Marathon Capital Management
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Marathon Capital Management reported 156 stock positions worth $372.7 million. Its top holding was T Rowe Price (TROW) at 18.4% of the portfolio, followed by Apple (AAPL, 3.3%) and Astrazeneca PLC-Spons ADR (AZN, 3.3%). Compared with Q4 2024, it opened 12 new positions, sold out of 8, added to 40 and reduced 69. The biggest buy was Danaher (DHR, shares +610%) and the biggest sale T Rowe Price (TROW, shares −4%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $372.7M (Q1 2025)
- SEC Filing
- 0001172661-25-002209 ↗ filed May 15, 2025
Holdings Value
Holdings 156 stocks · $372.7M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 18.45% | 748,350 | $68.8M | Reduce -4.0% |
| AAPL Apple Inc. | 3.33% | 55,935 | $12.4M | Reduce -3.2% |
| AZN Astrazeneca PLC-Spons ADR | 3.28% | 166,317 | $12.2M | Reduce -1.1% |
| CVX Chevron Corp. | 2.78% | 61,958 | $10.4M | Reduce -3.1% |
| MSFT Microsoft Corp. | 2.72% | 27,040 | $10.2M | Add +8.1% |
| GLW Corning Inc. | 2.63% | 214,208 | $9.8M | Reduce -9.2% |
| FANG Diamondback Energy Inc. | 2.52% | 58,798 | $9.4M | Add +3.5% |
| MET Metlife Inc. | 2.35% | 108,947 | $8.7M | Reduce -1.2% |
| QCOM Qualcomm Inc. | 2.25% | 54,470 | $8.4M | Reduce -2.5% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.13% | 31,917 | $7.9M | Reduce -21.4% |
| ALSN Allison Transmission Holding | 1.96% | 76,292 | $7.3M | Reduce -14.0% |
| GOOG Alphabet Inc. Class C | 1.85% | 44,117 | $6.9M | Add +63.4% |
| CPA Copa Holdings SA Class A | 1.82% | 73,458 | $6.8M | Reduce -0.3% |
| FIS Fidelity National Info Serv | 1.80% | 90,057 | $6.7M | Reduce -0.8% |
| WTW Willis Towers Watson PLC | 1.73% | 19,118 | $6.5M | Reduce -3.1% |
| O Realty Income Corp. | 1.72% | 110,346 | $6.4M | Add +0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.64% | 11,508 | $6.1M | Reduce -3.2% |
| HLMN Hillman Solutions Corp. | 1.61% | 681,875 | $6.0M | Reduce -3.4% |
| AMZN Amazon.com Inc. | 1.57% | 30,667 | $5.8M | Add +0.2% |
| JPM JPMorgan Chase & Co. | 1.43% | 21,676 | $5.3M | Reduce -0.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.42% | 126,403 | $5.3M | Add +0.3% |
| DOW Dow Inc. | 1.40% | 149,028 | $5.2M | Reduce -0.4% |
| JNJ Johnson & Johnson | 1.31% | 29,422 | $4.9M | Reduce -1.6% |
| LULU Lululemon Athletica Inc. | 1.31% | 17,200 | $4.9M | Reduce -2.4% |
| TTI Tetra Technologies Inc. | 1.28% | 1,424,195 | $4.8M | Reduce -1.4% |
| ANIP Ani Pharmaceuticals Inc. | 1.24% | 69,195 | $4.6M | Reduce -1.0% |
| CEF Sprott Physical Gold and Sil | 1.12% | 147,225 | $4.2M | Reduce -3.8% |
| CALX Calix Inc. | 1.09% | 114,390 | $4.1M | Reduce -0.7% |
| ACA Arcosa Inc. | 0.99% | 48,025 | $3.7M | Add +14.5% |
| DHR Danaher Corp. | 0.99% | 17,925 | $3.7M | Add +609.9% |
| ENPH Enphase Energy Inc. | 0.98% | 58,598 | $3.6M | Reduce -0.5% |
| ARCC Ares Capital Corp. | 0.97% | 163,035 | $3.6M | Add +0.2% |
| ZETA Zeta Global Holdings Corp. Class A | 0.89% | 244,935 | $3.3M | Add +1.0% |
| GLD SPDR Gold Shares | 0.89% | 11,483 | $3.3M | Reduce -0.4% |
| CB Chubb Ltd. | 0.88% | 10,915 | $3.3M | Add +9.0% |
| MRK Merck & Co. Inc. | 0.84% | 35,009 | $3.1M | Add +9.0% |
| ADMA Adma Biologics Inc. | 0.83% | 155,120 | $3.1M | New |
| PG The Procter & Gamble Co. | 0.77% | 16,756 | $2.9M | Reduce -1.1% |
| B Barrick Gold Corp. | 0.72% | 138,896 | $2.7M | Add +0.6% |
| PFE Pfizer Inc. | 0.71% | 104,455 | $2.6M | Add +0.3% |
| ATEC Alphatec Holdings Inc. | 0.65% | 238,775 | $2.4M | Reduce -0.7% |
| NPKI NPK International Inc. | 0.65% | 413,875 | $2.4M | Add +1.9% |
| TRGP Targa Resources Corp. | 0.64% | 11,975 | $2.4M | Reduce -0.8% |
| HDSN Hudson Technologies Inc. | 0.63% | 382,700 | $2.4M | Reduce -2.0% |
| CECO Ceco Environmental Corp. | 0.60% | 97,975 | $2.2M | Reduce -0.6% |
| SYM Symbotic Inc. | 0.59% | 108,335 | $2.2M | Add +118.5% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.56% | 22,800 | $2.1M | Add +206.9% |
| KRNT Kornit Digital Ltd. | 0.51% | 100,125 | $1.9M | Reduce -1.6% |
| SELF Global Self Storage Inc. | 0.50% | 368,912 | $1.9M | Reduce -1.2% |
| LLY Eli Lilly & Co. | 0.47% | 2,126 | $1.8M | Reduce -7.8% |
| LAND Gladstone Land Corp. | 0.43% | 151,987 | $1.6M | Reduce -1.6% |
| WY Weyerhaeuser Co. | 0.43% | 54,124 | $1.6M | Reduce -1.0% |
| VZ Verizon Communications Inc. | 0.39% | 31,936 | $1.4M | Add +4.2% |
| DAR Darling Ingredients Inc. | 0.37% | 44,540 | $1.4M | Add +8.7% |
| EXE Expand Energy Corp. | 0.37% | 12,479 | $1.4M | Reduce -1.0% |
| ABBV Abbvie Inc. | 0.36% | 6,332 | $1.3M | Reduce -0.4% |
| KO The Coca-Cola Co. | 0.34% | 17,620 | $1.3M | Reduce -0.3% |
| HON Honeywell International Inc. | 0.33% | 5,803 | $1.2M | Add +1.4% |
| AR Antero Resources Corp. | 0.33% | 30,000 | $1.2M | No change |
| XOM Exxon Mobil Corp. | 0.32% | 9,949 | $1.2M | No change |
| GOOGL Alphabet Inc. Class A | 0.31% | 7,585 | $1.2M | No change |
| CINF Cincinnati Financial Corp. | 0.30% | 7,538 | $1.1M | Reduce -0.5% |
| PEP Pepsico Inc. | 0.26% | 6,471 | $970K | Reduce -0.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.26% | 1,727 | $966K | Reduce -5.3% |
| ALL Allstate Corp. | 0.23% | 4,076 | $844K | Reduce -1.9% |
| ENB Enbridge Inc. | 0.22% | 18,125 | $803K | Reduce -0.7% |
| RXRX Recursion Pharmaceuticals-A | 0.21% | 149,845 | $793K | Add +2.4% |
| DCGO Docgo Inc. | 0.21% | 296,025 | $782K | Add +31.2% |
| RTX RTX Corp. | 0.20% | 5,651 | $749K | Add +1.9% |
| MU Micron Technology Inc. | 0.20% | 8,450 | $734K | Add +47.0% |
| RIG Transocean Ltd. | 0.20% | 229,225 | $727K | Add +0.3% |
| LOW Lowe's Cos Inc. | 0.19% | 3,086 | $720K | Add +1.1% |
| FCNCA First Citizens Bcshs Class A | 0.19% | 385 | $714K | Add +5.5% |
| NVDA Nvidia Corp. | 0.19% | 6,580 | $713K | Reduce -14.3% |
| HD Home Depot Inc. | 0.18% | 1,879 | $689K | No change |
| RGLD Royal Gold Inc. | 0.18% | 4,092 | $669K | No change |
| MCD McDonald's Corp. | 0.17% | 2,080 | $650K | Reduce -0.4% |
| ABT Abbott Laboratories | 0.17% | 4,815 | $639K | Reduce -0.5% |
| SBUX Starbucks Corp. | 0.16% | 6,240 | $612K | Reduce -0.4% |
| PNC PNC Financial Services Group | 0.16% | 3,451 | $607K | No change |
| SHYF The Shyft Group Inc. | 0.16% | 74,021 | $599K | Reduce -38.4% |
| PLD Prologis Inc. | 0.16% | 5,250 | $587K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.15% | 1,127 | $561K | Reduce -4.3% |
| INVE Inve Technologies Inc. filed as IDENTIV INC | 0.15% | 175,100 | $559K | Reduce -41.8% |
| CYRX Cryoport Inc. | 0.14% | 88,680 | $539K | Reduce -2.3% |
| BMY Bristol-Myers Squibb Co. | 0.14% | 8,764 | $535K | Reduce -0.5% |
| LSCC Lattice Semiconductor Corp. | 0.14% | 10,145 | $532K | No change |
| AMD Advanced Micro Devices | 0.14% | 5,149 | $529K | No change |
| ETN Eaton Corp. PLC | 0.14% | 1,885 | $512K | No change |
| GE General Electric filed as GE AEROSPACE | 0.13% | 2,509 | $502K | Add +4.2% |
| YOU Clear Secure Inc. Class A | 0.13% | 19,000 | $492K | No change |
| QTRX Quanterix Corp. | 0.13% | 74,300 | $484K | Reduce -0.6% |
| TXO Txo Partners LP | 0.13% | 25,000 | $479K | No change |
| BXP BXP Inc. | 0.13% | 7,059 | $474K | Add +0.6% |
| GTY Getty Realty Corp. | 0.13% | 15,065 | $470K | New |
| IBB iShares Biotechnology ETF | 0.12% | 3,615 | $462K | No change |
| OKE Oneok Inc. | 0.12% | 4,450 | $442K | Reduce -4.3% |
| TMHC Taylor Morrison Home Corp. | 0.11% | 7,000 | $420K | No change |
| CSX CSX Corp. | 0.11% | 14,048 | $413K | No change |
| SLV iShares Silver Trust | 0.11% | 13,040 | $404K | Reduce -4.8% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $2.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,163 | $1.4M | Reduce -2.5% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,142 | $1.4M | Reduce -1.3% |
Total filed on the 13F, all lines: $375.5M.
Portfolio Sells Q4 2024 → Q1 2025
| TROW T Rowe Price Group Inc. | Reduce -4.0% | 18.45% | −3.74 |
| FMX Fomento Economico Mex-SP ADR | Sold out | 0.00% | −0.79 |
| KVUE Kenvue Inc. | Reduce -89.2% | 0.08% | −0.53 |
| ALSN Allison Transmission Holding | Reduce -14.0% | 1.96% | −0.45 |
| LULU Lululemon Athletica Inc. | Reduce -2.4% | 1.31% | −0.39 |
| AAPL Apple Inc. | Reduce -3.2% | 3.33% | −0.31 |
| KRNT Kornit Digital Ltd. | Reduce -1.6% | 0.51% | −0.28 |
| SHYF The Shyft Group Inc. | Reduce -38.4% | 0.16% | −0.19 |
| GLW Corning Inc. | Reduce -9.2% | 2.63% | −0.19 |
| CECO Ceco Environmental Corp. | Reduce -0.6% | 0.60% | −0.15 |
| INVE Inve Technologies Inc. | Reduce -41.8% | 0.15% | −0.13 |
| HLMN Hillman Solutions Corp. | Reduce -3.4% | 1.61% | −0.12 |
| IBM Intl Business Machines Corp. | Reduce -21.4% | 2.13% | −0.12 |
| DOW Dow Inc. | Reduce -0.4% | 1.40% | −0.11 |
| LUNA Luna Innovations Inc. | Sold out | 0.00% | −0.10 |
| SIG Signet Jewelers Ltd. | Sold out | 0.00% | −0.10 |
| WEST Westrock Coffee Co. | Sold out | 0.00% | −0.09 |
| QTRX Quanterix Corp. | Reduce -0.6% | 0.13% | −0.07 |
| NVDA Nvidia Corp. | Reduce -14.3% | 0.19% | −0.07 |
| MS Morgan Stanley | Sold out | 0.00% | −0.06 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.05 |
| ADP Automatic Data Processing | Sold out | 0.00% | −0.05 |
| ENPH Enphase Energy Inc. | Reduce -0.5% | 0.98% | −0.04 |
| FIS Fidelity National Info Serv | Reduce -0.8% | 1.80% | −0.04 |
| FVCB Fvcbankcorp Inc. | Sold out | 0.00% | −0.04 |
| CYRX Cryoport Inc. | Reduce -2.3% | 0.14% | −0.03 |
| AVGO Broadcom Inc. | Reduce -1.7% | 0.06% | −0.02 |
| TTI Tetra Technologies Inc. | Reduce -1.4% | 1.28% | −0.02 |
| BCX BlackRock Resources & Commod | Reduce -27.3% | 0.08% | −0.02 |
| EVLV Evolv Technologies Holdings | Reduce -1.2% | 0.06% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.3% | 0.26% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -8.5% | 0.06% | −0.01 |
| DIS The Walt Disney Co. | Reduce -2.4% | 0.08% | −0.01 |
| KOPN Kopin Corp. | Reduce -14.3% | 0.01% | −0.00 |
| TMO Thermo Fisher Scientific Inc. | Reduce -4.3% | 0.15% | −0.00 |
| AMP Ameriprise Financial Inc. | Reduce -1.1% | 0.06% | −0.00 |
| TMFC Motley Fool 100 Index ETF | Reduce -2.6% | 0.06% | −0.00 |
| SELF Global Self Storage Inc. | Reduce -1.2% | 0.50% | −0.00 |
| OKE Oneok Inc. | Reduce -4.3% | 0.12% | +0.00 |
| WBD Warner Bros Discovery Inc. | Reduce -4.1% | 0.03% | +0.00 |
| CP Canadian Pacific Kansas City | Reduce -0.7% | 0.05% | +0.00 |
| LAND Gladstone Land Corp. | Reduce -1.6% | 0.43% | +0.01 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -1.4% | 0.07% | +0.01 |
| PEP Pepsico Inc. | Reduce -0.4% | 0.26% | +0.01 |
| CI The Cigna Group | Reduce -1.4% | 0.07% | +0.01 |
| DUK Duke Energy Corp. | Reduce -3.1% | 0.10% | +0.02 |
| AMGN Amgen Inc. | Reduce -4.2% | 0.10% | +0.02 |
| SLV iShares Silver Trust | Reduce -4.8% | 0.11% | +0.02 |
| BMY Bristol-Myers Squibb Co. | Reduce -0.5% | 0.14% | +0.02 |
| SBUX Starbucks Corp. | Reduce -0.4% | 0.16% | +0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| DHR Danaher Corp. | Add +609.9% | 0.99% | +0.84 |
| ADMA Adma Biologics Inc. | New | 0.83% | +0.83 |
| GOOG Alphabet Inc. Class C | Add +63.4% | 1.85% | +0.56 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +206.9% | 0.56% | +0.39 |
| SYM Symbotic Inc. | Add +118.5% | 0.59% | +0.29 |
| O Realty Income Corp. | Add +0.6% | 1.72% | +0.24 |
| SLB SLB Ltd. | Add +0.3% | 1.42% | +0.20 |
| CB Chubb Ltd. | Add +9.0% | 0.88% | +0.19 |
| B Barrick Gold Corp. | Add +0.6% | 0.72% | +0.19 |
| FANG Diamondback Energy Inc. | Add +3.5% | 2.52% | +0.18 |
| GTY Getty Realty Corp. | New | 0.13% | +0.13 |
| MYCG State Street MY2027 Corporat | New | 0.08% | +0.08 |
| VZ Verizon Communications Inc. | Add +4.2% | 0.39% | +0.08 |
| MU Micron Technology Inc. | Add +47.0% | 0.20% | +0.08 |
| ARCC Ares Capital Corp. | Add +0.2% | 0.97% | +0.07 |
| HSY The Hershey Co. | New | 0.07% | +0.07 |
| MSFT Microsoft Corp. | Add +8.1% | 2.72% | +0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | New | 0.07% | +0.07 |
| KHC The Kraft Heinz Co. | New | 0.07% | +0.07 |
| NEM Newmont Corp. | New | 0.06% | +0.06 |
| NOC Northrop Grumman Corp. | New | 0.06% | +0.06 |
| MMM 3M Co. | New | 0.06% | +0.06 |
| OTIS Otis Worldwide Corp. | New | 0.06% | +0.06 |
| WM Waste Management Inc. | New | 0.05% | +0.05 |
| V Visa Inc. Class A | New | 0.05% | +0.05 |
| RTX RTX Corp. | Add +1.9% | 0.20% | +0.04 |
| MRK Merck & Co. Inc. | Add +9.0% | 0.84% | +0.04 |
| GE General Electric | Add +4.2% | 0.13% | +0.03 |
| DAR Darling Ingredients Inc. | Add +8.7% | 0.37% | +0.03 |
| WAB Wabtec Corp. | Add +39.6% | 0.08% | +0.02 |
| PFE Pfizer Inc. | Add +0.3% | 0.71% | +0.01 |
| COPX Global X Copper Miners ETF | Add +15.3% | 0.06% | +0.01 |
| TCAF T Rowe PRC Cap Appreciation | Add +12.8% | 0.08% | +0.01 |
| NBR Nabors Industries Ltd. | Add +50.0% | 0.08% | +0.01 |
| MYCF State Street MY2026 Corporat | Add +5.4% | 0.07% | +0.01 |
| SMRI Bushido Cap US Equity ETF | Add +2.2% | 0.07% | +0.00 |
| HON Honeywell International Inc. | Add +1.4% | 0.33% | +0.00 |
| LOW Lowe's Cos Inc. | Add +1.1% | 0.19% | +0.00 |
| MCHX Marchex Inc. Class B | Add +6.4% | 0.02% | +0.00 |
| CARR Carrier Global Corp. | Add +0.1% | 0.07% | −0.00 |
| FCNCA First Citizens Bcshs Class A | Add +5.5% | 0.19% | −0.00 |
| LODE Comstock Inc. | Add +127.3% | 0.01% | −0.00 |
| BXP BXP Inc. | Add +0.6% | 0.13% | −0.00 |
| ONDS Ondas Inc. | Add +8.0% | 0.01% | −0.01 |
| CIVI Civitas Resources Inc. | Add +4.4% | 0.09% | −0.02 |
| RIG Transocean Ltd. | Add +0.3% | 0.20% | −0.02 |
| ACA Arcosa Inc. | Add +14.5% | 0.99% | −0.03 |
| DCGO Docgo Inc. | Add +31.2% | 0.21% | −0.03 |
| RXRX Recursion Pharmaceuticals-A | Add +2.4% | 0.21% | −0.04 |
| AMZN Amazon.com Inc. | Add +0.2% | 1.57% | −0.12 |
Notes & Other Activity Q4 2024 → Q1 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -2.5% | 1,163 | $1.4M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.3% | 1,142 | $1.4M |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | Sold out | 10,425 | $261Kbefore exit |
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 |