CIK: 0001213206
Total reported value
$445.2M
Reporting period: 2026-03-31 · Number of holdings: 171
MARATHON CAPITAL MANAGEMENT disclosed 171 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $445.2M and a quarterly turnover rate of 25.5%.
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Marathon Capital Management's disclosed holdings carry a Herfindahl concentration index of 0.030 — mathematically equivalent to about 33 equally-sized positions, well below its 171 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 2.05), 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.
Trim TROW
-2.2% -$9.3M
Add AMZN
+84.2% $4.6M
Add BIL
+21.1% $3.2M
Trim CPA
-46.1% -$3.1M
Add ALM
-10.8% $2.4M
Trim ADMA
+34.8% -$2.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TROW | T Rowe Price Group INC | Stock-Financials | 12.93% | -1.46% | -2.24% | |
| 2 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 4.02% | +0.85% | +21.08% | |
| 3 | GLW | Corning INC | Stock-Tech | 3.21% | -0.28% | -43.27% | |
| 4 | AZN | AstraZeneca PLC | Stock-Healthcare | 2.89% | +2.89% | NEW | |
| 5 | AAPL | Apple INC | Stock-Tech | 2.79% | -0.07% | +0.35% | |
| 6 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.72% | -0.19% | -2.20% | |
| 7 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.61% | +1.11% | +84.17% | |
| 8 | CVX | Chevron CORP | Stock-Energy | 2.29% | +0.36% | -16.09% | |
| 9 | VYMI | Vanguard Int High Dvd Yld In | ETF-Other | 2.21% | +0.20% | +0.26% | |
| 10 | FANG | Diamondback Energy INC | Stock-Energy | 2.13% | — | -23.50% | |
| 11 | ZS | Zscaler INC | Stock-Tech | 2.09% | +2.09% | NEW | |
| 12 | ALSN | Allison Transmission Holding | Stock-Consumer Disc | 1.90% | +0.33% | -2.99% | |
| 13 | MSFT | Microsoft CORP | Stock-Tech | 1.89% | -0.50% | -1.01% | |
| 14 | TTI | Tetra Technologies INC | Stock-Other | 1.87% | -0.53% | -17.81% | |
| 15 | QCOM | Qualcomm INC | Stock-Tech | 1.74% | -0.47% | +0.13% | |
| 16 | ALM | Almonty Industries INC | Stock-Other | 1.72% | +0.59% | -10.84% | |
| 17 | IBM | Intl Business Machines CORP | Stock-Tech | 1.68% | -0.34% | -2.21% | |
| 18 | FIS | Fidelity National Info Serv | Stock-Tech | 1.64% | +0.37% | +75.41% | |
| 19 | MET | Metlife INC | Stock-Financials | 1.63% | -0.13% | -0.72% | |
| 20 | O | Realty Income CORP | Stock-Real Estate | 1.54% | +0.17% | -0.76% | |
| 21 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.39% | -0.08% | -0.41% | |
| 22 | JNJ | Johnson & Johnson | Stock-Healthcare | 1.39% | +0.22% | -3.43% | |
| 23 | CECO | Ceco Environmental CORP | Stock-Other | 1.32% | — | -3.30% | |
| 24 | CEF | Sprott Physical Gold And Sil | Stock-Other | 1.29% | — | -3.78% | |
| 25 | ADMA | Adma Biologics INC | Stock-Healthcare | 1.27% | -0.56% | +34.83% | |
| 26 | ANIP | Ani Pharmaceuticals INC | Stock-Other | 1.25% | — | +4.20% | |
| 27 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 1.21% | — | -0.34% | |
| 28 | B | Barrick Mining CORP | Stock-Materials | 1.15% | -0.06% | -2.89% | |
| 29 | NPKI | Npk International INC | Stock-Other | 1.13% | +0.21% | -3.16% | |
| 30 | BLDR | Builders Firstsource INC | Stock-Industrials | 1.09% | -0.22% | -0.27% | |
| 31 | WTW | Willis Towers Watson Public Limited Company | Stock-Financials | 1.08% | -0.09% | -0.23% | |
| 32 | ACA | Arcosa INC | Stock-Industrials | 1.08% | — | -4.70% | |
| 33 | GLD | Spdr Gold Shares | ETF-Commodities | 1.03% | — | -2.96% | |
| 34 | DHR | Danaher CORP | Stock-Healthcare | 0.99% | -0.15% | +1.13% | |
| 35 | ZTS | Zoetis INC | Stock-Healthcare | 0.95% | — | +1.95% | |
| 36 | CB | Chubb Limited | Stock-Financials | 0.91% | — | -2.79% | |
| 37 | DOC | Healthpeak Properties INC | Stock-Real Estate | 0.91% | — | -0.76% | |
| 38 | CALX | Calix INC | Stock-Tech | 0.90% | — | +1.45% | |
| 39 | ZETA | Zeta Global Holdings Corp-a | Stock-Tech | 0.83% | -0.14% | +4.47% | |
| 40 | ADBE | Adobe INC | Stock-Tech | 0.71% | -0.28% | +0.07% | |
| 41 | CPA | Copa Holdings, S.A. | Stock-Other | 0.71% | -0.63% | -46.10% | |
| 42 | SLB | Slb LTD | Stock-Energy | 0.69% | +0.20% | +2.38% | |
| 43 | NVO | Novo-nordisk A/s-spons Adr | Stock-Healthcare | 0.67% | -0.24% | -1.38% | |
| 44 | ARCC | Ares Capital CORP | Stock-Financials | 0.67% | -0.05% | +0.22% | |
| 45 | MRK | Merck & Co. INC. | Stock-Healthcare | 0.64% | -0.12% | -29.64% | |
| 46 | ATEC | Alphatec Holdings INC | Stock-Other | 0.64% | -0.26% | +31.52% | |
| 47 | TRGP | Targa Resources CORP | Stock-Energy | 0.56% | — | -15.53% | |
| 48 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.53% | — | -0.41% | |
| 49 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.53% | -0.06% | -0.12% | |
| 50 | ENPH | Enphase Energy INC | Stock-Tech | 0.49% | — | +0.31% |
Performance for Q3 2026
+1%
Performance Last 4 Quarters
+24.2%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 171 | $445.2M | 25 | |
| 2025-12-31 | 171 | $464.7M | 15 | |
| 2025-09-30 | 163 | $437.0M | 34 | |
| 2025-06-30 | 166 | $392.6M | 0 | |
| 2025-03-31 | 158 | $375.5M | 100 | |
| 2024-12-31 | 155 | $400.4M | 0 | |
| 2024-09-30 | 154 | $412.5M | 0 | |
| 2024-06-30 | 145 | $392.4M | 0 | |
| 2024-03-31 | 154 | $419.1M | 0 | |
| 2023-12-31 | 153 | $397.8M | 0 | |
| 2023-09-30 | 158 | $397.4M | 0 | |
| 2023-06-30 | 156 | $405.1M | 0 | |
| 2023-03-31 | 164 | $406.4M | 0 | |
| 2022-12-31 | 145 | $362.8M | 0 | |
| 2022-09-30 | 153 | $350.0M | 0 | |
| 2022-06-30 | 146 | $309.6M | 0 | |
| 2022-03-31 | 93 | $348.4M | 0 | |
| 2021-12-31 | 166 | $426.7M | 0 | |
| 2021-09-30 | 224 | $440.5M | 0 | |
| 2021-06-30 | 199 | $432.0M | 17 | |
| 2021-03-31 | 189 | $379.3M | 23 | |
| 2020-12-31 | 158 | $339.3M | 25 | |
| 2020-09-30 | 147 | $274.7M | 15 | |
| 2020-06-30 | 140 | $260.3M | 24 | |
| 2020-03-31 | 122 | $217.8M | 34 | |
| 2019-12-31 | 142 | $294.1M | 25 | |
| 2019-09-30 | 113 | $248.0M | 14 | |
| 2019-06-30 | 112 | $245.2M | 19 | |
| 2019-03-31 | 110 | $223.9M | 18 | |
| 2018-12-31 | 110 | $201.5M | 28 | |
| 2018-09-30 | 119 | $258.1M | 15 | |
| 2018-06-30 | 120 | $265.5M | 12 | |
| 2018-03-31 | 112 | $255.2M | 16 | |
| 2017-12-31 | 105 | $256.0M | 22 | |
| 2017-09-30 | 84 | $237.5M | 22 | |
| 2017-06-30 | 87 | $212.2M | 14 | |
| 2017-03-31 | 86 | $201.9M | 20 | |
| 2016-12-31 | 86 | $209.9M | 24 | |
| 2016-09-30 | 92 | $201.3M | 21 | |
| 2016-06-30 | 86 | $194.8M | 16 | |
| 2016-03-31 | 89 | $193.2M | 12 | |
| 2015-12-31 | 88 | $188.9M | 24 | |
| 2015-09-30 | 90 | $196.9M | 23 | |
| 2015-06-30 | 100 | $216.9M | 19 | |
| 2015-03-31 | 96 | $225.6M | 88 | |
| 2014-12-31 | 92 | $108.5M | 27 | |
| 2014-09-30 | 91 | $111.0M | 26 | 1126576245336E3006854 |
| 2014-06-30 | 90 | $124.3M | 46 | 1126576245336E3006854 |
| 2014-03-31 | 93 | $133.1M | 47 | 10068542126576345336E |
| 2013-12-31 | 83 | $138.6M | 29 | |
| 2013-09-30 | 72 | $116.4M | 19 | |
| 2013-06-30 | 76 | $117.2M | 0 |
Marathon Capital Management's most significant position changes for 2026-03-31: Sold out: Astrazeneca Plc-spons Adr (AZNN); New buy: AstraZeneca PLC (AZN); New buy: Zscaler INC (ZS); Sold out: Gladstone Land CORP (LAND); Sold out: Sanmina CORP (SANM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AMZN | Amazon.com INC | +1.1% | +84.17% | Add |
| 2 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.9% | +21.08% | Add |
| 3 | ALM | Almonty Industries INC | +0.6% | -10.84% | Trim |
| 4 | FIS | Fidelity National Info Serv | +0.4% | +75.41% | Add |
| 5 | CVX | Chevron CORP | +0.4% | -16.09% | Trim |
| 6 | ALSN | Allison Transmission Holding | +0.3% | -2.99% | Trim |
| 7 | JNJ | Johnson & Johnson | +0.2% | -3.43% | Trim |
| 8 | NPKI | Npk International INC | +0.2% | -3.16% | Trim |
| 9 | SLB | Slb LTD | +0.2% | +2.38% | Add |
| 10 | VYMI | Vanguard Int High Dvd Yld In | +0.2% | +0.26% | Add |
| 11 | O | Realty Income CORP | +0.2% | -0.76% | Trim |
| 12 | XOM | Exxon Mobil CORP | +0.1% | -0.51% | Trim |
| 13 | ARCC | Ares Capital CORP | -0.1% | +0.22% | Add |
| 14 | B | Barrick Mining CORP | -0.1% | -2.89% | Trim |
| 15 | LLY | Eli Lilly & Co | -0.1% | -0.12% | Trim |
| 16 | GOOGL | Alphabet Inc-cl A | -0.1% | -7.72% | Trim |
| 17 | AAPL | Apple INC | -0.1% | +0.35% | Add |
| 18 | CYRX | Cryoport INC | -0.1% | -34.39% | Trim |
| 19 | JPM | Jpmorgan Chase & Co | -0.1% | -0.41% | Trim |
| 20 | WTW | Willis Towers Watson Public Limited Company | -0.1% | -0.23% | Trim |
| 21 | MRK | Merck & Co. INC. | -0.1% | -29.64% | Trim |
| 22 | MET | Metlife INC | -0.1% | -0.72% | Trim |
| 23 | ZETA | Zeta Global Holdings Corp-a | -0.1% | +4.47% | Add |
| 24 | MU | Micron Technology INC | -0.1% | -40.63% | Trim |
| 25 | DHR | Danaher CORP | -0.2% | +1.13% | Add |
| 26 | EXE | Expand Energy CORP | -0.2% | -55.91% | Trim |
| 27 | GOOG | Alphabet Inc-cl C | -0.2% | -2.20% | Trim |
| 28 | BLDR | Builders Firstsource INC | -0.2% | -0.27% | Trim |
| 29 | NVO | Novo-nordisk A/s-spons Adr | -0.2% | -1.38% | Trim |
| 30 | ATEC | Alphatec Holdings INC | -0.3% | +31.52% | Add |
| 31 | GLW | Corning INC | -0.3% | -43.27% | Trim |
| 32 | ADBE | Adobe INC | -0.3% | +0.07% | Add |
| 33 | PAR | Par Technology Corp/del | -0.3% | +31.35% | Add |
| 34 | IBM | Intl Business Machines CORP | -0.3% | -2.21% | Trim |
| 35 | QCOM | Qualcomm INC | -0.5% | +0.13% | Add |
| 36 | MSFT | Microsoft CORP | -0.5% | -1.01% | Trim |
| 37 | TTI | Tetra Technologies INC | -0.5% | -17.81% | Trim |
| 38 | ADMA | Adma Biologics INC | -0.6% | +34.83% | Add |
| 39 | CPA | Copa Holdings, S.A. | -0.6% | -46.10% | Trim |
| 40 | TROW | T Rowe Price Group INC | -1.5% | -2.24% | Trim |
| 41 | AZNN | Astrazeneca Plc-spons Adr | — | EXIT | Sold out |
| 42 | AZN | AstraZeneca PLC | — | NEW | New buy |
| 43 | ZS | Zscaler INC | — | NEW | New buy |
| 44 | LAND | Gladstone Land CORP | — | EXIT | Sold out |
| 45 | SANM | Sanmina CORP | — | EXIT | Sold out |
| 46 | XRAY | Dentsply Sirona INC | — | EXIT | Sold out |
| 47 | EWZ | Ishares Msci Brazil ETF | — | NEW | New buy |
| 48 | PCH | Potlatchdeltic CORP | — | EXIT | Sold out |
| 49 | RYN | Rayonier INC | — | NEW | New buy |
| 50 | BXP | Bxp INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-01-29 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-08 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-15 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-12 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-07-25 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-07 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-07 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-07 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-10 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-04 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-07 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-10 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-13 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-12 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-06 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-09 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-10-30 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-08 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-30 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-01-28 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-04 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-07-25 | 13F-HR | View on EDGAR |
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