Marathon Asset Management LP

Name: MARATHON ASSET MANAGEMENT LP 13F holdings, Q4 2025
Creator: MARATHON ASSET MANAGEMENT LP
Published: 2026-02-17

Q2 2026Q1 2026Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Marathon Asset Management LP reported 12 stock positions worth $64.3 million. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 37.7% of the portfolio, followed by Graftech International (EAF, 31.2%) and John Hancock High Yield ETF (JHHY, 5.0%). Compared with Q3 2025, it opened 2 new positions, sold out of 5, added to 4 and reduced 2. The biggest buy was a new position in SS SPDR S&P 500 ETF Trust-US (SPY) and the biggest sale an exit from Cinemark (CNK).

Most Recent 13F: Q2 2026
Location: NEW YORK, NY
CIK: 0001279913
Portfolio Value: $64.3M (Q4 2025)
SEC Filing: 0001493152-26-007088 ↗ filed Feb 17, 2026

Holdings Value

Holdings 12 stocks · $64.3M


SPY SS SPDR S&P 500 ETF Trust-US	37.66%	35,000	$24.2M	New
EAF Graftech International Ltd.	31.24%	1,329,440	$20.1M	Reduce -37.1%
JHHY John Hancock High Yield ETF	5.03%	125,000	$3.2M	No change
UNH Unitedhealth Group Inc.	4.46%	10,000	$2.9M	Reduce -20.0%
PYPL PayPal Holdings Inc.	4.10%	50,000	$2.6M	Add +100.0%
IBIT iShares Bitcoin Trust ETF	3.47%	47,000	$2.2M	Add +88.0%
JD Jd.com Inc.-ADR	3.32%	75,000	$2.1M	Add +50.0%
CABLE ONE INC (CABO 0 03/15/26)	3.06%	2,000,000	$2.0M	New
BABA Alibaba Group Holding-SP ADR	2.64%	10,000	$1.7M	No change
OSCR Oscar Health Inc. Class A	2.23%	100,000	$1.4M	Add +33.3%
NIO Nio Inc. - ADR	1.46%	200,000	$940K	No change
NBIS Nebius Group NV	1.32%	10,000	$852K	No change

Options reported separately and not counted above: TLT calls ($8K).

Portfolio Sells Q3 2025 → Q4 2025


CNK Cinemark Holdings Inc.	Sold out	0.00%	−13.49
EAF Graftech International Ltd.	Reduce -37.1%	31.24%	−12.28
AMD Advanced Micro Devices	Sold out	0.00%	−5.19
ETHA iShares Ethereum Trust ETF	Sold out	0.00%	−4.30
GOOG Alphabet Inc. Class C	Sold out	0.00%	−2.47
UNH Unitedhealth Group Inc.	Reduce -20.0%	4.46%	−2.46
KORE Kore Group Holdings Inc.	Sold out	0.00%	−1.36

Portfolio Buys Q3 2025 → Q4 2025


SPY SS SPDR S&P 500 ETF Trust-US	New	37.66%	+37.66
CABLE ONE INC (CABO 0 03/15/26)	New	3.06%	+3.06
PYPL PayPal Holdings Inc.	Add +100.0%	4.10%	+1.41
IBIT iShares Bitcoin Trust ETF	Add +88.0%	3.47%	+0.86
JD Jd.com Inc.-ADR	Add +50.0%	3.32%	+0.52
OSCR Oscar Health Inc. Class A	Add +33.3%	2.23%	−0.05

Options Activity Q3 2025 → Q4 2025


ECHO Echostar Corp. Class A	call	Sold out	5,000	$12.7Mbefore exit
TLT iShares 20+ Year Treasury BD	call	Reduce -88.9%	3,000	$8K

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 2024Amended	7	$197.0M	FYBR, LTM, EAF, AMC, VISN
Q2 2024Amended	6	$107.2M	FYBR, LADR, JHHY, VISN, BHC
Q1 2024Amended	7	$215.2M	FYBR, HTZ, JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26), LADR, BHC