Marathon Capital Management
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Marathon Capital Management reported 161 stock positions worth $389.4 million. Its top holding was T Rowe Price (TROW) at 17.6% of the portfolio, followed by Microsoft (MSFT, 3.1%) and Astrazeneca PLC-Spons ADR (AZN, 2.9%). Compared with Q1 2025, it opened 17 new positions, sold out of 12, added to 32 and reduced 77. The biggest buy was Vanguard Int High DVD YLD (VYMI, shares +2833%) and the biggest sale Hillman Solutions (HLMN, shares −86%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $389.4M (Q2 2025)
- SEC Filing
- 0001172661-25-003317 ↗ filed Aug 14, 2025
Holdings Value
Holdings 161 stocks · $389.4M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 17.55% | 708,145 | $68.3M | Reduce -5.4% |
| MSFT Microsoft Corp. | 3.12% | 24,450 | $12.2M | Reduce -9.6% |
| AZN Astrazeneca PLC-Spons ADR | 2.93% | 163,405 | $11.4M | Reduce -1.8% |
| GLW Corning Inc. | 2.83% | 209,817 | $11.0M | Reduce -2.0% |
| AAPL Apple Inc. | 2.81% | 53,349 | $10.9M | Reduce -4.6% |
| QCOM Qualcomm Inc. | 2.48% | 60,709 | $9.7M | Add +11.4% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.41% | 31,852 | $9.4M | Reduce -0.2% |
| CVX Chevron Corp. | 2.23% | 60,725 | $8.7M | Reduce -2.0% |
| MET Metlife Inc. | 2.21% | 106,787 | $8.6M | Reduce -2.0% |
| FANG Diamondback Energy Inc. | 2.14% | 60,689 | $8.3M | Add +3.2% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.10% | 102,167 | $8.2M | Add +2833.3% |
| CPA Copa Holdings SA Class A | 2.05% | 72,698 | $8.0M | Reduce -1.0% |
| GOOG Alphabet Inc. Class C | 2.04% | 44,738 | $7.9M | Add +1.4% |
| FIS Fidelity National Info Serv | 1.89% | 90,556 | $7.4M | Add +0.6% |
| ALSN Allison Transmission Holding | 1.84% | 75,528 | $7.2M | Reduce -1.0% |
| BLDR Builders Firstsource Inc. | 1.73% | 57,727 | $6.7M | New |
| AMZN Amazon.com Inc. | 1.71% | 30,386 | $6.7M | Reduce -0.9% |
| O Realty Income Corp. | 1.62% | 109,510 | $6.3M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 1.58% | 21,276 | $6.2M | Reduce -1.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.42% | 11,346 | $5.5M | Reduce -1.4% |
| WTW Willis Towers Watson PLC | 1.33% | 16,923 | $5.2M | Reduce -11.5% |
| ADMA Adma Biologics Inc. | 1.33% | 283,690 | $5.2M | Add +82.9% |
| CALX Calix Inc. | 1.32% | 96,635 | $5.1M | Reduce -15.5% |
| ANIP Ani Pharmaceuticals Inc. | 1.21% | 72,025 | $4.7M | Add +4.1% |
| DHR Danaher Corp. | 1.19% | 23,449 | $4.6M | Add +30.8% |
| DOC Healthpeak Properties Inc. | 1.19% | 263,627 | $4.6M | New |
| TTI Tetra Technologies Inc. | 1.16% | 1,341,645 | $4.5M | Reduce -5.8% |
| JNJ Johnson & Johnson | 1.15% | 29,209 | $4.5M | Reduce -0.7% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.14% | 131,882 | $4.5M | Add +4.3% |
| ACA Arcosa Inc. | 1.06% | 47,745 | $4.1M | Reduce -0.6% |
| SYM Symbotic Inc. | 1.06% | 106,170 | $4.1M | Reduce -2.0% |
| CEF Sprott Physical Gold and Sil | 1.02% | 131,975 | $4.0M | Reduce -10.4% |
| ARCC Ares Capital Corp. | 0.91% | 161,265 | $3.5M | Reduce -1.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.90% | 38,045 | $3.5M | Add +66.9% |
| GLD SPDR Gold Shares | 0.89% | 11,378 | $3.5M | Reduce -0.9% |
| ZETA Zeta Global Holdings Corp. Class A | 0.89% | 222,510 | $3.4M | Reduce -9.2% |
| NPKI NPK International Inc. | 0.87% | 395,850 | $3.4M | Reduce -4.4% |
| CB Chubb Ltd. | 0.80% | 10,740 | $3.1M | Reduce -1.6% |
| B Barrick Mining Corp. | 0.78% | 146,420 | $3.0M | Add +5.4% |
| CECO Ceco Environmental Corp. | 0.76% | 103,930 | $2.9M | Add +6.1% |
| MRK Merck & Co. Inc. | 0.70% | 34,527 | $2.7M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.69% | 16,745 | $2.7M | Reduce -0.1% |
| ATEC Alphatec Holdings Inc. | 0.66% | 231,375 | $2.6M | Reduce -3.1% |
| PFE Pfizer Inc. | 0.62% | 99,510 | $2.4M | Reduce -4.7% |
| ENPH Enphase Energy Inc. | 0.57% | 55,833 | $2.2M | Reduce -4.7% |
| DAR Darling Ingredients Inc. | 0.55% | 56,685 | $2.2M | Add +27.3% |
| TRGP Targa Resources Corp. | 0.54% | 11,975 | $2.1M | No change |
| HDSN Hudson Technologies Inc. | 0.52% | 249,450 | $2.0M | Reduce -34.8% |
| LLY Eli Lilly & Co. | 0.52% | 2,576 | $2.0M | Add +21.2% |
| KRNT Kornit Digital Ltd. | 0.48% | 93,080 | $1.9M | Reduce -7.0% |
| SELF Global Self Storage Inc. | 0.46% | 333,414 | $1.8M | Reduce -9.6% |
| LAND Gladstone Land Corp. | 0.37% | 143,162 | $1.5M | Reduce -5.8% |
| WY Weyerhaeuser Co. | 0.36% | 53,906 | $1.4M | Reduce -0.4% |
| EXE Expand Energy Corp. | 0.35% | 11,664 | $1.4M | Reduce -6.5% |
| HON Honeywell International Inc. | 0.34% | 5,745 | $1.3M | Reduce -1.0% |
| GOOGL Alphabet Inc. Class A | 0.34% | 7,435 | $1.3M | Reduce -2.0% |
| VZ Verizon Communications Inc. | 0.32% | 28,401 | $1.2M | Reduce -11.1% |
| KO The Coca-Cola Co. | 0.31% | 17,220 | $1.2M | Reduce -2.3% |
| AR Antero Resources Corp. | 0.31% | 30,000 | $1.2M | No change |
| ABBV Abbvie Inc. | 0.30% | 6,279 | $1.2M | Reduce -0.8% |
| MU Micron Technology Inc. | 0.30% | 9,427 | $1.2M | Add +11.6% |
| GDX Vaneck Gold Miners ETF | 0.29% | 21,571 | $1.1M | New |
| CINF Cincinnati Financial Corp. | 0.29% | 7,538 | $1.1M | No change |
| XOM Exxon Mobil Corp. | 0.26% | 9,349 | $1.0M | Reduce -6.0% |
| PAR Par Technology Corp. | 0.25% | 13,990 | $970K | New |
| NVDA Nvidia Corp. | 0.25% | 6,060 | $957K | Reduce -7.9% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.24% | 1,535 | $948K | Reduce -11.1% |
| CYRX Cryoport Inc. | 0.23% | 121,725 | $908K | Add +37.3% |
| GEHC GE Healthcare Technology | 0.23% | 12,054 | $893K | New |
| PEP Pepsico Inc. | 0.22% | 6,446 | $851K | Reduce -0.4% |
| FCNCA First Citizens Bcshs Class A | 0.21% | 425 | $832K | Add +10.4% |
| ENB Enbridge Inc. | 0.21% | 18,000 | $816K | Reduce -0.7% |
| ALL Allstate Corp. | 0.20% | 3,948 | $795K | Reduce -3.1% |
| AMD Advanced Micro Devices | 0.19% | 5,149 | $731K | No change |
| RGLD Royal Gold Inc. | 0.19% | 4,092 | $728K | No change |
| RXRX Recursion Pharmaceuticals-A | 0.18% | 141,895 | $718K | Reduce -5.3% |
| SRPT Sarepta Therapeutics Inc. | 0.18% | 41,575 | $711K | New |
| HLMN Hillman Solutions Corp. | 0.18% | 98,801 | $705K | Reduce -85.5% |
| GE General Electric filed as GE AEROSPACE | 0.18% | 2,709 | $697K | Add +8.0% |
| HD Home Depot Inc. | 0.18% | 1,879 | $689K | No change |
| LOW Lowe's Cos Inc. | 0.17% | 3,054 | $678K | Reduce -1.0% |
| ABT Abbott Laboratories | 0.17% | 4,765 | $648K | Reduce -1.0% |
| RTX RTX Corp. | 0.17% | 4,429 | $647K | Reduce -21.6% |
| PNC PNC Financial Services Group | 0.16% | 3,441 | $641K | Reduce -0.3% |
| MYCG State Street MY2027 Corporat | 0.16% | 25,471 | $637K | Add +107.3% |
| MCD McDonald's Corp. | 0.16% | 2,080 | $608K | No change |
| ETN Eaton Corp. PLC | 0.15% | 1,685 | $602K | Reduce -10.6% |
| PLD Prologis Inc. | 0.14% | 5,250 | $552K | No change |
| MYCF State Street MY2026 Corporat | 0.14% | 21,637 | $543K | Add +106.0% |
| YOU Clear Secure Inc. Class A | 0.14% | 19,000 | $527K | No change |
| TXO Txo Partners LP | 0.14% | 35,000 | $526K | Add +40.0% |
| LSCC Lattice Semiconductor Corp. | 0.13% | 10,145 | $497K | No change |
| SANM Sanmina Corp. | 0.13% | 5,000 | $489K | No change |
| BXP BXP Inc. | 0.12% | 6,999 | $472K | Reduce -0.8% |
| TMO Thermo Fisher Scientific Inc. | 0.12% | 1,127 | $457K | No change |
| CRBG Corebridge Financial Inc. | 0.12% | 12,785 | $454K | New |
| SBUX Starbucks Corp. | 0.12% | 4,940 | $453K | Reduce -20.8% |
| CSX CSX Corp. | 0.11% | 13,548 | $442K | Reduce -3.6% |
| PCH Potlatchdeltic Corp. | 0.11% | 11,520 | $442K | New |
| GTY Getty Realty Corp. | 0.11% | 15,590 | $431K | Add +3.5% |
Other holdings (5): bonds, preferreds, convertibles and warrants · $3.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 1,148 | $1.4M | Reduce -1.3% |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,047 | $1.2M | Reduce -8.3% |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | 9,175 | $231K | New |
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | 8,375 | $203K | New |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | 8,300 | $201K | New |
Total filed on the 13F, all lines: $392.6M.
Portfolio Sells Q1 2025 → Q2 2025
| HLMN Hillman Solutions Corp. | Reduce -85.5% | 0.18% | −1.43 |
| DOW Dow Inc. | Sold out | 0.00% | −1.40 |
| LULU Lululemon Athletica Inc. | Sold out | 0.00% | −1.31 |
| TROW T Rowe Price Group Inc. | Reduce -5.4% | 17.55% | −0.90 |
| CVX Chevron Corp. | Reduce -2.0% | 2.23% | −0.55 |
| AAPL Apple Inc. | Reduce -4.6% | 2.81% | −0.52 |
| ENPH Enphase Energy Inc. | Reduce -4.7% | 0.57% | −0.41 |
| WTW Willis Towers Watson PLC | Reduce -11.5% | 1.33% | −0.40 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -1.8% | 2.93% | −0.35 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.4% | 1.42% | −0.23 |
| DCGO Docgo Inc. | Sold out | 0.00% | −0.21 |
| RIG Transocean Ltd. | Sold out | 0.00% | −0.20 |
| JNJ Johnson & Johnson | Reduce -0.7% | 1.15% | −0.16 |
| SHYF The Shyft Group Inc. | Sold out | 0.00% | −0.16 |
| MET Metlife Inc. | Reduce -2.0% | 2.21% | −0.14 |
| MRK Merck & Co. Inc. | Reduce -1.4% | 0.70% | −0.14 |
| QTRX Quanterix Corp. | Sold out | 0.00% | −0.13 |
| TTI Tetra Technologies Inc. | Reduce -5.8% | 1.16% | −0.13 |
| ALSN Allison Transmission Holding | Reduce -1.0% | 1.84% | −0.12 |
| HDSN Hudson Technologies Inc. | Reduce -34.8% | 0.52% | −0.11 |
| CEF Sprott Physical Gold and Sil | Reduce -10.4% | 1.02% | −0.10 |
| INVE Inve Technologies Inc. | Reduce -65.5% | 0.05% | −0.10 |
| O Realty Income Corp. | Reduce -0.8% | 1.62% | −0.10 |
| PFE Pfizer Inc. | Reduce -4.7% | 0.62% | −0.09 |
| CB Chubb Ltd. | Reduce -1.6% | 0.80% | −0.09 |
| BCX BlackRock Resources & Commod | Sold out | 0.00% | −0.08 |
| PG The Procter & Gamble Co. | Reduce -0.1% | 0.69% | −0.08 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -11.1% | 0.32% | −0.07 |
| WY Weyerhaeuser Co. | Reduce -0.4% | 0.36% | −0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.07 |
| ARCC Ares Capital Corp. | Reduce -1.1% | 0.91% | −0.06 |
| XOM Exxon Mobil Corp. | Reduce -6.0% | 0.26% | −0.06 |
| ABBV Abbvie Inc. | Reduce -0.8% | 0.30% | −0.06 |
| OTIS Otis Worldwide Corp. | Sold out | 0.00% | −0.06 |
| LAND Gladstone Land Corp. | Reduce -5.8% | 0.37% | −0.06 |
| BMY Bristol-Myers Squibb Co. | Reduce -10.9% | 0.09% | −0.05 |
| SBUX Starbucks Corp. | Reduce -20.8% | 0.12% | −0.05 |
| PEP Pepsico Inc. | Reduce -0.4% | 0.22% | −0.04 |
| SELF Global Self Storage Inc. | Reduce -9.6% | 0.46% | −0.04 |
| EVLV Evolv Technologies Holdings | Reduce -82.1% | 0.02% | −0.04 |
| KRNT Kornit Digital Ltd. | Reduce -7.0% | 0.48% | −0.04 |
| RTX RTX Corp. | Reduce -21.6% | 0.17% | −0.03 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.03 |
| RXRX Recursion Pharmaceuticals-A | Reduce -5.3% | 0.18% | −0.03 |
| KO The Coca-Cola Co. | Reduce -2.3% | 0.31% | −0.03 |
| CIVI Civitas Resources Inc. | Reduce -5.2% | 0.06% | −0.03 |
| EXE Expand Energy Corp. | Reduce -6.5% | 0.35% | −0.02 |
| ALL Allstate Corp. | Reduce -3.1% | 0.20% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -1.0% | 0.17% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| VYMI Vanguard Int High DVD YLD Inc. | Add +2833.3% | 2.10% | +2.03 |
| BLDR Builders Firstsource Inc. | New | 1.73% | +1.73 |
| DOC Healthpeak Properties Inc. | New | 1.19% | +1.19 |
| ADMA Adma Biologics Inc. | Add +82.9% | 1.33% | +0.50 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +66.9% | 0.90% | +0.34 |
| GDX Vaneck Gold Miners ETF | New | 0.29% | +0.29 |
| PAR Par Technology Corp. | New | 0.25% | +0.25 |
| QCOM Qualcomm Inc. | Add +11.4% | 2.48% | +0.24 |
| GEHC GE Healthcare Technology | New | 0.23% | +0.23 |
| DHR Danaher Corp. | Add +30.8% | 1.19% | +0.20 |
| GOOG Alphabet Inc. Class C | Add +1.4% | 2.04% | +0.19 |
| SRPT Sarepta Therapeutics Inc. | New | 0.18% | +0.18 |
| DAR Darling Ingredients Inc. | Add +27.3% | 0.55% | +0.18 |
| CECO Ceco Environmental Corp. | Add +6.1% | 0.76% | +0.16 |
| CRBG Corebridge Financial Inc. | New | 0.12% | +0.12 |
| PCH Potlatchdeltic Corp. | New | 0.11% | +0.11 |
| XRAY Dentsply Sirona Inc. | New | 0.10% | +0.10 |
| MU Micron Technology Inc. | Add +11.6% | 0.30% | +0.10 |
| RIO Rio Tinto PLC-Spon ADR | New | 0.10% | +0.10 |
| FIS Fidelity National Info Serv | Add +0.6% | 1.89% | +0.09 |
| CYRX Cryoport Inc. | Add +37.3% | 0.23% | +0.09 |
| MYCG State Street MY2027 Corporat | Add +107.3% | 0.16% | +0.08 |
| MYCF State Street MY2026 Corporat | Add +106.0% | 0.14% | +0.07 |
| URA Global X Uranium ETF | New | 0.06% | +0.06 |
| VOO Vanguard S&P 500 ETF | New | 0.06% | +0.06 |
| B Barrick Mining Corp. | Add +5.4% | 0.78% | +0.06 |
| TOST Toast Inc. Class A | New | 0.06% | +0.06 |
| NOW ServiceNow Inc. | New | 0.05% | +0.05 |
| CSCO Cisco Systems Inc. | Add +67.9% | 0.11% | +0.05 |
| LLY Eli Lilly & Co. | Add +21.2% | 0.52% | +0.04 |
| GE General Electric | Add +8.0% | 0.18% | +0.04 |
| AVGO Broadcom Inc. | Add +2.1% | 0.10% | +0.04 |
| CLF Cleveland-Cliffs Inc. | New | 0.03% | +0.03 |
| FCNCA First Citizens Bcshs Class A | Add +10.4% | 0.21% | +0.02 |
| LPTH Lightpath Technologies Inc. Class A | New | 0.01% | +0.01 |
| MCHX Marchex Inc. Class B | Add +30.1% | 0.03% | +0.01 |
| COPX Global X Copper Miners ETF | Add +6.6% | 0.08% | +0.01 |
| AIRG Airgain Inc. | New | 0.01% | +0.01 |
| ONDS Ondas Inc. | Add +4.0% | 0.02% | +0.01 |
| TMFC Motley Fool 100 Index ETF | Add +1.2% | 0.07% | +0.01 |
| TXO Txo Partners LP | Add +40.0% | 0.14% | +0.01 |
| LODE Comstock Inc. | Add +8.0% | 0.01% | +0.01 |
| SMRI Bushido Cap US Equity ETF | Add +3.0% | 0.07% | +0.00 |
| LMT Lockheed Martin Corp. | Add +4.1% | 0.06% | +0.00 |
| V Visa Inc. Class A | Add +2.3% | 0.05% | −0.00 |
| GTY Getty Realty Corp. | Add +3.5% | 0.11% | −0.02 |
| ANIP Ani Pharmaceuticals Inc. | Add +4.1% | 1.21% | −0.04 |
| SLB SLB Ltd. | Add +4.3% | 1.14% | −0.27 |
| FANG Diamondback Energy Inc. | Add +3.2% | 2.14% | −0.38 |
Notes & Other Activity Q1 2025 → Q2 2025
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -1.3% | 1,148 | $1.4M |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -8.3% | 1,047 | $1.2M |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | New | 9,175 | $231K |
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | New | 8,375 | $203K |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | New | 8,300 | $201K |
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 |