Marathon Asset Management Ltd
Reported holdings as of Q2 2026, from 20 quarterly filings.
This filer last reported in Q2 2026; the most recent quarter on file across all filers is Q3 2026. Firms that restructure stop filing under one CIK and start under another, so a successor entity may hold these positions now under a similar name.
Holdings
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| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| CNH INDL N V | CNH | $126.3M | 11,246,396 | +0.21pp | 11q | -3.6%-$4.7M | |
| ALPHABET INC | GOOGL | $108.0M | 302,312 | +0.33pp | 20q | -17.9%-$23.5M | |
| COCA-COLA EUROPACIFIC PARTNE | CCEP | $103.8M | 1,037,637 | +0.36pp | 20q | -6.5%-$7.2M | |
| AMAZON COM INC | AMZN | $101.9M | 427,627 | -0.28pp | 8q | -22.6%-$29.8M | |
| MILLICOM INTL CELLULAR S A | TIGO | $96.8M | 1,066,749 | +0.75pp | 4q | -3.7%-$3.7M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $84.9M | 219,490 | +0.43pp | 7q | -18.2%-$18.9M | |
| SOUTHERN COPPER CORP | SCCO | $83.0M | 476,533 | +0.08pp | 20q | -4.4%-$3.9M | |
| BANK NOVA SCOTIA B C | BNS | $82.6M | 950,832 | +0.47pp | 20q | -12.7%-$12.0M | |
| BROOKFIELD CORP | BN | $72.7M | 1,705,303 | -0.07pp | 15q | -12.8%-$10.7M | |
| COPA HOLDINGS SA | CPA | $64.5M | 414,473 | +0.77pp | 16q | -2.3%-$1.5M | |
| MICRON TECHNOLOGY INC | MU | $61.8M | 53,547 | +0.76pp | 19q | -60.3%-$93.8M | |
| MICROSOFT CORP | MSFT | $59.6M | 159,718 | -0.38pp | 19q | -18.9%-$13.9M | |
| CANADIAN NAT RES LTD MED TER | CNQ | $56.3M | 1,391,604 | -0.72pp | 20q | -12.8%-$8.3M | |
| NVIDIA CORPORATION | NVDA | $56.1M | 280,561 | -0.11pp | 6q | -21.5%-$15.4M | |
| GILDAN ACTIVEWEAR INC | GIL | $54.5M | 1,056,926 | +0.63pp | 20q | +42.4%+$16.2M | |
| VISA INC | V | $54.2M | 157,956 | +0.42pp | 19q | +3.0%+$1.6M | |
| CEMEX SA EURO MTN BE 144A | CX | $52.4M | 4,368,041 | +0.10pp | 10q | -5.5%-$3.1M | |
| FRANCO NEV CORP | FNV | $52.4M | 250,994 | -0.60pp | 20q | -12.8%-$7.7M | |
| LAUREATE ED INC | LAUR | $51.1M | 1,406,633 | +0.08pp | 9q | -6.0%-$3.3M | |
| META PLATFORMS INC | META | $48.0M | 85,206 | -0.33pp | 20q | -17.9%-$10.4M | |
| TRANSUNION | TRU | $46.3M | 641,352 | +0.37pp | 13q | +12.7%+$5.2M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $39.9M | 459,750 | +0.03pp | 13q | -12.8%-$5.8M | |
| MARKEL GROUP INC | MKL | $39.9M | 20,414 | -0.21pp | 20q | -18.0%-$8.8M | |
| THERMO FISHER SCIENTIFIC INC | TMO | $38.2M | 76,168 | -0.21pp | 19q | -18.5%-$8.7M | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $37.5M | 430,459 | +0.13pp | 9q | -20.7%-$9.8M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $37.3M | 78,066 | +0.83pp | 20q | +46.6%+$11.9M | |
| VIPSHOP HLDGS LTD | VIPS | $36.6M | 2,758,415 | -0.28pp | 20q | -5.7%-$2.2M | |
| ORACLE CORP | ORCL | $34.8M | 237,250 | -0.12pp | 20q | -12.5%-$4.9M | |
| MASTERCARD INCORPORATED | MA | $30.8M | 59,849 | -0.15pp | 19q | -17.7%-$6.6M | |
| PROGRESSIVE CORP | PGR | $30.4M | 138,988 | -0.10pp | 20q | -20.8%-$8.0M | |
| ATS CORPORATION | ATS | $27.5M | 954,485 | -0.06pp | 5q | -12.7%-$4.0M | |
| ALIGN TECHNOLOGY INC | ALGN | $26.5M | 156,954 | -0.18pp | 16q | -18.1%-$5.9M | |
| S&P GLOBAL INC | SPGI | $26.0M | 63,800 | -0.22pp | 19q | -18.5%-$5.9M | |
| HDFC BANK LTD | HDB | $24.5M | 934,604 | +0.09pp | 20q | -0.9%-$222.8K | |
| FISERV INC | FISV | $23.5M | 479,075 | -0.30pp | 19q | -18.3%-$5.3M | |
| PAYCOM SOFTWARE INC | PAYC | $22.9M | 182,561 | -0.11pp | 12q | -18.2%-$5.1M | |
| CHAMPION HOMES INC | SKY | $21.0M | 238,784 | +0.03pp | 2q | -17.7%-$4.5M | |
| CME GROUP INC | CME | $21.0M | 95,173 | -0.51pp | 13q | -20.8%-$5.5M | |
| OPENLANE INC | OPLN | $20.4M | 494,113 | -0.41pp | 19q | -55.3%-$25.2M | |
| IQVIA HLDGS INC | IQV | $20.4M | 105,388 | -0.02pp | 19q | -18.3%-$4.6M | |
| HEALTHCARE SVCS GROUP INC | HCSG | $18.7M | 759,824 | +0.07pp | 19q | -21.8%-$5.2M | |
| TELEFLEX INCORPORATED | TFX | $18.4M | 145,349 | +0.09pp | 19q | +1.1%+$202.2K | |
| ROYALTY PHARMA PLC | RPRX | $16.0M | 285,951 | -0.16pp | 19q | -35.1%-$8.7M | |
| AUTODESK INC | ADSK | $16.0M | 82,181 | -0.30pp | 18q | -20.8%-$4.2M | |
| C H ROBINSON WORLDWIDE IN | CHRW | $15.7M | 82,883 | -0.04pp | 20q | -21.8%-$4.4M | |
| TJX COS INC NEW | TJX | $15.6M | 102,861 | -0.16pp | 20q | -20.8%-$4.1M | |
| SMURFIT WESTROCK PLC | SW | $14.9M | 322,275 | +0.14pp | 4q | +6.4%+$894.4K | |
| ENVISTA HOLDINGS CORPORATION | NVST | $14.9M | 565,684 | -0.10pp | 11q | -21.8%-$4.1M | |
| WILLSCOT HLDGS CORP | WSC | $14.1M | 487,406 | +0.28pp | 7q | +11.6%+$1.5M | |
| DOLLAR TREE INC | DLTR | $14.0M | 116,156 | -0.05pp | 19q | -21.8%-$3.9M | |
| FREEPORT-MCMORAN INC | FCX | $13.7M | 218,068 | -0.08pp | 19q | -22.9%-$4.1M | |
| ROGERS CORP | ROG | $13.7M | 83,632 | +0.01pp | 11q | -37.5%-$8.2M | |
| ARCHER DANIELS MIDLAND CO | ADM | $13.3M | 174,127 | -0.08pp | 20q | -21.8%-$3.7M | |
| WESCO INTL INC | WCC | $12.8M | 37,122 | -0.10pp | 8q | -37.6%-$7.7M | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $12.7M | 283,088 | -0.04pp | 15q | -12.8%-$1.9M | |
| VAIL RESORTS INC | MTN | $12.7M | 91,699 | -0.07pp | 8q | -21.9%-$3.5M | |
| BIO RAD LABS INC | BIO | $12.3M | 41,975 | -0.07pp | 10q | -21.8%-$3.4M | |
| WARNER MUSIC GROUP CORP | WMG | $12.3M | 454,281 | - | new | NEW | |
| NEWMONT CORP | NEM | $11.7M | 125,483 | -0.19pp | 19q | -21.9%-$3.3M | |
| SCHEIN HENRY INC | HSIC | $11.6M | 139,002 | -0.03pp | 19q | -21.8%-$3.2M | |
| MASTERBRAND INC | MBC | $10.6M | 1,034,967 | +0.16pp | 3q | +22.8%+$2.0M | |
| BAKER HUGHES COMPANY | BKR | $10.4M | 186,527 | -0.22pp | 19q | -32.1%-$4.9M | |
| WEYERHAEUSER CO | WY | $10.3M | 431,520 | +0.11pp | 19q | +31.1%+$2.5M | |
| RAYONIER INC | RYN | $10.3M | 483,262 | - | new | NEW | |
| COCA COLA CONS INC | COKE | $9.8M | 51,547 | -0.08pp | 13q | -21.8%-$2.7M | |
| TERADATA CORP DEL | TDC | $9.4M | 272,208 | +0.04pp | 19q | -21.7%-$2.6M | |
| AXALTA COATING SYS LTD | AXTA | $7.7M | 224,707 | +0.01pp | 19q | -21.8%-$2.1M | |
| WELLS FARGO & CO | WFC | $7.3M | 88,733 | -0.05pp | 20q | -21.8%-$2.0M | |
| FTI CONSULTING INC | FCN | $6.8M | 45,888 | -0.12pp | 20q | -21.8%-$1.9M | |
| VONTIER CORPORATION | VNT | $5.3M | 183,826 | -0.10pp | 19q | -21.8%-$1.5M | |
| DONNELLEY FINL SOLUTIONS INC | DFIN | $5.1M | 120,804 | -0.07pp | 14q | -21.8%-$1.4M | |
| BARRICK MNG CORP | B | $5.0M | 135,052 | -0.07pp | 5q | -21.5%-$1.4M | |
| INMODE LTD | INMD | $2.3M | 154,688 | +0.01pp | 20q | HELD | |
| FLUTTER ENTMT PLC | FLUT | $112.8K | 1,104 | -0.06pp | 8q | -92.9%-$1.5M |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $298.8M | 12.1% |
| Business Services | $257.8M | 10.5% |
| Retail & Consumer | $242.9M | 9.9% |
| Industrials | $179.1M | 7.3% |
| Mining & Metals | $165.8M | 6.7% |
| Semiconductors & Electronics | $155.3M | 6.3% |
| Insurance | $155.1M | 6.3% |
| Food, Drink & Tobacco | $127.0M | 5.2% |
| Telecom & Media | $121.8M | 4.9% |
| Transport & Logistics | $120.1M | 4.9% |
| Banks & Lending | $114.4M | 4.6% |
| Real Estate | $93.3M | 3.8% |
| Other sectors | $430.4M | 17.5% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| 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% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $2.5B | 74 | 2 | 9 | 62 | 2 | 37.6% | 45 |
| Q1 2026 | $2.6B | 74 | 1 | 55 | 10 | 4 | 35.7% | 24 |
| Q4 2025 | $2.6B | 77 | 1 | 8 | 66 | 2 | 35.9% | 37 |
| Q3 2025 | $2.7B | 78 | 2 | 5 | 69 | 3 | 35.2% | 17 |
| Q2 2025 | $3.1B | 79 | 2 | 13 | 62 | 4 | 34.5% | 42 |
| Q1 2025 | $3.3B | 81 | 2 | 10 | 65 | 2 | 40.3% | 24 |
| Q4 2024 | $3.6B | 81 | 2 | 8 | 69 | 3 | 40.5% | 37 |
| Q3 2024 | $3.6B | 82 | 4 | 12 | 62 | 4 | 39.0% | 17 |
| Q2 2024 | $3.2B | 82 | 2 | 10 | 68 | 6 | 31.5% | 45 |
| Q1 2024 | $3.7B | 86 | 3 | 26 | 55 | 4 | 30.8% | 44 |
| Q4 2023 | $3.6B | 87 | 3 | 14 | 69 | 4 | 30.1% | 43 |
| Q3 2023 | $3.2B | 88 | 2 | 7 | 77 | 1 | 27.9% | 37 |
| Q2 2023 | $3.6B | 87 | 5 | 12 | 67 | 9 | 28.1% | 35 |
| Q1 2023 | $3.6B | 91 | 4 | 4 | 82 | 2 | 26.5% | 33 |
| Q4 2022 | $3.7B | 89 | 3 | 19 | 65 | 2 | 24.7% | 38 |
| Q3 2022 | $3.4B | 88 | 3 | 3 | 82 | 0 | 25.9% | 25 |
| Q2 2022 | $6.0B | 85 | 0 | 8 | 75 | 3 | 24.2% | 32 |
| Q1 2022 | $7.4B | 88 | 2 | 8 | 78 | 0 | 24.3% | 21 |
| Q4 2021 | $8.1B | 86 | 34 | 14 | 38 | 34 | 25.9% | 28 |
| Q3 2021 | $8.2B | 86 | 0 | 0 | 0 | 0 | 30.9% | 36 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.