MC
Marathon Capital Management — 13F Portfolio Changes & Top Buys (Q2 2026)
Marathon Capital ManagementCIK: 0001213206
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$493.9M
Reporting period: 2026-06-30 · Number of holdings: 187
MARATHON CAPITAL MANAGEMENT disclosed 187 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $493.9M and a quarterly turnover rate of 23.2%.
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Personality snowflake
- Concentration
- 12.64
- Portfolio Stability
- 23.24
- Momentum
- 100
- Sector conviction
- 53.78
- Diversification
- 100
- Sizing Uniformity
- 77.78
Marathon Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.032 — mathematically equivalent to about 32 equally-sized positions, well below its 187 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.22), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd GLW
-11.6% $9.4M
New buy WAY
New buy SGOV
Trim CVX
-15.3% -$3.3M
Sold out ADBE
Trim QCOM
-53.3% -$2.6M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TROW | T Rowe Price Group Inc | Stock-Financials | 13.36% | +0.43% | -9.11% | |
| 2 | GLW | Corning Inc | Stock-Tech | 4.81% | +1.60% | -11.62% | |
| 3 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 3.91% | -0.11% | +7.84% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.96% | +0.24% | -2.01% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.73% | +0.12% | +1.67% | |
| 6 | AAPL | Apple Inc | Stock-Tech | 2.50% | -0.29% | -12.93% | |
| 7 | AZN | AstraZeneca PLC | Stock-Healthcare | 2.49% | -0.40% | -0.61% | |
| 8 | TTI | Tetra Technologies Inc | Stock-Other | 2.21% | +0.34% | -1.72% | |
| 9 | VYMI | Vanguard Int High Dvd Yld In | ETF-Other | 2.08% | -0.13% | +0.44% | |
| 10 | ZS | Zscaler Inc | Stock-Tech | 1.89% | -0.20% | -0.26% | |
| 11 | MSFT | Microsoft CORP | Stock-Tech | 1.80% | -0.09% | +5.14% | |
| 12 | IBM | Intl Business Machines CORP | Stock-Tech | 1.77% | +0.09% | +0.65% | |
| 13 | MET | Metlife Inc | Stock-Financials | 1.75% | +0.12% | -0.50% | |
| 14 | CECO | Ceco Environmental CORP | Stock-Other | 1.75% | +0.43% | -2.95% | |
| 15 | ALM | Almonty Industries Inc | Stock-Other | 1.75% | +0.03% | -1.32% | |
| 16 | ALSN | Allison Transmission Holding | Stock-Consumer Disc | 1.65% | -0.25% | +0.07% | |
| 17 | FANG | Diamondback Energy Inc | Stock-Energy | 1.57% | -0.56% | -7.88% | |
| 18 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.40% | +0.01% | +0.26% | |
| 19 | CVX | Chevron CORP | Stock-Energy | 1.40% | -0.89% | -15.30% | |
| 20 | O | Realty Income CORP | Stock-Real Estate | 1.40% | -0.14% | -0.73% | |
| 21 | BLDR | Builders Firstsource Inc | Stock-Industrials | 1.35% | +0.26% | +25.90% | |
| 22 | ACA | Arcosa Inc | Stock-Industrials | 1.33% | +0.25% | -0.27% | |
| 23 | FIS | Fidelity National Info Serv | Stock-Tech | 1.31% | -0.33% | +6.89% | |
| 24 | WAY | Waystar Holding CORP | Stock-Other | 1.31% | +1.31% | NEW | |
| 25 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.29% | -0.10% | -0.66% | |
| 26 | ZTS | Zoetis Inc | Stock-Healthcare | 1.22% | +0.27% | +133.20% | |
| 27 | ANIP | Ani Pharmaceuticals Inc | Stock-Other | 1.21% | -0.04% | -0.83% | |
| 28 | NPKI | Npk International Inc | Stock-Other | 1.11% | -0.02% | -0.63% | |
| 29 | QCOM | Qualcomm Inc | Stock-Tech | 1.05% | -0.69% | -53.35% | |
| 30 | DHR | Danaher CORP | Stock-Healthcare | 1.02% | +0.03% | +13.78% | |
| 31 | CEF | Sprott Physical Gold And Sil | Stock-Other | 0.98% | -0.31% | -0.25% | |
| 32 | B | Barrick Mining CORP | Stock-Materials | 0.97% | -0.19% | +3.46% | |
| 33 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.96% | -0.25% | -16.03% | |
| 34 | ZETA | Zeta Global Holdings Corp-a | Stock-Tech | 0.96% | +0.13% | +3.42% | |
| 35 | SGOV | Ishares 0-3 Month Treasury B | ETF-Gov Bonds | 0.93% | +0.93% | NEW | |
| 36 | DOC | Healthpeak Properties Inc | Stock-Real Estate | 0.90% | -0.01% | -15.05% | |
| 37 | ADMA | Adma Biologics Inc | Stock-Healthcare | 0.90% | -0.37% | -15.15% | |
| 38 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 0.87% | -0.21% | -0.77% | |
| 39 | CB | Chubb Limited | Stock-Financials | 0.83% | -0.08% | -2.83% | |
| 40 | GLD | Spdr Gold Shares | ETF-Commodities | 0.82% | -0.21% | +2.73% | |
| 41 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 0.76% | +0.09% | -4.21% | |
| 42 | CPA | Copa Holdings, S.A. | Stock-Other | 0.74% | +0.03% | -15.49% | |
| 43 | SYM | Symbotic Inc | Stock-Industrials | 0.64% | +0.18% | +79.52% | |
| 44 | CALX | Calix Inc | Stock-Tech | 0.63% | -0.27% | +2.20% | |
| 45 | MU | Micron Technology Inc | Stock-Tech | 0.63% | +0.26% | -45.28% | |
| 46 | MRK | Merck & Co. Inc. | Stock-Healthcare | 0.61% | -0.03% | -1.41% | |
| 47 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.61% | +0.08% | -2.08% | |
| 48 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.60% | +0.13% | +15.31% | |
| 49 | ENPH | Enphase Energy Inc | Stock-Tech | 0.57% | +0.08% | -0.42% | |
| 50 | MXL | Maxlinear Inc | Stock-Other | 0.52% | +0.43% | -11.11% |
1–50 of 187
Portfolio Performance
Performance for Q3 2026
+1.5%
Performance Last 4 Quarters
+24%
- Stdev
- +16.4%
- Beta
- +1.09
- Alpha
- -8.5%
- Max Drawdown
- -15%
- Annualized Perf
- +12.5%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +1.28
- Stutzer
- +0.23
- Treynor
- +0.12
- Sterling
- +0.62
- Calmar
- +0.84
- Information Ratio
- -0.8
- Tracking Error
- +8.6%
- Stdev Down
- +10.3%
- Winning Months %
- +63.9%
- Losing Months %
- +36.1%
- Best 12 Months
- +39.3%
- Worst 12 Months
- -7.4%
- Efficiency Ratio
- +0.28
- Sharpe
- +0.8
- Stdev Sectors
- +9%
- Skewness
- -0.42
- Kurtosis
- -0.61
- Upside Potential
- +3.07
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 187 | $493.9M | 23 | ||
| 2026 Q1 | 171 | $445.2M | 25 | ||
| 2025 Q4 | 171 | $464.7M | 15 | ||
| 2025 Q3 | 163 | $437.0M | 34 | ||
| 2025 Q2 | 166 | $392.6M | 0 | ||
| 2025 Q1 | 158 | $375.5M | 100 | ||
| 2024 Q4 | 155 | $400.4M | 0 | ||
| 2024 Q3 | 154 | $412.5M | 0 | ||
| 2024 Q2 | 145 | $392.4M | 0 | ||
| 2024 Q1 | 154 | $419.1M | 0 | ||
| 2023 Q4 | 153 | $397.8M | 0 | ||
| 2023 Q3 | 158 | $397.4M | 0 | ||
| 2023 Q2 | 156 | $405.1M | 0 | ||
| 2023 Q1 | 164 | $406.4M | 0 | ||
| 2022 Q4 | 145 | $362.8M | 0 | ||
| 2022 Q3 | 153 | $350.0M | 0 | ||
| 2022 Q2 | 146 | $309.6M | 0 | ||
| 2022 Q1 | 93 | $348.4M | 0 | ||
| 2021 Q4 | 166 | $426.7M | 0 | ||
| 2021 Q3 | 224 | $440.5M | 0 | ||
| 2021 Q2 | 199 | $432.0M | 17 | ||
| 2021 Q1 | 189 | $379.3M | 23 | ||
| 2020 Q4 | 158 | $339.3M | 25 | ||
| 2020 Q3 | 147 | $274.7M | 15 | ||
| 2020 Q2 | 140 | $260.3M | 24 | ||
| 2020 Q1 | 122 | $217.8M | 34 | ||
| 2019 Q4 | 142 | $294.1M | 25 | ||
| 2019 Q3 | 113 | $248.0M | 14 | ||
| 2019 Q2 | 112 | $245.2M | 19 | ||
| 2019 Q1 | 110 | $223.9M | 18 | ||
| 2018 Q4 | 110 | $201.5M | 28 | ||
| 2018 Q3 | 119 | $258.1M | 15 | ||
| 2018 Q2 | 120 | $265.5M | 12 | ||
| 2018 Q1 | 112 | $255.2M | 16 | ||
| 2017 Q4 | 105 | $256.0M | 22 | ||
| 2017 Q3 | 84 | $237.5M | 22 | ||
| 2017 Q2 | 87 | $212.2M | 14 | ||
| 2017 Q1 | 86 | $201.9M | 20 | ||
| 2016 Q4 | 86 | $209.9M | 24 | ||
| 2016 Q3 | 92 | $201.3M | 21 | ||
| 2016 Q2 | 86 | $194.8M | 16 | ||
| 2016 Q1 | 89 | $193.2M | 12 | ||
| 2015 Q4 | 88 | $188.9M | 24 | ||
| 2015 Q3 | 90 | $196.9M | 23 | ||
| 2015 Q2 | 100 | $216.9M | 19 | ||
| 2015 Q1 | 96 | $225.6M | 88 | ||
| 2014 Q4 | 92 | $108.5M | 27 | ||
| 2014 Q3 | 91 | $111.0M | 26 | 1126576245336E3006854 | |
| 2014 Q2 | 90 | $124.3M | 46 | 1126576245336E3006854 | |
| 2014 Q1 | 93 | $133.1M | 47 | 10068542126576345336E | |
| 2013 Q4 | 83 | $138.6M | 29 | ||
| 2013 Q3 | 72 | $116.4M | 19 | ||
| 2013 Q2 | 76 | $117.2M | 0 |
Holding changes this quarter
Marathon Capital Management's most significant position changes for 2026-06-30: New buy: Waystar Holding CORP (WAY); New buy: Ishares 0-3 Month Treasury B (SGOV); Sold out: Adobe Inc (ADBE); Sold out: Honeywell International Inc (HON); Sold out: Amplitude Inc-class A (AMPL).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GLW | Corning Inc | +1.6% | -11.62% | Trim |
| 2 | WAY | Waystar Holding CORP | +1.3% | NEW | New buy |
| 3 | SGOV | Ishares 0-3 Month Treasury B | +0.9% | NEW | New buy |
| 4 | TROW | T Rowe Price Group Inc | +0.4% | -9.11% | Trim |
| 5 | CECO | Ceco Environmental CORP | +0.4% | -2.95% | Trim |
| 6 | MXL | Maxlinear Inc | +0.4% | -11.11% | Trim |
| 7 | TTI | Tetra Technologies Inc | +0.3% | -1.72% | Trim |
| 8 | ZTS | Zoetis Inc | +0.3% | +133.20% | Add |
| 9 | BLDR | Builders Firstsource Inc | +0.3% | +25.90% | Add |
| 10 | MU | Micron Technology Inc | +0.3% | -45.28% | Trim |
| 11 | ACA | Arcosa Inc | +0.3% | -0.27% | Trim |
| 12 | GOOG | Alphabet Inc-cl C | +0.2% | -2.01% | Trim |
| 13 | AMD | Advanced Micro Devices | +0.2% | -19.91% | Trim |
| 14 | NVDA | Nvidia CORP | +0.2% | +91.53% | Add |
| 15 | SYM | Symbotic Inc | +0.2% | +79.52% | Add |
| 16 | ZETA | Zeta Global Holdings Corp-a | +0.1% | +3.42% | Add |
| 17 | GOOGL | Alphabet Inc-cl A | +0.1% | +15.31% | Add |
| 18 | MDT | Medtronic plc | +0.1% | +303.59% | Add |
| 19 | AMZN | Amazon.com Inc | +0.1% | +1.67% | Add |
| 20 | MET | Metlife Inc | +0.1% | -0.50% | Trim |
| 21 | ✓ | +0.1% | NEW | New buy | |
| 22 | ✓ | +0.1% | NEW | New buy | |
| 23 | ACN | Accenture plc | +0.1% | NEW | New buy |
| 24 | LSCC | Lattice Semiconductor CORP | +0.1% | — | Unchanged |
| 25 | CYRX | Cryoport Inc | +0.1% | +17.47% | Add |
| 26 | V | Visa Inc-class A Shares | +0.1% | NEW | New buy |
| 27 | IBM | Intl Business Machines CORP | +0.1% | +0.65% | Add |
| 28 | NVO | Novo-nordisk A/s-spons Adr | +0.1% | -4.21% | Trim |
| 29 | META | Meta Platforms Inc-class A | +0.1% | NEW | New buy |
| 30 | LLY | Eli Lilly & Co | +0.1% | -2.08% | Trim |
| 31 | ENPH | Enphase Energy Inc | +0.1% | -0.42% | Trim |
| 32 | AMAT | Applied Materials Inc | +0.1% | NEW | New buy |
| 33 | ULTA | Ulta Beauty Inc | +0.1% | NEW | New buy |
| 34 | TXN | Texas Instruments Inc | +0.1% | NEW | New buy |
| 35 | PANW | Palo Alto Networks Inc | +0.1% | NEW | New buy |
| 36 | DUSA | Davis Select US Equity ETF | +0.1% | NEW | New buy |
| 37 | TSLA | Tesla Inc | +0.1% | NEW | New buy |
| 38 | DVN | Devon Energy CORP | +0.1% | NEW | New buy |
| 39 | NFLX | Netflix Inc | +0.1% | NEW | New buy |
| 40 | ASML | ASML Holding N.V. | +0.1% | NEW | New buy |
| 41 | URA | Global X Uranium ETF | +0.1% | NEW | New buy |
| 42 | XMHQ | Invesco S&p Midcap Qual ETF | +0.1% | NEW | New buy |
| 43 | EMMF | Wisdomtree Emerging Markets | +0.1% | NEW | New buy |
| 44 | PSC | Principal US Small-cap ETF | +0.1% | NEW | New buy |
| 45 | RSP | Invesco S&p 500 Equal Weight | +0.1% | NEW | New buy |
| 46 | ETN | Eaton Corporation plc | 0% | +26.54% | Add |
| 47 | AVGO | Broadcom Inc | 0% | +36.88% | Add |
| 48 | TOL | Toll Brothers Inc | 0% | +45.40% | Add |
| 49 | TSM | Taiwan Semiconductor-sp Adr | 0% | NEW | New buy |
| 50 | GWW | Ww Grainger Inc | 0% | NEW | New buy |
1–50 of 199
Filing History
FAQ
What is Marathon Capital Management and what type of investor is it?
Marathon Capital Management is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $493.9M, spread across 187 disclosed positions.
What are Marathon Capital Management's largest equity positions?
Based on the latest 13F filing, Marathon Capital Management's top holdings by market value are:
1. T Rowe Price Group Inc (TROW) — $66.0M (13.4%)
2. Corning Inc (GLW) — $23.7M (4.8%)
3. Ss Spdr Bb 1-3m T-bill ETF (BIL) — $19.3M (3.9%)
4. Alphabet Inc-cl C (GOOG) — $14.6M (3.0%)
5. Amazon.com Inc (AMZN) — $13.5M (2.7%)
What changes did Marathon Capital Management make in its most recent portfolio filing?
In the latest reported quarter, Marathon Capital Management made 163 notable position adjustments: 28 new positions were initiated, 55 existing holdings were added to, 68 positions were partially reduced, and 12 were completely exited. The largest of these moves: New buy: Waystar Holding CORP (WAY); New buy: Ishares 0-3 Month Treasury B (SGOV); Sold out: Adobe Inc (ADBE); Sold out: Honeywell International Inc (HON); Sold out: Amplitude Inc-class A (AMPL)
What sectors does Marathon Capital Management focus on?
Marathon Capital Management is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 27.0%
• Financials: 26.1%
• Health Care: 13.9%
• Consumer Discretionary: 7.0%
• Energy: 6.8%
• Industrials: 6.3%
Investment Profile
Marathon Capital Management returned an annualized 12.5% over the trailing 36 months — underperforming the S&P 500 by 8.5 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.09 (roughly in line with the market) and a 44% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 23 over the past 4 quarters — a shift toward more active trading.
It has added to its AMZN position over the past two quarters (+$6.5M, now $13.5M), while trimming QCOM over the same stretch (-$5.1M, still holding $5.2M).
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Developer Access
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