Marathon Capital Management

Name: MARATHON CAPITAL MANAGEMENT 13F holdings, Q2 2024
Creator: MARATHON CAPITAL MANAGEMENT
Published: 2024-08-14

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q1 2024

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%
AMGN Amgen Inc.	0.10%	1,188	$371K	Add +30.1%
SLV iShares Silver Trust	0.09%	13,740	$365K	Reduce -7.1%
BMY Bristol-Myers Squibb Co.	0.09%	8,720	$362K	Reduce -92.4%
NBR Nabors Industries Ltd.	0.09%	5,000	$356K	No change
SANM Sanmina Corp.	0.09%	5,000	$331K	Reduce -33.3%
DUK Duke Energy Corp.	0.08%	3,297	$330K	Reduce -1.5%
FNB FNB Corp.	0.08%	24,000	$328K	No change
SYK Stryker Corp.	0.08%	953	$324K	No change
BIL SS SPDR BB 1-3M T-Bill ETF	0.08%	3,335	$306K	New
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.08%	3,013	$299K	Add +3.4%
MPC Marathon Petroleum Corp.	0.08%	1,700	$295K	No change
CI The Cigna Group	0.07%	834	$276K	Reduce -1.2%
GE General Electric filed as GE AEROSPACE	0.07%	1,707	$271K	Add +25.8%
KEYS Keysight Technologies Inc.	0.07%	1,929	$264K	No change
FRO Frontline PLC	0.07%	10,000	$258K	Reduce -33.3%
EMR Emerson Electric Co.	0.07%	2,317	$255K	Add +9.0%
MGY Magnolia Oil & Gas Corp. Class A	0.07%	10,000	$253K	Reduce -37.5%
TMFC Motley Fool 100 Index ETF	0.06%	4,685	$252K	Add +5.0%
VYMI Vanguard Int High DVD YLD Inc.	0.06%	3,658	$251K	New
CARR Carrier Global Corp.	0.06%	3,923	$247K	Add +4.1%
PM Philip Morris International	0.06%	2,437	$247K	No change
CNX CNX Resources Corp.	0.06%	10,000	$243K	No change
ENB Enbridge Inc.	0.06%	6,775	$241K	Add +3.0%
LMT Lockheed Martin Corp.	0.06%	491	$229K	No change
CP Canadian Pacific Kansas City	0.06%	2,905	$229K	New
NEE Nextera Energy Inc.	0.06%	3,150	$223K	Reduce -6.0%
PPG PPG Industries Inc.	0.06%	1,732	$218K	Add +8.0%
NEM Newmont Corp.	0.05%	5,092	$213K	New
MS Morgan Stanley	0.05%	2,188	$213K	Reduce -13.2%
AON Aon PLC Class A	0.05%	700	$206K	No change
ARAY Accuray Inc.	0.05%	110,000	$200K	No change
URBAN-GRO INC	0.04%	105,000	$140K	Reduce -5.5%
FVCB Fvcbankcorp Inc.	0.04%	12,500	$137K	No change
BRFH Barfresh Food Group Inc.	0.01%	15,384	$56K	No change
NNDM Nano Dimension Ltd. - ADR	0.01%	25,000	$55K	No change
PXLW Pixelworks Inc.	0.01%	25,000	$25K	New
GRWG Growgeneration Corp.	0.01%	11,400	$25K	Reduce -9.9%
MCHX Marchex Inc. Class B	0.01%	15,000	$23K	No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC	0.01%	36,625	$21K	Reduce -0.7%
OPK Opko Health Inc.	0.00%	15,000	$19K	No change
KOPN Kopin Corp.	0.00%	20,000	$17K	Add +100.0%
AKTSQ Akoustis Technologies Inc.	0.00%	69,100	$9K	Add +24.3%
LODE Comstock Inc.	0.00%	25,000	$4K	New

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