# MARATHON CAPITAL MANAGEMENT

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1213206. Source: https://holderbook.com/funds/1213206-marathon-capital-management/

- Reported value: $493.9M
- Positions: 187
- Weight of the ten largest: 38.9%
- Filed: 2026-07-22

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| PRICE T ROWE GROUP INC | [TROW](https://holderbook.com/stocks/TROW/) | $66.0M | 580,325 | 13.4% | 31 |
| CORNING INC | [GLW](https://holderbook.com/stocks/GLW/) | $23.7M | 92,961 | 4.8% | 31 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $19.3M | 210,769 | 3.9% | 9 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $14.6M | 41,357 | 3.0% | 17 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $13.5M | 56,653 | 2.7% | 17 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $12.3M | 42,655 | 2.5% | 31 |
| ASTRAZENECA PLC | [AZN](https://holderbook.com/stocks/AZN/) | $12.3M | 64,777 | 2.5% | 2 |
| TETRA TECHNOLOGIES INC DEL | [TTI](https://holderbook.com/stocks/TTI/) | $10.9M | 962,171 | 2.2% | 30 |
| VANGUARD WHITEHALL FDS | [VYMI](https://holderbook.com/stocks/VYMI/) | $10.3M | 104,752 | 2.1% | 9 |
| ZSCALER INC | [ZS](https://holderbook.com/stocks/ZS/) | $9.3M | 66,172 | 1.9% | 2 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $8.9M | 23,877 | 1.8% | 31 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $8.8M | 31,148 | 1.8% | 31 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $8.7M | 102,398 | 1.8% | 31 |
| CECO ENVIRONMENTAL CORP | [CECO](https://holderbook.com/stocks/CECO/) | $8.7M | 95,430 | 1.8% | 21 |
| ALMONTY INDS INC | [ALM](https://holderbook.com/stocks/ALM/) | $8.6M | 522,155 | 1.8% | 4 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $8.1M | 72,287 | 1.6% | 22 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $7.8M | 44,172 | 1.6% | 16 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $6.9M | 21,166 | 1.4% | 17 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $6.9M | 41,759 | 1.4% | 27 |
| REALTY INCOME CORP | [O](https://holderbook.com/stocks/O/) | $6.9M | 111,531 | 1.4% | 12 |
| BUILDERS FIRSTSOURCE INC | [BLDR](https://holderbook.com/stocks/BLDR/) | $6.6M | 74,278 | 1.3% | 5 |
| ARCOSA INC | [ACA](https://holderbook.com/stocks/ACA/) | $6.6M | 45,166 | 1.3% | 28 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $6.5M | 166,622 | 1.3% | 14 |
| WAYSTAR HLDG CORP | [WAY](https://holderbook.com/stocks/WAY/) | $6.5M | 315,265 | 1.3% | 1 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $6.4M | 25,121 | 1.3% | 31 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $6.0M | 83,571 | 1.2% | 3 |
| ANI PHARMACEUTICALS INC | [ANIP](https://holderbook.com/stocks/ANIP/) | $6.0M | 71,990 | 1.2% | 20 |
| NPK INTERNATIONAL INC | [NPKI](https://holderbook.com/stocks/NPKI/) | $5.5M | 343,930 | 1.1% | 10 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $5.2M | 28,075 | 1.1% | 31 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $5.0M | 26,510 | 1.0% | 17 |
| SPROTT ASSET MANAGEMENT LP | [CEF](https://holderbook.com/stocks/CEF/) | $4.8M | 120,075 | 1.0% | 12 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $4.8M | 130,434 | 1.0% | 5 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $4.7M | 9,473 | 1.0% | 31 |
| ZETA GLOBAL HOLDINGS CORP | [ZETA](https://holderbook.com/stocks/ZETA/) | $4.7M | 239,765 | 1.0% | 14 |
| ISHARES TR | [SGOV](https://holderbook.com/stocks/SGOV/) | $4.6M | 45,615 | 0.9% | 1 |
| HEALTHPEAK PROPERTIES INC | [DOC](https://holderbook.com/stocks/DOC/) | $4.5M | 208,688 | 0.9% | 5 |
| ADMA BIOLOGICS INC | [ADMA](https://holderbook.com/stocks/ADMA/) | $4.5M | 532,353 | 0.9% | 6 |
| WILLIS TOWERS WATSON PLC LTD | [WTW](https://holderbook.com/stocks/WTW/) | $4.3M | 16,415 | 0.9% | 17 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $4.1M | 12,035 | 0.8% | 12 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $4.0M | 10,954 | 0.8% | 18 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $3.7M | 78,134 | 0.8% | 4 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $3.7M | 23,483 | 0.7% | 19 |
| SYMBOTIC INC | [SYM](https://holderbook.com/stocks/SYM/) | $3.1M | 69,780 | 0.6% | 10 |
| CALIX INC | [CALX](https://holderbook.com/stocks/CALX/) | $3.1M | 83,555 | 0.6% | 12 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $3.1M | 2,695 | 0.6% | 17 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $3.0M | 23,351 | 0.6% | 31 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $3.0M | 2,492 | 0.6% | 17 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $3.0M | 8,337 | 0.6% | 17 |
| ENPHASE ENERGY INC | [ENPH](https://holderbook.com/stocks/ENPH/) | $2.8M | 57,128 | 0.6% | 31 |
| MAXLINEAR INC | [MXL](https://holderbook.com/stocks/MXL/) | $2.6M | 20,000 | 0.5% | 8 |
| ALPHATEC HLDGS INC | [ATEC](https://holderbook.com/stocks/ATEC/) | $2.4M | 279,270 | 0.5% | 9 |
| ADVANCED MICRO DEVICES INC | [AMD](https://holderbook.com/stocks/AMD/) | $2.4M | 4,124 | 0.5% | 17 |
| TARGA RES CORP | [TRGP](https://holderbook.com/stocks/TRGP/) | $2.4M | 8,925 | 0.5% | 31 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $2.4M | 16,246 | 0.5% | 31 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $2.3M | 11,415 | 0.5% | 17 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $2.0M | 42,805 | 0.4% | 7 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.8M | 2,412 | 0.4% | 8 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $1.7M | 6,807 | 0.3% | 28 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $1.6M | 67,572 | 0.3% | 31 |
| LATTICE SEMICONDUCTOR CORP | [LSCC](https://holderbook.com/stocks/LSCC/) | $1.5M | 10,100 | 0.3% | 31 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $1.5M | 28,225 | 0.3% | 8 |
| PAR TECHNOLOGY CORP | [PAR](https://holderbook.com/stocks/PAR/) | $1.4M | 80,025 | 0.3% | 5 |
| CINCINNATI FINL CORP | [CINF](https://holderbook.com/stocks/CINF/) | $1.4M | 7,485 | 0.3% | 17 |
| COCA COLA CO | [KO](https://holderbook.com/stocks/KO/) | $1.4M | 16,946 | 0.3% | 31 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $1.4M | 18,181 | 0.3% | 5 |
| GLOBAL SELF STORAGE INC | [SELF](https://holderbook.com/stocks/SELF/) | $1.4M | 260,784 | 0.3% | 16 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $1.3M | 9,412 | 0.3% | 17 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $1.3M | 29,670 | 0.3% | 29 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $1.2M | 2,339 | 0.2% | 17 |
| WELLS FARGO & CO | [WFCPRL](https://holderbook.com/stocks/WFCPRL/) | $1.2M | 1,014 | 0.2% | 16 |
| KORNIT DIGITAL LTD | [KRNT](https://holderbook.com/stocks/KRNT/) | $1.2M | 70,975 | 0.2% | 31 |
| CRYOPORT INC | [CYRX](https://holderbook.com/stocks/CYRX/) | $1.1M | 67,225 | 0.2% | 27 |
| ANTERO RESOURCES CORP | [AR](https://holderbook.com/stocks/AR/) | $1.1M | 30,000 | 0.2% | 25 |
| RTX CORPORATION | [RTX](https://holderbook.com/stocks/RTX/) | $1.0M | 5,478 | 0.2% | 16 |
| HUDSON TECHNOLOGIES INC | [HDSN](https://holderbook.com/stocks/HDSN/) | $994.9K | 173,325 | 0.2% | 31 |
| EOG RES INC | [EOG](https://holderbook.com/stocks/EOG/) | $959.7K | 7,398 | 0.2% | 4 |
| GE HEALTHCARE TECHNOLOGIES I | [GEHC](https://holderbook.com/stocks/GEHC/) | $934.8K | 14,604 | 0.2% | 5 |
| AMGEN INC | [AMGN](https://holderbook.com/stocks/AMGN/) | $917.4K | 2,533 | 0.2% | 17 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $916.7K | 16,910 | 0.2% | 16 |
| BROWN FORMAN CORP | [BFB](https://holderbook.com/stocks/BFB/) | $914.9K | 34,329 | 0.2% | 4 |
| EATON CORP PLC | [ETN](https://holderbook.com/stocks/ETN/) | $910.2K | 2,136 | 0.2% | 7 |
| ALLSTATE CORP | [ALL](https://holderbook.com/stocks/ALL/) | $898.3K | 3,775 | 0.2% | 17 |
| MEDTRONIC PLC | [MDT](https://holderbook.com/stocks/MDT/) | $888.4K | 11,357 | 0.2% | 3 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $814.4K | 4,080 | 0.2% | 17 |
| SSGA ACTIVE TR | [MYCG](https://holderbook.com/stocks/MYCG/) | $804.1K | 32,177 | 0.2% | 6 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $778.3K | 5,748 | 0.2% | 17 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $730.6K | 1,955 | 0.1% | 10 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $713.6K | 1,889 | 0.1% | 7 |
| LOWES COS INC | [LOW](https://holderbook.com/stocks/LOW/) | $702.2K | 3,185 | 0.1% | 17 |
| PROLOGIS INC. | [PLD](https://holderbook.com/stocks/PLD/) | $690.9K | 5,100 | 0.1% | 17 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $662.7K | 1,879 | 0.1% | 17 |
| CSX CORP | [CSX](https://holderbook.com/stocks/CSX/) | $641.2K | 13,491 | 0.1% | 27 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $635.6K | 2,581 | 0.1% | 17 |
| NABORS INDUSTRIES LTD | [NBR](https://holderbook.com/stocks/NBR/) | $630.1K | 7,500 | 0.1% | 11 |
| TXO PARTNERS LP | [TXO](https://holderbook.com/stocks/TXO/) | $625.0K | 50,000 | 0.1% | 8 |
| CISCO SYS INC | [CSCO](https://holderbook.com/stocks/CSCO/) | $607.7K | 5,173 | 0.1% | 7 |
| TOLL BROTHERS INC | [TOL](https://holderbook.com/stocks/TOL/) | $607.3K | 3,686 | 0.1% | 4 |
| SOUTHERN CO | [SO](https://holderbook.com/stocks/SO/) | $599.6K | 6,265 | 0.1% | 3 |
| HONEYWELL INTL INC | [HON](https://holderbook.com/stocks/HON/) | $592.7K | 2,647 | 0.1% | 1 |
| HONEYWELL AEROSPACE INC | [HONA](https://holderbook.com/stocks/HONA/) | $584.5K | 2,644 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +12.7% | +14.8% | -2.1% | 100% |
| Q1 2026 | -1.8% | -4.6% | +2.9% | 100% |
| Q4 2025 | +5.6% | +2.4% | +3.3% | 100% |
| Q3 2025 | +10.2% | +7.8% | +2.3% | 100% |
| Q2 2025 | +3.1% | +10.5% | -7.3% | 100% |
| Q1 2025 | -5.8% | -4.6% | -1.2% | 100% |
| Q4 2024 | -1.6% | +2.1% | -3.8% | 100% |
| Q3 2024 | +2.9% | +5.4% | -2.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $493.9M | 187 |
| Q1 2026 | $445.2M | 171 |
| Q4 2025 | $464.7M | 171 |
| Q3 2025 | $437.0M | 163 |
| Q2 2025 | $392.6M | 166 |
| Q1 2025 | $375.5M | 158 |
| Q4 2024 | $400.4M | 155 |
| Q3 2024 | $412.5M | 154 |
| Q2 2024 | $392.4M | 145 |
| Q1 2024 | $419.1M | 154 |
| Q4 2023 | $397.8M | 153 |
| Q3 2023 | $397.4M | 158 |