Marathon Capital Management
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Marathon Capital Management reported 169 stock positions worth $443.6 million. Its top holding was T Rowe Price (TROW) at 13.0% of the portfolio, followed by SS SPDR BB 1-3M T-Bill ETF (BIL, 4.0%) and Corning (GLW, 3.2%). Compared with Q4 2025, it opened 12 new positions, sold out of 12, added to 40 and reduced 81. The biggest buy was a new position in Zscaler (ZS) and the biggest sale T Rowe Price (TROW, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $443.6M (Q1 2026)
- SEC Filing
- 0001172661-26-001839 ↗ filed May 14, 2026
Holdings Value
Holdings 169 stocks · $443.6M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 12.97% | 638,525 | $57.6M | Reduce -2.2% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 4.04% | 195,446 | $17.9M | Add +21.1% |
| GLW Corning Inc. | 3.22% | 105,187 | $14.3M | Reduce -43.3% |
| AZN Astrazeneca PLC | 2.90% | 65,175 | $12.9M | Reduce -17.4% |
| AAPL Apple Inc. | 2.80% | 48,992 | $12.4M | Add +0.3% |
| GOOG Alphabet Inc. Class C | 2.73% | 42,205 | $12.1M | Reduce -2.2% |
| AMZN Amazon.com Inc. | 2.62% | 55,724 | $11.6M | Add +84.2% |
| CVX Chevron Corp. | 2.30% | 49,304 | $10.2M | Reduce -16.1% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.22% | 104,295 | $9.8M | Add +0.3% |
| FANG Diamondback Energy Inc. | 2.14% | 47,951 | $9.5M | Reduce -23.5% |
| ZS Zscaler Inc. | 2.10% | 66,345 | $9.3M | New |
| ALSN Allison Transmission Holding | 1.91% | 72,235 | $8.5M | Reduce -3.0% |
| MSFT Microsoft Corp. | 1.90% | 22,710 | $8.4M | Reduce -1.0% |
| TTI Tetra Technologies Inc. | 1.88% | 979,011 | $8.3M | Reduce -17.8% |
| QCOM Qualcomm Inc. | 1.75% | 60,180 | $7.8M | Add +0.1% |
| ALM Almonty Industries Inc. | 1.73% | 529,155 | $7.7M | Reduce -10.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.69% | 30,948 | $7.5M | Reduce -2.2% |
| FIS Fidelity National Info Serv | 1.65% | 155,882 | $7.3M | Add +75.4% |
| MET Metlife Inc. | 1.64% | 102,911 | $7.3M | Reduce -0.7% |
| O Realty Income Corp. | 1.55% | 112,349 | $6.9M | Reduce -0.8% |
| JPM JPMorgan Chase & Co. | 1.40% | 21,112 | $6.2M | Reduce -0.4% |
| JNJ Johnson & Johnson | 1.39% | 25,288 | $6.2M | Reduce -3.4% |
| CECO Ceco Environmental Corp. | 1.32% | 98,330 | $5.9M | Reduce -3.3% |
| CEF Sprott Physical Gold and Sil | 1.29% | 120,375 | $5.7M | Reduce -3.8% |
| ADMA Adma Biologics Inc. | 1.27% | 627,388 | $5.7M | Add +34.8% |
| ANIP Ani Pharmaceuticals Inc. | 1.26% | 72,590 | $5.6M | Add +4.2% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.22% | 11,281 | $5.4M | Reduce -0.3% |
| B Barrick Mining Corp. | 1.16% | 126,074 | $5.1M | Reduce -2.9% |
| NPKI NPK International Inc. | 1.13% | 346,110 | $5.0M | Reduce -3.2% |
| BLDR Builders Firstsource Inc. | 1.09% | 58,996 | $4.9M | Reduce -0.3% |
| WTW Willis Towers Watson PLC | 1.08% | 16,542 | $4.8M | Reduce -0.2% |
| ACA Arcosa Inc. | 1.08% | 45,290 | $4.8M | Reduce -4.7% |
| GLD SPDR Gold Shares | 1.03% | 10,663 | $4.6M | Reduce -3.0% |
| DHR Danaher Corp. | 1.00% | 23,299 | $4.4M | Add +1.1% |
| ZTS Zoetis Inc. | 0.95% | 35,836 | $4.2M | Add +1.9% |
| CB Chubb Ltd. | 0.91% | 12,385 | $4.0M | Reduce -2.8% |
| DOC Healthpeak Properties Inc. | 0.91% | 245,655 | $4.0M | Reduce -0.8% |
| CALX Calix Inc. | 0.90% | 81,755 | $4.0M | Add +1.4% |
| ZETA Zeta Global Holdings Corp. Class A | 0.83% | 231,825 | $3.7M | Add +4.5% |
| ADBE Adobe Inc. | 0.72% | 13,090 | $3.2M | Add +0.1% |
| CPA Copa Holdings SA Class A | 0.71% | 27,788 | $3.2M | Reduce -46.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.70% | 60,130 | $3.1M | Add +2.4% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.68% | 81,564 | $3.0M | Reduce -1.4% |
| ARCC Ares Capital Corp. | 0.67% | 165,203 | $3.0M | Add +0.2% |
| MRK Merck & Co. Inc. | 0.64% | 23,685 | $2.8M | Reduce -29.6% |
| ATEC Alphatec Holdings Inc. | 0.64% | 261,595 | $2.8M | Add +31.5% |
| TRGP Targa Resources Corp. | 0.56% | 9,925 | $2.5M | Reduce -15.5% |
| PG The Procter & Gamble Co. | 0.53% | 16,227 | $2.3M | Reduce -0.4% |
| LLY Eli Lilly & Co. | 0.53% | 2,545 | $2.3M | Reduce -0.1% |
| ENPH Enphase Energy Inc. | 0.49% | 57,368 | $2.2M | Add +0.3% |
| GOOGL Alphabet Inc. Class A | 0.47% | 7,230 | $2.1M | Reduce -7.7% |
| SYM Symbotic Inc. | 0.47% | 38,870 | $2.1M | Reduce -1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.40% | 2,696 | $1.8M | Reduce -5.4% |
| DAR Darling Ingredients Inc. | 0.39% | 28,250 | $1.7M | Reduce -49.4% |
| GDX Vaneck Gold Miners ETF | 0.38% | 18,181 | $1.7M | Reduce -3.6% |
| MU Micron Technology Inc. | 0.38% | 4,925 | $1.7M | Reduce -40.6% |
| XOM Exxon Mobil Corp. | 0.37% | 9,758 | $1.7M | Reduce -0.5% |
| ABBV Abbvie Inc. | 0.34% | 6,832 | $1.5M | Reduce -1.8% |
| VZ Verizon Communications Inc. | 0.33% | 29,531 | $1.5M | Reduce -1.3% |
| LMT Lockheed Martin Corp. | 0.32% | 2,339 | $1.4M | Reduce -18.9% |
| PAR Par Technology Corp. | 0.30% | 100,920 | $1.3M | Add +31.4% |
| WY Weyerhaeuser Co. | 0.30% | 55,035 | $1.3M | Add +11.1% |
| SELF Global Self Storage Inc. | 0.30% | 259,627 | $1.3M | Reduce -0.6% |
| KO The Coca-Cola Co. | 0.29% | 17,177 | $1.3M | Reduce -0.9% |
| AR Antero Resources Corp. | 0.29% | 30,000 | $1.3M | No change |
| HON Honeywell International Inc. | 0.28% | 5,511 | $1.2M | Reduce -1.8% |
| CINF Cincinnati Financial Corp. | 0.27% | 7,485 | $1.2M | Reduce -0.4% |
| AMPL Amplitude Inc. Class A | 0.26% | 171,560 | $1.2M | Add +93.6% |
| AMD Advanced Micro Devices | 0.24% | 5,149 | $1.0M | No change |
| KRNT Kornit Digital Ltd. | 0.23% | 70,955 | $1.0M | Reduce -2.0% |
| NVDA Nvidia Corp. | 0.23% | 5,960 | $1.0M | No change |
| RGLD Royal Gold Inc. | 0.23% | 4,080 | $1.0M | No change |
| HDSN Hudson Technologies Inc. | 0.23% | 174,325 | $1.0M | Reduce -0.6% |
| ENB Enbridge Inc. | 0.23% | 18,525 | $1.0M | Reduce -0.3% |
| PEP Pepsico Inc. | 0.22% | 6,371 | $989K | No change |
| EOG EOG Resources Inc. | 0.22% | 6,605 | $955K | Add +14.1% |
| RTX RTX Corp. | 0.21% | 4,911 | $947K | Reduce -0.9% |
| LSCC Lattice Semiconductor Corp. | 0.21% | 10,100 | $937K | No change |
| AMGN Amgen Inc. | 0.20% | 2,533 | $891K | Reduce -2.3% |
| GEHC GE Healthcare Technology | 0.19% | 12,079 | $860K | Add +0.2% |
| BF.B Brown-Forman Corp. Class B | 0.19% | 32,408 | $857K | Add +15.7% |
| ALL Allstate Corp. | 0.18% | 3,823 | $793K | Reduce -2.5% |
| MYCG State Street MY2027 Corporat | 0.17% | 31,037 | $776K | Add +31.5% |
| LOW Lowe's Cos Inc. | 0.17% | 3,194 | $755K | Reduce -1.7% |
| YOU Clear Secure Inc. Class A | 0.16% | 15,000 | $726K | Reduce -6.3% |
| HD Home Depot Inc. | 0.15% | 2,079 | $684K | No change |
| PLD Prologis Inc. | 0.15% | 5,100 | $674K | Reduce -2.9% |
| MCD McDonald's Corp. | 0.15% | 2,150 | $668K | No change |
| NBR Nabors Industries Ltd. | 0.15% | 7,500 | $645K | No change |
| PNC PNC Financial Services Group | 0.14% | 3,027 | $630K | Reduce -1.6% |
| TXO Txo Partners LP | 0.14% | 50,000 | $629K | No change |
| ETN Eaton Corp. PLC | 0.14% | 1,688 | $604K | No change |
| SO The Southern Co. | 0.13% | 6,050 | $584K | Reduce -8.3% |
| GE General Electric filed as GE AEROSPACE | 0.13% | 2,045 | $580K | Reduce -30.6% |
| EXE Expand Energy Corp. | 0.13% | 5,251 | $576K | Reduce -55.9% |
| CSX CSX Corp. | 0.12% | 13,491 | $554K | Reduce -0.4% |
| SMR Nuscale Power Corp. | 0.12% | 50,500 | $547K | Add +1.0% |
| DUK Duke Energy Corp. | 0.12% | 4,110 | $538K | Reduce -0.8% |
| GTY Getty Realty Corp. | 0.12% | 16,315 | $519K | Reduce -0.1% |
| TMO Thermo Fisher Scientific Inc. | 0.12% | 1,052 | $517K | Reduce -6.7% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,014 | $1.2M | Reduce -1.9% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 390 | $465K | No change |
Total filed on the 13F, all lines: $445.2M.
Portfolio Sells Q4 2025 → Q1 2026
| TROW T Rowe Price Group Inc. | Reduce -2.2% | 12.97% | −1.47 |
| CPA Copa Holdings SA Class A | Reduce -46.1% | 0.71% | −0.63 |
| TTI Tetra Technologies Inc. | Reduce -17.8% | 1.88% | −0.53 |
| MSFT Microsoft Corp. | Reduce -1.0% | 1.90% | −0.50 |
| IBM Intl Business Machines Corp. | Reduce -2.2% | 1.69% | −0.33 |
| GLW Corning Inc. | Reduce -43.3% | 3.22% | −0.28 |
| AZN Astrazeneca PLC | Reduce -17.4% | 2.90% | −0.23 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -1.4% | 0.68% | −0.23 |
| BLDR Builders Firstsource Inc. | Reduce -0.3% | 1.09% | −0.22 |
| GOOG Alphabet Inc. Class C | Reduce -2.2% | 2.73% | −0.20 |
| LAND Gladstone Land Corp. | Sold out | 0.00% | −0.19 |
| SANM Sanmina Corp. | Sold out | 0.00% | −0.16 |
| EXE Expand Energy Corp. | Reduce -55.9% | 0.13% | −0.15 |
| MU Micron Technology Inc. | Reduce -40.6% | 0.38% | −0.14 |
| MET Metlife Inc. | Reduce -0.7% | 1.64% | −0.13 |
| MRK Merck & Co. Inc. | Reduce -29.6% | 0.64% | −0.12 |
| XRAY Dentsply Sirona Inc. | Sold out | 0.00% | −0.11 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.10 |
| WTW Willis Towers Watson PLC | Reduce -0.2% | 1.08% | −0.09 |
| JPM JPMorgan Chase & Co. | Reduce -0.4% | 1.40% | −0.08 |
| CYRX Cryoport Inc. | Reduce -34.4% | 0.11% | −0.07 |
| FCNCA First Citizens Bcshs Class A | Reduce -49.1% | 0.06% | −0.07 |
| SLV iShares Silver Trust | Reduce -45.1% | 0.11% | −0.07 |
| GE General Electric | Reduce -30.6% | 0.13% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -0.1% | 0.53% | −0.06 |
| B Barrick Mining Corp. | Reduce -2.9% | 1.16% | −0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -7.7% | 0.47% | −0.06 |
| ULTA Ulta Beauty Inc. | Sold out | 0.00% | −0.05 |
| RSP Invesco S&P 500 Equal Weight | Sold out | 0.00% | −0.05 |
| AXP American Express Co. | Sold out | 0.00% | −0.05 |
| AMP Ameriprise Financial Inc. | Sold out | 0.00% | −0.05 |
| V Visa Inc. Class A | Sold out | 0.00% | −0.04 |
| QQQ Invesco QQQ Trust Series 1 | Sold out | 0.00% | −0.04 |
| CLF Cleveland-Cliffs Inc. | Sold out | 0.00% | −0.04 |
| SYM Symbotic Inc. | Reduce -1.8% | 0.47% | −0.04 |
| DAR Darling Ingredients Inc. | Reduce -49.4% | 0.39% | −0.04 |
| HDSN Hudson Technologies Inc. | Reduce -0.6% | 0.23% | −0.03 |
| LPTH Lightpath Technologies Inc. Class A | Sold out | 0.00% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -5.4% | 0.40% | −0.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -6.7% | 0.12% | −0.02 |
| CRBG Corebridge Financial Inc. | Reduce -0.4% | 0.07% | −0.02 |
| ONDS Ondas Inc. | Reduce -29.8% | 0.03% | −0.01 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -0.3% | 1.22% | −0.01 |
| ABBV Abbvie Inc. | Reduce -1.8% | 0.34% | −0.01 |
| ACA Arcosa Inc. | Reduce -4.7% | 1.08% | −0.01 |
| TMFC Motley Fool 100 Index ETF | Reduce -8.2% | 0.05% | −0.01 |
| NEM Newmont Corp. | Reduce -17.3% | 0.08% | −0.01 |
| INVE Inve Technologies Inc. | Reduce -26.2% | 0.01% | −0.00 |
| VOO Vanguard S&P 500 ETF | Reduce -6.7% | 0.05% | −0.00 |
| HLMN Hillman Solutions Corp. | Reduce -6.9% | 0.05% | −0.00 |
Portfolio Buys Q4 2025 → Q1 2026
| ZS Zscaler Inc. | New | 2.10% | +2.10 |
| AMZN Amazon.com Inc. | Add +84.2% | 2.62% | +1.11 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +21.1% | 4.04% | +0.85 |
| FIS Fidelity National Info Serv | Add +75.4% | 1.65% | +0.37 |
| SLB SLB Ltd. | Add +2.4% | 0.70% | +0.21 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +0.3% | 2.22% | +0.19 |
| EWZ iShares MSCI Brazil ETF | New | 0.11% | +0.11 |
| RYN Rayonier Inc. | New | 0.09% | +0.09 |
| ENPH Enphase Energy Inc. | Add +0.3% | 0.49% | +0.09 |
| BXP BXP Inc. | New | 0.08% | +0.08 |
| EOG EOG Resources Inc. | Add +14.1% | 0.22% | +0.08 |
| ANIP Ani Pharmaceuticals Inc. | Add +4.2% | 1.26% | +0.07 |
| ZM Zoom Communications Inc. | New | 0.07% | +0.07 |
| KRMN Karman Holdings Inc. | New | 0.06% | +0.06 |
| HPQ HP Inc. | New | 0.06% | +0.06 |
| ADP Automatic Data Processing | New | 0.06% | +0.06 |
| WY Weyerhaeuser Co. | Add +11.1% | 0.30% | +0.05 |
| MYCG State Street MY2027 Corporat | Add +31.5% | 0.17% | +0.05 |
| WM Waste Management Inc. | New | 0.05% | +0.05 |
| AMPL Amplitude Inc. Class A | Add +93.6% | 0.26% | +0.04 |
| BF.B Brown-Forman Corp. Class B | Add +15.7% | 0.19% | +0.04 |
| RPRX Royalty Pharma PLC Class A | Add +18.1% | 0.10% | +0.03 |
| ODFL Old Dominion Freight Line | Add +6.2% | 0.09% | +0.02 |
| TOL Toll Brothers Inc. | Add +22.2% | 0.08% | +0.02 |
| FDS Factset Research Systems Inc. | Add +75.9% | 0.06% | +0.02 |
| CPAY Corpay Inc. | Add +19.4% | 0.09% | +0.02 |
| CSCO Cisco Systems Inc. | Add +2.7% | 0.11% | +0.01 |
| COPX Global X Copper Miners ETF | Add +3.0% | 0.05% | +0.01 |
| ACM Aecom | Add +23.4% | 0.05% | +0.01 |
| ELV Elevance Health Inc. | Add +20.2% | 0.08% | +0.00 |
| DYAI Dyadic International Inc. | Add +29.4% | 0.02% | +0.00 |
| CNDT Conduent Inc. | New | 0.00% | +0.00 |
| SMRI Bushido Cap US Equity ETF | Add +1.5% | 0.07% | +0.00 |
| MDCX Medicus Pharma Ltd. | New | 0.00% | +0.00 |
| CTSO Cytosorbents Corp. | New | 0.00% | +0.00 |
| ZTS Zoetis Inc. | Add +1.9% | 0.95% | −0.00 |
| LODE Comstock Inc. | Add +14.3% | 0.01% | −0.00 |
| MDT Medtronic PLC | Add +3.7% | 0.06% | −0.00 |
| SYK Stryker Corp. | Add +0.4% | 0.09% | −0.00 |
| CALX Calix Inc. | Add +1.4% | 0.90% | −0.02 |
| GEHC GE Healthcare Technology | Add +0.2% | 0.19% | −0.02 |
| RXRX Recursion Pharmaceuticals-A | Add +4.6% | 0.10% | −0.02 |
| SMR Nuscale Power Corp. | Add +1.0% | 0.12% | −0.03 |
| ARCC Ares Capital Corp. | Add +0.2% | 0.67% | −0.05 |
| AAPL Apple Inc. | Add +0.3% | 2.80% | −0.06 |
| DHR Danaher Corp. | Add +1.1% | 1.00% | −0.14 |
| ZETA Zeta Global Holdings Corp. Class A | Add +4.5% | 0.83% | −0.14 |
| ATEC Alphatec Holdings Inc. | Add +31.5% | 0.64% | −0.26 |
| ADBE Adobe Inc. | Add +0.1% | 0.72% | −0.27 |
| PAR Par Technology Corp. | Add +31.4% | 0.30% | −0.30 |
Notes & Other Activity Q4 2025 → Q1 2026
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.9% | 1,014 | $1.2M |
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 |