SEC 13F Intelligence

Managers / Q1 2025 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$375M
Q1 2025
Positions
158
Filings on Record
32
2019–present window
Filed
May 15, 2025
original filing

Summary

Marathon Capital Management reported $375M in U.S.-listed holdings across 158 positions for Q1 2025.

Its largest position, TROW, represents 18.3% of the portfolio.

Compared with Q4 2024, the fund opened 12 new positions and exited 9.

Portfolio Metrics

Turnover
+6.3%
vs prior filed quarter
Top-10 Concentration
+42.1%
share of reported value
Largest Position
+18.3%
Price T Rowe
New / Exited
12 / 9
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: 83.2%Other: 5.4%REIT: 3.5%ADR: 3.3%ETP: 2.6%Other: 2.1%
  • Common Stock · 83.2% · $312M
  • Other · 5.4% · $20M
  • REIT · 3.5% · $13M
  • ADR · 3.3% · $12M
  • ETP · 2.6% · $10M
  • Other · 2.1% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2024 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ADMAADMA BIOLOGICS INCNEW+155.1K155.1K+$3M$3M
GETTY RLTY CORP NEWNEW+15.1K15.1K+$469,727$469,727
SSGA ACTIVE TRNEW+12.3K12.3K+$306,204$306,204
HSYHERSHEY CONEW+1.6K1.6K+$270,227$270,227
KHCKRAFT HEINZ CONEW+8.1K8.1K+$247,700$247,700
NEMNEWMONT CORPNEW+4.6K4.6K+$221,702$221,702
NOCNORTHROP GRUMMAN CORPNEW+407407+$208,388$208,388
MMM3M CONEW+1.4K1.4K+$206,485$206,485

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

Holdings — Q1 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM18.31%$69M748.4K
2AAPLAPPLE INChistory →COM3.31%$12M55.9K
3AZNNASTRAZENECA PLChistory →SPONSORED ADR3.26%$12M166.3K
4CHVCHEVRON CORP NEWhistory →COM2.76%$10M62.0K
5MSFTMICROSOFT CORPhistory →COM2.70%$10M27.0K
6GLWCORNING INChistory →COM2.61%$10M214.2K
7FANGDIAMONDBACK ENERGY INChistory →COM2.50%$9M58.8K
8METMETLIFE INChistory →COM2.33%$9M108.9K
9QCOMQUALCOMM INChistory →COM2.23%$8M54.5K
10IBMINTERNATIONAL BUSINESS MACHShistory →COM2.11%$8M31.9K
11ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.94%$7M76.3K
12GOOGALPHABET INChistory →CAP STK CL C1.84%$7M44.1K
13COPA HOLDINGS SACL A1.81%$7M73.5K
14FISFIDELITY NATL INFORMATION SVhistory →COM1.79%$7M90.1K
15WILLIS TOWERS WATSON PLC LTDSHS1.72%$6M19.1K
16OREALTY INCOME CORPhistory →COM1.70%$6M110.3K
17BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.63%$6M11.5K
18HLMNHILLMAN SOLUTIONS CORPhistory →COM1.60%$6M681.9K
19AMZNAMAZON COM INChistory →COM1.55%$6M30.7K
20JPMJPMORGAN CHASE & CO.history →COM1.42%$5M21.7K
21SLBSCHLUMBERGER LTDhistory →COM STK1.41%$5M126.4K
22DOWDOW INChistory →COM1.39%$5M149.0K
23JNJJOHNSON & JOHNSONhistory →COM1.30%$5M29.4K
24LULULULULEMON ATHLETICA INChistory →COM1.30%$5M17.2K
25TTITETRA TECHNOLOGIES INC DELhistory →COM1.27%$5M1.42M
26BSFAANI PHARMACEUTICALS INChistory →COM1.23%$5M69.2K
27SPROTT PHYSICAL GOLD & SILVETR UNIT1.11%$4M147.2K
28CALXCALIX INChistory →COM1.08%$4M114.4K
29ACAARCOSA INCCOM0.99%$4M48.0K
30DHRDANAHER CORPORATIONCOM0.98%$4M17.9K
31ENPHENPHASE ENERGY INCCOM0.97%$4M58.6K
32ARCCARES CAPITAL CORPCOM0.96%$4M163.0K
33ZETAZETA GLOBAL HOLDINGS CORPCL A0.88%$3M244.9K
34GQ9SPDR GOLD TRGOLD SHS0.88%$3M11.5K
35CHUBB LIMITEDCOM0.88%$3M10.9K
36MRKMERCK & CO INCCOM0.84%$3M35.0K
37ADMAADMA BIOLOGICS INCCOM0.82%$3M155.1K
38PGPROCTER AND GAMBLE COCOM0.76%$3M16.8K
39ABXBARRICK GOLD CORPCOM0.72%$3M138.9K
40PFEPFIZER INCCOM0.70%$3M104.5K
41ATECALPHATEC HLDGS INCCOM NEW0.64%$2M238.8K
42NPKINPK INTERNATIONAL INCCOM SHS0.64%$2M413.9K
43TRGPTARGA RES CORPCOM0.64%$2M12.0K
44HDSNHUDSON TECHNOLOGIES INCCOM0.63%$2M382.7K
45CECOCECO ENVIRONMENTAL CORPCOM0.59%$2M98.0K
46SYMSYMBOTIC INCCLASS A COM0.58%$2M108.3K
47SPDR SER TRBLOOMBERG 1-3 MO0.56%$2M22.8K
48KORNIT DIGITAL LTDSHS0.51%$2M100.1K
49SELFGLOBAL SELF STORAGE INCCOM0.50%$2M368.9K
50LLYELI LILLY & COCOM0.47%$2M2.1K

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 ↗.