SEC 13F Intelligence

Managers / Q3 2023 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$397M
Q3 2023
Positions
158
Filings on Record
32
2019–present window
Filed
Nov 14, 2023
original filing

Summary

Marathon Capital Management reported $397M in U.S.-listed holdings across 158 positions for Q3 2023.

The portfolio is heavily concentrated: TROW alone accounts for 24.0% of reported value.

Compared with Q2 2023, the fund opened 14 new positions and exited 12.

Portfolio Metrics

Turnover
+10.2%
vs prior filed quarter
Top-10 Concentration
+44.3%
share of reported value
Largest Position
+24.0%
Price T Rowe
New / Exited
14 / 12
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: 86.4%Other: 7.3%REIT: 3.2%Closed-End Fund: 1.0%ETP: 1.0%Other: 1.0%
  • Common Stock · 86.4% · $343M
  • Other · 7.3% · $29M
  • REIT · 3.2% · $13M
  • Closed-End Fund · 1.0% · $4M
  • ETP · 1.0% · $4M
  • Other · 1.0% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SPROTT PHYSICAL GOLD & SILVENEW+211.0K211.0K+$4M$4M
KVUEKENVUE INCNEW+132.5K132.5K+$3M$3M
CALXCALIX INCNEW+54.1K54.1K+$2M$2M
CHUBB LIMITEDNEW+9.8K9.8K+$2M$2M
RXRXRECURSION PHARMACEUTICALS INNEW+170.6K170.6K+$1M$1M
OREALTY INCOME CORPNEW+6.2K6.2K+$307,281$307,281
FCNCAFIRST CTZNS BANCSHARES INC NNEW+155155+$213,916$213,916
CARRCARRIER GLOBAL CORPORATIONNEW+3.8K3.8K+$207,173$207,173

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

Holdings — Q3 2023

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM23.97%$95M908.3K
2TRANSOCEAN LTDREG SHS3.08%$12M1.49M
3AAPLAPPLE INChistory →COM2.51%$10M58.4K
4HDSNHUDSON TECHNOLOGIES INChistory →COM2.51%$10M751.1K
5TTITETRA TECHNOLOGIES INC DELhistory →COM2.32%$9M1.44M
6ENPHENPHASE ENERGY INChistory →COM2.15%$9M71.3K
7MSFTMICROSOFT CORPhistory →COM2.05%$8M25.8K
8CHVCHEVRON CORP NEWhistory →COM1.95%$8M45.9K
9HLMNHILLMAN SOLUTIONS CORPhistory →COM1.91%$8M921.9K
10GLWCORNING INChistory →COM1.86%$7M242.4K
11METMETLIFE INChistory →COM1.85%$7M117.0K
12BMYBRISTOL-MYERS SQUIBB COhistory →COM1.76%$7M120.7K
13QCOMQUALCOMM INChistory →COM1.71%$7M61.2K
14ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.69%$7M113.6K
15INVNIDENTIV INChistory →COM NEW1.58%$6M743.8K
16FISFIDELITY NATL INFORMATION SVhistory →COM1.55%$6M111.3K
17IBMINTERNATIONAL BUSINESS MACHShistory →COM1.53%$6M43.3K
18DOCUSDPHYSICIANS RLTY TRhistory →COM1.42%$6M463.2K
19BMOBANK MONTREAL QUEhistory →COM1.38%$5M64.9K
20PFEPFIZER INChistory →COM1.27%$5M151.9K
21COPA HOLDINGS SACL A1.21%$5M54.0K
22HPHELMERICH & PAYNE INChistory →COM1.16%$5M108.9K
23MRO*MARATHON OIL CORPhistory →COM1.14%$5M169.3K
24JNJJOHNSON & JOHNSONhistory →COM1.11%$4M28.4K
25BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.09%$4M12.4K
26WILLIS TOWERS WATSON PLC LTDSHS1.07%$4M20.4K
27DALDELTA AIR LINES INC DELhistory →COM NEW1.06%$4M113.5K
28BSFAANI PHARMACEUTICALS INChistory →COM1.05%$4M71.7K
29DOWDOW INCCOM0.94%$4M72.8K
30SPROTT PHYSICAL GOLD & SILVETR UNIT0.92%$4M211.0K
31MRKMERCK & CO INCCOM0.86%$3M33.1K
32ARCCARES CAPITAL CORPCOM0.83%$3M169.0K
33ACAARCOSA INCCOM0.79%$3M43.8K
34XRXXEROX HOLDINGS CORPCOM NEW0.75%$3M190.9K
35JPMJPMORGAN CHASE & COCOM0.74%$3M20.4K
36MDC1USDM D C HLDGS INCCOM0.74%$3M71.3K
37QTRXQUANTERIX CORPCOM0.73%$3M106.4K
38GQ9SPDR GOLD TRGOLD SHS0.70%$3M16.2K
39KVUEKENVUE INCCOM0.67%$3M132.5K
40CECOCECO ENVIRONMENTAL CORPCOM0.66%$3M164.3K
41BLBDBLUE BIRD CORPCOM0.66%$3M122.1K
42PGPROCTER AND GAMBLE COCOM0.63%$3M17.3K
43SPARUSDSHYFT GROUP INCCOM0.63%$3M167.4K
44TRGPTARGA RES CORPCOM0.62%$2M29.0K
45CALXCALIX INCCOM0.62%$2M54.1K
46CYRXCRYOPORT INCCOM PAR $0.0010.61%$2M176.8K
47EVLVEVOLV TECHNOLOGIES HLDNGS INCOM CL A0.59%$2M485.8K
48LANDGLADSTONE LD CORPCOM0.56%$2M156.1K
49ZETAZETA GLOBAL HOLDINGS CORPCL A0.53%$2M251.1K
50CHUBB LIMITEDCOM0.51%$2M9.8K

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 ↗.