SEC 13F Intelligence

Managers / Q4 2021 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$427M
Q4 2021
Positions
166
Filings on Record
32
2019–present window
Filed
Feb 9, 2022
original filing

Summary

Marathon Capital Management reported $427M in U.S.-listed holdings across 166 positions for Q4 2021.

The portfolio is heavily concentrated: TROW alone accounts for 40.3% of reported value.

Compared with Q3 2021, the fund opened 10 new positions and exited 68.

Portfolio Metrics

Turnover
+7.3%
vs prior filed quarter
Top-10 Concentration
+54.9%
share of reported value
Largest Position
+40.3%
T Rowe Price
New / Exited
10 / 68
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: 90.3%Other: 6.3%ADR: 1.3%REIT: 1.3%ETP: 0.5%Other: 0.2%
  • Common Stock · 90.3% · $385M
  • Other · 6.3% · $27M
  • ADR · 1.3% · $6M
  • REIT · 1.3% · $6M
  • ETP · 0.5% · $2M
  • Other · 0.2% · $881,000

Quarter-over-Quarter Changes full breakdown →

vs Q3 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
Copa Holdings Sa Cl ANEW+48.1K48.1K+$4M$4M
XRXXerox CorpNEW+164.2K164.2K+$4M$4M
DCGODocgo IncNEW+156.9K156.9K+$1M$1M
ONDSOndas Hldgs IncNEW+179.4K179.4K+$1M$1M
Blackrock Resources &NEW+61.6K61.6K+$576,000$576,000
HBMDHoward Bancorp IncNEW+14.7K14.7K+$320,000$320,000
Canadian Pac RailwayNEW+3.5K3.5K+$251,000$251,000
Vanguard DividendNEW+1.3K1.3K+$219,000$219,000

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

Holdings — Q4 2021

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWT Rowe Price Group Inchistory →COM40.26%$172M873.7K
2ENPHEnphase Energy Inchistory →COM2.42%$10M56.5K
3INVNIdentive Inchistory →COM NEW1.83%$8M278.0K
4AAPLApple Computer Inchistory →COM1.68%$7M40.3K
5Avid Technology IncCOM1.60%$7M210.3K
6METMetlife Inchistory →COM1.56%$7M106.5K
7QCOMQualcomm Inchistory →COM1.46%$6M34.0K
8IBMIntl Business Machineshistory →COM1.45%$6M46.2K
9BMYBristol-Myers Squibb Cohistory →COM1.34%$6M91.5K
10MSFTMicrosoft Corphistory →COM1.32%$6M16.8K
11GLWCorning Inchistory →COM1.28%$5M146.5K
12TTITetra Technologieshistory →COM1.13%$5M1.71M
13Kornit Digital Ltd.SHS1.13%$5M31.7K
14SPARUSDShyft Group Inchistory →COM1.09%$5M94.5K
15Glaxosmithkline Plc AdrfSPONSORED ADR1.09%$5M105.1K
16AAWWUSDAtlas Air Worldwide Hldghistory →COM NEW1.07%$5M48.4K
17JNJJohnson & Johnsonhistory →COM1.06%$5M26.5K
18CVSC V S Corp Delhistory →COM1.06%$5M43.9K
19ABJAABB Limitedhistory →SPONSORED ADR1.04%$4M115.8K
20ALSNAllison Transmissionhistory →COM1.01%$4M118.9K
21ABBVAbbvie IncCOM0.94%$4M29.7K
22Copa Holdings Sa Cl ACL A0.93%$4M48.1K
23QTRXQuanterix CorpCOM0.92%$4M92.3K
24BRK/BBerkshire Hathaway Cl BCL B NEW0.88%$4M12.6K
25XRXXerox CorpCOM NEW0.87%$4M164.2K
26MDC1USDM D C Holding IncCOM0.86%$4M65.5K
27FT2First Horizon CorpCOM0.86%$4M223.8K
28DFSEURDiscover Financial SvcsCOM0.83%$4M30.7K
29ARCCAres Capital CorpCOM0.83%$4M166.9K
30MRKMerck & Co IncCOM0.83%$4M46.1K
31BSFAAni PharmaceuticalsCOM0.81%$3M74.8K
32CHVChevrontexaco CorpCOM0.66%$3M23.9K
33USBU.S. BancorpCOM NEW0.59%$3M44.7K
34WYWeyerhaeuser CoCOM NEW0.58%$2M59.8K
35PSXPhillipsCOM0.57%$2M33.5K
36ACAArcosa IncCOM0.57%$2M45.8K
37TPCTutor Perini CorpCOM0.54%$2M186.1K
38LPROOpen Lending CorpCOM CL A0.50%$2M94.7K
39PGNYProgyny IncCOM0.49%$2M41.2K
40PGProcter & Gamble CoCOM0.48%$2M12.5K
41PLABPhotronics IncCOM0.48%$2M108.2K
42AMZNAmazon Com IncCOM0.47%$2M605
43SCOR1EURComscore IncCOM0.47%$2M595.3K
44CNDTConduent Inc ComCOM0.46%$2M371.5K
45BLBDBlue Bird CorpCOM0.45%$2M124.1K
46CYRXCryoport IncCOM PAR $0.0010.44%$2M31.8K
47TRGPTarga Resources CorpCOM0.43%$2M35.2K
48HONGBPHoneywell InternationalCOM0.40%$2M8.2K
49DOCUSDPhysicians Realty TrCOM0.36%$2M82.2K
50Euronav NvSHS0.36%$2M174.2K

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 ↗.