Marathon Asset Management LP In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 18, 2025), Marathon Asset Management LP reported 15 stock positions worth $62.3 million . Its top holding was Graftech International (EAF) at 43.5% of the portfolio, followed by Cinemark (CNK, 13.5% ) and Unitedhealth (UNH, 6.9% ). Compared with Q2 2025, it opened 2 new positions, sold out of 1, added to 5 and reduced 5. The biggest buy was a new position in Cinemark (CNK) and the biggest sale Advanced Micro Devices (AMD, shares −20% ).
Location NEW YORK, NY
CIK 0001279913
Portfolio Value $62.3M (Q3 2025) Holdings 15 stocks · $62.3M 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 Q2 2025 EAF Graftech International Ltd. 2,115,389 $27.1M Add +3.8% CNK Cinemark Holdings Inc. 300,000 $8.4M New UNH Unitedhealth Group Inc. 12,500 $4.3M Add +400.0% JHHY John Hancock High Yield ETF 125,000 $3.3M No change AMD Advanced Micro Devices 20,000 $3.2M Reduce -20.0% ETHA iShares Ethereum Trust ETF 85,000 $2.7M Reduce -46.9% BABA Alibaba Group Holding-SP ADR 10,000 $1.8M Add +100.0% JD Jd.com Inc.-ADR 50,000 $1.7M New PYPL PayPal Holdings Inc. 25,000 $1.7M Add +66.7% IBIT iShares Bitcoin Trust ETF 25,000 $1.6M No change GOOG Alphabet Inc. Class C 6,330 $1.5M Reduce -50.0% NIO Nio Inc. - ADR 200,000 $1.5M Reduce -60.0% OSCR Oscar Health Inc. Class A 75,000 $1.4M Add +66.7% NBIS Nebius Group NV 10,000 $1.1M Reduce -60.0% KORE Kore Group Holdings Inc. 351,396 $850K No change
Options reported separately and not counted above: ECHO calls ($12.7M), TLT calls ($149K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ AMD Advanced Micro Devices Reduce -20.0% 5.19% −3.27 ETHA iShares Ethereum Trust ETF Reduce -46.9% 4.30% −2.98 GOOG Alphabet Inc. Class C Reduce -50.0% 2.47% −2.88 NUKZ Range Nuclear Renaissance Sold out 0.00% −2.70 NIO Nio Inc. - ADR Reduce -60.0% 2.45% −1.65 NBIS Nebius Group NV Reduce -60.0% 1.80% −1.50
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CNK Cinemark Holdings Inc. New 13.49% +13.49 UNH Unitedhealth Group Inc. Add +400.0% 6.93% +5.07 JD Jd.com Inc.-ADR New 2.81% +2.81 BABA Alibaba Group Holding-SP ADR Add +100.0% 2.87% +1.52 PYPL PayPal Holdings Inc. Add +66.7% 2.69% +0.03 OSCR Oscar Health Inc. Class A Add +66.7% 2.28% −0.02 EAF Graftech International Ltd. Add +3.8% 43.52% −3.76
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ ECHO Echostar Corp. Class A call New 5,000 $12.7M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 6,000 $825Kbefore exit CORZ Core Scientific Inc. call Sold out 1,000 $26Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings 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