Marathon Asset Management LP In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Marathon Asset Management LP reported 10 stock positions worth $92.9 million . Its top holding was Latam Airlines Group SA-ADR (LTM) at 66.1% of the portfolio, followed by Graftech International (EAF, 18.2% ) and John Hancock High Yield ETF (JHHY, 3.4% ). Compared with Q4 2024, it opened 6 new positions, sold out of 1, added to 1 and reduced 1. The biggest buy was Graftech International (EAF, shares +1003% ) and the biggest sale Latam Airlines Group SA-ADR (LTM, shares −10% ).
Location NEW YORK, NY
CIK 0001279913
Portfolio Value $92.9M (Q1 2025) Holdings 10 stocks · $92.9M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 LTM Latam Airlines Group SA-ADR 1,962,550 $61.4M Reduce -10.1% EAF Graftech International Ltd. 19,308,566 $16.9M Add +1003.4% JHHY John Hancock High Yield ETF 125,000 $3.2M No change AMD Advanced Micro Devices 25,000 $2.6M New GOOG Alphabet Inc. Class C 12,660 $2.0M New NIO Nio Inc. - ADR 500,000 $1.9M New NUKZ Range Nuclear Renaissance filed as EXCHANGE TRADED CONCEPTS TRU 40,000 $1.5M New ETHE Grayscale Ethereum Staking E 100,000 $1.5M New NBIS Nebius Group NV 50,000 $1.1M New KORE Kore Group Holdings Inc. 351,396 $868K No change
Options reported separately and not counted above: TLT calls ($2.7M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ LTM Latam Airlines Group SA-ADR Reduce -10.1% 66.11% −15.19 VISN Vistance Networks Inc. Sold out 0.00% −8.79
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ EAF Graftech International Ltd. Add +1003.4% 18.18% +14.09 AMD Advanced Micro Devices New 2.77% +2.77 GOOG Alphabet Inc. Class C New 2.13% +2.13 NIO Nio Inc. - ADR New 2.05% +2.05 NUKZ Range Nuclear Renaissance New 1.64% +1.64 ETHE Grayscale Ethereum Staking E New 1.64% +1.64 NBIS Nebius Group NV New 1.14% +1.14
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ TLT iShares 20+ Year Treasury BD call Add +300.0% 36,000 $2.7M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 3,000 $926Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ CMPOW Composecure Inc. -CW25 *W EXP 12/27/202 Sold out 250,000 $1.2Mbefore exit
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 4 $38.2M RXT, IHRT, EAF, JHHY Q1 2026 2 $11.4M EAF, JHHY Q4 2025 12 $64.3M SPY, EAF, JHHY, UNH, PYPL Q3 2025 15 $62.3M EAF, CNK, UNH, JHHY, AMD Q2 2025 14 $41.9M EAF, AMD, JHHY, ETHA, GOOG Q1 2025 10 $92.9M LTM, EAF, JHHY, AMD, GOOG Q4 2024 5 $74.0M LTM, VISN, JHHY, EAF, KORE Q3 2024 Amended 7 $197.0M FYBR, LTM, EAF, AMC, VISN Q2 2024 Amended 6 $107.2M FYBR, LADR, JHHY, VISN, BHC Q1 2024 Amended 7 $215.2M FYBR, HTZ, JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26), LADR, BHC