SEC 13F Intelligence

Managers / Q1 2026

MARATHON CAPITAL MANAGEMENT

CIK 0001213206 · 4 NORTH PARK DRIVE, SUITE 106, HUNT VALLEY, MD, 21030-1806 · 410-329-1522

Reported Value
$445M
Q1 2026
Positions
171
Filings on Record
32
2019–present window
Filed
May 14, 2026
original filing

Summary

Marathon Capital Management reported $445M in U.S.-listed holdings across 171 positions for Q1 2026.

Its largest position, TROW, represents 12.9% of the portfolio.

Compared with Q4 2025, the fund opened 13 new positions and exited 13.

Portfolio Metrics

Turnover
+10.6%
vs prior filed quarter
Top-10 Concentration
+37.8%
share of reported value
Largest Position
+12.9%
Price T Rowe
New / Exited
13 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $201MQ4 ’18Q1 ’19: $224MQ2 ’19: $245MQ3 ’19: $248MQ4 ’19: $294MQ4 ’19Q1 ’20: $218MQ2 ’20: $260MQ3 ’20: $275MQ4 ’20: $339MQ4 ’20Q1 ’21: $379MQ2 ’21: $432MQ3 ’21: $441MQ4 ’21: $427MQ4 ’21Q1 ’22: $348MQ2 ’22: $310MQ3 ’22: $350MQ4 ’22: $363MQ4 ’22Q1 ’23: $406MQ2 ’23: $405MQ3 ’23: $397MQ4 ’23: $398MQ4 ’23Q1 ’24: $419MQ2 ’24: $392MQ3 ’24: $412MQ4 ’24: $400MQ4 ’24Q1 ’25: $375MQ2 ’25: $393MQ3 ’25: $437MQ4 ’25: $465MQ4 ’25Q1 ’26: $445Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 78.7%ETP: 9.0%Other: 6.3%REIT: 3.5%Closed-End Fund: 1.3%Other: 1.3%
  • Common Stock · 78.7% · $350M
  • ETP · 9.0% · $40M
  • Other · 6.3% · $28M
  • REIT · 3.5% · $16M
  • Closed-End Fund · 1.3% · $6M
  • Other · 1.3% · $6M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ASTRAZENECA PLCNEW+65.2K65.2K+$13M$13M
ZSZSCALER INCNEW+66.3K66.3K+$9M$9M
ISHARES INCNEW+12.8K12.8K+$492,160$492,160
RYNRAYONIER INCNEW+20.0K20.0K+$412,976$412,976
BXPBXP INCNEW+7.2K7.2K+$373,680$373,680
ZMZOOM COMMUNICATIONS INCNEW+3.8K3.8K+$305,723$305,723
KRMNKARMAN HLDGS INCNEW+3.6K3.6K+$287,780$287,780
7HPHP INCNEW+14.3K14.3K+$275,375$275,375

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM12.93%$58M638.5K
2SPDR SERIES TRUSTSTATE STREET SPD4.02%$18M195.4K
3GLWCORNING INChistory →COM3.21%$14M105.2K
4ASTRAZENECA PLCORD2.89%$13M65.2K
5AAPLAPPLE INChistory →COM2.79%$12M49.0K
6GOOGALPHABET INChistory →CAP STK CL C2.72%$12M42.2K
7AMZNAMAZON COM INChistory →COM2.61%$12M55.7K
8CHVCHEVRON CORPORATIONhistory →COM2.29%$10M49.3K
9VANGUARD WHITEHALL FDSINTL HIGH ETF2.21%$10M104.3K
10FANGDIAMONDBACK ENERGY INChistory →COM2.13%$9M48.0K
11ZSZSCALER INChistory →COM2.09%$9M66.3K
12ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.90%$8M72.2K
13MSFTMICROSOFT CORPhistory →COM1.89%$8M22.7K
14TTITETRA TECHNOLOGIES INC DELhistory →COM1.87%$8M979.0K
15QCOMQUALCOMM INChistory →COM1.74%$8M60.2K
16AIIALMONTY INDS INChistory →COM NEW1.72%$8M529.2K
17IBMINTERNATIONAL BUSINESS MACHShistory →COM1.68%$8M30.9K
18FISFIDELITY NATL INFORMATION SVhistory →COM1.64%$7M155.9K
19METMETLIFE INChistory →COM1.63%$7M102.9K
20OREALTY INCOME CORPhistory →COM1.54%$7M112.3K
21JPMJPMORGAN CHASE & COhistory →COM1.39%$6M21.1K
22JNJJOHNSON & JOHNSONhistory →COM1.39%$6M25.3K
23CECOCECO ENVIRONMENTAL CORPhistory →COM1.32%$6M98.3K
24SPROTT ASSET MANAGEMENT LPPHYSICAL GOLD AN1.29%$6M120.4K
25ADMAADMA BIOLOGICS INChistory →COM1.27%$6M627.4K
26BSFAANI PHARMACEUTICALS INChistory →COM1.25%$6M72.6K
27BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.21%$5M11.3K
28BBARRICK MNG CORPhistory →COM SHS1.15%$5M126.1K
29NPKINPK INTERNATIONAL INChistory →COM SHS1.13%$5M346.1K
30BLDRBUILDERS FIRSTSOURCE INChistory →COM1.09%$5M59.0K
31WILLIS TOWERS WATSON PLC LTDSHS1.08%$5M16.5K
32ACAARCOSA INChistory →COM1.08%$5M45.3K
33GQ9SPDR GOLD TRhistory →GOLD SHS1.03%$5M10.7K
34DHRDANAHER CORP DELCOM0.99%$4M23.3K
35ZTSZOETIS INCCL A0.95%$4M35.8K
36CHUBB LTD SWITZCOM0.91%$4M12.4K
37DOCHEALTHPEAK PROPERTIES INCCOM0.91%$4M245.7K
38CALXCALIX INCCOM0.90%$4M81.8K
39ZETAZETA GLOBAL HOLDINGS CORPCL A0.83%$4M231.8K
40ADBEADOBE INCCOM0.71%$3M13.1K
41COPA HOLDINGS SACL A0.71%$3M27.8K
42SLBSLB LIMITEDCOM STK0.69%$3M60.1K
43NVONOVO-NORDISK A SADR0.67%$3M81.6K
44ARCCARES CAPITAL CORPCOM0.67%$3M165.2K
45MRKMERCK & CO INCCOM0.64%$3M23.7K
46ATECALPHATEC HLDGS INCCOM NEW0.64%$3M261.6K
47TRGPTARGA RES CORPCOM0.56%$2M9.9K
48PGPROCTER & GAMBLE COCOM0.53%$2M16.2K
49LLYELI LILLY & COCOM0.53%$2M2.5K
50ENPHENPHASE ENERGY INCCOM0.49%$2M57.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$445M171May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$465M171Jan 29, 202613F-HRchanges · EDGAR ↗
Q3 2025$437M163Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$393M166Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$375M158May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$400M155Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$412M154Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$392M145Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$419M154May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$398M153Feb 14, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$397M158Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$405M156Aug 15, 2023RESTATEMENTchanges · EDGAR ↗
Q1 2023$406M164May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$363M145Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$350M153Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$310M146Aug 12, 202213F-HRchanges · EDGAR ↗
Q1 2022$348M93May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$427M166Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$441M224Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$432M199Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$379M189May 14, 202113F-HRchanges · EDGAR ↗
Q4 2020$339M158Feb 8, 202113F-HRchanges · EDGAR ↗
Q3 2020$275M147Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$260M140Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$218M122May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$294M142Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$248M113Nov 13, 201913F-HRchanges · EDGAR ↗
Q2 2019$245M112Jul 25, 201913F-HRchanges · EDGAR ↗
Q1 2019$224M110May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$201M110Feb 7, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.