SEC 13F Intelligence

Managers / Q4 2023 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$398M
Q4 2023
Positions
153
Filings on Record
32
2019–present window
Filed
Feb 14, 2024
amendment (RESTATEMENT)

Summary

Marathon Capital Management reported $398M in U.S.-listed holdings across 153 positions for Q4 2023.

The portfolio is heavily concentrated: TROW alone accounts for 23.5% of reported value.

Compared with Q3 2023, the fund opened 6 new positions and exited 11.

Portfolio Metrics

Turnover
+8.4%
vs prior filed quarter
Top-10 Concentration
+43.0%
share of reported value
Largest Position
+23.5%
Price T Rowe
New / Exited
6 / 11
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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: 92.8%REIT: 3.4%ADR: 1.6%ETP: 1.2%Other: 0.8%Closed-End Fund: 0.1%
  • Common Stock · 92.8% · $369M
  • REIT · 3.4% · $14M
  • ADR · 1.6% · $7M
  • ETP · 1.2% · $5M
  • Other · 0.8% · $3M
  • Closed-End Fund · 0.1% · $471,182

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AZNNASTRAZENECA PLCNEW+95.2K95.2K+$6M$6M
NBRNABORS INDUSTRIES LTDNEW+5.0K5.0K+$408,150$408,150
SANMSANMINA CORPORATIONNEW+7.5K7.5K+$385,275$385,275
CPCANADIAN PACIFIC KANSAS CITYNEW+2.9K2.9K+$229,669$229,669
VIGVANGUARD SPECIALIZED FUNDSNEW+1.2K1.2K+$207,718$207,718
NEENEXTERA ENERGY INCNEW+3.4K3.4K+$203,479$203,479
FANGDIAMONDBACK ENERGY INCADDED+33.8K40.7K+$5M$6M
OREALTY INCOME CORPADDED+8.6K14.8K+$539,836$847,117

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

Holdings — Q4 2023

151 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM23.52%$94M868.8K
2AAPLAPPLE INChistory →COM2.83%$11M58.6K
3MSFTMICROSOFT CORPhistory →COM2.40%$10M25.3K
4ENPHENPHASE ENERGY INChistory →COM2.37%$9M71.3K
5QCOMQUALCOMM INChistory →COM2.18%$9M60.0K
6HDSNHUDSON TECHNOLOGIES INChistory →COM2.06%$8M608.1K
7ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.99%$8M136.3K
8METMETLIFE INChistory →COM1.95%$8M117.1K
9HLMNHILLMAN SOLUTIONS CORPhistory →COM1.90%$8M819.2K
10GLWCORNING INChistory →COM1.83%$7M239.4K
11IBMINTERNATIONAL BUSINESS MACHShistory →COM1.77%$7M43.0K
12CVXCHEVRON CORP NEWhistory →COM1.71%$7M45.5K
13AZNNASTRAZENECA PLChistory →SPONSORED ADR1.61%$6M95.2K
14CPACOPA HOLDINGS SAhistory →CL A1.61%$6M60.3K
15FANGDIAMONDBACK ENERGY INChistory →COM1.59%$6M40.7K
16PHYSICIANS RLTY TRCOM1.52%$6M455.6K
17INVEIDENTIV INChistory →COM NEW1.48%$6M716.3K
18BMYBRISTOL-MYERS SQUIBB COhistory →COM1.47%$6M114.1K
19TTITETRA TECHNOLOGIES INC DELhistory →COM1.47%$6M1.30M
20FISFIDELITY NATL INFORMATION SVhistory →COM1.43%$6M94.8K
21WTWWILLIS TOWERS WATSON PLC LTDhistory →SHS1.22%$5M20.2K
22BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.14%$5M12.7K
23DALDELTA AIR LINES INC DELhistory →COM NEW1.14%$5M112.6K
24JNJJOHNSON & JOHNSONhistory →COM1.13%$4M28.6K
25MARATHON OIL CORPCOM1.06%$4M174.2K
26HPHELMERICH & PAYNE INCCOM1.00%$4M109.3K
27DOWDOW INCCOM0.99%$4M71.9K
28M D C HLDGS INCCOM0.99%$4M71.0K
29ANIPANI PHARMACEUTICALS INCCOM0.97%$4M69.8K
30SPROTT PHYSICAL GOLD & SILVETR UNIT0.97%$4M200.6K
31JPMJPMORGAN CHASE & COCOM0.92%$4M21.4K
32MRKMERCK & CO INCCOM0.90%$4M32.7K
33ACAARCOSA INCCOM0.89%$4M43.0K
34BMOBANK MONTREAL QUECOM0.86%$3M34.5K
35ARCCARES CAPITAL CORPCOM0.84%$3M167.8K
36GLDSPDR GOLD TRGOLD SHS0.78%$3M16.1K
37XRXXEROX HOLDINGS CORPCOM NEW0.76%$3M165.0K
38PFEPFIZER INCCOM0.76%$3M104.4K
39KVUEKENVUE INCCOM0.75%$3M139.1K
40QTRXQUANTERIX CORPCOM0.73%$3M105.7K
41CECOCECO ENVIRONMENTAL CORPCOM0.72%$3M141.8K
42PGPROCTER AND GAMBLE COCOM0.66%$3M17.9K
43GOOGALPHABET INCCAP STK CL C · CAP STK CL A0.63%$3M17.8K
44CALXCALIX INCCOM0.63%$2M57.1K
45TRGPTARGA RES CORPCOM0.62%$2M28.2K
46CYRXCRYOPORT INCCOM PAR $0.0010.60%$2M153.5K
47ABXBARRICK GOLD CORPCOM0.59%$2M130.2K
48CBCHUBB LIMITEDCOM0.56%$2M9.9K
49LANDGLADSTONE LD CORPCOM0.55%$2M152.7K
50EVLVEVOLV TECHNOLOGIES HLDNGS INCOM CL A0.54%$2M459.0K
51WYWEYERHAEUSER CO MTN BECOM NEW0.54%$2M61.9K
52ZETAZETA GLOBAL HOLDINGS CORPCL A0.53%$2M239.0K
53PSXPHILLIPS 66COM0.50%$2M14.9K
54WBDWARNER BROS DISCOVERY INCCOM SER A0.50%$2M173.9K
55DASEKE INCCOM0.50%$2M244.0K
56AMZNAMAZON COM INCCOM0.49%$2M12.7K
57STRATASYS LTDSHS0.47%$2M129.6K
58SELFGLOBAL SELF STORAGE INCCOM0.42%$2M364.2K
59BACBANK AMERICA CORP7.25%CNV PFD L0.42%$2M1.4K
60PGNYPROGYNY INCCOM0.41%$2M44.0K
61RXRXRECURSION PHARMACEUTICALS INCL A0.41%$2M164.9K
62SHYFT GROUP INCCOM0.39%$2M125.7K
63LLYELI LILLY & COCOM0.38%$1M2.6K
64WFCWELLS FARGO CO NEWPERP PFD CNV A0.37%$1M1.2K
65DCGODOCGO INCCOM0.36%$1M256.9K
66HONHONEYWELL INTL INCCOM0.33%$1M6.2K
67BLBDBLUE BIRD CORPCOM0.31%$1M46.3K
68RIGTRANSOCEAN LTDREG SHS0.29%$1M181.5K
69KORNIT DIGITAL LTDSHS0.29%$1M59.5K
70VZVERIZON COMMUNICATIONS INCCOM0.29%$1M30.2K
71KOCOCA COLA COCOM0.27%$1M18.3K
72PEPPEPSICO INCCOM0.27%$1M6.2K
73LUNALUNA INNOVATIONS INCCOM0.26%$1M154.0K
74SOUTHWESTERN ENERGY COCOM0.25%$994,945151.9K
75ABBVABBVIE INCCOM0.24%$971,1976.3K
76EXMOCEXXON MOBIL CORPCOM0.24%$960,5089.6K
77COPCONOCOPHILLIPSCOM0.22%$873,5437.5K
78IBBISHARES TRISHARES BIOTECH · IBONDS DEC24 ETF0.22%$862,23818.5K
79OREALTY INCOME CORPCOM0.21%$847,11714.8K
80SIGSIGNET JEWELERS LIMITEDSHS0.20%$804,4507.5K
81CINFCINCINNATI FINL CORPCOM0.20%$799,7467.7K
82AMDADVANCED MICRO DEVICES INCCOM0.19%$755,3295.1K
83LOWLOWES COS INCCOM0.18%$706,3743.2K
84PLDPROLOGIS INC.COM0.17%$690,8945.2K
85LSCCLATTICE SEMICONDUCTOR CORPCOM0.17%$689,90010.0K
86ARANTERO RESOURCES CORPCOM0.17%$680,40030.0K
87TMOTHERMO FISHER SCIENTIFIC INCCOM0.16%$636,9481.2K
88HDHOME DEPOT INCCOM0.16%$626,9091.8K
89SBUXSTARBUCKS CORPCOM0.16%$625,5056.5K
90MCDMCDONALDS CORPCOM0.16%$619,4152.1K
91NVDANVIDIA CORPORATIONCOM0.14%$557,1231.1K
92ALLALLSTATE CORPCOM0.14%$553,3414.0K
93DHRDANAHER CORPORATIONCOM0.14%$543,6492.4K
94ABTABBOTT LABSCOM0.13%$532,2584.8K
95MUMICRON TECHNOLOGY INCCOM0.13%$512,0406.0K
96PNCPNC FINL SVCS GROUP INCCOM0.13%$511,1603.3K
97CSXCSX CORPCOM0.12%$487,04414.0K
98BCXBLACKROCK RES & COMMODITIESSHS0.12%$471,18253.1K
99RTXRTX CORPORATIONCOM0.11%$452,1145.4K
100BHFBRIGHTHOUSE FINL INCCOM0.11%$427,9118.1K

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 ↗.