# Marathon Asset Management Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1861026. Source: https://holderbook.com/funds/1861026-marathon-asset-management-ltd/

- Reported value: $2.5B
- Positions: 74
- Weight of the ten largest: 37.6%
- Filed: 2026-08-14

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 |
|---|---|---|---|---|---|
| CNH INDL N V | [CNH](https://holderbook.com/stocks/CNH/) | $126.3M | 11,246,396 | 5.1% | 11 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $108.0M | 302,312 | 4.4% | 20 |
| COCA-COLA EUROPACIFIC PARTNE | [CCEP](https://holderbook.com/stocks/CCEP/) | $103.8M | 1,037,637 | 4.2% | 20 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $101.9M | 427,627 | 4.1% | 8 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $96.8M | 1,066,749 | 3.9% | 4 |
| ELEVANCE HEALTH INC FORMERLY | [ELV](https://holderbook.com/stocks/ELV/) | $84.9M | 219,490 | 3.4% | 7 |
| SOUTHERN COPPER CORP | [SCCO](https://holderbook.com/stocks/SCCO/) | $83.0M | 476,533 | 3.4% | 20 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $82.6M | 950,832 | 3.4% | 20 |
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $72.7M | 1,705,303 | 3.0% | 15 |
| COPA HOLDINGS SA | [CPA](https://holderbook.com/stocks/CPA/) | $64.5M | 414,473 | 2.6% | 16 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $61.8M | 53,547 | 2.5% | 19 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $59.6M | 159,718 | 2.4% | 19 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $56.3M | 1,391,604 | 2.3% | 20 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $56.1M | 280,561 | 2.3% | 6 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $54.5M | 1,056,926 | 2.2% | 20 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $54.2M | 157,956 | 2.2% | 19 |
| CEMEX SA EURO MTN BE 144A | [CX](https://holderbook.com/stocks/CX/) | $52.4M | 4,368,041 | 2.1% | 10 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $52.4M | 250,994 | 2.1% | 20 |
| LAUREATE ED INC | [LAUR](https://holderbook.com/stocks/LAUR/) | $51.1M | 1,406,633 | 2.1% | 9 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $48.0M | 85,206 | 1.9% | 20 |
| TRANSUNION | [TRU](https://holderbook.com/stocks/TRU/) | $46.3M | 641,352 | 1.9% | 13 |
| CANADIAN PACIFIC KANSAS CITY | [CP](https://holderbook.com/stocks/CP/) | $39.9M | 459,750 | 1.6% | 13 |
| MARKEL GROUP INC | [MKL](https://holderbook.com/stocks/MKL/) | $39.9M | 20,414 | 1.6% | 20 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $38.2M | 76,168 | 1.6% | 19 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $37.5M | 430,459 | 1.5% | 9 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $37.3M | 78,066 | 1.5% | 20 |
| VIPSHOP HLDGS LTD | [VIPS](https://holderbook.com/stocks/VIPS/) | $36.6M | 2,758,415 | 1.5% | 20 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $34.8M | 237,250 | 1.4% | 20 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $30.8M | 59,849 | 1.3% | 19 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $30.4M | 138,988 | 1.2% | 20 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $27.5M | 954,485 | 1.1% | 5 |
| ALIGN TECHNOLOGY INC | [ALGN](https://holderbook.com/stocks/ALGN/) | $26.5M | 156,954 | 1.1% | 16 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $26.0M | 63,800 | 1.1% | 19 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $24.5M | 934,604 | 1.0% | 20 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $23.5M | 479,075 | 1.0% | 19 |
| PAYCOM SOFTWARE INC | [PAYC](https://holderbook.com/stocks/PAYC/) | $22.9M | 182,561 | 0.9% | 12 |
| CHAMPION HOMES INC | [SKY](https://holderbook.com/stocks/SKY/) | $21.0M | 238,784 | 0.9% | 2 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $21.0M | 95,173 | 0.9% | 13 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $20.4M | 494,113 | 0.8% | 19 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $20.4M | 105,388 | 0.8% | 19 |
| HEALTHCARE SVCS GROUP INC | [HCSG](https://holderbook.com/stocks/HCSG/) | $18.7M | 759,824 | 0.8% | 19 |
| TELEFLEX INCORPORATED | [TFX](https://holderbook.com/stocks/TFX/) | $18.4M | 145,349 | 0.7% | 19 |
| ROYALTY PHARMA PLC | [RPRX](https://holderbook.com/stocks/RPRX/) | $16.0M | 285,951 | 0.7% | 19 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $16.0M | 82,181 | 0.6% | 18 |
| C H ROBINSON WORLDWIDE IN | [CHRW](https://holderbook.com/stocks/CHRW/) | $15.7M | 82,883 | 0.6% | 20 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $15.6M | 102,861 | 0.6% | 20 |
| SMURFIT WESTROCK PLC | [SW](https://holderbook.com/stocks/SW/) | $14.9M | 322,275 | 0.6% | 4 |
| ENVISTA HOLDINGS CORPORATION | [NVST](https://holderbook.com/stocks/NVST/) | $14.9M | 565,684 | 0.6% | 11 |
| WILLSCOT HLDGS CORP | [WSC](https://holderbook.com/stocks/WSC/) | $14.1M | 487,406 | 0.6% | 7 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $14.0M | 116,156 | 0.6% | 19 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $13.7M | 218,068 | 0.6% | 19 |
| ROGERS CORP | [ROG](https://holderbook.com/stocks/ROG/) | $13.7M | 83,632 | 0.6% | 11 |
| ARCHER DANIELS MIDLAND CO | [ADM](https://holderbook.com/stocks/ADM/) | $13.3M | 174,127 | 0.5% | 20 |
| WESCO INTL INC | [WCC](https://holderbook.com/stocks/WCC/) | $12.8M | 37,122 | 0.5% | 8 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $12.7M | 283,088 | 0.5% | 15 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $12.7M | 91,699 | 0.5% | 8 |
| BIO RAD LABS INC | [BIO](https://holderbook.com/stocks/BIO/) | $12.3M | 41,975 | 0.5% | 10 |
| WARNER MUSIC GROUP CORP | [WMG](https://holderbook.com/stocks/WMG/) | $12.3M | 454,281 | 0.5% | 1 |
| NEWMONT CORP | [NEM](https://holderbook.com/stocks/NEM/) | $11.7M | 125,483 | 0.5% | 19 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $11.6M | 139,002 | 0.5% | 19 |
| MASTERBRAND INC | [MBC](https://holderbook.com/stocks/MBC/) | $10.6M | 1,034,967 | 0.4% | 3 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $10.4M | 186,527 | 0.4% | 19 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $10.3M | 431,520 | 0.4% | 19 |
| RAYONIER INC | [RYN](https://holderbook.com/stocks/RYN/) | $10.3M | 483,262 | 0.4% | 1 |
| COCA COLA CONS INC | [COKE](https://holderbook.com/stocks/COKE/) | $9.8M | 51,547 | 0.4% | 13 |
| TERADATA CORP DEL | [TDC](https://holderbook.com/stocks/TDC/) | $9.4M | 272,208 | 0.4% | 19 |
| AXALTA COATING SYS LTD | [AXTA](https://holderbook.com/stocks/AXTA/) | $7.7M | 224,707 | 0.3% | 19 |
| WELLS FARGO & CO | [WFC](https://holderbook.com/stocks/WFC/) | $7.3M | 88,733 | 0.3% | 20 |
| FTI CONSULTING INC | [FCN](https://holderbook.com/stocks/FCN/) | $6.8M | 45,888 | 0.3% | 20 |
| VONTIER CORPORATION | [VNT](https://holderbook.com/stocks/VNT/) | $5.3M | 183,826 | 0.2% | 19 |
| DONNELLEY FINL SOLUTIONS INC | [DFIN](https://holderbook.com/stocks/DFIN/) | $5.1M | 120,804 | 0.2% | 14 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $5.0M | 135,052 | 0.2% | 5 |
| INMODE LTD | [INMD](https://holderbook.com/stocks/INMD/) | $2.3M | 154,688 | 0.1% | 20 |
| FLUTTER ENTMT PLC | [FLUT](https://holderbook.com/stocks/FLUT/) | $112.8K | 1,104 | 0.0% | 8 |

## 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 2026 | +11.7% | +14.8% | -3.1% | 100% |
| Q1 2026 | -2.7% | -4.6% | +2.0% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.2% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | +12.5% | +10.5% | +2.1% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.2% | 100% |
| Q4 2024 | +0.6% | +2.1% | -1.5% | 100% |
| Q3 2024 | +6.8% | +5.4% | +1.4% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $2.5B | 74 |
| Q1 2026 | $2.6B | 74 |
| Q4 2025 | $2.6B | 77 |
| Q3 2025 | $2.7B | 78 |
| Q2 2025 | $3.1B | 79 |
| Q1 2025 | $3.3B | 81 |
| Q4 2024 | $3.6B | 81 |
| Q3 2024 | $3.6B | 82 |
| Q2 2024 | $3.2B | 82 |
| Q1 2024 | $3.7B | 86 |
| Q4 2023 | $3.6B | 87 |
| Q3 2023 | $3.2B | 88 |