Marathon Asset Management Ltd

CIK 1861026 · View on SEC EDGAR ↗

Portfolio value
$2.5B
#1,334 of 9,443 by 13F value · top 14.1%
Positions
74
As of
June 30, 2026

Portfolio value QoQ: -5.6% 13F does not disclose cash

Top 10 holdings weight
37.56%
Top 25 holdings weight
67.95%
Positions above 1%
33
Effective number of positions
42.4

Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)

Turnover Q2 2026: 2.54% Est. buys $64,449,862 · sells $517,087,638

Median holding: 7.0 quarters Tracked Q4 2024–Q2 2026 · 81.3% still held

New positions
2
Increased
9
Decreased
62
Closed
2
On this page

Performance vs S&P 500

Tracked Q4 2024–Q2 2026
+28.8%
S&P 500 total return (same window)
+28.1%
Excess return
+0.7%

Annualized: +18.4% · S&P 500: +18.0%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 99.0% · Options excluded: 0.0%

Sector breakdown

Industrials
19.6%
Financial Services
11.5%
Technology
11.2%
Health Care
10.0%
Financials
7.5%
Materials
7.0%
Communication Services
6.8%
Retail
6.8%
Consumer Staples
5.2%
Telecommunication
3.9%
Energy
2.7%
Consumer Discretionary
2.7%
Diversified Consumer Services
2.1%
Consumer products
0.9%
Real Estate
0.8%
Logistics & Transportation
0.6%
Packaging
0.6%

Full portfolio 74 positions

Type Streak 8Q trend
CNH CNH Industrial N.V. Common Shares $126,296,885 5.13% 11,246,396 $-2,012,258 Down ×6
GOOGL Alphabet Inc. - Class A Common Stock $108,032,553 4.39% 302,312 $2,198,716 Down ×1
CCEP Coca-Cola Europacific Partners plc - Ordinary Shares $103,836,335 4.22% 1,037,637 $3,215,756 Down ×6
AMZN Amazon.com, Inc. - Common Stock $101,881,080 4.14% 427,627 $-13,396,242 Down ×1
TIGO Millicom International Cellular S.A. - Common Stock $96,817,449 3.93% 1,066,749 $13,839,899 Down ×1
ELV Elevance Health, Inc. Common Stock $84,882,114 3.45% 219,490 $6,307,260 Down ×1
SCCO Southern Copper Corporation Common Stock $83,040,262 3.37% 476,533 $-2,753,336 Down ×6
BNS Bank Nova Scotia Halifax Pfd 3 Ordinary Shares $82,623,829 3.36% 950,832 $7,307,959 Down ×4
BN Brookfield Corporation Class A Limited Voting Shares $72,732,676 2.95% 1,705,303 $-6,265,811 Down ×2
CPA Copa Holdings, S.A. Class A Common Stock $64,478,479 2.62% 414,473 $16,289,889 Down ×1
MU Micron Technology, Inc. - Common Stock $61,797,195 2.51% 53,547 $16,232,913 Down ×6
MSFT Microsoft Corporation - Common Stock $59,575,839 2.42% 159,718 $-13,344,849 Down ×1
CNQ Canadian Natural Resources Limited Common Stock $56,290,785 2.29% 1,391,604 $-21,992,427 Down ×6
NVDA NVIDIA Corporation - Common Stock $56,131,803 2.28% 280,561 $-6,208,684 Down ×1
GIL Gildan Activewear, Inc. Class A Sub. Vot. Common Stock $54,472,983 2.21% 1,056,926 $13,105,757 Up ×1
V Visa Inc. $54,189,101 2.20% 157,956 $7,853,926 Up ×2
CX Cemex, S.A.B. de C.V. Sponsored ADR $52,416,272 2.13% 4,368,041 $-483,801 Down ×6
FNV Franco-Nevada Corporation $52,352,955 2.13% 250,994 $-18,639,211 Down ×6
LAUR Laureate Education, Inc. - Common Stock $51,088,834 2.08% 1,406,633 $-1,039,993 Down ×5
META Meta Platforms, Inc. - Class A Common Stock $47,993,919 1.95% 85,206 $-11,361,016 Down ×1
TRU TransUnion Common Stock $46,267,133 1.88% 641,352 $6,876,875 Up ×2
CP Canadian Pacific Kansas City Limited Common Shares $39,932,845 1.62% 459,750 $-1,489,331 Down ×6
MKL Markel Group Inc. Common Stock $39,867,310 1.62% 20,414 $-7,792,175 Down ×1
TMO Thermo Fisher Scientific Inc Common Stock $38,218,430 1.55% 76,168 $-7,740,369 Down ×1
IBKR Interactive Brokers Group, Inc. - Class A Common Stock $37,467,151 1.52% 430,459 $1,046,307 Down ×1
TSM Taiwan Semiconductor Manufacturing Company Ltd. $37,340,882 1.52% 78,066 $19,309,995 Up ×2
VIPS Vipshop Holdings Limited American Depositary Shares, each representing two ordinary shares $36,576,857 1.49% 2,758,415 $-9,413,654 Down ×6
ORCL Oracle Corporation Common Stock $34,770,495 1.41% 237,250 $-5,096,593 Down ×1
MA Mastercard Incorporated Common Stock $30,777,537 1.25% 59,849 $-5,624,853 Down ×1
PGR Progressive Corporation (The) Common Stock $30,360,232 1.23% 138,988 $-4,425,054 Down ×1
ATS ATS Corporation Common Shares $27,500,179 1.12% 954,485 $-3,233,330 Down ×4
ALGN Align Technology, Inc. - Common Stock $26,471,781 1.08% 156,954 $-6,392,785 Down ×1
SPGI S&P Global Inc. Common Stock $25,981,334 1.06% 63,800 $-7,318,218 Down ×1
HDB HDFC Bank Limited Common Stock $24,474,369 0.99% 934,604 $1,010,117 Down ×2
FISV Fiserv, Inc. - Common Stock $23,498,380 0.95% 479,075 $-9,206,782 Down ×1
PAYC Paycom Software, Inc. Common Stock $22,944,837 0.93% 182,561 $-4,196,232 Down ×1
SKY Champion Homes, Inc. Common Stock $21,042,481 0.85% 238,784 $-529,905 Down ×1
CME CME Group Inc. - Class A Common Stock $21,016,591 0.85% 95,173 $-14,463,481 Down ×1
OPLN OPENLANE, Inc. Common Stock $20,377,220 0.83% 494,113 $-11,813,910 Down ×1
IQV IQVIA Holdings, Inc. Common Stock $20,362,632 0.83% 105,388 $-1,636,052 Down ×1
HCSG Healthcare Services Group, Inc. - Common Stock $18,661,738 0.76% 759,824 $641,642 Down ×1
TFX Teleflex Incorporated Common Stock $18,423,711 0.75% 145,349 $1,230,270 Up ×3
RPRX Royalty Pharma plc - Class A Ordinary Shares $16,033,099 0.65% 285,951 $-5,117,936 Down ×1
ADSK Autodesk, Inc. - Common Stock $15,977,081 0.65% 82,181 $-8,852,875 Down ×1
CHRW C.H. Robinson Worldwide, Inc. - Common Stock $15,659,463 0.64% 82,883 $-1,990,212 Down ×1
TJX TJX Companies, Inc. (The) Common Stock $15,583,442 0.63% 102,861 $-5,157,055 Down ×1
SW Smurfit WestRock plc Ordinary Shares $14,907,854 0.61% 322,275 $2,835,695 Up ×3
NVST Envista Holdings Corporation Common Stock $14,905,773 0.61% 565,684 $-3,440,644 Down ×1
WSC WillScot Holdings Corporation - Class A Common Stock $14,066,241 0.57% 487,406 $6,484,384 Up ×2
DLTR Dollar Tree, Inc. - Common Stock $14,049,139 0.57% 116,156 $-2,208,900 Down ×1
FCX Freeport-McMoRan, Inc. Common Stock $13,713,974 0.56% 218,068 $-2,917,221 Down ×1
ROG Rogers Corporation Common Stock $13,692,458 0.56% 83,632 $-666,956 Down ×1
ADM Archer-Daniels-Midland Company Common Stock $13,303,197 0.54% 174,127 $-2,879,349 Down ×1
WCC WESCO International, Inc. Common Stock $12,822,804 0.52% 37,122 $-3,445,915 Down ×1
BAM Brookfield Asset Management Inc Class A Limited Voting Shares $12,696,318 0.52% 283,088 $-1,698,062 Down ×6
MTN Vail Resorts, Inc. Common Stock $12,671,599 0.51% 91,699 $-2,596,012 Down ×1
BIO Bio-Rad Laboratories, Inc. Class A Common Stock $12,322,726 0.50% 41,975 $-2,634,354 Down ×1
WMG Warner Music Group Corp. - Class A Common Stock $12,296,834 0.50% 454,281 Up ×1
NEM Newmont Corporation $11,719,731 0.48% 125,483 $-5,662,098 Down ×1
HSIC Henry Schein, Inc. - Common Stock $11,609,195 0.47% 139,002 $-1,488,028 Down ×1
MBC MasterBrand, Inc. Common Stock $10,649,182 0.43% 1,034,967 $3,644,666 Up ×2
BKR Baker Hughes Company - Common Stock $10,351,455 0.42% 186,527 $-6,411,907 Down ×1
WY Weyerhaeuser Company Common Stock $10,330,064 0.42% 431,520 $2,288,783 Up ×2
RYN Rayonier Inc. REIT Common Stock $10,284,109 0.42% 483,262 Up ×1
COKE Coca-Cola Consolidated, Inc. - Common Stock $9,841,072 0.40% 51,547 $-2,792,862 Down ×1
TDC Teradata Corporation Common Stock $9,432,007 0.38% 272,208 $516,859 Down ×1
AXTA Axalta Coating Systems Ltd. Common Shares $7,689,474 0.31% 224,707 $-268,586 Down ×1
WFC Wells Fargo & Company Common Stock $7,332,841 0.30% 88,733 $-1,698,292 Down ×1
FCN FTI Consulting, Inc. Common Stock $6,837,966 0.28% 45,888 $-3,539,719 Down ×1
VNT Vontier Corporation Common Stock $5,331,177 0.22% 183,826 $-3,005,834 Down ×1
DFIN Donnelley Financial Solutions, Inc. Common Stock $5,067,874 0.21% 120,804 $-2,212,397 Down ×1
B Barrick Mining Corporation Common Shares $4,960,359 0.20% 135,052 $-2,058,973 Down ×1
INMD InMode Ltd. - Ordinary Shares $2,261,539 0.09% 154,688 $145,407
FLUT Flutter Entertainment plc Ordinary Shares $112,796 0.00% 1,104 $-1,467,735 Down ×3

Conviction holdings

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

Security Value % of portfolio Streak
TFX $18,423,711 0.75% up ×3
SW $14,907,854 0.61% up ×3

Biggest new bets

New positions opened this quarter, largest first.

Security Value Shares % of portfolio
WMG $12,296,834 454,281 0.50%
RYN $10,284,109 483,262 0.42%

Top movers (QoQ)

Security Action Shares Δ Value Δ
CNQ Trimmed -204K -$22.0M
TSM Bought more +25K +$19.3M
FNV Trimmed -37K -$18.6M
CPA Trimmed -10K +$16.3M
MU Trimmed -81K +$16.2M
CME Trimmed -25K -$14.5M
TIGO Trimmed -41K +$13.8M
AMZN Trimmed -125K -$13.4M
MSFT Trimmed -37K -$13.3M
GIL Bought more +315K +$13.1M

Exited positions

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarter Shares before Value before Price since exit
TME March 31, 2026 2,305,413 $40,413,785 -5.7%
EA June 30, 2025 245,681 $35,505,589 No longer tracked
ADBE Sept. 30, 2025 86,191 $33,344,862 -22.4%
MRK June 30, 2025 283,481 $25,667,018 90.0%
BKNG March 31, 2026 4,112 $22,020,732 26.3%
LIN March 31, 2025 49,525 $20,734,444 4.7%
AZO March 31, 2025 6,005 $19,228,422 -21.2%
SEE June 30, 2026 375,900 $15,806,833 No longer tracked
MGA June 30, 2025 419,584 $14,273,297 81.4%
WAB Sept. 30, 2025 65,943 $13,805,167 45.9%
LYB March 31, 2026 304,367 $13,178,913 -15.3%
AL June 30, 2026 199,048 $12,960,761 No longer tracked
LASR Dec. 31, 2025 366,148 $10,848,965 27.6%
GOOG March 31, 2026 24,692 $7,748,332 18.6%
CABO Sept. 30, 2025 54,746 $7,434,732 -85.2%
GOLD June 30, 2025 227,886 $4,430,681 102.5%
KMX Dec. 31, 2025 97,155 $4,359,345 55.6%