Q3 2026 13F · SEC CIK 1213206

Marathon Capital Management

Wealth managerFiled 2026-10-23 for Q3 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $488.4M
Reported positions: 181
Top holdings a year, 3 yrs: +7.9%
Assets under management: $790.1M

Marathon Capital Management is a wealth manager that reported 181 positions worth $488.4M in its Q3 2026 13F, filed 2026-10-23. Its largest holdings were Price T Rowe Group Inc (TROW, 12.4%), Spdr Series Trust (BIL, 4.0%), Zeta Global Holdings Corp (ZETA, 3.1%). A portfolio copying its top holdings returned 7.9% a year over the last 3 years, against 20.4% for the S&P 500.

Marathon Capital Management holdings largest 50 of 181 positions.

Weights are shares of the filer's total reported 13F value, compared with Q2 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Marathon Capital Management 13F holdings
Stock	% of 13F value	Q2 2026	Shares	Share change	Reported value
TROWPrice T Rowe Group Inc	12.4%	13.4%	579,975	-0.1%	$60.3M
BILSpdr Series Trust	4.0%	3.9%	212,907	+1.0%	$19.5M
ZETAZeta Global Holdings Corp	3.1%	1.0%	476,240	+98.6%	$15.0M
AMZNAmazon Com Inc	2.9%	2.7%	56,525	-0.2%	$14.1M
GLWCorning Inc	2.9%	4.8%	91,112	-2.0%	$14.0M
GOOGAlphabet Inc	2.9%	3.0%	40,971	-0.9%	$14.0M
AAPLApple Inc	2.8%	2.5%	41,257	-3.3%	$13.7M
ZSZscaler Inc	2.7%	1.9%	65,577	-0.9%	$13.1M
MSFTMicrosoft Corp	2.5%	1.8%	23,606	-1.1%	$12.1M
AZNAstrazeneca PLC	2.2%	2.5%	65,360	+0.9%	$10.6M
VYMIVanguard Whitehall Fds	2.1%	2.1%	103,313	-1.4%	$10.4M
METMetlife Inc	1.9%	1.8%	101,104	-1.3%	$9.5M
CVXChevron Corporation	1.7%	1.4%	41,444	-0.8%	$8.5M
ALSNAllison Transmission Hldgs I	1.7%	1.6%	71,789	-0.7%	$8.1M
FANGDiamondback Energy Inc	1.7%	1.6%	44,156	-0.0%	$8.1M
WAYWaystar Hldg Corp	1.6%	1.3%	313,605	-0.5%	$7.9M
SGOVIshares Tr	1.5%	0.9%	71,975	+57.8%	$7.2M
IBMInternational Business Machs	1.4%	1.8%	31,968	+2.6%	$7.0M
ALMAlmonty Inds Inc	1.4%	1.8%	523,705	+0.3%	$6.9M
JPMJpmorgan Chase & Co	1.4%	1.4%	20,792	-1.8%	$6.9M
ACAArcosa Inc	1.3%	1.3%	44,226	-2.1%	$6.5M
DECKDeckers Outdoor Corp	1.3%	—	82,585	—	$6.5M
CECOCeco Environmental Corp	1.3%	1.8%	91,815	-3.8%	$6.4M
JNJJohnson & Johnson	1.3%	1.3%	24,006	-4.4%	$6.4M
ORealty Income Corp.	1.2%	1.4%	108,910	-2.4%	$5.9M
DHRDanaher Corp Del	1.2%	1.0%	25,966	-2.1%	$5.8M
TTITetra Technologies Inc Del	1.1%	2.2%	953,497	-0.9%	$5.6M
ZTSZoetis Inc	1.1%	1.2%	79,407	-5.0%	$5.5M
BBarrick Mng Corp	1.1%	1.0%	131,764	+1.0%	$5.4M
FISFidelity Natl Information Sv	1.1%	1.3%	158,874	-4.7%	$5.2M
ANIPAni Pharmaceuticals Inc	1.1%	1.2%	71,810	-0.3%	$5.2M
QCOMQualcomm Inc	1.1%	1.1%	28,187	+0.4%	$5.2M
CEFSprott Asset Management LP	1.0%	1.0%	119,955	-0.1%	$5.0M
BRK-BBerkshire Hathaway Inc Del	1.0%	1.0%	9,456	-0.2%	$4.7M
WTWWillis Towers Watson PLC Ltd	1.0%	0.9%	16,305	-0.7%	$4.7M
GLDSpdr Gold Tr	0.9%	0.8%	10,994	+0.4%	$4.2M
BLDRBuilders Firstsource Inc	0.8%	1.3%	72,152	-2.9%	$4.1M
PEAKHealthpeak Properties Inc	0.8%	0.9%	202,779	-2.8%	$4.0M
CBChubb Limited	0.8%	0.8%	11,991	-0.4%	$3.9M
NPKINpk International Inc	0.8%	1.1%	341,345	-0.8%	$3.9M
ADMAAdma Biologics Inc	0.7%	0.9%	361,308	-32.1%	$3.6M
MRKMerck & Co Inc	0.7%	0.6%	22,721	-2.7%	$3.3M
NVDANvidia Corporation	0.7%	—	13,911	—	$3.2M
CALXCalix Inc	0.6%	0.6%	89,160	+6.7%	$3.1M
CPACopa Holdings SA	0.6%	0.7%	23,148	-1.4%	$3.1M
SYMSymbotic Inc	0.6%	0.6%	69,085	-1.0%	$2.9M
NVONovo-Nordisk A S	0.6%	0.8%	76,284	-2.4%	$2.9M
LLYEli Lilly & Co	0.6%	0.6%	2,491	-0.0%	$2.9M
ATECAlphatec Hldgs Inc	0.6%	—	277,625	—	$2.9M
GOOGLAlphabet Inc	0.6%	0.6%	8,300	-0.4%	$2.9M

What Marathon Capital Management bought and sold in Q3 2026, against Q2 2026.

New positions

Q2 2026's filing was too long to tell new positions apart.

Added to

ZETA Zeta Global Holdings Corp+98.6% shares
SGOV Ishares Tr+57.8% shares
CALX Calix Inc+6.7% shares

Reduced

ADMA Adma Biologics Inc-32.1% shares

Left the top 50

Share counts compared with the Q2 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +16.8% /yr; S&P 500 +20.1%
3 years: +7.9% /yr; S&P 500 +20.4%
5 years: -5.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q3 2026	$488.4M	181
Q2 2026	$493.9M	187
Q1 2026	$445.2M	171
Q4 2025	$464.7M	171
Q3 2025	$437.0M	163
Q2 2025	$392.0M	163
Q1 2025	$375.5M	158
Q4 2024	$400.1M	154
Q3 2024	$412.5M	154
Q2 2024	$392.4M	145
Q1 2024	$419.1M	154
Q4 2023	$397.8M	153

Questions about Marathon Capital Management's portfolio

What stocks does Marathon Capital Management own?

Marathon Capital Management's latest 13F, for Q3 2026 and filed Oct 23, 2026, lists 181 positions worth $488.4M. The largest are Price T Rowe Group Inc (TROW) at 12.4%, Spdr Series Trust (BIL) at 4.0%, Zeta Global Holdings Corp (ZETA) at 3.1%, Amazon Com Inc (AMZN) at 2.9% and Corning Inc (GLW) at 2.9%.

What did Marathon Capital Management buy last quarter?

In Q3 2026, Marathon Capital Management added Zeta Global Holdings Corp (ZETA) (+98.6% shares), Ishares Tr (SGOV) (+57.8% shares) and Calix Inc (CALX) (+6.7% shares), compared with its Q2 2026 filing.

What did Marathon Capital Management sell last quarter?

In Q3 2026, Marathon Capital Management cut from its top 50 Micron Technology Inc (MU), cut from its top 50 Enphase Energy Inc (ENPH), cut from its top 50 Maxlinear Inc (MXL) and Adma Biologics Inc (ADMA) (-32.1% shares), compared with its Q2 2026 filing.

How has Marathon Capital Management's portfolio performed?

A portfolio copying Marathon Capital Management's 20 largest 13F holdings each quarter, from the day each filing was public, returned +7.9% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +16.8% against +20.1%. Over 5 years: -5.0% a year against +11.6%.

When is Marathon Capital Management's next 13F filing due?

13F filings are due 45 days after each quarter ends. Marathon Capital Management's filing for the quarter ending Dec 31, 2026 is due by Feb 14, 2027; this page updates the day after it is published.

How much money does Marathon Capital Management manage?

Marathon Capital Management reported $790.1M of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $488.4M.