SEC 13F Intelligence

Managers / Q4 2025 · view latest →

MARATHON CAPITAL MANAGEMENT

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

Reported Value
$465M
Q4 2025
Positions
171
Filings on Record
32
2019–present window
Filed
Jan 29, 2026
original filing

Summary

Marathon Capital Management reported $465M in U.S.-listed holdings across 171 positions for Q4 2025.

Its largest position, TROW, represents 14.4% of the portfolio.

Compared with Q3 2025, the fund opened 13 new positions and exited 5.

Portfolio Metrics

Turnover
+4.6%
vs prior filed quarter
Top-10 Concentration
+39.0%
share of reported value
Largest Position
+14.4%
Price T Rowe
New / Exited
13 / 5
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: 79.1%ETP: 7.8%ADR: 4.1%Other: 3.9%REIT: 3.3%Other: 1.7%
  • Common Stock · 79.1% · $368M
  • ETP · 7.8% · $36M
  • ADR · 4.1% · $19M
  • Other · 3.9% · $18M
  • REIT · 3.3% · $15M
  • Other · 1.7% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
ZTSZOETIS INCNEW+35.1K35.1K+$4M$4M
AMPLAMPLITUDE INCNEW+88.6K88.6K+$1M$1M
SMRNUSCALE PWR CORPNEW+50.0K50.0K+$708,500$708,500
SOSOUTHERN CONEW+6.6K6.6K+$575,520$575,520
MEDTRONIC PLCNEW+2.7K2.7K+$260,707$260,707
TAT&T INCNEW+9.9K9.9K+$244,844$244,844
ULTAULTA BEAUTY INCNEW+381381+$230,509$230,509
AXPAMERICAN EXPRESS CONEW+600600+$221,970$221,970

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

Holdings — Q4 2025

49 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1TROWPRICE T ROWE GROUP INChistory →COM14.39%$67M653.1K
2GLWCORNING INChistory →COM3.49%$16M185.4K
3GOOGALPHABET INCCAP STK CL C · CAP STK CL A3.44%$16M51.0K
4SPDR SERIES TRUSTSTATE STREET SPD3.17%$15M161.4K
5AZNNASTRAZENECA PLChistory →SPONSORED ADR3.12%$15M157.7K
6AAPLAPPLE INChistory →COM2.86%$13M48.8K
7TTITETRA TECHNOLOGIES INC DELhistory →COM2.40%$11M1.19M
8MSFTMICROSOFT CORPhistory →COM2.39%$11M22.9K
9QCOMQUALCOMM INChistory →COM2.21%$10M60.1K
10FANGDIAMONDBACK ENERGY INChistory →COM2.03%$9M62.7K
11IBMINTERNATIONAL BUSINESS MACHShistory →COM2.02%$9M31.6K
12VANGUARD WHITEHALL FDSINTL HIGH ETF2.01%$9M104.0K
13CHVCHEVRON CORP NEWhistory →COM1.93%$9M58.8K
14ADMAADMA BIOLOGICS INChistory →COM1.83%$8M465.3K
15METMETLIFE INChistory →COM1.76%$8M103.7K
16ALSNALLISON TRANSMISSION HLDGS Ihistory →COM1.57%$7M74.5K
17AMZNAMAZON COM INChistory →COM1.50%$7M30.3K
18JPMJPMORGAN CHASE & CO.history →COM1.47%$7M21.2K
19OREALTY INCOME CORPhistory →COM1.37%$6M113.2K
20COPA HOLDINGS SACL A1.34%$6M51.6K
21BLDRBUILDERS FIRSTSOURCE INChistory →COM1.31%$6M59.2K
22CECOCECO ENVIRONMENTAL CORPhistory →COM1.31%$6M101.7K
23FISFIDELITY NATL INFORMATION SVhistory →COM1.27%$6M88.9K
24SPROTT ASSET MANAGEMENT LPPHYSICAL GOLD AN1.23%$6M125.1K
25BRK/BBERKSHIRE HATHAWAY INC DELhistory →CL B NEW1.22%$6M11.3K
26BBARRICK MNG CORPhistory →COM SHS1.22%$6M129.8K
27BSFAANI PHARMACEUTICALS INChistory →COM1.18%$5M69.7K
28WILLIS TOWERS WATSON PLC LTDSHS1.17%$5M16.6K
29JNJJOHNSON & JOHNSONhistory →COM1.17%$5M26.2K
30DHRDANAHER CORPORATIONhistory →COM1.14%$5M23.0K
31AIIALMONTY INDS INChistory →COM NEW1.13%$5M593.5K
32ACAARCOSA INChistory →COM1.09%$5M47.5K
33ADBEADOBE INCCOM0.99%$5M13.1K
34ZETAZETA GLOBAL HOLDINGS CORPCL A0.97%$5M221.9K
35ZTSZOETIS INCCL A0.95%$4M35.1K
36GQ9SPDR GOLD TRGOLD SHS0.94%$4M11.0K
37CALXCALIX INCCOM0.92%$4M80.6K
38NPKINPK INTERNATIONAL INCCOM SHS0.92%$4M357.4K
39NVONOVO-NORDISK A SADR0.91%$4M82.7K
40ATECALPHATEC HLDGS INCCOM NEW0.90%$4M198.9K
41DOCHEALTHPEAK PROPERTIES INCCOM0.86%$4M247.5K
42CHUBB LIMITEDCOM0.86%$4M12.7K
43MRKMERCK & CO INCCOM0.76%$4M33.7K
44ARCCARES CAPITAL CORPCOM0.72%$3M164.8K
45PARPAR TECHNOLOGY CORPCOM0.60%$3M76.8K
46LLYELI LILLY & COCOM0.59%$3M2.5K
47MUMICRON TECHNOLOGY INCCOM0.51%$2M8.3K
48SYMSYMBOTIC INCCLASS A COM0.51%$2M39.6K
49PGPROCTER AND GAMBLE COCOM0.50%$2M16.3K

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 ↗.