SEC 13F Intelligence

Managers / Q1 2023 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$406M
Q1 2023
Positions
164
Filings on Record
32
2019–present window
Filed
May 12, 2023
original filing

Summary

Marathon Capital Management reported $406M in U.S.-listed holdings across 164 positions for Q1 2023.

The portfolio is heavily concentrated: TROW alone accounts for 25.3% of reported value.

Compared with Q4 2022, the fund opened 32 new positions and exited 13.

Portfolio Metrics

Turnover
+10.1%
vs prior filed quarter
Top-10 Concentration
+45.4%
share of reported value
Largest Position
+25.3%
Price T Rowe
New / Exited
32 / 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: 87.3%Other: 5.0%REIT: 3.4%ETP: 1.7%Closed-End Fund: 1.4%Other: 1.1%
  • Common Stock · 87.3% · $355M
  • Other · 5.0% · $20M
  • REIT · 3.4% · $14M
  • ETP · 1.7% · $7M
  • Closed-End Fund · 1.4% · $6M
  • Other · 1.1% · $5M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
HLMNHILLMAN SOLUTIONS CORPNEW+934.4K934.4K+$8M$8M
FISFIDELITY NATL INFORMATION SVNEW+111.4K111.4K+$6M$6M
SPROTT PHYSICAL GOLD & SILVENEW+268.1K268.1K+$5M$5M
FNFFIDELITY NATIONAL FINANCIALNEW+121.3K121.3K+$4M$4M
MRO*MARATHON OIL CORPNEW+169.1K169.1K+$4M$4M
HPHELMERICH & PAYNE INCNEW+110.9K110.9K+$4M$4M
DOWDOW INCNEW+72.1K72.1K+$4M$4M
TFCTRUIST FINL CORPNEW+107.7K107.7K+$4M$4M

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

Holdings — Q1 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM25.28%$103M910.1K
2ENPHENPHASE ENERGY INChistory →COM4.25%$17M82.2K
3AAPLAPPLE INChistory →COM2.33%$9M57.5K
4GLWCORNING INChistory →COM2.13%$9M244.9K
5BMYBRISTOL-MYERS SQUIBB COhistory →COM2.05%$8M120.5K
6QCOMQUALCOMM INChistory →COM1.95%$8M62.1K
7HLMNHILLMAN SOLUTIONS CORPhistory →COM1.94%$8M934.4K
8HDSNHUDSON TECHNOLOGIES INChistory →COM1.91%$8M890.0K
9MSFTMICROSOFT CORPhistory →COM1.84%$7M25.9K
10DOCUSDPHYSICIANS RLTY TRhistory →COM1.73%$7M470.9K
11METMETLIFE INChistory →COM1.71%$7M120.2K
12FISFIDELITY NATL INFORMATION SVhistory →COM1.49%$6M111.4K
13PFEPFIZER INChistory →COM1.49%$6M148.3K
14BMOBANK MONTREAL QUEhistory →COM1.48%$6M67.6K
15IBMINTERNATIONAL BUSINESS MACHShistory →COM1.42%$6M44.0K
16JNJJOHNSON & JOHNSONhistory →COM1.39%$6M36.4K
17ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.34%$5M120.7K
18AVID TECHNOLOGY INCCOM1.31%$5M166.7K
19SPROTT PHYSICAL GOLD & SILVETR UNIT1.25%$5M268.1K
20COPA HOLDINGS SACL A1.25%$5M54.9K
21INVNIDENTIV INChistory →COM NEW1.21%$5M802.1K
22TTITETRA TECHNOLOGIES INC DELhistory →COM1.18%$5M1.81M
23FNFFIDELITY NATIONAL FINANCIALhistory →FNF GROUP COM1.04%$4M121.3K
24PSXPHILLIPS 66history →COM1.00%$4M40.3K
25MRO*MARATHON OIL CORPCOM1.00%$4M169.1K
26HPHELMERICH & PAYNE INCCOM0.98%$4M110.9K
27DOWDOW INCCOM0.97%$4M72.1K
28BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.93%$4M12.3K
29TFCTRUIST FINL CORPCOM0.90%$4M107.7K
30MRKMERCK & CO INCCOM0.90%$4M34.5K
31SPARUSDSHYFT GROUP INCCOM0.88%$4M157.1K
32BSFAANI PHARMACEUTICALS INCCOM0.83%$3M84.9K
33CECOCECO ENVIRONMENTAL CORPCOM0.81%$3M233.9K
34BLBDBLUE BIRD CORPCOM0.80%$3M158.5K
35ARCCARES CAPITAL CORPCOM0.76%$3M168.4K
36VANECK ETF TRUSTGOLD MINERS ETF0.76%$3M94.9K
37CHVCHEVRON CORP NEWCOM0.74%$3M18.4K
38XRXXEROX HOLDINGS CORPCOM NEW0.73%$3M191.9K
39DSKEUSDDASEKE INCCOM0.73%$3M381.8K
40ACAARCOSA INCCOM0.71%$3M45.7K
41GQ9SPDR GOLD TRGOLD SHS0.71%$3M15.7K
42DCGODOCGO INCCOM0.69%$3M323.8K
43PGPROCTER AND GAMBLE COCOM0.69%$3M18.8K
44MDC1USDM D C HLDGS INCCOM0.69%$3M71.7K
45LANDGLADSTONE LD CORPCOM0.65%$3M158.4K
46JPMJPMORGAN CHASE & COCOM0.65%$3M20.2K
47STRATASYS LTDSHS0.59%$2M144.6K
48WBDWARNER BROS DISCOVERY INCCOM SER A0.59%$2M157.2K
49TRGPTARGA RES CORPCOM0.58%$2M32.3K
50BDCBELDEN INCCOM0.57%$2M26.8K

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 ↗.