MARATHON CAPITAL MANAGEMENT

Q4 2025 13F-HR Holdings

Location
Hunt Valley, MD
Holdings as of
12/31/2025
Date filed
1/29/2026
Form type
13F-HR
Num holdings
171
Total value ($000)
$464,681
Net value change ($000)
+27,688 (6.3%)
New positions
13
Sold out positions
5
Turnover %
2.1%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/14/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
ZTS 4,423 NEW
TTI 3,847 52.6%
ALM 3,720 246.5%
BIL 3,504 31.2%
GOOGL 2,726 25.2%
AZN 2,154 17.4%
ADMA 1,647 24.1%
ATEC 1,264 43.3%
B 1,207 27.1%
LMT 1,155 479.3%
Top Reduces (Value $000, Stocks/ETFs)
TROW -3,403 -4.8%
SLB -2,378 -51.3%
CPA -2,263 -26.7%
MSFT -1,061 -8.7%
DOC -1,000 -20.1%
BAC -981 -66.8%
BLDR -953 -13.5%
ANIP -886 -13.9%
HDSN -730 -37.8%
CALX -657 -13.3%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type