MARATHON CAPITAL MANAGEMENT

CIK 0001213206 • 6 13F filings • May 15, 2025 – Jul 22, 2026

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Filer information

Filed by: MARATHON CAPITAL MANAGEMENT, President
Address: 4 North Park Drive, Suite 106, Hunt Valley, MD, 21030-1806
Phone: 410-329-1522
AUM: $464.7M

AUM over time

$493.9M latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

TechnologyHealthcareConsumer DiscretionaryConsumer StaplesFinancialsCommunicationIndustrialsEnergyReal EstateOther

Holdings by filing

Portfolio value: $445.2M170 positionsView on SEC.gov

			% of Portfolio
3M CO	COM	$204K	0.0%Prev: 0.1%	1,406 SH	Decreased
ABBOTT LABORATORIES	COM	$483K	0.1%	4,705 SH	New
ABBVIE INC	COM	$1.5M	0.3%Prev: 0.4%	6,832 SH	Increased+500 SH
ADMA BIOLOGICS INC	COM	$5.7M	1.3%Prev: 0.8%	627,388 SH	Increased+472,268 SH
ADOBE INC	COM	$3.2M	0.7%	13,090 SH	New
ADVANCED MICRO DEVICES INC	COM	$1.0M	0.2%Prev: 0.1%	5,149 SH	Increased
AECOM	COM	$226K	0.1%	2,660 SH	New
AIRGAIN INC	COM	$61K	0.0%	11,000 SH	New
ALLISON TRANSMISSION HLDGS I	COM	$8.5M	1.9%Prev: 1.9%	72,235 SH	Increased-4,057 SH
ALLSTATE CORP	COM	$793K	0.2%Prev: 0.2%	3,823 SH	Decreased-253 SH
ALMONTY INDS INC	COM NEW	$7.7M	1.7%	529,155 SH	New
ALPHABET INC	CAP STK CL A	$2.1M	0.5%Prev: 0.3%	7,230 SH	Increased-355 SH
ALPHABET INC	CAP STK CL C	$12.1M	2.7%Prev: 1.8%	42,205 SH	Increased-1,912 SH
ALPHATEC HLDGS INC	COM NEW	$2.8M	0.6%Prev: 0.6%	261,595 SH	Increased+22,820 SH
AMAZON COM INC	COM	$11.6M	2.6%Prev: 1.6%	55,724 SH	Increased+25,057 SH
AMGEN INC	COM	$891K	0.2%Prev: 0.1%	2,533 SH	Increased+1,395 SH
AMPLITUDE INC	COM CL A	$1.2M	0.3%	171,560 SH	New
ANI PHARMACEUTICALS INC	COM	$5.6M	1.3%Prev: 1.2%	72,590 SH	Increased+3,395 SH
ANTERO RESOURCES CORP	COM	$1.3M	0.3%Prev: 0.3%	30,000 SH	Increased
APPLE INC	COM	$12.4M	2.8%Prev: 3.3%	48,992 SH	Increased-6,943 SH
ARCOSA INC	COM	$4.8M	1.1%Prev: 1.0%	45,290 SH	Increased-2,735 SH
ARES CAPITAL CORP	COM	$3.0M	0.7%Prev: 1.0%	165,203 SH	Decreased+2,168 SH
ASTRAZENECA PLC	ORD	$12.9M	2.9%	65,175 SH	New
AT&T INC	COM	$284K	0.1%	9,807 SH	New
AUTOMATIC DATA PROCESSING IN	COM	$255K	0.1%	1,257 SH	New
BANK AMERICA CORP	7.25%CNV PFD L	$465K	0.1%Prev: 0.4%	390 SH	Decreased-773 SH
BARFRESH FOOD GROUP INC	COM NEW	$43K	0.0%Prev: 0.0%	15,384 SH	Decreased
BARRICK MNG CORP	COM SHS	$5.1M	1.2%	126,074 SH	New
BERKSHIRE HATHAWAY INC DEL	CL B NEW	$5.4M	1.2%Prev: 1.6%	11,281 SH	Decreased-227 SH
BIT DIGITAL INC	SHS	$20K	0.0%	15,000 SH	New
BRISTOL-MYERS SQUIBB CO	COM	$505K	0.1%Prev: 0.1%	8,324 SH	Decreased-440 SH
BROADCOM INC	COM	$427K	0.1%Prev: 0.1%	1,380 SH	Increased-45 SH
BROWN FORMAN CORP	CL B	$857K	0.2%	32,408 SH	New
BUILDERS FIRSTSOURCE INC	COM	$4.9M	1.1%	58,996 SH	New
BXP INC	COM	$374K	0.1%Prev: 0.1%	7,200 SH	Decreased+141 SH
CALIX INC	COM	$4.0M	0.9%Prev: 1.1%	81,755 SH	Decreased-32,635 SH
CAPITAL ONE FINL CORP	COM	$237K	0.1%Prev: 0.1%	1,299 SH	Decreased-135 SH
CECO ENVIRONMENTAL CORP	COM	$5.9M	1.3%Prev: 0.6%	98,330 SH	Increased+355 SH
CHEVRON CORPORATION	COM	$10.2M	2.3%	49,304 SH	New
CHUBB LTD SWITZ	COM	$4.0M	0.9%	12,385 SH	New
CINCINNATI FINL CORP	COM	$1.2M	0.3%Prev: 0.3%	7,485 SH	Increased-53 SH
CISCO SYS INC	COM	$480K	0.1%Prev: 0.1%	6,187 SH	Increased+2,528 SH
CLEAR SECURE INC	COM CL A	$726K	0.2%Prev: 0.1%	15,000 SH	Increased-4,000 SH
CNX RES CORP	COM	$386K	0.1%Prev: 0.1%	10,000 SH	Increased
COCA COLA CO	COM	$1.3M	0.3%Prev: 0.3%	17,177 SH	Increased-443 SH
COMSTOCK INC	COM SHS	$61K	0.0%Prev: 0.0%	20,000 SH	Increased+7,500 SH
CONDUENT INC	COM	$13K	0.0%	10,000 SH	New
COPA HOLDINGS SA	CL A	$3.2M	0.7%Prev: 1.8%	27,788 SH	Decreased-45,670 SH
COREBRIDGE FINL INC	COM	$318K	0.1%	13,336 SH	New
CORNING INC	COM	$14.3M	3.2%Prev: 2.6%	105,187 SH	Increased-109,021 SH
CORPAY INC	COM SHS	$395K	0.1%	1,357 SH	New
CRYOPORT INC	COM PAR $0.001	$474K	0.1%Prev: 0.1%	57,225 SH	Decreased-31,455 SH
CSX CORP	COM	$554K	0.1%Prev: 0.1%	13,491 SH	Increased-557 SH
CYTOSORBENTS CORP	COM NEW	$6K	0.0%	10,000 SH	New
DANAHER CORP DEL	COM	$4.4M	1.0%	23,299 SH	New
DARLING INGREDIENTS INC	COM	$1.7M	0.4%Prev: 0.4%	28,250 SH	Increased-16,290 SH
DIAMONDBACK ENERGY INC	COM	$9.5M	2.1%Prev: 2.5%	47,951 SH	Increased-10,847 SH
DISNEY WALT CO	COM	$263K	0.1%Prev: 0.1%	2,728 SH	Decreased-310 SH
DUKE ENERGY CORP NEW	COM NEW	$538K	0.1%Prev: 0.1%	4,110 SH	Increased+938 SH
DYADIC INTL INC DEL	COM	$90K	0.0%	110,000 SH	New
EA SERIES TRUST	BUSHIDO CAP U S	$306K	0.1%Prev: 0.1%	8,635 SH	Increased+365 SH
EATON CORP PLC	SHS	$604K	0.1%Prev: 0.1%	1,688 SH	Increased-197 SH
ELEVANCE HEALTH INC FORMERLY	COM	$348K	0.1%	1,190 SH	New
ELI LILLY & CO	COM	$2.3M	0.5%Prev: 0.5%	2,545 SH	Increased+419 SH
EMERSON ELEC CO	COM	$271K	0.1%Prev: 0.1%	2,067 SH	Increased-250 SH
ENBRIDGE INC	COM	$1.0M	0.2%Prev: 0.2%	18,525 SH	Increased+400 SH
ENPHASE ENERGY INC	COM	$2.2M	0.5%Prev: 1.0%	57,368 SH	Decreased-1,230 SH
EOG RES INC	COM	$955K	0.2%	6,605 SH	New
EXPAND ENERGY CORPORATION	COM	$576K	0.1%Prev: 0.4%	5,251 SH	Decreased-7,228 SH
EXXON MOBIL CORP	COM	$1.7M	0.4%Prev: 0.3%	9,758 SH	Increased-191 SH
F N B CORP	COM	$301K	0.1%Prev: 0.1%	18,000 SH	Increased-2,000 SH
FACTSET RESH SYS INC	COM	$279K	0.1%	1,284 SH	New
FIDELITY NATL INFORMATION SV	COM	$7.3M	1.6%Prev: 1.8%	155,882 SH	Increased+65,825 SH
FIRST CTZNS BANCSHARES INC D	CL A	$283K	0.1%	150 SH	New
GE AEROSPACE	COM NEW	$580K	0.1%Prev: 0.1%	2,045 SH	Increased-464 SH
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	$860K	0.2%	12,079 SH	New
GE VERNOVA INC	COM	$288K	0.1%	330 SH	New
GETTY RLTY CORP NEW	COM	$519K	0.1%Prev: 0.1%	16,315 SH	Increased+1,250 SH
GLOBAL SELF STORAGE INC	COM	$1.3M	0.3%Prev: 0.5%	259,627 SH	Decreased-109,285 SH
GLOBAL X FDS	GLOBAL X COPPER	$240K	0.1%Prev: 0.1%	3,139 SH	Decreased-3,045 SH
HEALTHPEAK PROPERTIES INC	COM	$4.0M	0.9%	245,655 SH	New
HILLMAN SOLUTIONS CORP	COM	$218K	0.0%Prev: 1.6%	26,200 SH	Decreased-655,675 SH
HOME DEPOT INC	COM	$684K	0.2%Prev: 0.2%	2,079 SH	Decreased+200 SH
HONEYWELL INTL INC	COM	$1.2M	0.3%Prev: 0.3%	5,511 SH	Increased-292 SH
HP INC	COM	$275K	0.1%	14,335 SH	New
HUDSON TECHNOLOGIES INC	COM	$1.0M	0.2%Prev: 0.6%	174,325 SH	Decreased-208,375 SH
IDENTIV INC	COM NEW	$57K	0.0%Prev: 0.1%	15,500 SH	Decreased-159,600 SH
INTERNATIONAL BUSINESS MACHS	COM	$7.5M	1.7%Prev: 2.1%	30,948 SH	Decreased-969 SH
ISHARES INC	MSCI BRAZIL ETF	$492K	0.1%	12,820 SH	New
ISHARES SILVER TR	ISHARES	$468K	0.1%Prev: 0.1%	6,872 SH	Increased-6,168 SH
ISHARES TR	ISHARES BIOTECH	$447K	0.1%Prev: 0.1%	2,650 SH	Decreased-965 SH
JOHNSON & JOHNSON	COM	$6.2M	1.4%Prev: 1.3%	25,288 SH	Increased-4,134 SH
JPMORGAN CHASE & CO	COM	$6.2M	1.4%	21,112 SH	New
KARMAN HLDGS INC	COMMON STOCK	$288K	0.1%	3,595 SH	New
KEYSIGHT TECHNOLOGIES INC	COM	$432K	0.1%Prev: 0.1%	1,529 SH	Increased-250 SH
KOPIN CORP	COM	$56K	0.0%Prev: 0.0%	25,000 SH	Increased-5,000 SH
KORNIT DIGITAL LTD	SHS	$1.0M	0.2%Prev: 0.5%	70,955 SH	Decreased-29,170 SH
LATTICE SEMICONDUCTOR CORP	COM	$937K	0.2%Prev: 0.1%	10,100 SH	Increased-45 SH
LOCKHEED MARTIN CORP	COM	$1.4M	0.3%Prev: 0.1%	2,339 SH	Increased+1,848 SH
LOWES COS INC	COM	$755K	0.2%Prev: 0.2%	3,194 SH	Increased+108 SH
MAGNOLIA OIL & GAS CORP	CL A	$316K	0.1%Prev: 0.1%	10,000 SH	Increased
MARATHON PETE CORP	COM	$415K	0.1%Prev: 0.1%	1,700 SH	Increased
MARCHEX INC	CL B	$95K	0.0%Prev: 0.0%	61,500 SH	Increased+20,000 SH
MAXLINEAR INC	COM	$391K	0.1%Prev: 0.1%	22,500 SH	Increased
MCDONALDS CORP	COM	$668K	0.2%Prev: 0.2%	2,150 SH	Increased+70 SH
MEDICUS PHARMA LTD	COM	$7K	0.0%	15,500 SH	New
MEDTRONIC PLC	SHS	$244K	0.1%	2,814 SH	New
MERCK & CO INC	COM	$2.8M	0.6%Prev: 0.8%	23,685 SH	Decreased-11,324 SH
METLIFE INC	COM	$7.3M	1.6%Prev: 2.3%	102,911 SH	Decreased-6,036 SH
MICRON TECHNOLOGY INC	COM	$1.7M	0.4%Prev: 0.2%	4,925 SH	Increased-3,525 SH
MICROSOFT CORP	COM	$8.4M	1.9%Prev: 2.7%	22,710 SH	Decreased-4,330 SH
NABORS INDUSTRIES LTD	SHS	$645K	0.1%Prev: 0.1%	7,500 SH	Increased
NANO DIMENSION LTD	SPONSORD ADS NEW	$34K	0.0%Prev: 0.0%	20,000 SH	Increased
NEWMONT CORP	COM	$362K	0.1%Prev: 0.1%	3,342 SH	Increased-1,250 SH
NEXTERA ENERGY INC	COM	$293K	0.1%Prev: 0.1%	3,159 SH	Increased
NORTHROP GRUMMAN CORP	COM	$278K	0.1%Prev: 0.1%	407 SH	Increased
NOVO-NORDISK A S	ADR	$3.0M	0.7%	81,564 SH	New
NPK INTERNATIONAL INC	COM SHS	$5.0M	1.1%Prev: 0.6%	346,110 SH	Increased-67,765 SH
NUSCALE PWR CORP	CL A COM	$547K	0.1%	50,500 SH	New
NVIDIA CORPORATION	COM	$1.0M	0.2%Prev: 0.2%	5,960 SH	Increased-620 SH
OLD DOMINION FREIGHT LINE IN	COM	$377K	0.1%	1,930 SH	New
ONDAS INC	COM NEW	$112K	0.0%	12,375 SH	New
ONEOK INC NEW	COM	$380K	0.1%Prev: 0.1%	4,200 SH	Decreased-250 SH
PAR TECHNOLOGY CORP	COM	$1.3M	0.3%	100,920 SH	New
PEPSICO INC	COM	$989K	0.2%Prev: 0.3%	6,371 SH	Increased-100 SH
PFIZER INC	COM	$459K	0.1%Prev: 0.7%	16,345 SH	Decreased-88,110 SH
PNC FINL SVCS GROUP INC	COM	$630K	0.1%Prev: 0.2%	3,027 SH	Increased-424 SH
PRICE T ROWE GROUP INC	COM	$57.6M	12.9%Prev: 18.3%	638,525 SH	Decreased-109,825 SH
PROCTER & GAMBLE CO	COM	$2.3M	0.5%	16,227 SH	New
PROLOGIS INC.	COM	$674K	0.2%Prev: 0.2%	5,100 SH	Increased-150 SH
QUALCOMM INC	COM	$7.8M	1.7%Prev: 2.2%	60,180 SH	Decreased+5,710 SH
RAYONIER INC	COM	$413K	0.1%	20,028 SH	New
RBB FD INC	MOTLEY FOL ETF	$233K	0.1%Prev: 0.1%	3,536 SH	Increased-540 SH
REALTY INCOME CORP	COM	$6.9M	1.5%Prev: 1.7%	112,349 SH	Increased+2,003 SH
RECURSION PHARMACEUTICALS IN	CL A	$464K	0.1%Prev: 0.2%	151,295 SH	Decreased+1,450 SH
RIO TINTO PLC	SPONSORED ADR	$434K	0.1%	4,657 SH	New
ROYAL GOLD INC	COM	$1.0M	0.2%Prev: 0.2%	4,080 SH	Increased-12 SH
ROYALTY PHARMA PLC	SHS CLASS A	$431K	0.1%	8,977 SH	New
RTX CORPORATION	COM	$947K	0.2%Prev: 0.2%	4,911 SH	Increased-740 SH
SLB LIMITED	COM STK	$3.1M	0.7%	60,130 SH	New
SOUTHERN CO	COM	$584K	0.1%	6,050 SH	New
SPDR GOLD TR	GOLD SHS	$4.6M	1.0%Prev: 0.9%	10,663 SH	Increased-820 SH
SPDR SERIES TRUST	STATE STREET SPD	$17.9M	4.0%	195,446 SH	New
SPROTT ASSET MANAGEMENT LP	PHYSICAL GOLD AN	$5.7M	1.3%	120,375 SH	New
SSGA ACTIVE TR	STATE STREET MY	$1.3M	0.3%	50,624 SH	New
STARBUCKS CORP	COM	$434K	0.1%Prev: 0.2%	4,840 SH	Decreased-1,400 SH
STATE STR SPDR S&P 500 ETF T	TR UNIT	$1.8M	0.4%	2,696 SH	New
STRYKER CORPORATION	COM	$390K	0.1%Prev: 0.1%	1,186 SH	Decreased+105 SH
SYMBOTIC INC	CLASS A COM	$2.1M	0.5%Prev: 0.6%	38,870 SH	Decreased-69,465 SH
T ROWE PRICE ETF INC	CAP APPRECIATION	$243K	0.1%Prev: 0.1%	6,825 SH	Decreased-2,850 SH
TARGA RES CORP	COM	$2.5M	0.6%Prev: 0.6%	9,925 SH	Increased-2,050 SH
TAYLOR MORRISON HOME CORP	COM	$408K	0.1%Prev: 0.1%	7,000 SH	Decreased
TETRA TECHNOLOGIES INC DEL	COM	$8.3M	1.9%Prev: 1.3%	979,011 SH	Increased-445,184 SH
THE CIGNA GROUP	COM	$219K	0.0%Prev: 0.1%	822 SH	Decreased
THERMO FISHER SCIENTIFIC INC	COM	$517K	0.1%Prev: 0.1%	1,052 SH	Decreased-75 SH
TOLL BROTHERS INC	COM	$346K	0.1%	2,535 SH	New
TXO PARTNERS LP	COM UNIT	$629K	0.1%Prev: 0.1%	50,000 SH	Increased+25,000 SH
VANECK ETF TRUST	GOLD MINERS ETF	$1.7M	0.4%	18,181 SH	New
VANGUARD INDEX FDS	S&P 500 ETF SHS	$200K	0.0%	336 SH	New
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	$246K	0.1%Prev: 0.1%	1,144 SH	Increased-25 SH
VANGUARD WHITEHALL FDS	INTL HIGH ETF	$9.8M	2.2%Prev: 0.1%	104,295 SH	Increased+100,812 SH
VERIZON COMMUNICATIONS INC	COM	$1.5M	0.3%Prev: 0.4%	29,531 SH	Increased-2,405 SH
WASTE MGMT INC DEL	COM	$209K	0.0%Prev: 0.1%	910 SH	Increased+35 SH
WELLS FARGO & CO	PERP PFD CNV A	$1.2M	0.3%	1,014 SH	New
WEYERHAEUSER CO	COM NEW	$1.3M	0.3%	55,035 SH	New
WILLIS TOWERS WATSON PLC LTD	SHS	$4.8M	1.1%Prev: 1.7%	16,542 SH	Decreased-2,576 SH
ZETA GLOBAL HOLDINGS CORP	CL A	$3.7M	0.8%Prev: 0.9%	231,825 SH	Increased-13,110 SH
ZOETIS INC	CL A	$4.2M	1.0%	35,836 SH	New
ZOOM COMMUNICATIONS INC	CL A	$306K	0.1%	3,803 SH	New
ZSCALER INC	COM	$9.3M	2.1%	66,345 SH	New

Sold (vs prior filing)

ABBOTT LABS — $639K
ACCURAY INC — $197K
AMERIPRISE FINL INC — $211K
ASTRAZENECA PLC — $12.2M
BARRICK GOLD CORP — $2.7M
BLACKROCK RES & COMMODITIES — $312K
CANADIAN PACIFIC KANSAS CITY — $202K
CARRIER GLOBAL CORPORATION — $249K
CHEVRON CORP NEW — $10.4M
CHUBB LIMITED — $3.3M
CIVITAS RESOURCES INC — $333K
DANAHER CORPORATION — $3.7M
DOCGO INC — $782K
DOW INC — $5.2M
EVOLV TECHNOLOGIES HLDNGS IN — $218K
FIRST CTZNS BANCSHARES INC N — $714K
FRONTLINE PLC — $149K
GLADSTONE LD CORP — $1.6M
HERSHEY CO — $270K
INVESCO QQQ TR — $233K
… and 25 more

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Jan 29, 2026	Q4 2025	13F-HR	0001172661-26-000374	$464.7M	View
Nov 14, 2025	Q3 2025	13F-HR	0001172661-25-004808	$437.0M	View
Jul 22, 2026	Q2 2026