Marathon Capital Management
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Marathon Capital Management reported 152 stock positions worth $409.5 million. Its top holding was T Rowe Price (TROW) at 21.8% of the portfolio, followed by Apple (AAPL, 3.3%) and Astrazeneca PLC-Spons ADR (AZN, 3.1%). Compared with Q2 2024, it opened 17 new positions, sold out of 8, added to 33 and reduced 58. The biggest buy was a new position in Lululemon Athletica (LULU) and the biggest sale T Rowe Price (TROW, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $409.5M (Q3 2024)
- SEC Filing
- 0001172661-24-005065 ↗ filed Nov 14, 2024
Holdings Value
Holdings 152 stocks · $409.5M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 21.84% | 820,949 | $89.4M | Reduce -4.7% |
| AAPL Apple Inc. | 3.30% | 57,940 | $13.5M | Reduce -1.7% |
| AZN Astrazeneca PLC-Spons ADR | 3.10% | 163,010 | $12.7M | Add +0.7% |
| ALSN Allison Transmission Holding | 2.77% | 118,018 | $11.3M | Reduce -0.6% |
| MSFT Microsoft Corp. | 2.60% | 24,759 | $10.7M | Reduce -3.0% |
| GLW Corning Inc. | 2.56% | 232,070 | $10.5M | Reduce -1.0% |
| QCOM Qualcomm Inc. | 2.31% | 55,733 | $9.5M | Reduce -0.1% |
| CVX Chevron Corp. | 2.30% | 63,885 | $9.4M | Add +0.6% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.24% | 41,525 | $9.2M | Reduce -0.5% |
| MET Metlife Inc. | 2.22% | 110,364 | $9.1M | Reduce -0.5% |
| HLMN Hillman Solutions Corp. | 2.05% | 796,715 | $8.4M | Reduce -1.7% |
| FIS Fidelity National Info Serv | 1.89% | 92,391 | $7.7M | Reduce -0.7% |
| FANG Diamondback Energy Inc. | 1.76% | 41,832 | $7.2M | Reduce -1.9% |
| O Realty Income Corp. | 1.70% | 109,944 | $7.0M | Add +0.0% |
| ZETA Zeta Global Holdings Corp. Class A | 1.69% | 231,525 | $6.9M | Reduce -2.8% |
| CPA Copa Holdings SA Class A | 1.62% | 70,763 | $6.6M | Add +1.8% |
| ENPH Enphase Energy Inc. | 1.60% | 57,818 | $6.5M | Reduce -0.9% |
| WTW Willis Towers Watson PLC | 1.43% | 19,933 | $5.9M | No change |
| AMZN Amazon.com Inc. | 1.37% | 30,031 | $5.6M | Add +139.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.33% | 11,845 | $5.5M | Reduce -0.4% |
| LULU Lululemon Athletica Inc. | 1.19% | 17,975 | $4.9M | New |
| JNJ Johnson & Johnson | 1.18% | 29,699 | $4.8M | Add +0.1% |
| CALX Calix Inc. | 1.14% | 120,840 | $4.7M | Add +33.6% |
| FMX Fomento Economico Mex-SP ADR | 1.14% | 47,396 | $4.7M | Add +37.4% |
| JPM JPMorgan Chase & Co. | 1.11% | 21,629 | $4.6M | No change |
| GOOG Alphabet Inc. Class C | 1.09% | 26,629 | $4.5M | Add +135.2% |
| ANIP Ani Pharmaceuticals Inc. | 1.02% | 70,045 | $4.2M | Reduce -0.4% |
| RIG Transocean Ltd. | 1.00% | 964,625 | $4.1M | Add +22.6% |
| ACA Arcosa Inc. | 0.98% | 42,165 | $4.0M | Add +3.7% |
| TTI Tetra Technologies Inc. | 0.95% | 1,248,370 | $3.9M | Add +1.6% |
| CEF Sprott Physical Gold and Sil | 0.92% | 153,625 | $3.8M | Reduce -0.9% |
| DOW Dow Inc. | 0.89% | 66,732 | $3.6M | Reduce -1.4% |
| MRK Merck & Co. Inc. | 0.89% | 31,964 | $3.6M | Reduce -0.3% |
| CECO Ceco Environmental Corp. | 0.86% | 124,310 | $3.5M | Reduce -14.7% |
| ARCC Ares Capital Corp. | 0.84% | 164,915 | $3.5M | Add +0.1% |
| HDSN Hudson Technologies Inc. | 0.81% | 398,800 | $3.3M | Reduce -1.3% |
| PFE Pfizer Inc. | 0.75% | 105,838 | $3.1M | Add +0.4% |
| PG The Procter & Gamble Co. | 0.71% | 16,839 | $2.9M | Add +0.1% |
| CB Chubb Ltd. | 0.71% | 10,055 | $2.9M | Add +2.8% |
| GLD SPDR Gold Shares | 0.69% | 11,628 | $2.8M | Add +0.7% |
| NPKI NPK International Inc. filed as NEWPARK RES INC | 0.69% | 406,800 | $2.8M | Add +52.8% |
| B Barrick Gold Corp. | 0.67% | 138,850 | $2.8M | Reduce -1.0% |
| KVUE Kenvue Inc. | 0.67% | 118,947 | $2.8M | Reduce -20.5% |
| KRNT Kornit Digital Ltd. | 0.64% | 102,025 | $2.6M | Reduce -0.7% |
| TRGP Targa Resources Corp. | 0.61% | 16,970 | $2.5M | Reduce -1.6% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.61% | 706,775 | $2.5M | Reduce -1.2% |
| EVLV Evolv Technologies Holdings | 0.52% | 529,950 | $2.1M | Add +0.5% |
| LAND Gladstone Land Corp. | 0.52% | 153,872 | $2.1M | Reduce -0.3% |
| LLY Eli Lilly & Co. | 0.51% | 2,375 | $2.1M | Reduce -2.3% |
| WY Weyerhaeuser Co. | 0.48% | 58,586 | $2.0M | Reduce -1.0% |
| SELF Global Self Storage Inc. | 0.47% | 372,726 | $1.9M | Add +0.8% |
| QTRX Quanterix Corp. | 0.43% | 135,010 | $1.7M | Reduce -1.9% |
| DAR Darling Ingredients Inc. | 0.38% | 41,900 | $1.6M | New |
| SHYF The Shyft Group Inc. | 0.37% | 121,626 | $1.5M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.35% | 31,557 | $1.4M | Add +0.9% |
| ATEC Alphatec Holdings Inc. | 0.33% | 245,750 | $1.4M | Reduce -8.3% |
| ABBV Abbvie Inc. | 0.31% | 6,407 | $1.3M | Reduce -0.2% |
| KO The Coca-Cola Co. | 0.31% | 17,470 | $1.3M | Reduce -0.3% |
| HON Honeywell International Inc. | 0.30% | 5,972 | $1.2M | Reduce -0.8% |
| RXRX Recursion Pharmaceuticals-A | 0.29% | 181,845 | $1.2M | Add +3.8% |
| GOOGL Alphabet Inc. Class A | 0.29% | 7,180 | $1.2M | Reduce -0.7% |
| XOM Exxon Mobil Corp. | 0.29% | 10,007 | $1.2M | No change |
| CYRX Cryoport Inc. | 0.28% | 140,460 | $1.1M | Reduce -5.3% |
| PEP Pepsico Inc. | 0.26% | 6,271 | $1.1M | No change |
| SWN Southwestern Energy Co. | 0.26% | 149,700 | $1.1M | No change |
| CINF Cincinnati Financial Corp. | 0.25% | 7,500 | $1.0M | No change |
| SYM Symbotic Inc. | 0.24% | 39,730 | $969K | Reduce -5.5% |
| NVDA Nvidia Corp. | 0.23% | 7,595 | $922K | Reduce -7.6% |
| DCGO Docgo Inc. | 0.22% | 271,600 | $902K | Reduce -2.0% |
| AR Antero Resources Corp. | 0.21% | 30,000 | $860K | No change |
| AMD Advanced Micro Devices | 0.21% | 5,124 | $841K | No change |
| LOW Lowe's Cos Inc. | 0.20% | 3,054 | $827K | Reduce -1.0% |
| ALL Allstate Corp. | 0.19% | 4,153 | $788K | Reduce -2.7% |
| FCNCA First Citizens Bcshs Class A | 0.18% | 405 | $746K | Add +24.6% |
| ENB Enbridge Inc. | 0.18% | 18,250 | $741K | Add +169.4% |
| HD Home Depot Inc. | 0.18% | 1,804 | $731K | Reduce -3.0% |
| TMO Thermo Fisher Scientific Inc. | 0.18% | 1,175 | $727K | No change |
| YOU Clear Secure Inc. Class A | 0.17% | 21,500 | $713K | No change |
| RTX RTX Corp. | 0.17% | 5,707 | $691K | Add +0.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 1,179 | $677K | New |
| PLD Prologis Inc. | 0.16% | 5,250 | $663K | No change |
| DHR Danaher Corp. | 0.16% | 2,350 | $653K | No change |
| PNC PNC Financial Services Group | 0.16% | 3,451 | $638K | Reduce -1.1% |
| MCD McDonald's Corp. | 0.16% | 2,089 | $636K | No change |
| SBUX Starbucks Corp. | 0.15% | 6,265 | $611K | Add +0.4% |
| MU Micron Technology Inc. | 0.15% | 5,750 | $596K | Reduce -1.7% |
| RGLD Royal Gold Inc. | 0.14% | 4,091 | $574K | No change |
| ABT Abbott Laboratories | 0.13% | 4,839 | $552K | No change |
| LSCC Lattice Semiconductor Corp. | 0.13% | 10,145 | $538K | No change |
| IBB iShares Biotechnology ETF | 0.13% | 3,615 | $526K | No change |
| SIG Signet Jewelers Ltd. | 0.13% | 5,000 | $516K | No change |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.12% | 5,400 | $496K | Add +61.9% |
| TXO Txo Partners LP | 0.12% | 25,000 | $495K | New |
| TMHC Taylor Morrison Home Corp. | 0.12% | 7,000 | $492K | No change |
| CSX CSX Corp. | 0.12% | 14,048 | $485K | No change |
| BCX BlackRock Resources & Commod | 0.11% | 46,953 | $451K | Reduce -10.7% |
| CIVI Civitas Resources Inc. | 0.11% | 8,790 | $445K | New |
| BMY Bristol-Myers Squibb Co. | 0.11% | 8,545 | $442K | Reduce -2.0% |
| LUNA Luna Innovations Inc. | 0.11% | 187,500 | $441K | Add +11.9% |
| OKE Oneok Inc. | 0.10% | 4,700 | $428K | No change |
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,193 | $1.5M | Reduce -2.9% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,173 | $1.5M | Reduce -4.2% |
Total filed on the 13F, all lines: $412.5M.
Portfolio Sells Q2 2024 → Q3 2024
| TROW T Rowe Price Group Inc. | Reduce -4.7% | 21.84% | −3.66 |
| QCOM Qualcomm Inc. | Reduce -0.1% | 2.31% | −0.54 |
| WBD Warner Bros Discovery Inc. | Reduce -95.0% | 0.02% | −0.44 |
| FANG Diamondback Energy Inc. | Reduce -1.9% | 1.76% | −0.43 |
| ATEC Alphatec Holdings Inc. | Reduce -8.3% | 0.33% | −0.39 |
| PGNY Progyny Inc. | Sold out | 0.00% | −0.35 |
| MSFT Microsoft Corp. | Reduce -3.0% | 2.60% | −0.33 |
| SSYS Stratasys Ltd. | Sold out | 0.00% | −0.26 |
| CECO Ceco Environmental Corp. | Reduce -14.7% | 0.86% | −0.22 |
| INVE Inve Technologies Inc. | Reduce -1.2% | 0.61% | −0.18 |
| SYM Symbotic Inc. | Reduce -5.5% | 0.24% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -0.3% | 0.89% | −0.13 |
| WWW Wolverine World Wide Inc. | Sold out | 0.00% | −0.13 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -0.4% | 1.02% | −0.13 |
| BXP BXP Inc. | Sold out | 0.00% | −0.11 |
| HDSN Hudson Technologies Inc. | Reduce -1.3% | 0.81% | −0.10 |
| PPG PPG Industries Inc. | Sold out | 0.00% | −0.06 |
| MU Micron Technology Inc. | Reduce -1.7% | 0.15% | −0.05 |
| LLY Eli Lilly & Co. | Reduce -2.3% | 0.51% | −0.05 |
| GOOGL Alphabet Inc. Class A | Reduce -0.7% | 0.29% | −0.05 |
| QTRX Quanterix Corp. | Reduce -1.9% | 0.43% | −0.04 |
| URBAN-GRO INC | Sold out | 0.00% | −0.04 |
| NVDA Nvidia Corp. | Reduce -7.6% | 0.23% | −0.04 |
| DOW Dow Inc. | Reduce -1.4% | 0.89% | −0.03 |
| XRX Xerox Holdings Corp. | Reduce -16.3% | 0.08% | −0.03 |
| HON Honeywell International Inc. | Reduce -0.8% | 0.30% | −0.03 |
| KVUE Kenvue Inc. | Reduce -20.5% | 0.67% | −0.03 |
| LAND Gladstone Land Corp. | Reduce -0.3% | 0.52% | −0.02 |
| BCX BlackRock Resources & Commod | Reduce -10.7% | 0.11% | −0.01 |
| IBDP iShares Ibonds Dec 2024 Term | Reduce -9.8% | 0.08% | −0.01 |
| PM Philip Morris International | Reduce -30.8% | 0.05% | −0.01 |
| GRWG Growgeneration Corp. | Sold out | 0.00% | −0.01 |
| TMFC Motley Fool 100 Index ETF | Reduce -8.5% | 0.06% | −0.01 |
| FNB FNB Corp. | Reduce -4.2% | 0.08% | −0.01 |
| OPK Opko Health Inc. | Sold out | 0.00% | −0.00 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -2.0% | 0.06% | −0.00 |
| DCGO Docgo Inc. | Reduce -2.0% | 0.22% | +0.00 |
| MS Morgan Stanley | Reduce -1.1% | 0.06% | +0.00 |
| SHYF The Shyft Group Inc. | Reduce -0.3% | 0.37% | +0.00 |
| SLV iShares Silver Trust | Reduce -0.4% | 0.10% | +0.00 |
| FVCB Fvcbankcorp Inc. | Reduce -4.0% | 0.04% | +0.00 |
| KEYS Keysight Technologies Inc. | Reduce -2.6% | 0.07% | +0.01 |
| NEM Newmont Corp. | Reduce -7.9% | 0.06% | +0.01 |
| HD Home Depot Inc. | Reduce -3.0% | 0.18% | +0.01 |
| BMY Bristol-Myers Squibb Co. | Reduce -2.0% | 0.11% | +0.01 |
| CYRX Cryoport Inc. | Reduce -5.3% | 0.28% | +0.02 |
| PNC PNC Financial Services Group | Reduce -1.1% | 0.16% | +0.02 |
| ALL Allstate Corp. | Reduce -2.7% | 0.19% | +0.02 |
| KO The Coca-Cola Co. | Reduce -0.3% | 0.31% | +0.02 |
| ABBV Abbvie Inc. | Reduce -0.2% | 0.31% | +0.03 |
Portfolio Buys Q2 2024 → Q3 2024
| LULU Lululemon Athletica Inc. | New | 1.19% | +1.19 |
| AMZN Amazon.com Inc. | Add +139.9% | 1.37% | +0.75 |
| GOOG Alphabet Inc. Class C | Add +135.2% | 1.09% | +0.55 |
| DAR Darling Ingredients Inc. | New | 0.38% | +0.38 |
| CALX Calix Inc. | Add +33.6% | 1.14% | +0.32 |
| O Realty Income Corp. | Add +0.0% | 1.70% | +0.21 |
| FMX Fomento Economico Mex-SP ADR | Add +37.4% | 1.14% | +0.19 |
| EVLV Evolv Technologies Holdings | Add +0.5% | 0.52% | +0.18 |
| SPY SS SPDR S&P 500 ETF Trust-US | New | 0.17% | +0.17 |
| TXO Txo Partners LP | New | 0.12% | +0.12 |
| NPKI NPK International Inc. | Add +52.8% | 0.69% | +0.12 |
| ENB Enbridge Inc. | Add +169.4% | 0.18% | +0.12 |
| CIVI Civitas Resources Inc. | New | 0.11% | +0.11 |
| ACA Arcosa Inc. | Add +3.7% | 0.98% | +0.10 |
| MXL Maxlinear Inc. | New | 0.08% | +0.08 |
| TCAF T Rowe PRC Cap Appreciation | New | 0.07% | +0.07 |
| CB Chubb Ltd. | Add +2.8% | 0.71% | +0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | New | 0.06% | +0.06 |
| JNJ Johnson & Johnson | Add +0.1% | 1.18% | +0.06 |
| SMRI Bushido Cap US Equity ETF | New | 0.06% | +0.06 |
| COPX Global X Copper Miners ETF | New | 0.06% | +0.06 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.06% | +0.06 |
| VIG Vanguard Dividend Apprec ETF | New | 0.06% | +0.06 |
| GLD SPDR Gold Shares | Add +0.7% | 0.69% | +0.05 |
| NOC Northrop Grumman Corp. | New | 0.05% | +0.05 |
| COF Capital One Financial Corp. | New | 0.05% | +0.05 |
| BALL Ball Corp. | New | 0.05% | +0.05 |
| OTIS Otis Worldwide Corp. | New | 0.05% | +0.05 |
| AMP Ameriprise Financial Inc. | New | 0.05% | +0.05 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +61.9% | 0.12% | +0.04 |
| FCNCA First Citizens Bcshs Class A | Add +24.6% | 0.18% | +0.04 |
| GE General Electric | Add +29.4% | 0.10% | +0.03 |
| SBUX Starbucks Corp. | Add +0.4% | 0.15% | +0.02 |
| RTX RTX Corp. | Add +0.1% | 0.17% | +0.02 |
| VZ Verizon Communications Inc. | Add +0.9% | 0.35% | +0.01 |
| CARR Carrier Global Corp. | Add +0.1% | 0.08% | +0.01 |
| SELF Global Self Storage Inc. | Add +0.8% | 0.47% | +0.01 |
| LODE Comstock Inc. | Add +140.0% | 0.01% | +0.01 |
| KOPN Kopin Corp. | Add +50.0% | 0.01% | +0.00 |
| PG The Procter & Gamble Co. | Add +0.1% | 0.71% | +0.00 |
| AKTSQ Akoustis Technologies Inc. | Add +47.8% | 0.00% | −0.00 |
| PFE Pfizer Inc. | Add +0.4% | 0.75% | −0.01 |
| LUNA Luna Innovations Inc. | Add +11.9% | 0.11% | −0.03 |
| ARCC Ares Capital Corp. | Add +0.1% | 0.84% | −0.04 |
| RXRX Recursion Pharmaceuticals-A | Add +3.8% | 0.29% | −0.04 |
| CPA Copa Holdings SA Class A | Add +1.8% | 1.62% | −0.08 |
| RIG Transocean Ltd. | Add +22.6% | 1.00% | −0.08 |
| AZN Astrazeneca PLC-Spons ADR | Add +0.7% | 3.10% | −0.14 |
| TTI Tetra Technologies Inc. | Add +1.6% | 0.95% | −0.15 |
| CVX Chevron Corp. | Add +0.6% | 2.30% | −0.25 |
Notes & Other Activity Q2 2024 → Q3 2024
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -2.9% | 1,193 | $1.5M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -4.2% | 1,173 | $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 |