Marathon Capital Management
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Marathon Capital Management reported 152 stock positions worth $397.3 million. Its top holding was T Rowe Price (TROW) at 22.2% of the portfolio, followed by Apple (AAPL, 3.6%) and Corning (GLW, 2.8%). Compared with Q3 2024, it opened 10 new positions, sold out of 10, added to 46 and reduced 57. The biggest buy was a new position in SLB (SLB) and the biggest sale Transocean (RIG, shares −76%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $397.3M (Q4 2024)
- SEC Filing
- 0001172661-25-001088 ↗ filed Feb 14, 2025
Holdings Value
Holdings 152 stocks · $397.3M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 22.19% | 779,625 | $88.2M | Reduce -5.0% |
| AAPL Apple Inc. | 3.64% | 57,789 | $14.5M | Reduce -0.3% |
| GLW Corning Inc. | 2.82% | 235,945 | $11.2M | Add +1.7% |
| AZN Astrazeneca PLC-Spons ADR | 2.77% | 168,090 | $11.0M | Add +3.1% |
| MSFT Microsoft Corp. | 2.65% | 25,022 | $10.5M | Add +1.1% |
| ALSN Allison Transmission Holding | 2.41% | 88,712 | $9.6M | Reduce -24.8% |
| FANG Diamondback Energy Inc. | 2.34% | 56,817 | $9.3M | Add +35.8% |
| CVX Chevron Corp. | 2.33% | 63,919 | $9.3M | Add +0.1% |
| MET Metlife Inc. | 2.27% | 110,241 | $9.0M | Reduce -0.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.25% | 40,635 | $8.9M | Reduce -2.1% |
| QCOM Qualcomm Inc. | 2.16% | 55,874 | $8.6M | Add +0.3% |
| FIS Fidelity National Info Serv | 1.85% | 90,828 | $7.3M | Reduce -1.7% |
| HLMN Hillman Solutions Corp. | 1.73% | 705,600 | $6.9M | Reduce -11.4% |
| LULU Lululemon Athletica Inc. | 1.70% | 17,630 | $6.7M | Reduce -1.9% |
| AMZN Amazon.com Inc. | 1.69% | 30,612 | $6.7M | Add +1.9% |
| CPA Copa Holdings SA Class A | 1.63% | 73,708 | $6.5M | Add +4.2% |
| WTW Willis Towers Watson PLC | 1.56% | 19,733 | $6.2M | Reduce -1.0% |
| DOW Dow Inc. | 1.51% | 149,602 | $6.0M | Add +124.2% |
| O Realty Income Corp. | 1.47% | 109,646 | $5.9M | Reduce -0.3% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.36% | 11,888 | $5.4M | Add +0.4% |
| JPM JPMorgan Chase & Co. | 1.31% | 21,738 | $5.2M | Add +0.5% |
| TTI Tetra Technologies Inc. | 1.30% | 1,443,995 | $5.2M | Add +15.7% |
| GOOG Alphabet Inc. Class C | 1.29% | 26,996 | $5.1M | Add +1.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.22% | 126,020 | $4.8M | New |
| ZETA Zeta Global Holdings Corp. Class A | 1.10% | 242,510 | $4.4M | Add +4.7% |
| JNJ Johnson & Johnson | 1.09% | 29,913 | $4.3M | Add +0.7% |
| ACA Arcosa Inc. | 1.02% | 41,940 | $4.1M | Reduce -0.5% |
| ENPH Enphase Energy Inc. | 1.02% | 58,868 | $4.0M | Add +1.8% |
| CALX Calix Inc. | 1.01% | 115,135 | $4.0M | Reduce -4.7% |
| ANIP Ani Pharmaceuticals Inc. | 0.97% | 69,895 | $3.9M | Reduce -0.2% |
| CEF Sprott Physical Gold and Sil | 0.91% | 152,975 | $3.6M | Reduce -0.4% |
| ARCC Ares Capital Corp. | 0.90% | 162,740 | $3.6M | Reduce -1.3% |
| MRK Merck & Co. Inc. | 0.80% | 32,114 | $3.2M | Add +0.5% |
| KRNT Kornit Digital Ltd. | 0.79% | 101,725 | $3.1M | Reduce -0.3% |
| FMX Fomento Economico Mex-SP ADR | 0.79% | 36,628 | $3.1M | Reduce -22.7% |
| NPKI NPK International Inc. | 0.78% | 406,050 | $3.1M | Reduce -0.2% |
| CECO Ceco Environmental Corp. | 0.75% | 98,525 | $3.0M | Reduce -20.7% |
| PG The Procter & Gamble Co. | 0.72% | 16,947 | $2.8M | Add +0.6% |
| GLD SPDR Gold Shares | 0.70% | 11,528 | $2.8M | Reduce -0.9% |
| CB Chubb Ltd. | 0.70% | 10,010 | $2.8M | Reduce -0.5% |
| PFE Pfizer Inc. | 0.70% | 104,154 | $2.8M | Reduce -1.6% |
| KVUE Kenvue Inc. | 0.61% | 113,680 | $2.4M | Reduce -4.4% |
| ATEC Alphatec Holdings Inc. | 0.56% | 240,475 | $2.2M | Reduce -2.1% |
| HDSN Hudson Technologies Inc. | 0.55% | 390,700 | $2.2M | Reduce -2.0% |
| TRGP Targa Resources Corp. | 0.54% | 12,075 | $2.2M | Reduce -28.9% |
| B Barrick Gold Corp. | 0.54% | 138,100 | $2.1M | Reduce -0.5% |
| SELF Global Self Storage Inc. | 0.50% | 373,338 | $2.0M | Add +0.2% |
| LLY Eli Lilly & Co. | 0.45% | 2,306 | $1.8M | Reduce -2.9% |
| LAND Gladstone Land Corp. | 0.42% | 154,409 | $1.7M | Add +0.3% |
| WY Weyerhaeuser Co. | 0.39% | 54,686 | $1.5M | Reduce -6.7% |
| GOOGL Alphabet Inc. Class A | 0.36% | 7,585 | $1.4M | Add +5.6% |
| SHYF The Shyft Group Inc. | 0.36% | 120,216 | $1.4M | Reduce -1.2% |
| DAR Darling Ingredients Inc. | 0.35% | 40,985 | $1.4M | Reduce -2.2% |
| HON Honeywell International Inc. | 0.33% | 5,720 | $1.3M | Reduce -4.2% |
| EXE Expand Energy Corp. | 0.32% | 12,606 | $1.3M | New |
| VZ Verizon Communications Inc. | 0.31% | 30,662 | $1.2M | Reduce -2.8% |
| SYM Symbotic Inc. | 0.30% | 49,580 | $1.2M | Add +24.8% |
| ABBV Abbvie Inc. | 0.28% | 6,357 | $1.1M | Reduce -0.8% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.28% | 300,800 | $1.1M | Reduce -57.4% |
| KO The Coca-Cola Co. | 0.28% | 17,670 | $1.1M | Add +1.1% |
| CINF Cincinnati Financial Corp. | 0.27% | 7,575 | $1.1M | Add +1.0% |
| XOM Exxon Mobil Corp. | 0.27% | 9,949 | $1.1M | Reduce -0.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.27% | 1,824 | $1.1M | Add +54.7% |
| AR Antero Resources Corp. | 0.26% | 30,000 | $1.1M | No change |
| NVDA Nvidia Corp. | 0.26% | 7,680 | $1.0M | Add +1.1% |
| RXRX Recursion Pharmaceuticals-A | 0.25% | 146,395 | $990K | Reduce -19.5% |
| PEP Pepsico Inc. | 0.25% | 6,496 | $988K | Add +3.6% |
| DCGO Docgo Inc. | 0.24% | 225,650 | $957K | Reduce -16.9% |
| RIG Transocean Ltd. | 0.22% | 228,525 | $857K | Reduce -76.3% |
| ALL Allstate Corp. | 0.20% | 4,153 | $801K | No change |
| QTRX Quanterix Corp. | 0.20% | 74,750 | $795K | Reduce -44.6% |
| ENB Enbridge Inc. | 0.19% | 18,250 | $774K | No change |
| FCNCA First Citizens Bcshs Class A | 0.19% | 365 | $771K | Reduce -9.9% |
| LOW Lowe's Cos Inc. | 0.19% | 3,054 | $754K | No change |
| HD Home Depot Inc. | 0.18% | 1,879 | $731K | Add +4.2% |
| CYRX Cryoport Inc. | 0.18% | 90,730 | $706K | Reduce -35.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.17% | 7,430 | $679K | Add +37.6% |
| PNC PNC Financial Services Group | 0.17% | 3,451 | $666K | No change |
| RTX RTX Corp. | 0.16% | 5,544 | $642K | Reduce -2.9% |
| ETN Eaton Corp. PLC | 0.16% | 1,885 | $626K | New |
| AMD Advanced Micro Devices | 0.16% | 5,149 | $622K | Add +0.5% |
| TMO Thermo Fisher Scientific Inc. | 0.15% | 1,177 | $612K | Add +0.2% |
| MCD McDonald's Corp. | 0.15% | 2,089 | $606K | No change |
| DHR Danaher Corp. | 0.15% | 2,525 | $580K | Add +7.5% |
| LSCC Lattice Semiconductor Corp. | 0.14% | 10,145 | $575K | No change |
| SBUX Starbucks Corp. | 0.14% | 6,265 | $572K | No change |
| PLD Prologis Inc. | 0.14% | 5,250 | $555K | No change |
| ABT Abbott Laboratories | 0.14% | 4,839 | $547K | No change |
| RGLD Royal Gold Inc. | 0.14% | 4,092 | $539K | Add +0.0% |
| BXP BXP Inc. | 0.13% | 7,018 | $522K | New |
| YOU Clear Secure Inc. Class A | 0.13% | 19,000 | $506K | Reduce -11.6% |
| BMY Bristol-Myers Squibb Co. | 0.13% | 8,808 | $498K | Add +3.1% |
| MU Micron Technology Inc. | 0.12% | 5,750 | $484K | No change |
| IBB iShares Biotechnology ETF | 0.12% | 3,615 | $478K | No change |
| OKE Oneok Inc. | 0.12% | 4,650 | $467K | Reduce -1.1% |
| CSX CSX Corp. | 0.11% | 14,048 | $453K | No change |
| MXL Maxlinear Inc. | 0.11% | 22,500 | $445K | No change |
| TMHC Taylor Morrison Home Corp. | 0.11% | 7,000 | $428K | No change |
| TXO Txo Partners LP | 0.11% | 25,000 | $421K | No change |
| CIVI Civitas Resources Inc. | 0.11% | 9,140 | $419K | Add +4.0% |
Other holdings (3): bonds, preferreds, convertibles and warrants · $3.1M (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 | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,157 | $1.4M | Reduce -1.4% |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | 10,425 | $261K | New |
Total filed on the 13F, all lines: $400.4M.
Portfolio Sells Q3 2024 → Q4 2024
| RIG Transocean Ltd. | Reduce -76.3% | 0.22% | −0.79 |
| EVLV Evolv Technologies Holdings | Reduce -86.6% | 0.07% | −0.45 |
| ALSN Allison Transmission Holding | Reduce -24.8% | 2.41% | −0.36 |
| FMX Fomento Economico Mex-SP ADR | Reduce -22.7% | 0.79% | −0.35 |
| INVE Inve Technologies Inc. | Reduce -57.4% | 0.28% | −0.33 |
| HLMN Hillman Solutions Corp. | Reduce -11.4% | 1.73% | −0.32 |
| HDSN Hudson Technologies Inc. | Reduce -2.0% | 0.55% | −0.26 |
| SWN Southwestern Energy Co. | Sold out | 0.00% | −0.26 |
| O Realty Income Corp. | Reduce -0.3% | 1.47% | −0.23 |
| QTRX Quanterix Corp. | Reduce -44.6% | 0.20% | −0.23 |
| B Barrick Gold Corp. | Reduce -0.5% | 0.54% | −0.14 |
| CALX Calix Inc. | Reduce -4.7% | 1.01% | −0.13 |
| CECO Ceco Environmental Corp. | Reduce -20.7% | 0.75% | −0.11 |
| CYRX Cryoport Inc. | Reduce -35.4% | 0.18% | −0.10 |
| WY Weyerhaeuser Co. | Reduce -6.7% | 0.39% | −0.10 |
| IBDP iShares Ibonds Dec 2024 Term | Sold out | 0.00% | −0.08 |
| XRX Xerox Holdings Corp. | Sold out | 0.00% | −0.08 |
| TRGP Targa Resources Corp. | Reduce -28.9% | 0.54% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -2.9% | 0.45% | −0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.06 |
| NEM Newmont Corp. | Sold out | 0.00% | −0.06 |
| KVUE Kenvue Inc. | Reduce -4.4% | 0.61% | −0.06 |
| AON Aon PLC Class A | Sold out | 0.00% | −0.06 |
| NOC Northrop Grumman Corp. | Sold out | 0.00% | −0.05 |
| PFE Pfizer Inc. | Reduce -1.6% | 0.70% | −0.05 |
| BALL Ball Corp. | Sold out | 0.00% | −0.05 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.05 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -0.2% | 0.97% | −0.05 |
| YOU Clear Secure Inc. Class A | Reduce -11.6% | 0.13% | −0.05 |
| RXRX Recursion Pharmaceuticals-A | Reduce -19.5% | 0.25% | −0.04 |
| FIS Fidelity National Info Serv | Reduce -1.7% | 1.85% | −0.04 |
| VZ Verizon Communications Inc. | Reduce -2.8% | 0.31% | −0.04 |
| DAR Darling Ingredients Inc. | Reduce -2.2% | 0.35% | −0.03 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.28% | −0.02 |
| SHYF The Shyft Group Inc. | Reduce -1.2% | 0.36% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -0.6% | 0.27% | −0.02 |
| CB Chubb Ltd. | Reduce -0.5% | 0.70% | −0.01 |
| BCX BlackRock Resources & Commod | Reduce -2.1% | 0.10% | −0.01 |
| RTX RTX Corp. | Reduce -2.9% | 0.16% | −0.01 |
| FNB FNB Corp. | Reduce -13.0% | 0.07% | −0.00 |
| DUK Duke Energy Corp. | Reduce -0.8% | 0.09% | −0.00 |
| CEF Sprott Physical Gold and Sil | Reduce -0.4% | 0.91% | −0.00 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -1.4% | 0.06% | −0.00 |
| NNDM Nano Dimension Ltd. - ADR | Reduce -20.0% | 0.01% | −0.00 |
| AKTSQ Akoustis Technologies Inc. | Sold out | 0.00% | −0.00 |
| KEYS Keysight Technologies Inc. | Reduce -5.3% | 0.07% | −0.00 |
| WEST Westrock Coffee Co. | Reduce -1.0% | 0.09% | +0.00 |
| LODE Comstock Inc. | Reduce -8.3% | 0.01% | +0.00 |
| TMFC Motley Fool 100 Index ETF | Reduce -2.3% | 0.06% | +0.00 |
| IBM Intl Business Machines Corp. | Reduce -2.1% | 2.25% | +0.01 |
Portfolio Buys Q3 2024 → Q4 2024
| SLB SLB Ltd. | New | 1.22% | +1.22 |
| DOW Dow Inc. | Add +124.2% | 1.51% | +0.62 |
| FANG Diamondback Energy Inc. | Add +35.8% | 2.34% | +0.58 |
| TTI Tetra Technologies Inc. | Add +15.7% | 1.30% | +0.36 |
| AMZN Amazon.com Inc. | Add +1.9% | 1.69% | +0.32 |
| EXE Expand Energy Corp. | New | 0.32% | +0.32 |
| GLW Corning Inc. | Add +1.7% | 2.82% | +0.26 |
| GOOG Alphabet Inc. Class C | Add +1.4% | 1.29% | +0.21 |
| JPM JPMorgan Chase & Co. | Add +0.5% | 1.31% | +0.20 |
| ETN Eaton Corp. PLC | New | 0.16% | +0.16 |
| BXP BXP Inc. | New | 0.13% | +0.13 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +54.7% | 0.27% | +0.10 |
| AVGO Broadcom Inc. | New | 0.08% | +0.08 |
| GOOGL Alphabet Inc. Class A | Add +5.6% | 0.36% | +0.07 |
| MYCF State Street MY2026 Corporat | New | 0.06% | +0.06 |
| SYM Symbotic Inc. | Add +24.8% | 0.30% | +0.06 |
| CSCO Cisco Systems Inc. | New | 0.05% | +0.05 |
| WAB Wabtec Corp. | New | 0.05% | +0.05 |
| MSFT Microsoft Corp. | Add +1.1% | 2.65% | +0.05 |
| NOW ServiceNow Inc. | New | 0.05% | +0.05 |
| ADP Automatic Data Processing | New | 0.05% | +0.05 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +37.6% | 0.17% | +0.05 |
| NVDA Nvidia Corp. | Add +1.1% | 0.26% | +0.03 |
| CVX Chevron Corp. | Add +0.1% | 2.33% | +0.03 |
| SELF Global Self Storage Inc. | Add +0.2% | 0.50% | +0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.4% | 1.36% | +0.02 |
| CINF Cincinnati Financial Corp. | Add +1.0% | 0.27% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Add +3.1% | 0.13% | +0.02 |
| DIS The Walt Disney Co. | Add +3.3% | 0.09% | +0.02 |
| SYK Stryker Corp. | Add +13.4% | 0.10% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +9.5% | 0.07% | +0.01 |
| MCHX Marchex Inc. Class B | Add +160.0% | 0.02% | +0.01 |
| CPA Copa Holdings SA Class A | Add +4.2% | 1.63% | +0.01 |
| KOPN Kopin Corp. | Add +16.7% | 0.01% | +0.01 |
| HD Home Depot Inc. | Add +4.2% | 0.18% | +0.01 |
| SMRI Bushido Cap US Equity ETF | Add +0.6% | 0.06% | +0.00 |
| PG The Procter & Gamble Co. | Add +0.6% | 0.72% | +0.00 |
| GE General Electric | Add +9.1% | 0.10% | −0.00 |
| LUNA Luna Innovations Inc. | Add +2.7% | 0.10% | −0.00 |
| CIVI Civitas Resources Inc. | Add +4.0% | 0.11% | −0.00 |
| RGLD Royal Gold Inc. | Add +0.0% | 0.14% | −0.00 |
| COPX Global X Copper Miners ETF | Add +4.5% | 0.05% | −0.01 |
| NEE Nextera Energy Inc. | Add +0.3% | 0.06% | −0.01 |
| CARR Carrier Global Corp. | Add +0.0% | 0.07% | −0.01 |
| PEP Pepsico Inc. | Add +3.6% | 0.25% | −0.01 |
| DHR Danaher Corp. | Add +7.5% | 0.15% | −0.01 |
| TMO Thermo Fisher Scientific Inc. | Add +0.2% | 0.15% | −0.02 |
| KO The Coca-Cola Co. | Add +1.1% | 0.28% | −0.03 |
| AMD Advanced Micro Devices | Add +0.5% | 0.16% | −0.05 |
| MRK Merck & Co. Inc. | Add +0.5% | 0.80% | −0.08 |
Notes & Other Activity Q3 2024 → Q4 2024
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.4% | 1,157 | $1.4M |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | New | 10,425 | $261K |
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 |