MARATHON CAPITAL MANAGEMENT

CIK

1213206

Location

Hunt Valley, MD

Portfolio Value

Small $397,562,168

Diversification

Diversified

Filing Date

Global Rank

#2,660 / 8,232 ▲ 122

Top Industry

Asset Management 17.0%

3Y Alpha vs SPY

-9.2%

Period ended 2 months ago

Filed May 14, 2026 · 31d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+38.9%

SPY

+76.3%

Annualised alpha

-9.2%

Max drawdown

−23.0%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

154 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

14.5%

−2.0 pts

Top 5

27.4%

−2.0 pts

Top 10

38.9%

−1.9 pts

HHI

343

Diversified−58

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	24.7%	$98,054,731	17
Technology	22.9%	$91,226,829	31
Healthcare	14.4%	$57,357,455	26
Industrials	11.0%	$43,925,561	26
Energy	8.4%	$33,497,217	15
Consumer Cyclical	5.9%	$23,355,350	8
Basic Materials	4.0%	$15,725,294	7
Real Estate	3.9%	$15,560,412	8
Unclassified	1.7%	$6,809,756	3
Consumer Defensive	1.6%	$6,429,980	5
Communication Services	1.1%	$4,204,067	5
Utilities	0.4%	$1,415,516	3

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ADMA	Adma Biologics, Inc.	+162,073	627,388	$5,652,765
AMPL	Amplitude, Inc.	+82,960	171,560	$1,170,039
FIS	Fidelity National Information Services, Inc.	+67,014	155,882	$7,312,424
ATEC	Alphatec Holdings, Inc.	+62,695	261,595	$2,846,153
AMZN	Amazon Com Inc	+25,467	55,724	$11,605,637
DYAI	Dyadic International Inc	+25,000	110,000	$90,200
PAR	Par Technology Corp	+24,085	100,920	$1,345,263
ZETA	Zeta Global Holdings Corp.	+9,920	231,825	$3,690,654
RXRX	Recursion Pharmaceuticals, Inc.	+6,700	151,295	$464,475
WY	Weyerhaeuser Co	+5,487	55,035	$1,344,505
ANIP	Ani Pharmaceuticals Inc	+2,925	72,590	$5,582,171
LODE	Comstock Inc.	+2,500	20,000	$61,000
SLB	Slb Limited/Nv	+1,395	60,130	$3,090,080
RPRX	Royalty Pharma plc	+1,379	8,977	$430,626
CALX	Calix, Inc	+1,170	81,755	$4,005,177
EOG	Eog Resources Inc	+814	6,605	$954,884
ZTS	Zoetis Inc.	+686	35,836	$4,236,173
FDS	Factset Research Systems Inc	+554	1,284	$278,615
ACM	Aecom	+505	2,660	$225,621
SMR	NUSCALE POWER Corp	+500	50,500	$547,420
TOL	Toll Brothers, Inc.	+460	2,535	$345,951
ARCC	Ares Capital Corp	+358	165,203	$2,976,958
DHR	Danaher Corp /De/	+260	23,299	$4,417,490
CPAY	Corpay, Inc.	+220	1,357	$394,873
ELV	Elevance Health, Inc.	+200	1,190	$348,372
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
TTI	Tetra Technologies Inc	−212,184	979,011	$8,341,173
GLW	Corning Inc /Ny	−80,228	105,187	$14,302,276
ALM	Almonty Industries Inc.	−64,360	529,155	$7,662,164
CYRX	Cryoport, Inc.	−30,000	57,225	$473,823
DAR	Darling Ingredients Inc.	−27,525	28,250	$1,747,262
CPA	Copa Holdings, S.A.	−23,765	27,788	$3,156,994
FANG	Diamondback Energy, Inc.	−14,727	47,951	$9,484,228
TROW	Price T Rowe Group Inc	−14,600	638,525	$57,556,643
NPKI	NPK International Inc.	−11,280	346,110	$5,015,133
MRK	Merck & Co., Inc.	−9,980	23,685	$2,849,068
CVX	Chevron Corp	−9,455	49,304	$10,200,997
EXE	EXPAND ENERGY Corp	−6,660	5,251	$576,454
SLV	iShares Silver Trust	−5,653	6,872	$468,258
INVE	Identiv, Inc.	−5,500	15,500	$57,350
ONDS	Ondas Inc.	−5,250	12,375	$111,870
KOPN	Kopin Corp	−5,000	25,000	$56,250
CEF	Sprott Physical Gold & Silver Trust	−4,725	120,375	$5,744,295
B	Barrick Mining Corp	−3,751	126,074	$5,142,558
MU	Micron Technology Inc	−3,370	4,925	$1,663,862
CECO	Ceco Environmental Corp	−3,355	98,330	$5,858,501
ACA	Arcosa, Inc.	−2,235	45,290	$4,807,080
ALSN	Allison Transmission Holdings Inc	−2,223	72,235	$8,455,829
HLMN	Hillman Solutions Corp.	−1,950	26,200	$217,984
DOC	Healthpeak Properties, Inc.	−1,887	245,655	$4,036,111
TRGP	Targa Resources Corp.	−1,825	9,925	$2,488,495
No positions match the current search.

New Positions

Positions the filer opened this quarter

12 positions

Ticker	Company	Shares	Value
AZN	Astrazeneca PLC	65,175	$12,853,813
ZS	Zscaler, Inc.	66,345	$9,307,540
RYN	Rayonier Inc	20,028	$412,977
BXP	BXP, Inc.	7,200	$373,680
ZM	Zoom Communications, Inc.	3,803	$305,723
KRMN	Karman Holdings Inc.	3,595	$287,779
HPQ	Hp Inc	14,335	$275,375
ADP	Automatic Data Processing Inc	1,257	$255,397
WM	Waste Management Inc	910	$209,108
CNDT	CONDUENT Inc	10,000	$12,800
MDCX	Medicus Pharma Ltd.	15,500	$7,114
CTSO	Cytosorbents Corp	10,000	$5,660
No positions match the current search.

Sold Out

Positions the filer fully exited

10 positions

Ticker	Company	Shares	Value
LAND	GLADSTONE LAND Corp	95,628	$874,996
SANM	Sanmina Corp	5,000	$750,350
XRAY	DENTSPLY SIRONA Inc.	46,040	$526,237
ULTA	Ulta Beauty, Inc.	381	$230,508
AXP	American Express Co	600	$221,970
AMP	Ameriprise Financial Inc	435	$213,297
V	Visa Inc.	584	$204,814
QQQ	Invesco Qqq Trust, Series 1	331	$203,336
CLF	Cleveland-Cliffs Inc.	15,000	$199,200
LPTH	Lightpath Technologies Inc	11,250	$121,500
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

154 positions · $397,562,168 total · as of Mar 31, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 154 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
CTSO	Cytosorbents Corp Healthcare	NEW	10,000	NEW	$5,660	NEW	0.00%
MDCX	Medicus Pharma Ltd. Healthcare	NEW	15,500	NEW	$7,114	NEW	0.00%
CNDT	CONDUENT Inc Technology	NEW	10,000	NEW	$12,800	NEW	0.00%
BTBT	Bit Digital, Inc Financial Services	Held	15,000	0	$19,650	−30.7%	0.00%
NNDM	Nano Dimension Ltd. Technology	Held	20,000	0	$34,000	+10.4%	0.01%
BRFH	Barfresh Food Group Inc. Consumer Defensive	Held	15,384	0	$43,229	−4.1%	0.01%
KOPN	Kopin Corp Technology	Reduced	25,000	-5,000	$56,250	−19.9%	0.01%
INVE	Identiv, Inc. Industrials	Reduced	15,500	-5,500	$57,350	−28.9%	0.01%
AIRG	Airgain Inc Technology	Held	11,000	0	$60,500	+35.5%	0.02%
LODE	Comstock Inc. Basic Materials	Added	20,000	+2,500	$61,000	−7.3%	0.02%
DYAI	Dyadic International Inc Healthcare	Added	110,000	+25,000	$90,200	+12.9%	0.02%
MCHX	Marchex Inc Communication Services	Held	61,500	0	$95,325	−6.6%	0.02%
ONDS	Ondas Inc. Technology	Reduced	12,375	-5,250	$111,870	−35.0%	0.03%
MMM	3M Co Industrials	Held	1,406	0	$204,193	−9.3%	0.05%
WM	Waste Management Inc Industrials	NEW	910	NEW	$209,108	NEW	0.05%
HLMN	Hillman Solutions Corp. Industrials	Reduced	26,200	-1,950	$217,984	−10.6%	0.05%
CI	Cigna Group Healthcare	Held	822	0	$219,268	−3.1%	0.06%
ACM	Aecom Industrials	Added	2,660	+505	$225,621	+9.8%	0.06%
COF	Capital One Financial Corp Financial Services	Held	1,299	0	$236,976	−24.7%	0.06%
MDT	Medtronic plc Healthcare	Added	2,814	+100	$243,833	−6.5%	0.06%
ADP	Automatic Data Processing Inc Technology	NEW	1,257	NEW	$255,397	NEW	0.06%
DIS	Walt Disney Co Communication Services	Held	2,728	0	$262,924	−15.3%	0.07%
EMR	Emerson Electric Co Industrials	Held	2,067	0	$270,818	−1.3%	0.07%
HPQ	Hp Inc Technology	NEW	14,335	NEW	$275,375	NEW	0.07%
NOC	Northrop Grumman Corp /De/ Industrials	Held	407	0	$277,671	+19.6%	0.07%
FDS	Factset Research Systems Inc Financial Services	Added	1,284	+554	$278,615	+31.5%	0.07%
FCNCA	First Citizens Bancshares Inc /De/ Financial Services	Reduced	150	-145	$282,699	−55.3%	0.07%
T	At&T Inc. Communication Services	Reduced	9,807	-50	$284,304	+16.1%	0.07%
KRMN	Karman Holdings Inc. Industrials	NEW	3,595	NEW	$287,779	NEW	0.07%
GEV	GE Vernova Inc. Industrials	Held	330	0	$288,057	+33.6%	0.07%
NEE	Nextera Energy Inc Utilities	Held	3,159	0	$293,407	+15.7%	0.07%
FNB	Fnb Corp/Pa/ Financial Services	Held	18,000	0	$300,960	−2.2%	0.08%
ZM	Zoom Communications, Inc. Technology	NEW	3,803	NEW	$305,723	NEW	0.08%
MGY	Magnolia Oil & Gas Corp Energy	Held	10,000	0	$315,700	+44.2%	0.08%
CRBG	Corebridge Financial, Inc. Financial Services	Reduced	13,336	-49	$318,196	−21.2%	0.08%
TOL	Toll Brothers, Inc. Consumer Cyclical	Added	2,535	+460	$345,951	+23.3%	0.09%
ELV	Elevance Health, Inc. Healthcare	Added	1,190	+200	$348,372	+0.4%	0.09%
NEM	NEWMONT Corp /DE/ Basic Materials	Reduced	3,342	-700	$361,771	−10.4%	0.09%
BXP	BXP, Inc. Real Estate	NEW	7,200	NEW	$373,680	NEW	0.09%
ODFL	Old Dominion Freight Line, Inc. Industrials	Added	1,930	+113	$377,122	+32.4%	0.09%
OKE	Oneok Inc /New/ Energy	Reduced	4,200	-100	$379,638	+20.1%	0.10%
CNX	CNX Resources Corp Energy	Held	10,000	0	$385,500	+4.8%	0.10%
SYK	Stryker Corp Healthcare	Added	1,186	+5	$389,707	−6.1%	0.10%
MXL	Maxlinear, Inc Technology	Held	22,500	0	$391,275	−0.2%	0.10%
CPAY	Corpay, Inc. Technology	Added	1,357	+220	$394,873	+15.4%	0.10%
TMHC	Taylor Morrison Home Corp Consumer Cyclical	Held	7,000	0	$407,680	−1.1%	0.10%
RYN	Rayonier Inc Real Estate	NEW	20,028	NEW	$412,977	NEW	0.10%
MPC	Marathon Petroleum Corp Energy	Held	1,700	0	$415,106	+50.1%	0.10%
AVGO	Broadcom Inc. Technology	Held	1,380	0	$427,123	−10.6%	0.11%
RPRX	Royalty Pharma plc Healthcare	Added	8,977	+1,379	$430,626	+46.7%	0.11%