MARATHON CAPITAL MANAGEMENT — 13F Holdings & Portfolio
CIK 1213206 · latest 13F-HR filed 2026-07-22
MARATHON CAPITAL MANAGEMENT manages $493.9M in 13F-reported U.S. long-equity assets across 187 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are TROW (13.36%), GLW (4.81%), BIL (3.91%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 28 new positions and exited 12; 76 existing positions rose in reported value and 47 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$493.9M
Long-equity book
Holdings
187
Distinct positions
Period
2026-06-30
Filed 2026-07-22
Q/Q Activity
+28 / −12 / ↑76 / ↓47
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26TROW13.4% · -9%GLW4.8% · -12%BIL3.9% · +8%GOOG3.0% · -2%AMZN2.7% · +2%AAPL2.5% · -13%AZN2.5% · -1%TTI2.2% · -2%VYMI2.1% · +0%ZS1.9% · -0%MSFT1.8% · +5%IBM1.8% · +1%MET1.8% · -0%CECO1.8% · -3%ALM1.8% · -1%ALSN1.6% · +0%FANG1.6% · -8%JPM1.4% · +0%CVX1.4% · -15%O1.4% · -1%BLDR1.3% · +26%ACA1.3% · -0%FIS1.3% · +7%WAY1.3% · newJNJ1.3% · -1%ZTS1.2% · +133%ANIP1.2% · -1%NPKI1.1% · -1%QCOM1.1% · -53%DHR1.0% · +14%CEF1.0% · -0%B1.0% · +4%BRK.B1.0% · -16%ZETA1.0% · +3%SGOV0.9% · newDOC0.9% · -15%ADMA0.9% · -15%WTW0.9% · -1%CB0.8% · -3%GLD0.8% · +3%NVO0.8% · -4%CPA0.7% · -16%SYM0.6% · +80%CALX0.6% · +2%MU0.6% · -45%MRK0.6% · -1%LLY0.6% · -2%GOOGL0.6% · +15%ENPH0.6% · -0%MXL0.5% · -11%ATEC0.5% · +7%AMD0.5% · -20%TRGP0.5% · -10%PG0.5% · +0%NVDA0.5% · +92%SLB0.4% · -29%SPY0.4% · -10%ABBV0.3% · -0%WY0.3% · +23%LSCC0.3% · 0%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 38.9%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated May 5, 2026.
Assets Under Management
$39.04B
Discretionary
$39.04B
Employees
74
Accounts
50
Address
THE FLORAL BUILDING
27B FLORAL STREET
LONDON WC2E 9DP
United Kingdom
27B FLORAL STREET
LONDON WC2E 9DP
United Kingdom
Phone
44 20 7497 2211
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| ARAH, WILLIAM, JAMES Control | DIRECTOR since Nov 2003 | 75% or more | Individual |
| CARTER, CHARLES, RICHARD Control | MANAGING DIRECTOR since Dec 2019 | Less than 5% | Individual |
| HOSKING, JEREMY, JOHN Control | RETIRED NON-EXECUTIVE SHAREHOLDER since Dec 2012 | Less than 5% | Individual |
| M.A.M INVESTMENTS LTD Control | SHAREHOLDER since Aug 2021 | 10–25% | Foreign Entity |
| OSTRER, NEIL, MARK Control | NON-EXECUTIVE DIRECTOR since Apr 2024 | Less than 5% | Individual |
| BENNETT, JAMES, RICHARD | CHIEF RISK AND COMPLIANCE OFFICER since Oct 2013 | Less than 5% | Individual |
| Beveridge, James, John | CHIEF FINANCIAL OFFICER since Apr 2020 | Less than 5% | Individual |
| GONZALESBURDIN, DIANNA, LYNN | NON-EXECUTIVE DIRECTOR since Apr 2024 | Less than 5% | Individual |
| HINGLEY, ROBERT, CHARLES | CHAIR since Aug 2023 | Less than 5% | Individual |
| HOLDSWORTH, CLAIRE | GENERAL COUNSEL since Aug 2021 | Less than 5% | Individual |
| ARAH, WILLIAM, JAMES Control Indirect owner via THE W.J.ARAH OVERSEAS TRUST | BENEFICIARY since Feb 1987 | 75% or more | Individual |
| HOSKING, JEREMY, JOHN Control Indirect owner via THE J.J.HOSKING OVERSEAS TRUST | BENEFICIARY since Oct 1986 | 75% or more | Individual |
| NEIL MARK OSTRER Control Indirect owner via M.A.M INVESTMENTS LTD | SHAREHOLDER since Apr 2008 | 25–50% | Foreign Entity |
| SG KLEINWORTH HAMBROS BANK (CI) LIMITED Control Indirect owner via THE J.J.HOSKING OVERSEAS TRUST | CORPORATE TRUSTEE since Dec 2017 | General partner, trustee or manager | Foreign Entity |
| THE J.J.HOSKING OVERSEAS TRUST Control Indirect owner via M.A.M INVESTMENTS LTD | TRUST since Oct 1986 | 25–50% | Foreign Entity |
| THE W.J.ARAH OVERSEAS TRUST Control Indirect owner via M.A.M INVESTMENTS LTD | TRUST since Feb 1987 | 25–50% | Foreign Entity |
| VG CORPORATE TRUSTEE LIMITED Control Indirect owner via THE W.J.ARAH OVERSEAS TRUST | CORPORATE TRUSTEE since Dec 2016 | General partner, trustee or manager | Foreign Entity |
Ownership & leadership changes · 15 filings with changes since Mar 27, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Jan 28, 2026 filing
- No longer listedDIMENT, JOE, MARTIN · MANAGING DIRECTOR · Less than 5% · control person · listed since Dec 2019
- No longer listedTROUP, ANNA, EVELYN · NON-EXECUTIVE DIRECTOR · Less than 5% · listed since Oct 2022
May 16, 2024 filing
- No longer listedSTEWART, DAVID, COLDWELLS · CHAIR · Less than 5% · listed since Mar 2022
- AddedGONZALESBURDIN, DIANNA, LYNN · NON-EXECUTIVE DIRECTOR · Less than 5%
- ChangedARAH, WILLIAM, JAMES · ownership 25–50% → 75% or more
- ChangedHINGLEY, ROBERT, CHARLES · title NON-EXECUTIVE DIRECTOR → CHAIR
- ChangedOSTRER, NEIL, MARK · title DIRECTOR → NON-EXECUTIVE DIRECTOR; ownership 25–50% → Less than 5%
May 31, 2023 filing
- AddedTROUP, ANNA, EVELYN · NON-EXECUTIVE DIRECTOR · Less than 5%
- ChangedHINGLEY, ROBERT, CHARLES · title DIRECTOR → NON-EXECUTIVE DIRECTOR
May 27, 2022 filing
- No longer listedIVORY, BRIAN · DIRECTOR · Less than 5% · listed since Aug 2007
- No longer listedSG KLEINWORTH HAMBROS TRUST COMPANY (CI) LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person · listed since Dec 2017
- AddedBeveridge, James, John · CHIEF FINANCIAL OFFICER · Less than 5%
- AddedHINGLEY, ROBERT, CHARLES · DIRECTOR · Less than 5%
- AddedHOLDSWORTH, CLAIRE · GENERAL COUNSEL · Less than 5%
- AddedSG KLEINWORTH HAMBROS BANK (CI) LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person
- AddedSTEWART, DAVID, COLDWELLS · CHAIR · Less than 5%
- ChangedBENNETT, JAMES, RICHARD · title CHIEF COMPLIANCE OFFICER → CHIEF RISK AND COMPLIANCE OFFICER
Aug 24, 2021 filing
- No longer listedM.A.M INVESTMENTS LTD · SHAREHOLDER · 75% or more · indirect via MARATHON-LONDON · control person · listed since Feb 1987
- No longer listedMARATHON-LONDON · MEMBER · 10–25% · control person · listed since Nov 2003
- AddedM.A.M INVESTMENTS LTD · SHAREHOLDER · 10–25% · control person
- ChangedARAH, WILLIAM, JAMES · title MEMBER → DIRECTOR
- ChangedHOSKING, JEREMY, JOHN · title RETIRED NON-EXECUTIVE MEMBER → RETIRED NON-EXECUTIVE SHAREHOLDER; ownership 25–50% → Less than 5%
- ChangedIVORY, BRIAN · title MEMBER → DIRECTOR
- ChangedOSTRER, NEIL, MARK · title MEMBER → DIRECTOR
Apr 30, 2021 filing
- No longer listedWEBSTER, BRIDGET, OY WAH · GENERAL COUNSEL · Less than 5% · listed since Oct 2012
Jun 25, 2020 filing
- No longer listedM.A.M INVESTMENTS LTD · SHAREHOLDER · 75% or more · indirect via MARATHON ASSET MANAGEMENT (SERVICES) LTD · control person · listed since Feb 1987
- AddedARAH, WILLIAM, JAMES · BENEFICIARY · 75% or more · indirect via THE W.J.ARAH OVERSEAS TRUST · control person
- AddedHOSKING, JEREMY, JOHN · BENEFICIARY · 75% or more · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person
- AddedM.A.M INVESTMENTS LTD · SHAREHOLDER · 75% or more · indirect via MARATHON-LONDON · control person
- ChangedCARTER, CHARLES, RICHARD · title PORTFOLIO MANAGER → MANAGING DIRECTOR; now a control person
- ChangedDIMENT, JOE, MARTIN · title CHIEF OPERATING OFFICER → MANAGING DIRECTOR; now a control person
Jun 7, 2019 filing
- AddedCARTER, CHARLES, RICHARD · PORTFOLIO MANAGER · Less than 5%
Jun 27, 2018 filing
- No longer listedHUGHES, NICHOLAS, CHARLES · CHIEF OPERATING OFFICER · Less than 5% · listed since Aug 2012
- No longer listedOMNIUM INVESTMENTS LTD · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person · listed since Oct 1986
- No longer listedPHILLIPS, WILSON, REGINALD · MEMBER · Less than 5% · control person · listed since Feb 2015
- No longer listedVOLAW CORPORATE TRUSTEE LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE W.J.ARAH OVERSEAS TRUST · control person · listed since Dec 2016
- AddedDIMENT, JOE, MARTIN · CHIEF OPERATING OFFICER · Less than 5%
- AddedSG KLEINWORTH HAMBROS TRUST COMPANY (CI) LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person
- AddedVG CORPORATE TRUSTEE LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE W.J.ARAH OVERSEAS TRUST · control person
Jan 10, 2017 filing
- No longer listedOMNIUM INVESTMENTS LTD · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE W.J.ARAH OVERSEAS TRUST · control person · listed since Feb 1987
- AddedVOLAW CORPORATE TRUSTEE LIMITED · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE W.J.ARAH OVERSEAS TRUST · control person
Older changes (6 more filings)
Jan 29, 2016 filing
- ChangedIVORY, BRIAN · title EXECUTIVE COMMITTEE MEMBER → MEMBER
Jun 1, 2015 filing
- AddedPHILLIPS, WILSON, REGINALD · MEMBER · Less than 5% · control person
Jun 30, 2014 filing
- ChangedARAH, WILLIAM, JAMES · title PARTNER → MEMBER
- ChangedHOSKING, JEREMY, JOHN · title PARTNER → RETIRED NON-EXECUTIVE MEMBER
- ChangedMARATHON-LONDON · title PARTNER → MEMBER
- ChangedOSTRER, NEIL, MARK · title PARTNER → MEMBER
Oct 23, 2013 filing
- No longer listedDAVIES, SIMON, PHILIP · CHIEF COMPLIANCE OFFICER · Less than 5% · listed since Jul 2004
- AddedBENNETT, JAMES, RICHARD · CHIEF COMPLIANCE OFFICER · Less than 5%
Oct 10, 2012 filing
- No longer listedANDERSON, DAVID, GRAHAM · GENERAL COUNSEL · Less than 5% · listed since Aug 2003
- No longer listedBROWN, DAVID, CHARLES · CHIEF OPERATING OFFICER · Less than 5% · listed since Jul 2004
- AddedHUGHES, NICHOLAS, CHARLES · CHIEF OPERATING OFFICER · Less than 5%
- AddedWEBSTER, BRIDGET, OY WAH · GENERAL COUNSEL · Less than 5%
Mar 27, 2012 filing (earliest on record)
- ListedANDERSON, DAVID, GRAHAM · GENERAL COUNSEL · Less than 5%
- ListedARAH, WILLIAM, JAMES · PARTNER · 25–50% · control person
- ListedBROWN, DAVID, CHARLES · CHIEF OPERATING OFFICER · Less than 5%
- ListedDAVIES, SIMON, PHILIP · CHIEF COMPLIANCE OFFICER · Less than 5%
- ListedHOSKING, JEREMY, JOHN · PARTNER · 25–50% · control person
- ListedIVORY, BRIAN · EXECUTIVE COMMITTEE MEMBER · Less than 5%
- ListedM.A.M INVESTMENTS LTD · SHAREHOLDER · 75% or more · indirect via MARATHON ASSET MANAGEMENT (SERVICES) LTD · control person
- ListedMARATHON-LONDON · PARTNER · 10–25% · control person
- ListedNEIL MARK OSTRER · SHAREHOLDER · 25–50% · indirect via M.A.M INVESTMENTS LTD · control person
- ListedOMNIUM INVESTMENTS LTD · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE W.J.ARAH OVERSEAS TRUST · control person
- ListedOMNIUM INVESTMENTS LTD · CORPORATE TRUSTEE · General partner, trustee or manager · indirect via THE J.J.HOSKING OVERSEAS TRUST · control person
- ListedOSTRER, NEIL, MARK · PARTNER · 25–50% · control person
- ListedTHE J.J.HOSKING OVERSEAS TRUST · TRUST · 25–50% · indirect via M.A.M INVESTMENTS LTD · control person
- ListedTHE W.J.ARAH OVERSEAS TRUST · TRUST · 25–50% · indirect via M.A.M INVESTMENTS LTD · control person
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- CORNING INC$9.4M +66.0%
- PRICE T ROWE GROUP INC$8.4M +14.6%
- CECO ENVIRONMENTAL CORP$2.8M +47.8%
- TETRA TECHNOLOGIES INC DEL$2.6M +30.7%
- ALPHABET INC$2.5M +20.7%
Top Trims
- CHEVRON CORPORATION-$3.3M -32.1%
- QUALCOMM INC-$2.6M -33.1%
- ARES CAPITAL CORP-$2.4M -80.7%
- DIAMONDBACK ENERGY INC-$1.7M -18.1%
- ADMA BIOLOGICS INC-$1.2M -21.2%
New Positions
- WAYSTAR HLDG CORP$6.5M
- ISHARES TR$4.6M
- HONEYWELL INTL INC$592.7K
- HONEYWELL AEROSPACE INC$584.5K
- ACCENTURE PLC IRELAND$523.9K
Exited Positions
- ADOBE INC$3.2M
- HONEYWELL INTL INC$1.2M
- AMPLITUDE INC$1.2M
- RIO TINTO PLC$434.5K
- RAYONIER INC$413.0K
MARATHON CAPITAL MANAGEMENT Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | PRICE T ROWE GROUP INC | TROW | 74144T108 | $66.0M | 13.36% | 580,325 | SH |
| 2 | CORNING INC | GLW | 219350105 | $23.7M | 4.81% | 92,961 | SH |
| 3 | SPDR SERIES TRUST | BIL | 78468R663 | $19.3M | 3.91% | 210,769 | SH |
| 4 | ALPHABET INC | GOOG | 02079K107 | $14.6M | 2.96% | 41,357 | SH |
| 5 | AMAZON COM INC | AMZN | 023135106 | $13.5M | 2.73% | 56,653 | SH |
| 6 | APPLE INC | AAPL | 037833100 | $12.3M | 2.50% | 42,655 | SH |
| 7 | ASTRAZENECA PLC | AZN | G0593M107 | $12.3M | 2.49% | 64,777 | SH |
| 8 | TETRA TECHNOLOGIES INC DEL | TTI | 88162F105 | $10.9M | 2.21% | 962,171 | SH |
| 9 | VANGUARD WHITEHALL FDS | VYMI | 921946794 | $10.3M | 2.08% | 104,752 | SH |
| 10 | ZSCALER INC | ZS | 98980G102 | $9.3M | 1.89% | 66,172 | SH |
| 11 | MICROSOFT CORP | MSFT | 594918104 | $8.9M | 1.80% | 23,877 | SH |
| 12 | INTERNATIONAL BUSINESS MACHS | IBM | 459200101 | $8.8M | 1.77% | 31,148 | SH |
| 13 | METLIFE INC | MET | 59156R108 | $8.7M | 1.75% | 102,398 | SH |
| 14 | CECO ENVIRONMENTAL CORP | CECO | 125141101 | $8.7M | 1.75% | 95,430 | SH |
| 15 | ALMONTY INDS INC | ALM | 020398707 | $8.6M | 1.75% | 522,155 | SH |
| 16 | ALLISON TRANSMISSION HLDGS I | ALSN | 01973R101 | $8.1M | 1.65% | 72,287 | SH |
| 17 | DIAMONDBACK ENERGY INC | FANG | 25278X109 | $7.8M | 1.57% | 44,172 | SH |
| 18 | JPMORGAN CHASE & CO | JPM | 46625H100 | $6.9M | 1.40% | 21,166 | SH |
| 19 | CHEVRON CORPORATION | CVX | 166764100 | $6.9M | 1.40% | 41,759 | SH |
| 20 | REALTY INCOME CORP | O | 756109104 | $6.9M | 1.40% | 111,531 | SH |
| 21 | BUILDERS FIRSTSOURCE INC | BLDR | 12008R107 | $6.6M | 1.35% | 74,278 | SH |
| 22 | ARCOSA INC | ACA | 039653100 | $6.6M | 1.33% | 45,166 | SH |
| 23 | FIDELITY NATL INFORMATION SV | FIS | 31620M106 | $6.5M | 1.31% | 166,622 | SH |
| 24 | WAYSTAR HLDG CORP | WAY | 946784105 | $6.5M | 1.31% | 315,265 | SH |
| 25 | JOHNSON & JOHNSON | JNJ | 478160104 | $6.4M | 1.29% | 25,121 | SH |
| 26 | ZOETIS INC | ZTS | 98978V103 | $6.0M | 1.22% | 83,571 | SH |
| 27 | ANI PHARMACEUTICALS INC | ANIP | 00182C103 | $6.0M | 1.21% | 71,990 | SH |
| 28 | NPK INTERNATIONAL INC | NPKI | 651718504 | $5.5M | 1.11% | 343,930 | SH |
| 29 | QUALCOMM INC | QCOM | 747525103 | $5.2M | 1.05% | 28,075 | SH |
| 30 | DANAHER CORP DEL | DHR | 235851102 | $5.0M | 1.02% | 26,510 | SH |
| 31 | SPROTT ASSET MANAGEMENT LP | CEF | 85208R101 | $4.8M | 0.98% | 120,075 | SH |
| 32 | BARRICK MNG CORP | B | 06849F108 | $4.8M | 0.97% | 130,434 | SH |
| 33 | BERKSHIRE HATHAWAY INC DEL | BRK.B | 084670702 | $4.7M | 0.96% | 9,473 | SH |
| 34 | ZETA GLOBAL HOLDINGS CORP | ZETA | 98956A105 | $4.7M | 0.96% | 239,765 | SH |
| 35 | ISHARES TR | SGOV | 46436E718 | $4.6M | 0.93% | 45,615 | SH |
| 36 | HEALTHPEAK PROPERTIES INC | DOC | 42250P103 | $4.5M | 0.90% | 208,688 | SH |
| 37 | ADMA BIOLOGICS INC | ADMA | 000899104 | $4.5M | 0.90% | 532,353 | SH |
| 38 | WILLIS TOWERS WATSON PLC LTD | WTW | G96629103 | $4.3M | 0.87% | 16,415 | SH |
| 39 | CHUBB LIMITED | CB | H1467J104 | $4.1M | 0.83% | 12,035 | SH |
| 40 | SPDR GOLD TR | GLD | 78463V107 | $4.0M | 0.82% | 10,954 | SH |
| 41 | NOVO-NORDISK A S | NVO | 670100205 | $3.7M | 0.76% | 78,134 | SH |
| 42 | COPA HOLDINGS SA | CPA | P31076105 | $3.7M | 0.74% | 23,483 | SH |
| 43 | SYMBOTIC INC | SYM | 87151X101 | $3.1M | 0.64% | 69,780 | SH |
| 44 | CALIX INC | CALX | 13100M509 | $3.1M | 0.63% | 83,555 | SH |
| 45 | MICRON TECHNOLOGY INC | MU | 595112103 | $3.1M | 0.63% | 2,695 | SH |
| 46 | MERCK & CO INC | MRK | 58933Y105 | $3.0M | 0.61% | 23,351 | SH |
| 47 | ELI LILLY & CO | LLY | 532457108 | $3.0M | 0.61% | 2,492 | SH |
| 48 | ALPHABET INC | GOOGL | 02079K305 | $3.0M | 0.60% | 8,337 | SH |
| 49 | ENPHASE ENERGY INC | ENPH | 29355A107 | $2.8M | 0.57% | 57,128 | SH |
| 50 | MAXLINEAR INC | MXL | 57776J100 | $2.6M | 0.52% | 20,000 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-07-22 | $493.9M | 187 | 0001172661-26-002744 |
| 2026-03-31 | 2026-05-14 | $445.2M | 171 | 0001172661-26-001839 |
| 2025-12-31 | 2026-01-29 | $464.7M | 171 | 0001172661-26-000374 |
| 2025-09-30 | 2025-11-14 | $437.0M | 163 | 0001172661-25-004808 |
Filer Information
Address
4 NORTH PARK DRIVESUITE 106
HUNT VALLEY, MD 21030-1806
Phone
(410) 329-1522
Filing Manager
MARATHON CAPITAL MANAGEMENT
Hunt Valley, MD
Signatory
Angus Burton
President