Marathon Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions. Financial planning was provided to 26–50 clients last fiscal year.
Marathon Capital Management reports 286 clients. They include 182 high-net-worth individuals, 99 individual clients and 5 charitable organizations. Of its assets, 100.0% ($790M across 668 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 35% | 3% |
| High-net-worth individuals | 64% | 61% |
| Charitable organizations | 2% | 35% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 99 | $24.2M | 3.1% | $245K |
| High-net-worth individuals | 182 | $485M | 61.4% | $2.67M |
| Charitable organizations | 5 | $280M | 35.5% | $56.1M |
| Total | 286 | $790M | 100% | $2.76M |
- Clients
- 99
- Regulatory AUM
- $24.2M
- AUM share
- 3.1%
- Avg. per client
- $245K
- Clients
- 182
- Regulatory AUM
- $485M
- AUM share
- 61.4%
- Avg. per client
- $2.67M
- Clients
- 5
- Regulatory AUM
- $280M
- AUM share
- 35.5%
- Avg. per client
- $56.1M
Total
- Clients
- 286
- Regulatory AUM
- $790M
- AUM share
- 100%
- Avg. per client
- $2.76M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 26–50
Marathon Capital Management charges up to 1.00% a year for its Fee on assets under management. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
Fee details and sources
Angus Burton owns 75% or more of Marathon Capital Management. The leadership team of Marathon Capital Management includes President Angus Burton. It has 7 employees, 4 of them in advisory roles.
Staff
- 7 employees
- 4 in advisory functions
- 5 state-registered reps
- Owns 75% or more of Marathon Capital Management LLC
Angus Burton
Control person · since January 2001
- Owns 10% to 25% of Marathon Capital Management LLC
Clifford Athey
Control person · since July 2021
- Owns 10% to 25% of Marathon Capital Management LLC
Patrick Jones
Control person · since January 2024
- Owns 5% to 10% of Marathon Capital Management LLC
Edward Hart
Control person · since July 2023
Marathon Capital Management’s regulatory assets grew from $592M (March 2021) to $790M (February 2026); clients rose from 239 to 286 and employees from 6 to 7. In 2026, Harvest Investment Consultants ($549M in its last filing) joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | StaffEmployees | Offices |
|---|---|---|---|---|
| Feb 2026February 2026 | $790M | 286 | 7 | 1 |
| May 2025May 2025 | $694M | 289 | 8 | 1 |
| Mar 2024March 2024 | $677M | 319 | 8 | 1 |
| Mar 2023March 2023 | $622M | 303 | 6 | 1 |
| Mar 2022March 2022 | $700M | 261 | 6 | 1 |
| Mar 2021March 2021 | $592M | 239 | 6 | 1 |
Firms that joined
20261 joined
- Harvest Investment ConsultantsLast filed AUM $549M
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Marathon Capital Management has 0 offices, with 1 listed address in 1 state.
Maryland · 1 listed address
- 4 North Park Drive, Suite 106, Hunt ValleyHQ
Contact and registration details
- Legal name
- Marathon Capital Management LLC
- Headquarters
- 4 North Park Drive, Suite 106, Hunt Valley, MD 21030-1806
- Website
- insidemarathon.com
- Phone
- 410-329-1522
- SEC file
- 801-62793
- Structure
- Maryland LLC
- Fiscal year end
- December
Marathon Capital Management’s named custodians for separately managed accounts are Charles Schwab ($684M, 87%) and Fidelity ($106M, 13%). Marathon Capital Management has custody of $220M for 10 clients.
The filed custodian amounts total more than regulatory assets under management. Each amount is shown as filed.
- Charles SchwabCharles Schwab & Co., Inc. · Westlake, TX · $684M87%
- FidelityFidelity Distributors Company LLC · Covington, KY · $106M13%
At year end, Marathon Capital Management’s separately managed accounts were mostly in stocks (66%) and cash (12%). Its reported 13F holdings for the quarter ended 30 June 2026 total $494M across 187 positions; the largest are Price T Rowe Group Inc. (13.4%), Corning Inc. (4.8%) and SPDR Series Trust (3.9%).
What the accounts hold
- Stocks66%
- Exchange-traded equities65%
- Non-exchange-traded equities1%
- Funds11%
- Registered funds10%
- Pooled vehicles1%
- Bonds9%
- Investment grade corporate bonds5%
- State and local bonds2%
- U.S. government and agency bonds1%
- Sovereign bonds1%
- Cash12%
- Other2%
- Fnma2%
How many clients does Marathon Capital Management have?
Marathon Capital Management has 286 clients and manages $790 million for them, as of February 2026. They include 182 high-net-worth individuals, 99 individual clients and 5 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 25 February 2026
What services does Marathon Capital Management offer?
Marathon Capital Management provides financial planning, portfolio management for individuals and small businesses, and portfolio management for institutions.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
How much does Marathon Capital Management charge?
Marathon Capital Management charges up to 1.00% a year for its Fee on assets under management. The fee is billed in advance, is negotiable and requires an account of at least $500,000.
Source: MARATHON CAPITAL MANAGEMENT LLC, filed 25 February 2026
Which custodians does Marathon Capital Management use?
Marathon Capital Management’s separately managed account assets are held at Charles Schwab & Co., Inc. (Westlake, TX), with $684M and Fidelity Distributors Company LLC (Covington, KY), with $106M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 25 February 2026
How many financial advisors does Marathon Capital Management have?
Marathon Capital Management has 5 investment adviser representatives registered with state securities authorities, out of 7 employees, and 4 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Marathon Capital Management invest in?
At the end of its last fiscal year, Marathon Capital Management’s separately managed accounts held 65% exchange-traded equities, 12% cash and equivalents, 10% registered funds (mutual funds, ETFs, BDCs), 5% investment grade corporate bonds, 2% state and local bonds, 2% other, 1% non-exchange-traded equities, 1% U.S. government and agency bonds, 1% sovereign bonds and 1% pooled vehicles (private funds and similar). The 2% other category is described as: Fnma.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Does Marathon Capital Management have a minimum investment?
Yes, Marathon Capital Management’s minimum account size for its Fee on assets under management is $500K.
Source: MARATHON CAPITAL MANAGEMENT LLC, filed 25 February 2026
Who owns Marathon Capital Management?
Marathon Capital Management’s direct owners are Angus Burton (75% or more), Clifford Athey (10% to 25%), Edward Hart (5% to 10%) and Patrick Jones (10% to 25%).
Source: Form ADV Part 1A, Schedules A and B, filed 25 February 2026
How does Marathon Capital Management get paid?
Marathon Capital Management is paid through a percentage of assets under management. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
How do I contact Marathon Capital Management?
Marathon Capital Management’s main office is at 4 North Park Drive, Suite 106, Hunt Valley, MD 21030-1806. Its phone number is 410-329-1522. Its website is insidemarathon.com.