SEC 13F Intelligence

Managers / Q4 2022 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$363M
Q4 2022
Positions
145
Filings on Record
32
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Marathon Capital Management reported $363M in U.S.-listed holdings across 145 positions for Q4 2022.

The portfolio is heavily concentrated: TROW alone accounts for 27.4% of reported value.

Compared with Q3 2022, the fund opened 0 new positions and exited 8.

Portfolio Metrics

Turnover
+6.6%
vs prior filed quarter
Top-10 Concentration
+49.9%
share of reported value
Largest Position
+27.4%
Price T Rowe

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: 88.2%Other: 4.5%REIT: 3.9%ADR: 1.5%ETP: 1.1%Other: 0.7%
  • Common Stock · 88.2% · $320M
  • Other · 4.5% · $16M
  • REIT · 3.9% · $14M
  • ADR · 1.5% · $6M
  • ETP · 1.1% · $4M
  • Other · 0.7% · $3M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BMOBANK MONTREAL QUEADDED+58.3K67.5K+$5M$6M
FT2First Horizon CorpSOLD OUT−200.5K0−$5M$0
ABXBarrick Gold Corp Com Npv Isin #ca067901SOLD OUT−187.7K0−$3M$0
ZYMEUSDZymeworks IncSOLD OUT−27.3K0−$168,000$0
TOSTToast IncSOLD OUT−10.0K0−$167,000$0
RCATRed Cat Hldgs IncSOLD OUT−70.0K0−$117,000$0
Agrify CorpSOLD OUT−18.0K0−$78,000$0
HLNHaleon PlcSOLD OUT−12.8K0−$78,000$0

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

Holdings — Q4 2022

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM27.44%$100M912.8K
2ENPHENPHASE ENERGY INChistory →COM5.79%$21M79.3K
3HDSNHUDSON TECHNOLOGIES INChistory →COM2.61%$9M936.6K
4PSXPHILLIPS 66history →COM2.30%$8M80.1K
5GLWCORNING INChistory →COM2.16%$8M245.3K
6AAPLAPPLE INChistory →COM2.07%$8M57.8K
7BMYBRISTOL-MYERS SQUIBB COhistory →COM2.01%$7M101.3K
8DOCUSDPHYSICIANS RLTY TRhistory →COM1.88%$7M470.5K
9QCOMQUALCOMM INChistory →COM1.85%$7M61.2K
10METMETLIFE INChistory →COM1.83%$7M91.9K
11JNJJOHNSON & JOHNSONhistory →COM1.80%$7M36.9K
12TTITETRA TECHNOLOGIES INC DELhistory →COM1.72%$6M1.80M
13IBMINTERNATIONAL BUSINESS MACHShistory →COM1.70%$6M43.8K
14MSFTMICROSOFT CORPhistory →COM1.70%$6M25.7K
15BMOBANK MONTREAL QUEhistory →COM1.69%$6M67.5K
16MRKMERCK & CO INChistory →COM1.40%$5M45.7K
17ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.39%$5M121.3K
18INVNIDENTIV INChistory →COM NEW1.39%$5M696.6K
19ABBVABBVIE INChistory →COM1.30%$5M29.3K
20COPA HOLDINGS SACL A1.26%$5M54.8K
21AVID TECHNOLOGY INCCOM1.07%$4M145.8K
22BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.05%$4M12.4K
23LEN/BLENNAR CORPhistory →CL B1.02%$4M49.5K
24ABJAABB LTDSPONSORED ADR0.96%$3M114.8K
25CHVCHEVRON CORP NEWCOM0.92%$3M18.7K
26SPARUSDSHYFT GROUP INCCOM0.86%$3M125.9K
27ARCCARES CAPITAL CORPCOM0.85%$3M167.9K
28BSFAANI PHARMACEUTICALS INCCOM0.81%$3M72.9K
29LANDGLADSTONE LD CORPCOM0.80%$3M157.4K
30PGPROCTER AND GAMBLE COCOM0.78%$3M18.7K
31XRXXEROX HOLDINGS CORPCOM NEW0.77%$3M191.7K
32GQ9SPDR GOLD TRGOLD SHS0.76%$3M16.2K
33PFEPFIZER INCCOM0.75%$3M53.1K
34ACAARCOSA INCCOM0.68%$2M45.7K
35TRGPTARGA RES CORPCOM0.66%$2M32.6K
36DSKEUSDDASEKE INCCOM0.66%$2M419.3K
37MDC1USDM D C HLDGS INCCOM0.63%$2M72.0K
38BDCBELDEN INCCOM0.53%$2M26.8K
39USBUS BANCORP DELCOM NEW0.52%$2M43.2K
40CECOCECO ENVIRONMENTAL CORPCOM0.51%$2M159.8K
41MPCMARATHON PETE CORPCOM0.51%$2M15.8K
42PLABPHOTRONICS INCCOM0.50%$2M107.4K
43SELFGLOBAL SELF STORAGE INCCOM0.50%$2M370.0K
44WYWEYERHAEUSER CO MTN BECOM NEW0.50%$2M58.2K
45DCGODOCGO INCCOM0.49%$2M251.1K
46WELLS FARGO CO NEWPERP PFD CNV A0.48%$2M1.5K
47BACVERIZON COMMUNICATIONS INCCOM0.48%$2M43.8K
48AAWWUSDATLAS AIR WORLDWIDE HLDGS INCOM NEW0.43%$2M15.6K
49STRATASYS LTDSHS0.42%$2M127.9K
50NNDMNANO DIMENSION LTDSPONSORD ADS NEW0.40%$1M633.6K

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 ↗.