Marathon Capital Management

Name: MARATHON CAPITAL MANAGEMENT 13F holdings, Q4 2024
Creator: MARATHON CAPITAL MANAGEMENT
Published: 2025-02-14

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

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%
LUNA Luna Innovations Inc.	0.10%	192,500	$416K	Add +2.7%
SIG Signet Jewelers Ltd.	0.10%	5,000	$404K	No change
GE General Electric filed as GE AEROSPACE	0.10%	2,409	$402K	Add +9.1%
BCX BlackRock Resources & Commod	0.10%	45,967	$393K	Reduce -2.1%
SYK Stryker Corp.	0.10%	1,081	$389K	Add +13.4%
SANM Sanmina Corp.	0.10%	5,000	$378K	No change
WEST Westrock Coffee Co.	0.09%	58,125	$373K	Reduce -1.0%
CNX CNX Resources Corp.	0.09%	10,000	$367K	No change
SLV iShares Silver Trust	0.09%	13,690	$360K	No change
DUK Duke Energy Corp.	0.09%	3,272	$353K	Reduce -0.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.09%	3,113	$347K	Add +3.3%
AVGO Broadcom Inc.	0.08%	1,450	$336K	New
AMGN Amgen Inc.	0.08%	1,188	$310K	No change
FNB FNB Corp.	0.07%	20,000	$296K	Reduce -13.0%
EMR Emerson Electric Co.	0.07%	2,317	$287K	No change
NBR Nabors Industries Ltd.	0.07%	5,000	$286K	No change
KEYS Keysight Technologies Inc.	0.07%	1,779	$286K	Reduce -5.3%
TCAF T Rowe PRC Cap Appreciation	0.07%	8,575	$285K	No change
EVLV Evolv Technologies Holdings	0.07%	70,850	$280K	Reduce -86.6%
QQQ Invesco QQQ Trust Series 1	0.07%	542	$277K	Add +9.5%
CARR Carrier Global Corp.	0.07%	3,926	$268K	Add +0.0%
COF Capital One Financial Corp.	0.06%	1,434	$256K	No change
SMRI Bushido Cap US Equity ETF	0.06%	8,095	$253K	Add +0.6%
TMFC Motley Fool 100 Index ETF	0.06%	4,186	$252K	Reduce -2.3%
MS Morgan Stanley	0.06%	1,998	$251K	Reduce -7.6%
MYCF State Street MY2026 Corporat	0.06%	9,967	$248K	New
VYMI Vanguard Int High DVD YLD Inc.	0.06%	3,533	$240K	Reduce -1.4%
LMT Lockheed Martin Corp.	0.06%	491	$239K	No change
MPC Marathon Petroleum Corp.	0.06%	1,700	$237K	No change
AMP Ameriprise Financial Inc.	0.06%	440	$234K	No change
MGY Magnolia Oil & Gas Corp. Class A	0.06%	10,000	$234K	No change
CI The Cigna Group	0.06%	834	$230K	No change
VIG Vanguard Dividend Apprec ETF	0.06%	1,169	$229K	No change
NEE Nextera Energy Inc.	0.06%	3,159	$226K	Add +0.3%
ARAY Accuray Inc.	0.05%	110,000	$218K	No change
CSCO Cisco Systems Inc.	0.05%	3,659	$217K	New
WAB Wabtec Corp.	0.05%	1,124	$213K	New
CP Canadian Pacific Kansas City	0.05%	2,905	$210K	No change
NOW ServiceNow Inc.	0.05%	195	$207K	New
ADP Automatic Data Processing	0.05%	700	$205K	New
COPX Global X Copper Miners ETF	0.05%	5,364	$205K	Add +4.5%
PM Philip Morris International	0.05%	1,687	$203K	No change
FVCB Fvcbankcorp Inc.	0.04%	12,000	$151K	No change
FRO Frontline PLC	0.04%	10,000	$142K	No change
WBD Warner Bros Discovery Inc.	0.03%	12,239	$129K	No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC	0.02%	34,250	$88K	Reduce -6.5%
MCHX Marchex Inc. Class B	0.02%	39,000	$68K	Add +160.0%
NNDM Nano Dimension Ltd. - ADR	0.01%	20,000	$50K	Reduce -20.0%
KOPN Kopin Corp.	0.01%	35,000	$48K	Add +16.7%
BRFH Barfresh Food Group Inc.	0.01%	15,384	$45K	No change
LODE Comstock Inc.	0.01%	55,000	$44K	Reduce -8.3%
PXLW Pixelworks Inc.	0.00%	25,000	$18K	No change

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