Q4 2025 · 13F-HR
MARATHON CAPITAL MANAGEMENTholdings as filed
Filed 2026-01-29 · accession 0001172661-26-000374
$464.7M
Reported value
171
Positions
2025-12-31
Period end
The Brief · MARATHON CAPITAL MANAGEMENT · Q4 2025
AI · grounded in 13F
Marathon Capital Management established a new position in Zoetis Inc ZTS valued at $4.42M. The fund increased its holdings in Almonty Inds Inc ALM by 137.18% and SPDR Series Trust BIL by 31.69%. Conversely, the fund reduced its exposure to Bank America Corp [[stock:BAC 7.25 PERP L]] by 66.03% and SLB Limited SLB by 56.41%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 74144T108 | TROW | PRICE T ROWE GROUP INC | $66.9M | 14.4% | 653,125 | Common | NONE |
| 219350105 | GLW | CORNING INC | $16.2M | 3.49% | 185,415 | Common | NONE |
| 78468R663 | BIL | SPDR SERIES TRUST | $14.8M | 3.17% | 161,415 | Common | NONE |
| 046353108 | AZNN | ASTRAZENECA PLC | $14.5M | 3.12% | 157,747 | Common | NONE |
| 02079K107 | GOOG | ALPHABET INC | $13.5M | 2.91% | 43,155 | Common | NONE |
| 037833100 | AAPL | APPLE INC | $13.3M | 2.86% | 48,820 | Common | NONE |
| 88162F105 | TTI | TETRA TECHNOLOGIES INC DEL | $11.2M | 2.40% | 1,191,195 | Common | NONE |
| 594918104 | MSFT | MICROSOFT CORP | $11.1M | 2.39% | 22,942 | Common | NONE |
| 747525103 | QCOM | QUALCOMM INC | $10.3M | 2.21% | 60,104 | Common | NONE |
| 25278X109 | FANG | DIAMONDBACK ENERGY INC | $9.4M | 2.03% | 62,678 | Common | NONE |
| 459200101 | IBM | INTERNATIONAL BUSINESS MACHS | $9.4M | 2.02% | 31,648 | Common | NONE |
| 921946794 | VYMI | VANGUARD WHITEHALL FDS | $9.4M | 2.01% | 104,027 | Common | NONE |
| 166764100 | CVX | CHEVRON CORP NEW | $9.0M | 1.93% | 58,759 | Common | NONE |
| 000899104 | ADMA | ADMA BIOLOGICS INC | $8.5M | 1.83% | 465,315 | Common | NONE |
| 59156R108 | MET | METLIFE INC | $8.2M | 1.76% | 103,653 | Common | NONE |
| 01973R101 | ALSN | ALLISON TRANSMISSION HLDGS I | $7.3M | 1.57% | 74,458 | Common | NONE |
| 023135106 | AMZN | AMAZON COM INC | $7.0M | 1.50% | 30,257 | Common | NONE |
| 46625H100 | JPM | JPMORGAN CHASE & CO. | $6.8M | 1.47% | 21,199 | Common | NONE |
| 756109104 | O | REALTY INCOME CORP | $6.4M | 1.37% | 113,208 | Common | NONE |
| P31076105 | CPA | COPA HOLDINGS SA | $6.2M | 1.34% | 51,553 | Common | NONE |
| 12008R107 | BLDR | BUILDERS FIRSTSOURCE INC | $6.1M | 1.31% | 59,153 | Common | NONE |
| 125141101 | CECO | CECO ENVIRONMENTAL CORP | $6.1M | 1.31% | 101,685 | Common | NONE |
| 31620M106 | FIS | FIDELITY NATL INFORMATION SV | $5.9M | 1.27% | 88,868 | Common | NONE |
| 85208R101 | CEF | SPROTT ASSET MANAGEMENT LP | $5.7M | 1.23% | 125,100 | Common | NONE |
| 084670702 | BRK/B | BERKSHIRE HATHAWAY INC DEL | $5.7M | 1.22% | 11,319 | Common | SOLE |
| 06849F108 | B | BARRICK MNG CORP | $5.7M | 1.22% | 129,825 | Common | NONE |
| 00182C103 | ANIP | ANI PHARMACEUTICALS INC | $5.5M | 1.18% | 69,665 | Common | NONE |
| G96629103 | WTW | WILLIS TOWERS WATSON PLC LTD | $5.4M | 1.17% | 16,580 | Common | NONE |
| 478160104 | JNJ | JOHNSON & JOHNSON | $5.4M | 1.17% | 26,186 | Common | NONE |
| 235851102 | DHR | DANAHER CORPORATION | $5.3M | 1.14% | 23,039 | Common | NONE |
| 020398707 | ALM | ALMONTY INDS INC | $5.2M | 1.13% | 593,515 | Common | NONE |
| 039653100 | ACA | ARCOSA INC | $5.1M | 1.09% | 47,525 | Common | NONE |
| 00724F101 | ADBE | ADOBE INC | $4.6M | 0.99% | 13,081 | Common | NONE |
| 98956A105 | ZETA | ZETA GLOBAL HOLDINGS CORP | $4.5M | 0.97% | 221,905 | Common | NONE |
| 98978V103 | ZTS | ZOETIS INC | $4.4M | 0.95% | 35,150 | Common | NONE |
| 78463V107 | GLD | SPDR GOLD TR | $4.4M | 0.94% | 10,988 | Common | NONE |
| 13100M509 | CALX | CALIX INC | $4.3M | 0.92% | 80,585 | Common | NONE |
| 651718504 | NPKI | NPK INTERNATIONAL INC | $4.3M | 0.92% | 357,390 | Common | NONE |
| 670100205 | NVO | NOVO-NORDISK A S | $4.2M | 0.91% | 82,705 | Common | NONE |
| 02081G201 | ATEC | ALPHATEC HLDGS INC | $4.2M | 0.90% | 198,900 | Common | NONE |
| 42250P103 | DOC | HEALTHPEAK PROPERTIES INC | $4.0M | 0.86% | 247,542 | Common | NONE |
| H1467J104 | CB | CHUBB LIMITED | $4.0M | 0.86% | 12,740 | Common | NONE |
| 58933Y105 | MRK | MERCK & CO INC | $3.5M | 0.76% | 33,665 | Common | NONE |
| 04010L103 | ARCC | ARES CAPITAL CORP | $3.3M | 0.72% | 164,845 | Common | NONE |
| 698884103 | PAR | PAR TECHNOLOGY CORP | $2.8M | 0.60% | 76,835 | Common | NONE |
| 532457108 | LLY | ELI LILLY & CO | $2.7M | 0.59% | 2,548 | Common | SOLE |
| 02079K305 | GOOGL | ALPHABET INC | $2.5M | 0.53% | 7,835 | Common | NONE |
| 595112103 | MU | MICRON TECHNOLOGY INC | $2.4M | 0.51% | 8,295 | Common | NONE |
| 87151X101 | SYM | SYMBOTIC INC | $2.4M | 0.51% | 39,570 | Common | NONE |
| 742718109 | PG | PROCTER AND GAMBLE CO | $2.3M | 0.50% | 16,293 | Common | NONE |
| 806857108 | SLB | SLB LIMITED | $2.3M | 0.49% | 58,735 | Common | NONE |
| 87612G101 | TRGP | TARGA RES CORP | $2.2M | 0.47% | 11,750 | Common | NONE |
| 237266101 | DAR | DARLING INGREDIENTS INC | $2.0M | 0.43% | 55,775 | Common | NONE |
| 78462F103 | SPY | SPDR S&P 500 ETF TR | $1.9M | 0.42% | 2,851 | Common | NONE |
| 29355A107 | ENPH | ENPHASE ENERGY INC | $1.8M | 0.39% | 57,188 | Common | NONE |
| 92189F106 | GDX | VANECK ETF TRUST | $1.6M | 0.35% | 18,861 | Common | NONE |
| 00287Y109 | ABBV | ABBVIE INC | $1.6M | 0.34% | 6,957 | Common | NONE |
| 539830109 | LMT | LOCKHEED MARTIN CORP | $1.4M | 0.30% | 2,885 | Common | NONE |
| 37955N106 | SELF | GLOBAL SELF STORAGE INC | $1.3M | 0.29% | 261,151 | Common | NONE |
| 165167735 | EXE | EXPAND ENERGY CORPORATION | $1.3M | 0.28% | 11,911 | Common | NONE |
| 949746804 | WFC 7.5 PERP L | WELLS FARGO CO NEW | $1.3M | 0.27% | 1,034 | Common | NONE |
| 172062101 | CINF | CINCINNATI FINL CORP | $1.2M | 0.26% | 7,513 | Common | SOLE |
| 92343V104 | VZ | VERIZON COMMUNICATIONS INC | $1.2M | 0.26% | 29,929 | Common | NONE |
| 191216100 | KO | COCA COLA CO | $1.2M | 0.26% | 17,327 | Common | NONE |
| 444144109 | HDSN | HUDSON TECHNOLOGIES INC | $1.2M | 0.26% | 175,325 | Common | NONE |
| 30231G102 | XOM | EXXON MOBIL CORP | $1.2M | 0.25% | 9,808 | Common | SOLE |
| 962166104 | WY | WEYERHAEUSER CO MTN BE | $1.2M | 0.25% | 49,548 | Common | NONE |
| 67066G104 | NVDA | NVIDIA CORPORATION | $1.1M | 0.24% | 5,960 | Common | NONE |
| 007903107 | AMD | ADVANCED MICRO DEVICES INC | $1.1M | 0.24% | 5,149 | Common | NONE |
| 438516106 | HON | HONEYWELL INTL INC | $1.1M | 0.24% | 5,610 | Common | NONE |
| M6372Q113 | KRNT | KORNIT DIGITAL LTD | $1.0M | 0.22% | 72,405 | Common | NONE |
| 03674X106 | AR | ANTERO RESOURCES CORP | $1.0M | 0.22% | 30,000 | Common | NONE |
| 03213A104 | AMPL | AMPLITUDE INC | $1.0M | 0.22% | 88,600 | Common | NONE |
| 36266G107 | GEHC | GE HEALTHCARE TECHNOLOGIES I | $988,751 | 0.21% | 12,055 | Common | NONE |
| 713448108 | PEP | PEPSICO INC | $914,366 | 0.20% | 6,371 | Common | NONE |
| 75513E101 | RTX | RTX CORPORATION | $909,073 | 0.20% | 4,957 | Common | NONE |
| 369604301 | GE | GE AEROSPACE | $907,148 | 0.20% | 2,945 | Common | NONE |
| 780287108 | RGLD | ROYAL GOLD INC | $906,943 | 0.20% | 4,080 | Common | NONE |
| 29250N105 | ENB | ENBRIDGE INC | $888,442 | 0.19% | 18,575 | Common | NONE |
| 376549101 | LAND | GLADSTONE LD CORP | $875,000 | 0.19% | 95,628 | Common | NONE |
| 031162100 | AMGN | AMGEN INC | $848,246 | 0.18% | 2,592 | Common | NONE |
| 229050307 | CYRX | CRYOPORT INC | $837,360 | 0.18% | 87,225 | Common | NONE |
| 020002101 | ALL | ALLSTATE CORP | $816,572 | 0.18% | 3,923 | Common | NONE |
| 46428Q109 | SLV | ISHARES SILVER TR | $806,861 | 0.17% | 12,525 | Common | SOLE |
| 548661107 | LOW | LOWES COS INC | $783,529 | 0.17% | 3,249 | Common | NONE |
| 801056102 | SANM | SANMINA CORPORATION | $750,350 | 0.16% | 5,000 | Common | NONE |
| 518415104 | LSCC | LATTICE SEMICONDUCTOR CORP | $743,158 | 0.16% | 10,100 | Common | NONE |
| 115637209 | BF/B | BROWN FORMAN CORP | $729,836 | 0.16% | 28,006 | Common | NONE |
| 437076102 | HD | HOME DEPOT INC | $715,384 | 0.15% | 2,079 | Common | NONE |
| 67079K100 | SMR | NUSCALE PWR CORP | $708,500 | 0.15% | 50,000 | Common | NONE |
| 74340W103 | PLD | PROLOGIS INC. | $670,215 | 0.14% | 5,250 | Common | NONE |
| 580135101 | MCD | MCDONALDS CORP | $657,111 | 0.14% | 2,150 | Common | NONE |
| 883556102 | TMO | THERMO FISHER SCIENTIFIC INC | $653,040 | 0.14% | 1,127 | Common | SOLE |
| 693475105 | PNC | PNC FINL SVCS GROUP INC | $642,262 | 0.14% | 3,077 | Common | NONE |
| 31946M103 | FCNCA | FIRST CTZNS BANCSHARES INC D | $633,123 | 0.14% | 295 | Common | NONE |
| 26875P101 | EOG | EOG RES INC | $608,113 | 0.13% | 5,791 | Common | NONE |
| 75629V104 | RXRX | RECURSION PHARMACEUTICALS IN | $591,394 | 0.13% | 144,595 | Common | NONE |
| 78470P812 | MYCG | SSGA ACTIVE TR | $590,846 | 0.13% | 23,595 | Common | NONE |
| 002824100 | ABT | ABBOTT LABS | $589,502 | 0.13% | 4,705 | Common | NONE |
| 842587107 | SO | SOUTHERN CO | $575,520 | 0.12% | 6,600 | Common | NONE |
| 18467V109 | YOU | CLEAR SECURE INC | $561,280 | 0.12% | 16,000 | Common | NONE |
| G29183103 | ETN | EATON CORP PLC | $537,645 | 0.12% | 1,688 | Common | NONE |
| 87313P103 | TXO | TXO PARTNERS LP | $533,500 | 0.11% | 50,000 | Common | NONE |
| 24906P109 | XRAY | DENTSPLY SIRONA INC | $526,237 | 0.11% | 46,040 | Common | NONE |
| 78470P820 | MYCF | SSGA ACTIVE TR | $508,148 | 0.11% | 20,295 | Common | NONE |
| 126408103 | CSX | CSX CORP | $491,115 | 0.11% | 13,548 | Common | SOLE |
| 060505682 | BAC 7.25 PERP L | BANK AMERICA CORP | $488,280 | 0.11% | 390 | Common | NONE |
| 26441C204 | DUK | DUKE ENERGY CORP NEW | $485,397 | 0.10% | 4,141 | Common | NONE |
| 737630103 | PCH | POTLATCHDELTIC CORPORATION | $477,758 | 0.10% | 12,010 | Common | NONE |
| 11135F101 | AVGO | BROADCOM INC | $477,618 | 0.10% | 1,380 | Common | NONE |
| 767204100 | RIO | RIO TINTO PLC | $466,655 | 0.10% | 5,831 | Common | NONE |
| 17275R102 | CSCO | CISCO SYS INC | $463,876 | 0.10% | 6,022 | Common | NONE |
| 110122108 | BMY | BRISTOL-MYERS SQUIBB CO | $461,929 | 0.10% | 8,564 | Common | NONE |
| 464287556 | IBB | ISHARES TR | $447,241 | 0.10% | 2,650 | Common | NONE |
| 374297109 | GTY | GETTY RLTY CORP NEW | $447,226 | 0.10% | 16,340 | Common | NONE |
| 717081103 | PFE | PFIZER INC | $422,878 | 0.09% | 16,983 | Common | NONE |
| 863667101 | SYK | STRYKER CORPORATION | $415,086 | 0.09% | 1,181 | Common | SOLE |
| 87724P106 | TMHC | TAYLOR MORRISON HOME CORP | $412,090 | 0.09% | 7,000 | Common | NONE |
| 855244109 | SBUX | STARBUCKS CORP | $408,419 | 0.09% | 4,850 | Common | SOLE |
| G6359F137 | NBR | NABORS INDUSTRIES LTD | $407,250 | 0.09% | 7,500 | Common | NONE |
| 21871X109 | CRBG | COREBRIDGE FINL INC | $403,825 | 0.09% | 13,385 | Common | NONE |
| 651639106 | NEM | NEWMONT CORP | $403,594 | 0.09% | 4,042 | Common | NONE |
| 57776J100 | MXL | MAXLINEAR INC | $392,175 | 0.08% | 22,500 | Common | NONE |
| 12653C108 | CNX | CNX RES CORP | $367,700 | 0.08% | 10,000 | Common | NONE |
| 036752103 | ELV | ELEVANCE HEALTH INC FORMERLY | $347,045 | 0.07% | 990 | Common | NONE |
| 219948106 | CPAY | CORPAY INC | $342,157 | 0.07% | 1,137 | Common | NONE |
| 682680103 | OKE | ONEOK INC NEW | $316,050 | 0.07% | 4,300 | Common | NONE |
| 14040H105 | COF | CAPITAL ONE FINL CORP | $314,826 | 0.07% | 1,299 | Common | NONE |
| 49338L103 | KEYS | KEYSIGHT TECHNOLOGIES INC | $310,678 | 0.07% | 1,529 | Common | NONE |
| 254687106 | DIS | DISNEY WALT CO | $310,365 | 0.07% | 2,728 | Common | NONE |
| 302520101 | FNB | F N B CORP | $307,800 | 0.07% | 18,000 | Common | NONE |
| 02072L425 | SMRI | EA SERIES TRUST | $307,550 | 0.07% | 8,510 | Common | NONE |
| G7709Q104 | RPRX | ROYALTY PHARMA PLC | $293,587 | 0.06% | 7,598 | Common | NONE |
| 679580100 | ODFL | OLD DOMINION FREIGHT LINE IN | $284,906 | 0.06% | 1,817 | Common | NONE |
| 889478103 | TOL | TOLL BROTHERS INC | $280,582 | 0.06% | 2,075 | Common | NONE |
| 56585A102 | MPC | MARATHON PETE CORP | $276,471 | 0.06% | 1,700 | Common | NONE |
| 74933W601 | TMFC | RBB FD INC | $276,368 | 0.06% | 3,851 | Common | NONE |
| 291011104 | EMR | EMERSON ELEC CO | $274,332 | 0.06% | 2,067 | Common | NONE |
| 87283Q867 | TCAF | T ROWE PRICE ETF INC | $260,852 | 0.06% | 6,825 | Common | SOLE |
| G5960L103 | MDT | MEDTRONIC PLC | $260,707 | 0.06% | 2,714 | Common | NONE |
| 65339F101 | NEE | NEXTERA ENERGY INC | $253,605 | 0.05% | 3,159 | Common | SOLE |
| 921908844 | VIG | VANGUARD SPECIALIZED FUNDS | $251,428 | 0.05% | 1,144 | Common | NONE |
| 00206R102 | T | AT&T INC | $244,844 | 0.05% | 9,857 | Common | NONE |
| 431636109 | HLMN | HILLMAN SOLUTIONS CORP | $243,779 | 0.05% | 28,150 | Common | NONE |
| 666807102 | NOC | NORTHROP GRUMMAN CORP | $232,075 | 0.05% | 407 | Common | SOLE |
| 90384S303 | ULTA | ULTA BEAUTY INC | $230,509 | 0.05% | 381 | Common | NONE |
| 125523100 | CI | THE CIGNA GROUP | $226,239 | 0.05% | 822 | Common | SOLE |
| 922908363 | VOO | VANGUARD INDEX FDS | $225,767 | 0.05% | 360 | Common | NONE |
| 88579Y101 | MMM | 3M CO | $225,101 | 0.05% | 1,406 | Common | SOLE |
| 46137V357 | RSP | INVESCO EXCHANGE TRADED FD T | $222,784 | 0.05% | 1,163 | Common | NONE |
| 025816109 | AXP | AMERICAN EXPRESS CO | $221,970 | 0.05% | 600 | Common | SOLE |
| 559663109 | MGY | MAGNOLIA OIL & GAS CORP | $218,900 | 0.05% | 10,000 | Common | NONE |
| 37954Y830 | COPX | GLOBAL X FDS | $218,888 | 0.05% | 3,049 | Common | NONE |
| 36828A101 | GEV | GE VERNOVA INC | $215,678 | 0.05% | 330 | Common | NONE |
| 03076C106 | AMP | AMERIPRISE FINL INC | $213,298 | 0.05% | 435 | Common | NONE |
| 303075105 | FDS | FACTSET RESH SYS INC | $211,839 | 0.05% | 730 | Common | NONE |
| 00766T100 | ACM | AECOM | $205,436 | 0.04% | 2,155 | Common | NONE |
| 92826C839 | V | VISA INC | $204,815 | 0.04% | 584 | Common | NONE |
| 46090E103 | QQQ | INVESCO QQQ TR | $203,337 | 0.04% | 331 | Common | NONE |
| 185899101 | CLF | CLEVELAND-CLIFFS INC NEW | $199,200 | 0.04% | 15,000 | Common | NONE |
| 68236H204 | ONDS | ONDAS HLDGS INC | $172,020 | 0.04% | 17,625 | Common | NONE |
| 532257805 | LPTH | LIGHTPATH TECHNOLOGIES INC | $121,500 | 0.03% | 11,250 | Common | NONE |
| 56624R108 | MCHX | MARCHEX INC | $102,090 | 0.02% | 61,500 | Common | NONE |
| 45170X205 | INVE | IDENTIV INC | $80,640 | 0.02% | 21,000 | Common | NONE |
| 26745T101 | DYAI | DYADIC INTL INC DEL | $79,900 | 0.02% | 85,000 | Common | NONE |
| 500600101 | KOPN | KOPIN CORP | $70,200 | 0.02% | 30,000 | Common | NONE |
| 205750409 | LODE | COMSTOCK INC | $65,800 | 0.01% | 17,500 | Common | NONE |
| 067532200 | BRFH | BARFRESH FOOD GROUP INC | $45,075 | 0.01% | 15,384 | Common | NONE |
| 00938A104 | AIRG | AIRGAIN INC | $44,660 | 0.01% | 11,000 | Common | NONE |
| 63008G203 | NNDM | NANO DIMENSION LTD | $30,800 | 0.01% | 20,000 | Common | NONE |
| G1144A105 | BTBT | BIT DIGITAL INC | $28,350 | 0.01% | 15,000 | 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.