# MARATHON ASSET MANAGEMENT LLP

> Institutional holdings reported to the SEC as of Q2 2021 on Form 13F. CIK 1040592. Source: https://holderbook.com/funds/1040592-marathon-asset-management-llp/

- Reported value: $8.3B
- Positions: 98
- Weight of the ten largest: 28.9%
- Filed: 2021-07-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $305.5M | 3,924,422 | 3.7% | 11 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $299.8M | 137,017 | 3.6% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $260.4M | 106,632 | 3.2% | 11 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $251.6M | 1,527,037 | 3.0% | 11 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $241.4M | 96,330 | 2.9% | 11 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $239.8M | 1,247,250 | 2.9% | 11 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $237.5M | 682,961 | 2.9% | 11 |
| BAIDU INC | [BIDU](https://holderbook.com/stocks/BIDU/) | $185.9M | 911,874 | 2.3% | 11 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $182.2M | 655,688 | 2.2% | 11 |
| AUTOZONE INC | [AZO](https://holderbook.com/stocks/AZO/) | $181.0M | 121,326 | 2.2% | 11 |
| TRAVELERS COMPANIES INC | [TRV](https://holderbook.com/stocks/TRV/) | $179.7M | 1,200,258 | 2.2% | 11 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $172.9M | 2,205,162 | 2.1% | 11 |
| HERSHEY CO | [HSY](https://holderbook.com/stocks/HSY/) | $167.0M | 958,778 | 2.0% | 11 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $153.2M | 926,919 | 1.9% | 11 |
| YUM CHINA HLDGS INC | [YUMC](https://holderbook.com/stocks/YUMC/) | $150.9M | 2,277,674 | 1.8% | 11 |
| BROOKFIELD ASSET MGMT INC | [BAMXXXX](https://holderbook.com/stocks/BAMXXXX/) | $149.0M | 2,916,112 | 1.8% | 11 |
| WATERS CORP | [WAT](https://holderbook.com/stocks/WAT/) | $148.7M | 430,356 | 1.8% | 11 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $146.8M | 2,177,959 | 1.8% | 11 |
| CARMAX INC | [KMX](https://holderbook.com/stocks/KMX/) | $138.1M | 1,069,676 | 1.7% | 11 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $137.6M | 956,876 | 1.7% | 11 |
| FIRST REP BK SAN FRANCISCO C | [FRCB](https://holderbook.com/stocks/FRCB/) | $129.4M | 691,538 | 1.6% | 11 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $127.8M | 951,658 | 1.5% | 11 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $123.2M | 2,033,482 | 1.5% | 11 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $118.9M | 3,254,298 | 1.4% | 11 |
| FTI CONSULTING INC | [FCN](https://holderbook.com/stocks/FCN/) | $118.5M | 867,451 | 1.4% | 3 |
| LINDE PLC | [LINXXXX](https://holderbook.com/stocks/LINXXXX/) | $118.3M | 409,239 | 1.4% | 11 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $109.0M | 1,159,021 | 1.3% | 11 |
| COCA-COLA EUROPACIFIC PARTNE | [CCEP](https://holderbook.com/stocks/CCEP/) | $107.7M | 1,815,705 | 1.3% | 9 |
| UNITED PARCEL SVCS INC | [UPS](https://holderbook.com/stocks/UPS/) | $105.6M | 507,574 | 1.3% | 11 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $103.8M | 700,903 | 1.3% | 11 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $102.7M | 1,045,967 | 1.2% | 2 |
| ACTIVISION BLIZZARD INC | [ATVI](https://holderbook.com/stocks/ATVI/) | $97.6M | 1,022,977 | 1.2% | 11 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $96.2M | 1,849,576 | 1.2% | 11 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $93.5M | 78,820 | 1.1% | 11 |
| GENPACT LIMITED | [G](https://holderbook.com/stocks/G/) | $82.6M | 1,818,508 | 1.0% | 11 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $80.9M | 1,786,851 | 1.0% | 11 |
| CANADIAN PAC RY LTD | [CPXXXX](https://holderbook.com/stocks/CPXXXX/) | $80.5M | 1,043,977 | 1.0% | 11 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $76.1M | 563,991 | 0.9% | 11 |
| MAXIM INTEGRATED PRODS INC | [MXIM](https://holderbook.com/stocks/MXIM/) | $76.0M | 721,779 | 0.9% | 11 |
| BARRICK GOLD CORP | [GOLD](https://holderbook.com/stocks/GOLD/) | $75.4M | 3,645,096 | 0.9% | 11 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $75.4M | 437,695 | 0.9% | 11 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $75.3M | 517,897 | 0.9% | 11 |
| RITCHIE BROS AUCTIONEERS | [RBAXXXX](https://holderbook.com/stocks/RBAXXXX/) | $73.8M | 1,244,349 | 0.9% | 11 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $73.7M | 1,996,820 | 0.9% | 11 |
| PACCAR INC | [PCAR](https://holderbook.com/stocks/PCAR/) | $73.1M | 818,559 | 0.9% | 11 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $72.9M | 1,170,115 | 0.9% | 11 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $72.4M | 4,124,745 | 0.9% | 4 |
| FOMENTO ECONOMICO MEXICANO S | [FMX](https://holderbook.com/stocks/FMX/) | $68.9M | 815,436 | 0.8% | 4 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $68.8M | 641,288 | 0.8% | 11 |
| MARSH & MCLENNAN COS INC | [MRSH](https://holderbook.com/stocks/MRSH/) | $66.9M | 475,713 | 0.8% | 1 |
| UNION PAC CORP | [UNP](https://holderbook.com/stocks/UNP/) | $62.1M | 282,416 | 0.8% | 11 |
| EXPEDITORS INTL WASH INC | [EXPD](https://holderbook.com/stocks/EXPD/) | $61.2M | 483,138 | 0.7% | 11 |
| GLOBUS MED INC | [GMED](https://holderbook.com/stocks/GMED/) | $61.2M | 788,749 | 0.7% | 11 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $60.3M | 252,719 | 0.7% | 5 |
| BANK OF NY MELLON CORP | [BNY](https://holderbook.com/stocks/BNY/) | $59.2M | 1,155,983 | 0.7% | 11 |
| DEXCOM INC | [DXCM](https://holderbook.com/stocks/DXCM/) | $58.1M | 136,094 | 0.7% | 1 |
| DOLBY LABORATORIES INC | [DLB](https://holderbook.com/stocks/DLB/) | $58.1M | 591,017 | 0.7% | 11 |
| MARKETAXESS HLDGS INC | [MKTX](https://holderbook.com/stocks/MKTX/) | $57.4M | 123,785 | 0.7% | 11 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $56.3M | 1,002,224 | 0.7% | 11 |
| ARISTA NETWORKS INC | [ANETXXXX](https://holderbook.com/stocks/ANETXXXX/) | $53.4M | 147,342 | 0.6% | 4 |
| BUNGE LIMITED | [BGXXXX](https://holderbook.com/stocks/BGXXXX/) | $52.6M | 673,630 | 0.6% | 11 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $52.3M | 360,175 | 0.6% | 11 |
| ABIOMED INC | [ABMD](https://holderbook.com/stocks/ABMD/) | $49.6M | 158,930 | 0.6% | 8 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $49.3M | 246,889 | 0.6% | 6 |
| HEALTHCARE SVCS GROUP INC | [HCSG](https://holderbook.com/stocks/HCSG/) | $49.1M | 1,554,624 | 0.6% | 4 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $48.7M | 688,728 | 0.6% | 6 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $45.5M | 213,807 | 0.6% | 3 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $41.4M | 509,376 | 0.5% | 11 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $39.9M | 613,075 | 0.5% | 2 |
| LOEWS CORP | [L](https://holderbook.com/stocks/L/) | $39.8M | 727,797 | 0.5% | 11 |
| MAGNA INTL INC | [MGA](https://holderbook.com/stocks/MGA/) | $38.5M | 415,260 | 0.5% | 11 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $37.9M | 237,057 | 0.5% | 11 |
| EVENTBRITE INC | [EB](https://holderbook.com/stocks/EB/) | $34.4M | 1,812,425 | 0.4% | 8 |
| OMNICOM GROUP INC | [OMC](https://holderbook.com/stocks/OMC/) | $33.6M | 416,935 | 0.4% | 11 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $33.6M | 934,308 | 0.4% | 11 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $30.1M | 151,351 | 0.4% | 11 |
| BCE INC | [BCE](https://holderbook.com/stocks/BCE/) | $28.5M | 571,490 | 0.3% | 11 |
| ALLEGHANY CORP DEL | [Y](https://holderbook.com/stocks/Y/) | $27.5M | 41,194 | 0.3% | 11 |
| GRUPO TELEVISA S A B | [TV](https://holderbook.com/stocks/TV/) | $26.5M | 1,855,066 | 0.3% | 11 |
| ROGERS COMMUNICATIONS INC | [RCI](https://holderbook.com/stocks/RCI/) | $25.0M | 467,877 | 0.3% | 11 |
| VISTEON CORP | [VC](https://holderbook.com/stocks/VC/) | $24.6M | 203,197 | 0.3% | 9 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $23.6M | 666,613 | 0.3% | 7 |
| TANGER INC | [SKT](https://holderbook.com/stocks/SKT/) | $22.3M | 1,180,918 | 0.3% | 9 |
| PRICESMART INC | [PSMT](https://holderbook.com/stocks/PSMT/) | $22.1M | 243,280 | 0.3% | 9 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $20.3M | 548,304 | 0.2% | 8 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $19.5M | 1,398,364 | 0.2% | 11 |
| BANCOLOMBIA S A | [CIBXXXX](https://holderbook.com/stocks/CIBXXXX/) | $19.5M | 673,863 | 0.2% | 11 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $17.8M | 147,371 | 0.2% | 11 |
| NOV INC | [NOV](https://holderbook.com/stocks/NOV/) | $12.5M | 814,382 | 0.2% | 2 |
| WABTEC | [WAB](https://holderbook.com/stocks/WAB/) | $10.5M | 128,049 | 0.1% | 6 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $9.0M | 296,732 | 0.1% | 11 |
| ORGANON & CO | [OGN](https://holderbook.com/stocks/OGN/) | $4.2M | 139,315 | 0.1% | 1 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $3.4M | 98,329 | 0.0% | 11 |
| TE CONNECTIVITY LTD | [TELXXXX](https://holderbook.com/stocks/TELXXXX/) | $2.1M | 15,536 | 0.0% | 11 |
| INMODE LTD | [INMD](https://holderbook.com/stocks/INMD/) | $367.0K | 3,871 | 0.0% | 3 |
| AUTOHOME INC | [ATHM](https://holderbook.com/stocks/ATHM/) | $213.0K | 3,330 | 0.0% | 5 |
| HUYA INC | [HUYA](https://holderbook.com/stocks/HUYA/) | $160.0K | 9,038 | 0.0% | 5 |
| MOMO INC | [MOMOXXXX](https://holderbook.com/stocks/MOMOXXXX/) | $55.0K | 3,598 | 0.0% | 5 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2021 | +6.4% | +8.0% | -1.6% | 100% |
| Q1 2021 | +8.1% | +6.0% | +2.1% | 100% |
| Q4 2020 | +18.2% | +11.6% | +6.6% | 100% |
| Q3 2020 | +7.2% | +8.6% | -1.4% | 100% |
| Q2 2020 | +16.6% | +19.6% | -3.0% | 100% |
| Q1 2020 | -24.6% | -19.9% | -4.7% | 100% |
| Q4 2019 | +6.1% | +8.5% | -2.4% | 100% |
| Q3 2019 | +2.1% | +1.3% | +0.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2021 | $8.3B | 98 |
| Q1 2021 | $7.2B | 104 |
| Q4 2020 | $7.1B | 106 |
| Q3 2020 | $6.4B | 108 |
| Q2 2020 | $6.5B | 105 |
| Q1 2020 | $5.6B | 105 |
| Q4 2019 | $7.6B | 102 |
| Q3 2019 | $7.6B | 105 |
| Q2 2019 | $7.8B | 102 |
| Q1 2019 | $7.5B | 101 |
| Q4 2018 | $6.8B | 104 |