SEC 13F Intelligence

Managers / Q3 2025 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$437M
Q3 2025
Positions
163
Filings on Record
32
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Marathon Capital Management reported $437M in U.S.-listed holdings across 163 positions for Q3 2025.

Its largest position, TROW, represents 16.1% of the portfolio.

Compared with Q2 2025, the fund opened 14 new positions and exited 17.

Portfolio Metrics

Turnover
+3.8%
vs prior filed quarter
Top-10 Concentration
+39.8%
share of reported value
Largest Position
+16.1%
Price T Rowe
New / Exited
14 / 17
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: 78.9%ETP: 7.0%Other: 4.6%REIT: 4.1%ADR: 3.7%Other: 1.7%
  • Common Stock · 78.9% · $345M
  • ETP · 7.0% · $31M
  • Other · 4.6% · $20M
  • REIT · 4.1% · $18M
  • ADR · 3.7% · $16M
  • Other · 1.7% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ADBEADOBE INCNEW+12.5K12.5K+$4M$4M
NVONOVO-NORDISK A SNEW+57.5K57.5K+$3M$3M
AIIALMONTY INDS INCNEW+250.2K250.2K+$2M$2M
BF/BBROWN FORMAN CORPNEW+27.0K27.0K+$731,566$731,566
ELVELEVANCE HEALTH INC FORMERLYNEW+949949+$306,641$306,641
TOLTOLL BROTHERS INCNEW+1.9K1.9K+$259,013$259,013
ROYALTY PHARMA PLCNEW+7.3K7.3K+$256,344$256,344
EOGEOG RES INCNEW+1.9K1.9K+$217,625$217,625

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

Holdings — Q3 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM16.08%$70M684.6K
2GLWCORNING INChistory →COM3.64%$16M193.9K
3AAPLAPPLE INChistory →COM2.99%$13M51.3K
4AZNNASTRAZENECA PLChistory →SPONSORED ADR2.83%$12M161.0K
5MSFTMICROSOFT CORPhistory →COM2.78%$12M23.5K
6SPDR SERIES TRUSTBLOOMBERG 1-3 MO2.57%$11M122.6K
7GOOGALPHABET INChistory →CAP STK CL C2.48%$11M44.4K
8QCOMQUALCOMM INChistory →COM2.29%$10M60.2K
9CHVCHEVRON CORP NEWhistory →COM2.13%$9M60.0K
10IBMINTERNATIONAL BUSINESS MACHShistory →COM2.05%$9M31.7K
11FANGDIAMONDBACK ENERGY INChistory →COM2.02%$9M61.6K
12METMETLIFE INChistory →COM1.97%$9M104.5K
13VANGUARD WHITEHALL FDSINTL HIGH ETF1.97%$9M101.6K
14COPA HOLDINGS SACL A1.94%$8M71.4K
15TTITETRA TECHNOLOGIES INC DELhistory →COM1.67%$7M1.27M
16BLDRBUILDERS FIRSTSOURCE INChistory →COM1.61%$7M58.1K
17OREALTY INCOME CORPhistory →COM1.59%$7M114.4K
18ADMAADMA BIOLOGICS INChistory →COM1.57%$7M466.6K
19JPMJPMORGAN CHASE & CO.history →COM1.53%$7M21.2K
20AMZNAMAZON COM INChistory →COM1.52%$7M30.3K
21ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.46%$6M75.2K
22BSFAANI PHARMACEUTICALS INChistory →COM1.46%$6M69.7K
23FISFIDELITY NATL INFORMATION SVhistory →COM1.37%$6M90.5K
24WILLIS TOWERS WATSON PLC LTDSHS1.32%$6M16.7K
25BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.30%$6M11.3K
26JNJJOHNSON & JOHNSONhistory →COM1.22%$5M28.7K
27CECOCECO ENVIRONMENTAL CORPhistory →COM1.19%$5M101.7K
28DOCHEALTHPEAK PROPERTIES INChistory →COM1.14%$5M260.1K
29CALXCALIX INChistory →COM1.13%$5M80.2K
30DHRDANAHER CORPORATIONhistory →COM1.06%$5M23.4K
31SLBSCHLUMBERGER LTDhistory →COM STK1.06%$5M134.8K
32SPROTT ASSET MANAGEMENT LPPHYSICAL GOLD AN1.06%$5M126.2K
33BBARRICK MNG CORPhistory →COM SHS1.02%$4M135.7K
34ACAARCOSA INChistory →COM1.01%$4M47.3K
35ADBEADOBE INChistory →COM1.01%$4M12.5K
36NPKINPK INTERNATIONAL INChistory →COM SHS1.01%$4M388.4K
37ZETAZETA GLOBAL HOLDINGS CORPCL A0.99%$4M218.6K
38GQ9SPDR GOLD TRGOLD SHS0.92%$4M11.3K
39CHUBB LIMITEDCOM0.81%$4M12.6K
40ARCCARES CAPITAL CORPCOM0.74%$3M157.7K
41NVONOVO-NORDISK A SADR0.73%$3M57.5K
42ATECALPHATEC HLDGS INCCOM NEW0.67%$3M200.9K
43MRKMERCK & CO INCCOM0.66%$3M34.2K
44PARPAR TECHNOLOGY CORPCOM0.61%$3M67.6K
45PGPROCTER AND GAMBLE COCOM0.60%$3M17.0K
46SYMSYMBOTIC INCCLASS A COM0.49%$2M39.5K
47ENPHENPHASE ENERGY INCCOM0.47%$2M58.1K
48LLYELI LILLY & COCOM0.45%$2M2.6K
49TRGPTARGA RES CORPCOM0.45%$2M11.8K
50HDSNHUDSON TECHNOLOGIES INCCOM0.44%$2M194.4K

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 ↗.