SEC 13F Intelligence

Managers / Q2 2025 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$393M
Q2 2025
Positions
166
Filings on Record
32
2019–present window
Filed
Aug 14, 2025
original filing

Summary

Marathon Capital Management reported $393M in U.S.-listed holdings across 166 positions for Q2 2025.

Its largest position, TROW, represents 17.4% of the portfolio.

Compared with Q1 2025, the fund opened 20 new positions and exited 12.

Portfolio Metrics

Turnover
+9.8%
vs prior filed quarter
Top-10 Concentration
+40.4%
share of reported value
Largest Position
+17.4%
Price T Rowe
New / Exited
20 / 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: 80.3%ETP: 5.6%Other: 4.9%REIT: 4.4%ADR: 3.0%Other: 1.8%
  • Common Stock · 80.3% · $315M
  • ETP · 5.6% · $22M
  • Other · 4.9% · $19M
  • REIT · 4.4% · $17M
  • ADR · 3.0% · $12M
  • Other · 1.8% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q1 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BLDRBUILDERS FIRSTSOURCE INCNEW+57.7K57.7K+$7M$7M
DOCHEALTHPEAK PROPERTIES INCNEW+263.6K263.6K+$5M$5M
BBARRICK MNG CORPNEW+146.4K146.4K+$3M$3M
VANECK ETF TRUSTNEW+21.6K21.6K+$1M$1M
PARPAR TECHNOLOGY CORPNEW+14.0K14.0K+$970,486$970,486
GEHCGE HEALTHCARE TECHNOLOGIES INEW+12.1K12.1K+$892,840$892,840
SRPTSAREPTA THERAPEUTICS INCNEW+41.6K41.6K+$710,933$710,933
CRBGCOREBRIDGE FINL INCNEW+12.8K12.8K+$453,868$453,868

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

Holdings — Q2 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM17.40%$68M708.1K
2MSFTMICROSOFT CORPhistory →COM3.10%$12M24.4K
3AZNNASTRAZENECA PLChistory →SPONSORED ADR2.91%$11M163.4K
4GLWCORNING INChistory →COM2.81%$11M209.8K
5AAPLAPPLE INChistory →COM2.79%$11M53.3K
6QCOMQUALCOMM INChistory →COM2.46%$10M60.7K
7IBMINTERNATIONAL BUSINESS MACHShistory →COM2.39%$9M31.9K
8CHVCHEVRON CORP NEWhistory →COM2.21%$9M60.7K
9METMETLIFE INChistory →COM2.19%$9M106.8K
10FANGDIAMONDBACK ENERGY INChistory →COM2.12%$8M60.7K
11VANGUARD WHITEHALL FDSINTL HIGH ETF2.08%$8M102.2K
12COPA HOLDINGS SACL A2.04%$8M72.7K
13GOOGALPHABET INChistory →CAP STK CL C2.02%$8M44.7K
14FISFIDELITY NATL INFORMATION SVhistory →COM1.88%$7M90.6K
15ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.83%$7M75.5K
16BLDRBUILDERS FIRSTSOURCE INChistory →COM1.72%$7M57.7K
17AMZNAMAZON COM INChistory →COM1.70%$7M30.4K
18OREALTY INCOME CORPhistory →COM1.61%$6M109.5K
19JPMJPMORGAN CHASE & CO.history →COM1.57%$6M21.3K
20BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.40%$6M11.3K
21WILLIS TOWERS WATSON PLC LTDSHS1.32%$5M16.9K
22ADMAADMA BIOLOGICS INChistory →COM1.32%$5M283.7K
23CALXCALIX INChistory →COM1.31%$5M96.6K
24BSFAANI PHARMACEUTICALS INChistory →COM1.20%$5M72.0K
25DHRDANAHER CORPORATIONhistory →COM1.18%$5M23.4K
26DOCHEALTHPEAK PROPERTIES INChistory →COM1.18%$5M263.6K
27TTITETRA TECHNOLOGIES INC DELhistory →COM1.15%$5M1.34M
28JNJJOHNSON & JOHNSONhistory →COM1.14%$4M29.2K
29SLBSCHLUMBERGER LTDhistory →COM STK1.14%$4M131.9K
30ACAARCOSA INChistory →COM1.05%$4M47.7K
31SYMSYMBOTIC INChistory →CLASS A COM1.05%$4M106.2K
32SPROTT PHYSICAL GOLD & SILVETR UNIT1.01%$4M132.0K
33ARCCARES CAPITAL CORPCOM0.90%$4M161.3K
34SPDR SERIES TRUSTBLOOMBERG 1-3 MO0.89%$3M38.0K
35GQ9SPDR GOLD TRGOLD SHS0.88%$3M11.4K
36ZETAZETA GLOBAL HOLDINGS CORPCL A0.88%$3M222.5K
37NPKINPK INTERNATIONAL INCCOM SHS0.86%$3M395.9K
38CHUBB LIMITEDCOM0.79%$3M10.7K
39BBARRICK MNG CORPCOM SHS0.78%$3M146.4K
40CECOCECO ENVIRONMENTAL CORPCOM0.75%$3M103.9K
41MRKMERCK & CO INCCOM0.70%$3M34.5K
42PGPROCTER AND GAMBLE COCOM0.68%$3M16.7K
43ATECALPHATEC HLDGS INCCOM NEW0.65%$3M231.4K
44PFEPFIZER INCCOM0.61%$2M99.5K
45ENPHENPHASE ENERGY INCCOM0.56%$2M55.8K
46DARDARLING INGREDIENTS INCCOM0.55%$2M56.7K
47TRGPTARGA RES CORPCOM0.53%$2M12.0K
48HDSNHUDSON TECHNOLOGIES INCCOM0.52%$2M249.4K
49LLYELI LILLY & COCOM0.51%$2M2.6K
50KORNIT DIGITAL LTDSHS0.47%$2M93.1K

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 ↗.