Marathon Capital Management
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Marathon Capital Management reported 161 stock positions worth $434.2 million. Its top holding was T Rowe Price (TROW) at 16.2% of the portfolio, followed by Corning (GLW, 3.7%) and Apple (AAPL, 3.0%). Compared with Q2 2025, it opened 15 new positions, sold out of 15, added to 34 and reduced 73. The biggest buy was SS SPDR BB 1-3M T-Bill ETF (BIL, shares +222%) and the biggest sale T Rowe Price (TROW, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $434.2M (Q3 2025)
- SEC Filing
- 0001172661-25-004808 ↗ filed Nov 14, 2025
Holdings Value
Holdings 161 stocks · $434.2M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 16.18% | 684,625 | $70.3M | Reduce -3.3% |
| GLW Corning Inc. | 3.66% | 193,924 | $15.9M | Reduce -7.6% |
| AAPL Apple Inc. | 3.01% | 51,272 | $13.1M | Reduce -3.9% |
| AZN Astrazeneca PLC-Spons ADR | 2.84% | 160,955 | $12.3M | Reduce -1.5% |
| MSFT Microsoft Corp. | 2.80% | 23,470 | $12.2M | Reduce -4.0% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 2.59% | 122,573 | $11.2M | Add +222.2% |
| GOOG Alphabet Inc. Class C | 2.49% | 44,409 | $10.8M | Reduce -0.7% |
| QCOM Qualcomm Inc. | 2.31% | 60,230 | $10.0M | Reduce -0.8% |
| CVX Chevron Corp. | 2.15% | 60,041 | $9.3M | Reduce -1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.06% | 31,682 | $8.9M | Reduce -0.5% |
| FANG Diamondback Energy Inc. | 2.03% | 61,580 | $8.8M | Add +1.5% |
| MET Metlife Inc. | 1.98% | 104,535 | $8.6M | Reduce -2.1% |
| VYMI Vanguard Int High DVD YLD Inc. | 1.98% | 101,579 | $8.6M | Reduce -0.6% |
| CPA Copa Holdings SA Class A | 1.95% | 71,373 | $8.5M | Reduce -1.8% |
| TTI Tetra Technologies Inc. | 1.68% | 1,272,025 | $7.3M | Reduce -5.2% |
| BLDR Builders Firstsource Inc. | 1.62% | 58,051 | $7.0M | Add +0.6% |
| O Realty Income Corp. | 1.60% | 114,389 | $7.0M | Add +4.5% |
| ADMA Adma Biologics Inc. | 1.58% | 466,570 | $6.8M | Add +64.5% |
| JPM JPMorgan Chase & Co. | 1.54% | 21,244 | $6.7M | Reduce -0.1% |
| AMZN Amazon.com Inc. | 1.53% | 30,269 | $6.6M | Reduce -0.4% |
| ALSN Allison Transmission Holding | 1.47% | 75,224 | $6.4M | Reduce -0.4% |
| ANIP Ani Pharmaceuticals Inc. | 1.47% | 69,705 | $6.4M | Reduce -3.2% |
| FIS Fidelity National Info Serv | 1.38% | 90,547 | $6.0M | Reduce -0.0% |
| WTW Willis Towers Watson PLC | 1.33% | 16,663 | $5.8M | Reduce -1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.30% | 11,267 | $5.7M | Reduce -0.7% |
| JNJ Johnson & Johnson | 1.23% | 28,736 | $5.3M | Reduce -1.6% |
| CECO Ceco Environmental Corp. | 1.20% | 101,700 | $5.2M | Reduce -2.1% |
| DOC Healthpeak Properties Inc. | 1.15% | 260,066 | $5.0M | Reduce -1.4% |
| CALX Calix Inc. | 1.13% | 80,200 | $4.9M | Reduce -17.0% |
| DHR Danaher Corp. | 1.07% | 23,434 | $4.6M | Reduce -0.1% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.07% | 134,756 | $4.6M | Add +2.2% |
| CEF Sprott Physical Gold and Sil | 1.07% | 126,225 | $4.6M | Reduce -4.4% |
| B Barrick Mining Corp. | 1.02% | 135,690 | $4.4M | Reduce -7.3% |
| ACA Arcosa Inc. | 1.02% | 47,315 | $4.4M | Reduce -0.9% |
| ADBE Adobe Inc. | 1.01% | 12,457 | $4.4M | New |
| NPKI NPK International Inc. | 1.01% | 388,350 | $4.4M | Reduce -1.9% |
| ZETA Zeta Global Holdings Corp. Class A | 1.00% | 218,610 | $4.3M | Reduce -1.8% |
| GLD SPDR Gold Shares | 0.93% | 11,348 | $4.0M | Reduce -0.3% |
| CB Chubb Ltd. | 0.82% | 12,600 | $3.6M | Add +17.3% |
| ARCC Ares Capital Corp. | 0.74% | 157,720 | $3.2M | Reduce -2.2% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.73% | 57,475 | $3.2M | New |
| ATEC Alphatec Holdings Inc. | 0.67% | 200,925 | $2.9M | Reduce -13.2% |
| MRK Merck & Co. Inc. | 0.66% | 34,152 | $2.9M | Reduce -1.1% |
| PAR Par Technology Corp. | 0.62% | 67,595 | $2.7M | Add +383.2% |
| PG The Procter & Gamble Co. | 0.60% | 16,957 | $2.6M | Add +1.3% |
| SYM Symbotic Inc. | 0.49% | 39,515 | $2.1M | Reduce -62.8% |
| ENPH Enphase Energy Inc. | 0.47% | 58,058 | $2.1M | Add +4.0% |
| LLY Eli Lilly & Co. | 0.45% | 2,583 | $2.0M | Add +0.3% |
| TRGP Targa Resources Corp. | 0.45% | 11,750 | $2.0M | Reduce -1.9% |
| HDSN Hudson Technologies Inc. | 0.44% | 194,450 | $1.9M | Reduce -22.1% |
| GOOGL Alphabet Inc. Class A | 0.41% | 7,285 | $1.8M | Reduce -2.0% |
| DAR Darling Ingredients Inc. | 0.39% | 54,985 | $1.7M | Reduce -3.0% |
| WY Weyerhaeuser Co. | 0.39% | 67,916 | $1.7M | Add +26.0% |
| MU Micron Technology Inc. | 0.37% | 9,710 | $1.6M | Add +3.0% |
| GDX Vaneck Gold Miners ETF | 0.35% | 20,146 | $1.5M | Reduce -6.6% |
| ALM Almonty Industries Inc. | 0.35% | 250,235 | $1.5M | New |
| SELF Global Self Storage Inc. | 0.34% | 296,190 | $1.5M | Reduce -11.2% |
| ABBV Abbvie Inc. | 0.33% | 6,279 | $1.5M | No change |
| VZ Verizon Communications Inc. | 0.29% | 29,016 | $1.3M | Add +2.2% |
| KRNT Kornit Digital Ltd. | 0.28% | 91,505 | $1.2M | Reduce -1.7% |
| EXE Expand Energy Corp. | 0.28% | 11,519 | $1.2M | Reduce -1.2% |
| HON Honeywell International Inc. | 0.28% | 5,720 | $1.2M | Reduce -0.4% |
| CINF Cincinnati Financial Corp. | 0.27% | 7,538 | $1.2M | No change |
| KO The Coca-Cola Co. | 0.27% | 17,420 | $1.2M | Add +1.2% |
| NVDA Nvidia Corp. | 0.26% | 6,135 | $1.1M | Add +1.2% |
| XOM Exxon Mobil Corp. | 0.26% | 9,966 | $1.1M | Add +6.6% |
| LAND Gladstone Land Corp. | 0.25% | 119,818 | $1.1M | Reduce -16.3% |
| CYRX Cryoport Inc. | 0.24% | 110,000 | $1.0M | Reduce -9.6% |
| AR Antero Resources Corp. | 0.23% | 30,000 | $1.0M | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.22% | 1,435 | $956K | Reduce -6.5% |
| GEHC GE Healthcare Technology | 0.21% | 12,055 | $905K | Add +0.0% |
| PEP Pepsico Inc. | 0.21% | 6,371 | $895K | Reduce -1.2% |
| ENB Enbridge Inc. | 0.20% | 17,575 | $887K | Reduce -2.4% |
| GE General Electric filed as GE AEROSPACE | 0.20% | 2,945 | $886K | Add +8.7% |
| HLMN Hillman Solutions Corp. | 0.20% | 93,301 | $857K | Reduce -5.6% |
| ALL Allstate Corp. | 0.20% | 3,948 | $847K | No change |
| AMD Advanced Micro Devices | 0.19% | 5,149 | $833K | No change |
| RTX RTX Corp. | 0.19% | 4,955 | $829K | Add +11.9% |
| LOW Lowe's Cos Inc. | 0.19% | 3,274 | $823K | Add +7.2% |
| RGLD Royal Gold Inc. | 0.19% | 4,092 | $821K | No change |
| HD Home Depot Inc. | 0.18% | 1,879 | $761K | No change |
| LSCC Lattice Semiconductor Corp. | 0.17% | 10,100 | $741K | Reduce -0.4% |
| BF.B Brown-Forman Corp. Class B | 0.17% | 27,015 | $732K | New |
| RXRX Recursion Pharmaceuticals-A | 0.16% | 139,995 | $683K | Reduce -1.3% |
| MCD McDonald's Corp. | 0.15% | 2,150 | $653K | Add +3.4% |
| ABT Abbott Laboratories | 0.15% | 4,755 | $637K | Reduce -0.2% |
| ETN Eaton Corp. PLC | 0.15% | 1,693 | $634K | Add +0.5% |
| PNC PNC Financial Services Group | 0.14% | 3,077 | $618K | Reduce -10.6% |
| MYCG State Street MY2027 Corporat | 0.14% | 24,227 | $608K | Reduce -4.9% |
| PLD Prologis Inc. | 0.14% | 5,250 | $601K | No change |
| SANM Sanmina Corp. | 0.13% | 5,000 | $576K | No change |
| YOU Clear Secure Inc. Class A | 0.13% | 17,000 | $567K | Reduce -10.5% |
| TMO Thermo Fisher Scientific Inc. | 0.13% | 1,127 | $547K | No change |
| SLV iShares Silver Trust | 0.12% | 12,690 | $538K | Reduce -1.9% |
| FCNCA First Citizens Bcshs Class A | 0.12% | 295 | $528K | Reduce -30.6% |
| MYCF State Street MY2026 Corporat | 0.12% | 20,365 | $512K | Reduce -5.9% |
| CSCO Cisco Systems Inc. | 0.11% | 7,268 | $497K | Add +18.3% |
| PCH Potlatchdeltic Corp. | 0.11% | 12,020 | $490K | Add +4.3% |
| CSX CSX Corp. | 0.11% | 13,548 | $481K | No change |
| AVGO Broadcom Inc. | 0.11% | 1,455 | $480K | No change |
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 | 1,148 | $1.5M | No change |
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,047 | $1.3M | No change |
Total filed on the 13F, all lines: $437.0M.
Portfolio Sells Q2 2025 → Q3 2025
| TROW T Rowe Price Group Inc. | Reduce -3.3% | 16.18% | −1.37 |
| SYM Symbotic Inc. | Reduce -62.8% | 0.49% | −0.57 |
| PFE Pfizer Inc. | Reduce -82.9% | 0.10% | −0.52 |
| FIS Fidelity National Info Serv | Reduce -0.0% | 1.38% | −0.52 |
| ALSN Allison Transmission Holding | Reduce -0.4% | 1.47% | −0.37 |
| IBM Intl Business Machines Corp. | Reduce -0.5% | 2.06% | −0.35 |
| MSFT Microsoft Corp. | Reduce -4.0% | 2.80% | −0.32 |
| MET Metlife Inc. | Reduce -2.1% | 1.98% | −0.22 |
| KRNT Kornit Digital Ltd. | Reduce -1.7% | 0.28% | −0.19 |
| CALX Calix Inc. | Reduce -17.0% | 1.13% | −0.19 |
| SRPT Sarepta Therapeutics Inc. | Sold out | 0.00% | −0.18 |
| AMZN Amazon.com Inc. | Reduce -0.4% | 1.53% | −0.18 |
| QCOM Qualcomm Inc. | Reduce -0.8% | 2.31% | −0.18 |
| ARCC Ares Capital Corp. | Reduce -2.2% | 0.74% | −0.17 |
| DAR Darling Ingredients Inc. | Reduce -3.0% | 0.39% | −0.16 |
| BXP BXP Inc. | Sold out | 0.00% | −0.12 |
| LAND Gladstone Land Corp. | Reduce -16.3% | 0.25% | −0.12 |
| VYMI Vanguard Int High DVD YLD Inc. | Reduce -0.6% | 1.98% | −0.12 |
| DHR Danaher Corp. | Reduce -0.1% | 1.07% | −0.12 |
| SELF Global Self Storage Inc. | Reduce -11.2% | 0.34% | −0.11 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.7% | 1.30% | −0.11 |
| TXO Txo Partners LP | Reduce -71.4% | 0.03% | −0.10 |
| CPA Copa Holdings SA Class A | Reduce -1.8% | 1.95% | −0.10 |
| FCNCA First Citizens Bcshs Class A | Reduce -30.6% | 0.12% | −0.09 |
| AZN Astrazeneca PLC-Spons ADR | Reduce -1.5% | 2.84% | −0.09 |
| CVX Chevron Corp. | Reduce -1.1% | 2.15% | −0.09 |
| TRGP Targa Resources Corp. | Reduce -1.9% | 0.45% | −0.08 |
| COPX Global X Copper Miners ETF | Sold out | 0.00% | −0.08 |
| HDSN Hudson Technologies Inc. | Reduce -22.1% | 0.44% | −0.08 |
| EXE Expand Energy Corp. | Reduce -1.2% | 0.28% | −0.07 |
| HSY The Hershey Co. | Sold out | 0.00% | −0.07 |
| HON Honeywell International Inc. | Reduce -0.4% | 0.28% | −0.07 |
| PM Philip Morris International | Sold out | 0.00% | −0.07 |
| URA Global X Uranium ETF | Sold out | 0.00% | −0.06 |
| WAB Wabtec Corp. | Sold out | 0.00% | −0.06 |
| TOST Toast Inc. Class A | Sold out | 0.00% | −0.06 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.05 |
| CARR Carrier Global Corp. | Sold out | 0.00% | −0.05 |
| KHC The Kraft Heinz Co. | Sold out | 0.00% | −0.05 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.05 |
| WM Waste Management Inc. | Sold out | 0.00% | −0.05 |
| ACA Arcosa Inc. | Reduce -0.9% | 1.02% | −0.04 |
| FRO Frontline PLC | Sold out | 0.00% | −0.04 |
| MRK Merck & Co. Inc. | Reduce -1.1% | 0.66% | −0.04 |
| JPM JPMorgan Chase & Co. | Reduce -0.1% | 1.54% | −0.04 |
| DOC Healthpeak Properties Inc. | Reduce -1.4% | 1.15% | −0.04 |
| INVE Inve Technologies Inc. | Reduce -65.3% | 0.02% | −0.03 |
| RXRX Recursion Pharmaceuticals-A | Reduce -1.3% | 0.16% | −0.03 |
| DIS The Walt Disney Co. | Reduce -10.2% | 0.07% | −0.02 |
| MYCG State Street MY2027 Corporat | Reduce -4.9% | 0.14% | −0.02 |
Portfolio Buys Q2 2025 → Q3 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +222.2% | 2.59% | +1.69 |
| ADBE Adobe Inc. | New | 1.01% | +1.01 |
| NVO Novo-Nordisk A/S-Spons ADR | New | 0.73% | +0.73 |
| PAR Par Technology Corp. | Add +383.2% | 0.62% | +0.37 |
| ALM Almonty Industries Inc. | New | 0.35% | +0.35 |
| ADMA Adma Biologics Inc. | Add +64.5% | 1.58% | +0.25 |
| BF.B Brown-Forman Corp. Class B | New | 0.17% | +0.17 |
| MU Micron Technology Inc. | Add +3.0% | 0.37% | +0.08 |
| ELV Elevance Health Inc. | New | 0.07% | +0.07 |
| TOL Toll Brothers Inc. | New | 0.06% | +0.06 |
| RPRX Royalty Pharma PLC Class A | New | 0.06% | +0.06 |
| EOG EOG Resources Inc. | New | 0.05% | +0.05 |
| IBDQ iShares Ibonds Dec 2025 Term | New | 0.05% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | New | 0.05% | +0.05 |
| ODFL Old Dominion Freight Line | New | 0.05% | +0.05 |
| GDXJ Vaneck Junior Gold Miners | New | 0.05% | +0.05 |
| CPAY Corpay Inc. | New | 0.05% | +0.05 |
| GEV GE Vernova Inc. | New | 0.05% | +0.05 |
| WY Weyerhaeuser Co. | Add +26.0% | 0.39% | +0.03 |
| GE General Electric | Add +8.7% | 0.20% | +0.02 |
| RTX RTX Corp. | Add +11.9% | 0.19% | +0.02 |
| CB Chubb Ltd. | Add +17.3% | 0.82% | +0.02 |
| NVDA Nvidia Corp. | Add +1.2% | 0.26% | +0.02 |
| LOW Lowe's Cos Inc. | Add +7.2% | 0.19% | +0.02 |
| CIVI Civitas Resources Inc. | Add +11.7% | 0.08% | +0.01 |
| DYAI Dyadic International Inc. | New | 0.01% | +0.01 |
| KOPN Kopin Corp. | Add +8.3% | 0.02% | +0.01 |
| CSCO Cisco Systems Inc. | Add +18.3% | 0.11% | +0.01 |
| LODE Comstock Inc. | Add +48.1% | 0.02% | +0.00 |
| AIRG Airgain Inc. | Add +10.0% | 0.01% | +0.00 |
| XOM Exxon Mobil Corp. | Add +6.6% | 0.26% | −0.00 |
| PCH Potlatchdeltic Corp. | Add +4.3% | 0.11% | −0.00 |
| BMY Bristol-Myers Squibb Co. | Add +9.7% | 0.09% | −0.00 |
| MCHX Marchex Inc. Class B | Add +13.9% | 0.03% | −0.00 |
| MCD McDonald's Corp. | Add +3.4% | 0.15% | −0.01 |
| CP Canadian Pacific Kansas City | Add +3.5% | 0.05% | −0.01 |
| ETN Eaton Corp. PLC | Add +0.5% | 0.15% | −0.01 |
| GTY Getty Realty Corp. | Add +4.8% | 0.10% | −0.01 |
| CRBG Corebridge Financial Inc. | Add +4.7% | 0.10% | −0.02 |
| O Realty Income Corp. | Add +4.5% | 1.60% | −0.02 |
| GEHC GE Healthcare Technology | Add +0.0% | 0.21% | −0.02 |
| VZ Verizon Communications Inc. | Add +2.2% | 0.29% | −0.02 |
| KO The Coca-Cola Co. | Add +1.2% | 0.27% | −0.05 |
| LLY Eli Lilly & Co. | Add +0.3% | 0.45% | −0.06 |
| SLB SLB Ltd. | Add +2.2% | 1.07% | −0.08 |
| PG The Procter & Gamble Co. | Add +1.3% | 0.60% | −0.09 |
| ENPH Enphase Energy Inc. | Add +4.0% | 0.47% | −0.10 |
| BLDR Builders Firstsource Inc. | Add +0.6% | 1.62% | −0.11 |
| FANG Diamondback Energy Inc. | Add +1.5% | 2.03% | −0.11 |
Notes & Other Activity Q2 2025 → Q3 2025
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF · principal | Sold out | 9,175 | $231Kbefore exit |
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 · principal | Sold out | 8,375 | $203Kbefore exit |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF · principal | Sold out | 8,300 | $201Kbefore 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 |