Q3 2025 · 13F-HR
MARATHON CAPITAL MANAGEMENTholdings as filed
Filed 2025-11-14 · accession 0001172661-25-004808
$437.0M
Reported value
163
Positions
2025-09-30
Period end
The Brief · MARATHON CAPITAL MANAGEMENT · Q3 2025
AI · grounded in 13F
Marathon Capital Management established a new position in TROW valued at $70.3M. The fund also initiated new stakes in GLW for $15.9M and AAPL for $13.1M. Additional new positions include AZNN at $12.3M and MSFT at $12.2M. Total assets under management stand at $436.9M across 163 positions.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 74144T108 | TROW | PRICE T ROWE GROUP INC | $70.3M | 16.1% | 684,625 | Common | NONE |
| 219350105 | GLW | CORNING INC | $15.9M | 3.64% | 193,924 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $13.1M | 2.99% | 51,272 | Common | NONE |
| 046353108 | AZNN | ASTRAZENECA PLC | $12.3M | 2.83% | 160,955 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $12.2M | 2.78% | 23,470 | Common | NONE |
| 78468R663 | BIL | SPDR SERIES TRUST | $11.2M | 2.57% | 122,573 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $10.8M | 2.48% | 44,409 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $10.0M | 2.29% | 60,230 | Common | NONE |
| 166764100 | CVX | CHEVRON CORP NEW | $9.3M | 2.13% | 60,041 | Common | NONE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $8.9M | 2.05% | 31,682 | Common | NONE |
| 25278X109 | FANG | DIAMONDBACK ENERGY INC | $8.8M | 2.02% | 61,580 | Common | NONE |
| 59156R108 | MET | METLIFE INC | $8.6M | 1.97% | 104,535 | Common | NONE |
| 921946794 | VYMI | VANGUARD WHITEHALL FDS | $8.6M | 1.97% | 101,579 | Common | NONE |
| P31076105 | CPA | COPA HOLDINGS SA | $8.5M | 1.94% | 71,373 | Common | NONE |
| 88162F105 | TTI | TETRA TECHNOLOGIES INC DEL | $7.3M | 1.67% | 1,272,025 | Common | NONE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $7.0M | 1.61% | 58,051 | Common | NONE |
| 756109104 | O | REALTY INCOME CORP | $7.0M | 1.59% | 114,389 | Common | NONE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $6.8M | 1.57% | 466,570 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $6.7M | 1.53% | 21,244 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $6.6M | 1.52% | 30,269 | Common | NONE |
| 01973R101 | ALSN | ALLISON TRANSMISSION HLDGS I | $6.4M | 1.46% | 75,224 | Common | NONE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $6.4M | 1.46% | 69,705 | Common | NONE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $6.0M | 1.37% | 90,547 | Common | NONE |
| G96629103 | WTW | WILLIS TOWERS WATSON PLC LTD | $5.8M | 1.32% | 16,663 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $5.7M | 1.30% | 11,267 | Common | SOLE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $5.3M | 1.22% | 28,736 | Common | NONE |
| 125141101 | CECO | CECO ENVIRONMENTAL CORP | $5.2M | 1.19% | 101,700 | Common | NONE |
| 42250P103 | DOC | HEALTHPEAK PROPERTIES INC | $5.0M | 1.14% | 260,066 | Common | NONE |
| 13100M509 | CALX | CALIX INC | $4.9M | 1.13% | 80,200 | Common | NONE |
| 235851102 | DHR | DANAHER CORPORATION | $4.6M | 1.06% | 23,434 | Common | NONE |
| 806857108 | SLB | SCHLUMBERGER LTD | $4.6M | 1.06% | 134,756 | Common | NONE |
| 85208R101 | CEF | SPROTT ASSET MANAGEMENT LP | $4.6M | 1.06% | 126,225 | Common | NONE |
| 06849F108 | B | BARRICK MNG CORP | $4.4M | 1.02% | 135,690 | Common | NONE |
| 039653100 | ACA | ARCOSA INC | $4.4M | 1.01% | 47,315 | Common | NONE |
| 00724F101 | ADBE | ADOBE INC | $4.4M | 1.01% | 12,457 | Common | NONE |
| 651718504 | NPKI | NPK INTERNATIONAL INC | $4.4M | 1.01% | 388,350 | Common | NONE |
| 98956A105 | ZETA | ZETA GLOBAL HOLDINGS CORP | $4.3M | 0.99% | 218,610 | Common | NONE |
| 78463V107 | GLD | SPDR GOLD TR | $4.0M | 0.92% | 11,348 | Common | NONE |
| H1467J104 | CB | CHUBB LIMITED | $3.6M | 0.81% | 12,600 | Common | NONE |
| 04010L103 | ARCC | ARES CAPITAL CORP | $3.2M | 0.74% | 157,720 | Common | NONE |
| 670100205 | NVO | NOVO-NORDISK A S | $3.2M | 0.73% | 57,475 | Common | NONE |
| 02081G201 | ATEC | ALPHATEC HLDGS INC | $2.9M | 0.67% | 200,925 | Common | NONE |
| 58933Y105 | MRK | MERCK & CO INC | $2.9M | 0.66% | 34,152 | Common | NONE |
| 698884103 | PAR | PAR TECHNOLOGY CORP | $2.7M | 0.61% | 67,595 | Common | NONE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $2.6M | 0.60% | 16,957 | Common | NONE |
| 87151X101 | SYM | SYMBOTIC INC | $2.1M | 0.49% | 39,515 | Common | NONE |
| 29355A107 | ENPH | ENPHASE ENERGY INC | $2.1M | 0.47% | 58,058 | Common | NONE |
| 532457108 | LLY | ELI LILLY & CO | $2.0M | 0.45% | 2,583 | Common | SOLE |
| 87612G101 | TRGP | TARGA RES CORP | $2.0M | 0.45% | 11,750 | Common | NONE |
| 444144109 | HDSN | HUDSON TECHNOLOGIES INC | $1.9M | 0.44% | 194,450 | Common | NONE |
| 02079K305 | GOOGL | ALPHABET INC | $1.8M | 0.41% | 7,285 | Common | NONE |
| 237266101 | DAR | DARLING INGREDIENTS INC | $1.7M | 0.39% | 54,985 | Common | NONE |
| 962166104 | WY | WEYERHAEUSER CO MTN BE | $1.7M | 0.39% | 67,916 | Common | NONE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $1.6M | 0.37% | 9,710 | Common | NONE |
| 92189F106 | GDX | VANECK ETF TRUST | $1.5M | 0.35% | 20,146 | Common | NONE |
| 020398707 | ALM | ALMONTY INDS INC | $1.5M | 0.35% | 250,235 | Common | NONE |
| 37955N106 | SELF | GLOBAL SELF STORAGE INC | $1.5M | 0.34% | 296,190 | Common | NONE |
| 060505682 | BAC 7.25 PERP L | BANK AMERICA CORP | $1.5M | 0.34% | 1,148 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $1.5M | 0.33% | 6,279 | Common | NONE |
| 949746804 | WFC 7.5 PERP L | WELLS FARGO CO NEW | $1.3M | 0.30% | 1,047 | Common | NONE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $1.3M | 0.29% | 29,016 | Common | NONE |
| M6372Q113 | KRNT | KORNIT DIGITAL LTD | $1.2M | 0.28% | 91,505 | Common | NONE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $1.2M | 0.28% | 11,519 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $1.2M | 0.28% | 5,720 | Common | NONE |
| 172062101 | CINF | CINCINNATI FINL CORP | $1.2M | 0.27% | 7,538 | Common | SOLE |
| 191216100 | KO | COCA COLA CO | $1.2M | 0.26% | 17,420 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $1.1M | 0.26% | 6,135 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $1.1M | 0.26% | 9,966 | Common | SOLE |
| 376549101 | LAND | GLADSTONE LD CORP | $1.1M | 0.25% | 119,818 | Common | NONE |
| 229050307 | CYRX | CRYOPORT INC | $1.0M | 0.24% | 110,000 | Common | NONE |
| 03674X106 | AR | ANTERO RESOURCES CORP | $1.0M | 0.23% | 30,000 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $955,968 | 0.22% | 1,435 | Common | NONE |
| 36266G107 | GEHC | GE HEALTHCARE TECHNOLOGIES I | $905,331 | 0.21% | 12,055 | Common | NONE |
| 713448108 | PEP | PEPSICO INC | $894,743 | 0.20% | 6,371 | Common | NONE |
| 29250N105 | ENB | ENBRIDGE INC | $886,835 | 0.20% | 17,575 | Common | NONE |
| 369604301 | GE | GE AEROSPACE | $885,915 | 0.20% | 2,945 | Common | NONE |
| 431636109 | HLMN | HILLMAN SOLUTIONS CORP | $856,503 | 0.20% | 93,301 | Common | NONE |
| 020002101 | ALL | ALLSTATE CORP | $847,438 | 0.19% | 3,948 | Common | NONE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $833,057 | 0.19% | 5,149 | Common | NONE |
| 75513E101 | RTX | RTX CORPORATION | $829,037 | 0.19% | 4,955 | Common | NONE |
| 548661107 | LOW | LOWES COS INC | $822,789 | 0.19% | 3,274 | Common | NONE |
| 780287108 | RGLD | ROYAL GOLD INC | $820,793 | 0.19% | 4,092 | Common | NONE |
| 437076102 | HD | HOME DEPOT INC | $761,352 | 0.17% | 1,879 | Common | NONE |
| 518415104 | LSCC | LATTICE SEMICONDUCTOR CORP | $740,532 | 0.17% | 10,100 | Common | NONE |
| 115637209 | BF/B | BROWN FORMAN CORP | $731,566 | 0.17% | 27,015 | Common | NONE |
| 75629V104 | RXRX | RECURSION PHARMACEUTICALS IN | $683,176 | 0.16% | 139,995 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $653,369 | 0.15% | 2,150 | Common | NONE |
| 002824100 | ABT | ABBOTT LABS | $636,881 | 0.15% | 4,755 | Common | NONE |
| G29183103 | ETN | EATON CORP PLC | $633,605 | 0.14% | 1,693 | Common | NONE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $618,262 | 0.14% | 3,077 | Common | NONE |
| 78470P812 | MYCG | SSGA ACTIVE TR | $608,016 | 0.14% | 24,227 | Common | NONE |
| 74340W103 | PLD | PROLOGIS INC. | $601,230 | 0.14% | 5,250 | Common | NONE |
| 801056102 | SANM | SANMINA CORPORATION | $575,550 | 0.13% | 5,000 | Common | NONE |
| 18467V109 | YOU | CLEAR SECURE INC | $567,460 | 0.13% | 17,000 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $546,618 | 0.13% | 1,127 | Common | SOLE |
| 46428Q109 | SLV | ISHARES SILVER TR | $537,675 | 0.12% | 12,690 | Common | SOLE |
| 31946M103 | FCNCA | FIRST CTZNS BANCSHARES INC D | $527,802 | 0.12% | 295 | Common | NONE |
| 78470P820 | MYCF | SSGA ACTIVE TR | $511,785 | 0.12% | 20,365 | Common | NONE |
| 17275R102 | CSCO | CISCO SYS INC | $497,278 | 0.11% | 7,268 | Common | NONE |
| 737630103 | PCH | POTLATCHDELTIC CORPORATION | $489,815 | 0.11% | 12,020 | Common | NONE |
| 126408103 | CSX | CSX CORP | $481,089 | 0.11% | 13,548 | Common | SOLE |
| 11135F101 | AVGO | BROADCOM INC | $480,019 | 0.11% | 1,455 | Common | NONE |
| 87724P106 | TMHC | TAYLOR MORRISON HOME CORP | $462,070 | 0.11% | 7,000 | Common | NONE |
| 374297109 | GTY | GETTY RLTY CORP NEW | $438,402 | 0.10% | 16,340 | Common | NONE |
| 767204100 | RIO | RIO TINTO PLC | $436,656 | 0.10% | 6,615 | Common | NONE |
| 717081103 | PFE | PFIZER INC | $434,055 | 0.10% | 17,035 | Common | NONE |
| 21871X109 | CRBG | COREBRIDGE FINL INC | $428,989 | 0.10% | 13,385 | Common | NONE |
| 855244109 | SBUX | STARBUCKS CORP | $417,924 | 0.10% | 4,940 | Common | SOLE |
| 464287556 | IBB | ISHARES TR | $406,402 | 0.09% | 2,815 | Common | NONE |
| 863667101 | SYK | STRYKER CORPORATION | $399,613 | 0.09% | 1,081 | Common | SOLE |
| 26441C204 | DUK | DUKE ENERGY CORP NEW | $391,298 | 0.09% | 3,162 | Common | NONE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $386,225 | 0.09% | 8,564 | Common | NONE |
| 57776J100 | MXL | MAXLINEAR INC | $361,800 | 0.08% | 22,500 | Common | NONE |
| 651639106 | NEM | NEWMONT CORP | $357,643 | 0.08% | 4,242 | Common | NONE |
| 17888H103 | CIVI | CIVITAS RESOURCES INC | $328,250 | 0.08% | 10,100 | Common | NONE |
| 56585A102 | MPC | MARATHON PETE CORP | $327,658 | 0.07% | 1,700 | Common | NONE |
| 24906P109 | XRAY | DENTSPLY SIRONA INC | $324,547 | 0.07% | 25,575 | Common | NONE |
| 12653C108 | CNX | CNX RES CORP | $321,200 | 0.07% | 10,000 | Common | NONE |
| 031162100 | AMGN | AMGEN INC | $321,144 | 0.07% | 1,138 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $313,771 | 0.07% | 4,300 | Common | NONE |
| 254687106 | DIS | DISNEY WALT CO | $312,356 | 0.07% | 2,728 | Common | NONE |
| 036752103 | ELV | ELEVANCE HEALTH INC FORMERLY | $306,641 | 0.07% | 949 | Common | NONE |
| G6359F137 | NBR | NABORS INDUSTRIES LTD | $306,525 | 0.07% | 7,500 | Common | NONE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $299,525 | 0.07% | 1,409 | Common | NONE |
| 02072L425 | SMRI | EA SERIES TRUST | $294,725 | 0.07% | 8,510 | Common | NONE |
| 302520101 | FNB | F N B CORP | $289,980 | 0.07% | 18,000 | Common | NONE |
| 74933W601 | TMFC | RBB FD INC | $282,172 | 0.06% | 4,001 | Common | NONE |
| 291011104 | EMR | EMERSON ELEC CO | $271,149 | 0.06% | 2,067 | Common | NONE |
| 49338L103 | KEYS | KEYSIGHT TECHNOLOGIES INC | $267,453 | 0.06% | 1,529 | Common | NONE |
| 889478103 | TOL | TOLL BROTHERS INC | $259,013 | 0.06% | 1,875 | Common | NONE |
| 87283Q867 | TCAF | T ROWE PRICE ETF INC | $257,303 | 0.06% | 6,825 | Common | SOLE |
| G7709Q104 | RPRX | ROYALTY PHARMA PLC | $256,344 | 0.06% | 7,266 | Common | NONE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $252,259 | 0.06% | 1,169 | Common | NONE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $247,993 | 0.06% | 407 | Common | SOLE |
| 539830109 | LMT | LOCKHEED MARTIN CORP | $240,619 | 0.06% | 482 | Common | SOLE |
| 46090E103 | QQQ | INVESCO QQQ TR | $240,148 | 0.05% | 400 | Common | NONE |
| 559663109 | MGY | MAGNOLIA OIL & GAS CORP | $238,700 | 0.05% | 10,000 | Common | NONE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $238,473 | 0.05% | 3,159 | Common | SOLE |
| 125523100 | CI | THE CIGNA GROUP | $236,942 | 0.05% | 822 | Common | SOLE |
| 922908363 | VOO | VANGUARD INDEX FDS | $223,519 | 0.05% | 365 | Common | NONE |
| 13646K108 | CP | CANADIAN PACIFIC KANSAS CITY | $222,278 | 0.05% | 2,984 | Common | NONE |
| 88579Y101 | MMM | 3M CO | $218,183 | 0.05% | 1,406 | Common | SOLE |
| 26875P101 | EOG | EOG RES INC | $217,625 | 0.05% | 1,941 | Common | NONE |
| 03076C106 | AMP | AMERIPRISE FINL INC | $213,694 | 0.05% | 435 | Common | NONE |
| 68236H204 | ONDS | ONDAS HLDGS INC | $212,300 | 0.05% | 27,500 | Common | NONE |
| 46434VBD1 | IBDQ | ISHARES TR | $212,226 | 0.05% | 8,425 | Common | NONE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $209,239 | 0.05% | 1,103 | Common | NONE |
| 679580100 | ODFL | OLD DOMINION FREIGHT LINE IN | $207,369 | 0.05% | 1,473 | Common | NONE |
| 92189F791 | GDXJ | VANECK ETF TRUST | $206,973 | 0.05% | 2,090 | Common | NONE |
| 219948106 | CPAY | CORPAY INC | $203,658 | 0.05% | 707 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $202,917 | 0.05% | 330 | Common | NONE |
| 185899101 | CLF | CLEVELAND-CLIFFS INC NEW | $183,000 | 0.04% | 15,000 | Common | NONE |
| 004397105 | ARAY | ACCURAY INC | $167,000 | 0.04% | 100,000 | Common | NONE |
| 87313P103 | TXO | TXO PARTNERS LP | $140,500 | 0.03% | 10,000 | Common | NONE |
| 532257805 | LPTH | LIGHTPATH TECHNOLOGIES INC | $118,950 | 0.03% | 15,000 | Common | NONE |
| 56624R108 | MCHX | MARCHEX INC | $110,085 | 0.03% | 61,500 | Common | NONE |
| 500600101 | KOPN | KOPIN CORP | $78,975 | 0.02% | 32,500 | Common | NONE |
| 45170X205 | INVE | IDENTIV INC | $72,450 | 0.02% | 21,000 | Common | NONE |
| 205750409 | LODE | COMSTOCK INC | $68,400 | 0.02% | 20,000 | Common | NONE |
| 067532200 | BRFH | BARFRESH FOOD GROUP INC | $53,536 | 0.01% | 15,384 | Common | NONE |
| 00938A104 | AIRG | AIRGAIN INC | $47,740 | 0.01% | 11,000 | Common | NONE |
| 26745T101 | DYAI | DYADIC INTL INC DEL | $41,300 | 0.01% | 35,000 | Common | NONE |
| 63008G203 | NNDM | NANO DIMENSION LTD | $31,400 | 0.01% | 20,000 | Common | NONE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.