Marathon Asset Management LP

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Marathon Asset Management LP reported 5 stock positions worth $74.0 million. Its top holding was Latam Airlines Group SA-ADR (LTM) at 81.3% of the portfolio, followed by Vistance Networks (VISN, 8.8%) and John Hancock High Yield ETF (JHHY, 4.3%). Compared with Q3 2024, it sold out of 2, added to 1 and reduced 2. The biggest buy was Vistance Networks (VISN, shares +67%) and the biggest sale an exit from Frontier Communications Pare (FYBR).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001279913
Portfolio Value
$74.0M (Q4 2024)
SEC Filing
0001493152-25-006834 ↗ filed Feb 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $215.2M Q1 2024 Q2 2024: $107.2M Q2 2024 Q3 2024: $197.0M Q3 2024 Q4 2024: $74.0M $74.0M Q4 2024 Q1 2025: $92.9M Q1 2025 Q2 2025: $41.9M Q2 2025 Q3 2025: $62.3M Q3 2025 Q4 2025: $64.3M Q4 2025 Q1 2026: $11.4M Q1 2026 Q2 2026: $38.2M Q2 2026

Holdings 5 stocks · $74.0M
LTM Latam Airlines Group SA-ADR 81.29% 2,182,078 $60.2M No change
VISN Vistance Networks Inc. filed as COMMSCOPE HLDG CO INC 8.79% 1,249,714 $6.5M Add +66.6%
JHHY John Hancock High Yield ETF 4.29% 125,000 $3.2M No change
EAF Graftech International Ltd. 4.09% 1,749,980 $3.0M Reduce -50.3%
KORE Kore Group Holdings Inc. 1.53% 351,396 $1.1M Reduce -22.1%

Options reported separately and not counted above: SPY puts ($926K), TLT calls ($414K).

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
SecurityClassShares / PrincipalValueChange
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 250,000$1.2MReduce -50.0%

Total filed on the 13F, all lines: $75.2M.

Portfolio Sells Q3 2024 → Q4 2024
FYBR Frontier Communications Pare Sold out 0.00% −61.53
AMC AMC Entertainment HLDS Class A Sold out 0.00% −2.35
KORE Kore Group Holdings Inc. Reduce -22.1% 1.53% +1.01
EAF Graftech International Ltd. Reduce -50.3% 4.09% +1.73

Portfolio Buys Q3 2024 → Q4 2024
VISN Vistance Networks Inc. Add +66.6% 8.79% +6.47

Options Activity Q3 2024 → Q4 2024
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -91.7% 3,000 $926K
TLT iShares 20+ Year Treasury BD call Reduce -64.0% 9,000 $414K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2024 → Q4 2024
CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Reduce -50.0% 250,000 $1.2M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 4$38.2MRXT, IHRT, EAF, JHHY
Q1 2026 2$11.4MEAF, JHHY
Q4 2025 12$64.3MSPY, EAF, JHHY, UNH, PYPL
Q3 2025 15$62.3MEAF, CNK, UNH, JHHY, AMD
Q2 2025 14$41.9MEAF, AMD, JHHY, ETHA, GOOG
Q1 2025 10$92.9MLTM, EAF, JHHY, AMD, GOOG
Q4 2024 5$74.0MLTM, VISN, JHHY, EAF, KORE
Q3 2024Amended 7$197.0MFYBR, LTM, EAF, AMC, VISN
Q2 2024Amended 6$107.2MFYBR, LADR, JHHY, VISN, BHC
Q1 2024Amended 7$215.2MFYBR, HTZ, JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26), LADR, BHC