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

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $416.0M Q1 2024 Q2 2024: $389.5M Q2 2024 Q3 2024: $409.5M $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 · $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
GE General Electric filed as GE AEROSPACE 0.10% 2,209 $417K Add +29.4%
SLV iShares Silver Trust 0.10% 13,690 $389K Reduce -0.4%
AMGN Amgen Inc. 0.09% 1,188 $383K No change
WEST Westrock Coffee Co. 0.09% 58,725 $382K No change
DUK Duke Energy Corp. 0.09% 3,297 $380K No change
IBDP iShares Ibonds Dec 2024 Term 0.08% 13,795 $348K Reduce -9.8%
SYK Stryker Corp. 0.08% 953 $344K No change
SANM Sanmina Corp. 0.08% 5,000 $342K No change
MXL Maxlinear Inc. 0.08% 22,500 $326K New
CNX CNX Resources Corp. 0.08% 10,000 $326K No change
FNB FNB Corp. 0.08% 23,000 $325K Reduce -4.2%
NBR Nabors Industries Ltd. 0.08% 5,000 $322K No change
XRX Xerox Holdings Corp. 0.08% 30,898 $321K Reduce -16.3%
CARR Carrier Global Corp. 0.08% 3,925 $316K Add +0.1%
KEYS Keysight Technologies Inc. 0.07% 1,879 $299K Reduce -2.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.07% 3,013 $290K No change
CI The Cigna Group 0.07% 834 $289K No change
LMT Lockheed Martin Corp. 0.07% 491 $287K No change
TCAF T Rowe PRC Cap Appreciation 0.07% 8,575 $285K New
MPC Marathon Petroleum Corp. 0.07% 1,700 $277K No change
NEE Nextera Energy Inc. 0.07% 3,150 $266K No change
VYMI Vanguard Int High DVD YLD Inc. 0.06% 3,583 $263K Reduce -2.0%
IBDQ iShares Ibonds Dec 2025 Term 0.06% 10,350 $260K New
EMR Emerson Electric Co. 0.06% 2,317 $253K No change
NEM Newmont Corp. 0.06% 4,692 $251K Reduce -7.9%
CP Canadian Pacific Kansas City 0.06% 2,905 $248K No change
SMRI Bushido Cap US Equity ETF 0.06% 8,045 $246K New
MGY Magnolia Oil & Gas Corp. Class A 0.06% 10,000 $244K No change
COPX Global X Copper Miners ETF 0.06% 5,134 $243K New
AON Aon PLC Class A 0.06% 700 $242K No change
QQQ Invesco QQQ Trust Series 1 0.06% 495 $242K New
TMFC Motley Fool 100 Index ETF 0.06% 4,285 $241K Reduce -8.5%
VIG Vanguard Dividend Apprec ETF 0.06% 1,169 $232K New
FRO Frontline PLC 0.06% 10,000 $229K No change
MS Morgan Stanley 0.06% 2,163 $225K Reduce -1.1%
NOC Northrop Grumman Corp. 0.05% 407 $215K New
COF Capital One Financial Corp. 0.05% 1,434 $215K New
BALL Ball Corp. 0.05% 3,100 $211K New
OTIS Otis Worldwide Corp. 0.05% 1,997 $208K New
AMP Ameriprise Financial Inc. 0.05% 440 $207K New
PM Philip Morris International 0.05% 1,687 $205K Reduce -30.8%
ARAY Accuray Inc. 0.05% 110,000 $198K No change
FVCB Fvcbankcorp Inc. 0.04% 12,000 $157K Reduce -4.0%
WBD Warner Bros Discovery Inc. 0.02% 12,239 $101K Reduce -95.0%
NNDM Nano Dimension Ltd. - ADR 0.01% 25,000 $61K No change
BRFH Barfresh Food Group Inc. 0.01% 15,384 $45K No change
LODE Comstock Inc. 0.01% 60,000 $28K Add +140.0%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 0.01% 36,625 $28K No change
MCHX Marchex Inc. Class B 0.01% 15,000 $28K No change
KOPN Kopin Corp. 0.01% 30,000 $22K Add +50.0%
PXLW Pixelworks Inc. 0.00% 25,000 $18K No change
AKTSQ Akoustis Technologies Inc. 0.00% 102,100 $9K Add +47.8%
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.0M (not counted above)
SecurityClassShares / PrincipalValueChange
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 1,193$1.5MReduce -2.9%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 1,173$1.5MReduce -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

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