| KVUE Kenvue Inc. | Add +0.3% | 0.70% | −0.07 |
| RXRX Recursion Pharmaceuticals-A | Add +1.6% | 0.34% | −0.08 |
Notes & Other Activity Q1 2024 → Q2 2024
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -5.8% | 1,228 | $1.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.4% | 1,225 | $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 |