Marathon Asset Management LP

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Marathon Asset Management LP reported 14 stock positions worth $41.9 million. Its top holding was Graftech International (EAF) at 47.3% of the portfolio, followed by Advanced Micro Devices (AMD, 8.5%) and John Hancock High Yield ETF (JHHY, 7.7%). Compared with Q1 2025, it opened 6 new positions, sold out of 2, added to 1 and reduced 2. The biggest buy was Graftech International (EAF, shares +6%) and the biggest sale an exit from Latam Airlines Group SA-ADR (LTM).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001279913
Portfolio Value
$41.9M (Q2 2025)
SEC Filing
0001641172-25-024027 ↗ filed Aug 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 Q4 2024 Q1 2025: $92.9M Q1 2025 Q2 2025: $41.9M $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 14 stocks · $41.9M
EAF Graftech International Ltd. 47.28% 20,375,112 $19.8M Add +5.5%
AMD Advanced Micro Devices 8.46% 25,000 $3.5M No change
JHHY John Hancock High Yield ETF 7.69% 125,000 $3.2M No change
ETHA iShares Ethereum Trust ETF 7.28% 160,000 $3.1M New
GOOG Alphabet Inc. Class C 5.36% 12,660 $2.2M No change
NIO Nio Inc. - ADR 4.09% 500,000 $1.7M No change
IBIT iShares Bitcoin Trust ETF 3.65% 25,000 $1.5M New
NBIS Nebius Group NV 3.30% 25,000 $1.4M Reduce -50.0%
NUKZ Range Nuclear Renaissance filed as EXCHANGE TRADED CONCEPTS TRU 2.70% 20,000 $1.1M Reduce -50.0%
PYPL PayPal Holdings Inc. 2.66% 15,000 $1.1M New
OSCR Oscar Health Inc. Class A 2.30% 45,000 $965K New
KORE Kore Group Holdings Inc. 2.00% 351,396 $840K No change
UNH Unitedhealth Group Inc. 1.86% 2,500 $780K New
BABA Alibaba Group Holding-SP ADR 1.35% 5,000 $567K New

Options reported separately and not counted above: TLT calls ($1.4M), SPY puts ($825K), CORZ calls ($26K).

Portfolio Sells Q1 2025 → Q2 2025
LTM Latam Airlines Group SA-ADR Sold out 0.00% −66.11
ETHE Grayscale Ethereum Staking E Sold out 0.00% −1.64
NUKZ Range Nuclear Renaissance Reduce -50.0% 2.70% +1.06
NBIS Nebius Group NV Reduce -50.0% 3.30% +2.16

Portfolio Buys Q1 2025 → Q2 2025
EAF Graftech International Ltd. Add +5.5% 47.28% +29.10
ETHA iShares Ethereum Trust ETF New 7.28% +7.28
IBIT iShares Bitcoin Trust ETF New 3.65% +3.65
PYPL PayPal Holdings Inc. New 2.66% +2.66
OSCR Oscar Health Inc. Class A New 2.30% +2.30
UNH Unitedhealth Group Inc. New 1.86% +1.86
BABA Alibaba Group Holding-SP ADR New 1.35% +1.35

Options Activity Q1 2025 → Q2 2025
TLT iShares 20+ Year Treasury BD call Reduce -25.0% 27,000 $1.4M
SPY SS SPDR S&P 500 ETF Trust-US put New 6,000 $825K
CORZ Core Scientific Inc. call New 1,000 $26K

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