SEC 13F Intelligence

Managers / Q2 2023 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$405M
Q2 2023
Positions
156
Filings on Record
32
2019–present window
Filed
Aug 15, 2023
amendment (RESTATEMENT)

Summary

Marathon Capital Management reported $405M in U.S.-listed holdings across 156 positions for Q2 2023.

The portfolio is heavily concentrated: TROW alone accounts for 25.1% of reported value.

Compared with Q1 2023, the fund opened 5 new positions and exited 13.

Portfolio Metrics

Turnover
+7.9%
vs prior filed quarter
Top-10 Concentration
+44.9%
share of reported value
Largest Position
+25.1%
Price T Rowe
New / Exited
5 / 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: 88.7%Other: 5.1%REIT: 3.4%ETP: 1.7%PUBLIC: 0.9%Other: 0.2%
  • Common Stock · 88.7% · $359M
  • Other · 5.1% · $21M
  • REIT · 3.4% · $14M
  • ETP · 1.7% · $7M
  • PUBLIC · 0.9% · $4M
  • Other · 0.2% · $914,759

Quarter-over-Quarter Changes full breakdown →

vs Q1 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
DALDELTA AIR LINES INC DELNEW+112.0K112.0K+$5M$5M
ABXBARRICK GOLD CORPNEW+113.2K113.2K+$2M$2M
TRANSOCEAN LTDNEW+183.0K183.0K+$1M$1M
IBDPISHARES TRNEW+15.5K15.5K+$380,729$380,729
FLOTEK INDS INC DELNEW+15.0K15.0K+$11,010$11,010
CHVCHEVRON CORP NEWADDED+27.2K45.6K+$4M$7M
SPROTT PHYSICAL GOLD & SILVESOLD OUT−268.1K0−$5M$0
TFCTRUIST FINL CORPSOLD OUT−107.7K0−$4M$0

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

Holdings — Q2 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM25.12%$102M908.3K
2ENPHENPHASE ENERGY INChistory →COM3.00%$12M72.7K
3AAPLAPPLE INChistory →COM2.84%$11M59.2K
4MSFTMICROSOFT CORPhistory →COM2.20%$9M26.1K
5HDSNHUDSON TECHNOLOGIES INChistory →COM2.11%$9M890.5K
6GLWCORNING INChistory →COM2.10%$9M242.8K
7HLMNHILLMAN SOLUTIONS CORPhistory →COM2.05%$8M922.8K
8BMYBRISTOL-MYERS SQUIBB COhistory →COM1.89%$8M119.5K
9QCOMQUALCOMM INChistory →COM1.79%$7M60.9K
10CHVCHEVRON CORP NEWhistory →COM1.77%$7M45.6K
11METMETLIFE INChistory →COM1.64%$7M117.7K
12ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.64%$7M117.5K
13DOCUSDPHYSICIANS RLTY TRhistory →COM1.61%$7M465.8K
14COPA HOLDINGS SACL A1.58%$6M58.0K
15FISFIDELITY NATL INFORMATION SVhistory →COM1.51%$6M112.1K
16TTITETRA TECHNOLOGIES INC DELhistory →COM1.50%$6M1.80M
17BMOBANK MONTREAL QUEhistory →COM1.48%$6M66.6K
18INVNIDENTIV INChistory →COM NEW1.48%$6M714.3K
19JNJJOHNSON & JOHNSONhistory →COM1.47%$6M36.0K
20IBMINTERNATIONAL BUSINESS MACHShistory →COM1.43%$6M43.3K
21PFEPFIZER INChistory →COM1.36%$5M149.9K
22DALDELTA AIR LINES INC DELhistory →COM NEW1.31%$5M112.0K
23FNFFIDELITY NATIONAL FINANCIALhistory →FNF GROUP COM1.05%$4M118.1K
24BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.03%$4M12.3K
25MRO*MARATHON OIL CORPCOM0.96%$4M168.7K
26MRKMERCK & CO INCCOM0.96%$4M33.6K
27HPHELMERICH & PAYNE INCCOM0.95%$4M109.0K
28AVID TECHNOLOGY INCCOM0.93%$4M148.4K
29DOWDOW INCCOM0.92%$4M70.2K
30BSFAANI PHARMACEUTICALS INCCOM0.91%$4M68.6K
31PSXPHILLIPS 66COM0.86%$3M36.4K
32ACAARCOSA INCCOM0.83%$3M44.2K
33MDC1USDM D C HLDGS INCCOM0.82%$3M71.1K
34SPARUSDSHYFT GROUP INCCOM0.82%$3M150.3K
35ARCCARES CAPITAL CORPCOM0.78%$3M168.4K
36JPMJPMORGAN CHASE & COCOM0.72%$3M20.1K
37XRXXEROX HOLDINGS CORPCOM NEW0.70%$3M190.1K
38VANECK ETF TRUSTGOLD MINERS ETF0.69%$3M92.7K
39GQ9SPDR GOLD TRGOLD SHS0.69%$3M15.6K
40DSKEUSDDASEKE INCCOM0.67%$3M382.3K
41EVLVEVOLV TECHNOLOGIES HLDNGS INCOM CL A0.65%$3M437.8K
42LANDGLADSTONE LD CORPCOM0.65%$3M161.2K
43PGPROCTER AND GAMBLE COCOM0.65%$3M17.2K
44BDCBELDEN INCCOM0.64%$3M27.2K
45BLBDBLUE BIRD CORPCOM0.63%$3M113.8K
46TRGPTARGA RES CORPCOM0.61%$2M32.3K
47DCGODOCGO INCCOM0.58%$2M249.1K
48QTRXQUANTERIX CORPCOM0.57%$2M101.9K
49STRATASYS LTDSHS0.56%$2M127.4K
50WYWEYERHAEUSER CO MTN BECOM NEW0.54%$2M65.0K

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 ↗.