Marathon Asset Management Ltd

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Marathon Asset Management Ltd reported 74 stock positions worth $2.5 billion. Its top holding was CNH Industrial (CNH) at 5.1% of the portfolio, followed by Alphabet Class A (GOOGL, 4.4%) and Coca-Cola Europacific Partne (CCEP, 4.2%). Compared with Q1 2026, it opened 2 new positions, sold out of 2, added to 9 and reduced 62. The biggest buy was Taiwan Semiconductor-SP ADR (TSM, shares +47%) and the biggest sale Canadian Natural Resources (CNQ, shares −13%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$2.5B (Q2 2026)
SEC Filing
0001861026-26-000011 ↗ filed Aug 14, 2026

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.7B Q1 2024 Q2 2024: $3.2B Q2 2024 Q3 2024: $3.6B Q3 2024 Q4 2024: $3.6B Q4 2024 Q1 2025: $3.3B Q1 2025 Q2 2025: $3.1B Q2 2025 Q3 2025: $2.7B Q3 2025 Q4 2025: $2.6B Q4 2025 Q1 2026: $2.6B Q1 2026 Q2 2026: $2.5B $2.5B Q2 2026

Holdings 74 stocks · $2.5B
CNH CNH Industrial NV 5.13% 11,246,396 $126.3M Reduce -3.6%
GOOGL Alphabet Inc. Class A 4.39% 302,312 $108.0M Reduce -17.9%
CCEP Coca-Cola Europacific Partne 4.22% 1,037,637 $103.8M Reduce -6.5%
AMZN Amazon.com Inc. 4.14% 427,627 $101.9M Reduce -22.6%
TIGO Millicom Intl Cellular S.A. 3.93% 1,066,749 $96.8M Reduce -3.7%
ELV Elevance Health Inc. 3.45% 219,490 $84.9M Reduce -18.2%
SCCO Southern Copper Corp. 3.37% 476,533 $83.0M Reduce -4.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 3.36% 950,832 $82.6M Reduce -12.7%
BN Brookfield Corp. 2.95% 1,705,303 $72.7M Reduce -12.8%
CPA Copa Holdings SA Class A 2.62% 414,473 $64.5M Reduce -2.3%
MU Micron Technology Inc. 2.51% 53,547 $61.8M Reduce -60.3%
MSFT Microsoft Corp. 2.42% 159,718 $59.6M Reduce -18.9%
CNQ Canadian Natural Resources 2.29% 1,391,604 $56.3M Reduce -12.8%
NVDA Nvidia Corp. 2.28% 280,561 $56.1M Reduce -21.5%
GIL Gildan Activewear Inc. 2.21% 1,056,926 $54.5M Add +42.4%
V Visa Inc. Class A 2.20% 157,956 $54.2M Add +3.0%
CX Cemex Sab-Spons ADR Part Cer 2.13% 4,368,041 $52.4M Reduce -5.5%
FNV Franco-Nevada Corp. 2.13% 250,994 $52.4M Reduce -12.8%
LAUR Laureate Education Inc. 2.08% 1,406,633 $51.1M Reduce -6.0%
META Meta Platforms Inc. Class A 1.95% 85,206 $48.0M Reduce -17.9%
TRU Transunion 1.88% 641,352 $46.3M Add +12.7%
CP Canadian Pacific Kansas City 1.62% 459,750 $39.9M Reduce -12.8%
MKL Markel Group Inc. 1.62% 20,414 $39.9M Reduce -18.0%
TMO Thermo Fisher Scientific Inc. 1.55% 76,168 $38.2M Reduce -18.5%
IBKR Interactive Brokers Gro Class A 1.52% 430,459 $37.5M Reduce -20.7%
TSM Taiwan Semiconductor-SP ADR 1.52% 78,066 $37.3M Add +46.6%
VIPS Vipshop Holdings Ltd. - ADR 1.49% 2,758,415 $36.6M Reduce -5.7%
ORCL Oracle Corp. 1.41% 237,250 $34.8M Reduce -12.5%
MA Mastercard Inc. Class A 1.25% 59,849 $30.8M Reduce -17.7%
PGR Progressive Corp. 1.23% 138,988 $30.4M Reduce -20.8%
ATS Ats Corp. 1.12% 954,485 $27.5M Reduce -12.8%
ALGN Align Technology Inc. 1.08% 156,954 $26.5M Reduce -18.1%
SPGI S&P Global Inc. 1.06% 63,800 $26.0M Reduce -18.5%
HDB HDFC Bank Ltd.-ADR 0.99% 934,604 $24.5M Reduce -0.9%
FISV Fiserv Inc. 0.95% 479,075 $23.5M Reduce -18.3%
PAYC Paycom Software Inc. 0.93% 182,561 $22.9M Reduce -18.3%
SKY Champion Homes Inc. 0.85% 238,784 $21.0M Reduce -17.7%
CME Cme Group Inc. 0.85% 95,173 $21.0M Reduce -20.8%
OPLN Openlane Inc. 0.83% 494,113 $20.4M Reduce -55.3%
IQV Iqvia Holdings Inc. 0.83% 105,388 $20.4M Reduce -18.3%
HCSG Healthcare Services Group 0.76% 759,824 $18.7M Reduce -21.8%
TFX Teleflex Inc. 0.75% 145,349 $18.4M Add +1.1%
RPRX Royalty Pharma PLC Class A 0.65% 285,951 $16.0M Reduce -35.1%
ADSK Autodesk Inc. 0.65% 82,181 $16.0M Reduce -20.8%
CHRW C.H. Robinson Worldwide Inc. 0.64% 82,883 $15.7M Reduce -21.8%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.63% 102,861 $15.6M Reduce -20.8%
SW Smurfit Westrock PLC 0.61% 322,275 $14.9M Add +6.4%
NVST Envista Holdings Corp. 0.61% 565,684 $14.9M Reduce -21.8%
WSC Willscot Holdings Corp. 0.57% 487,406 $14.1M Add +11.6%
DLTR Dollar Tree Inc. 0.57% 116,156 $14.0M Reduce -21.8%
FCX Freeport-McMoran Inc. 0.56% 218,068 $13.7M Reduce -22.9%
ROG Rogers Corp. 0.56% 83,632 $13.7M Reduce -37.5%
ADM Archer-Daniels-Midland Co. 0.54% 174,127 $13.3M Reduce -21.8%
WCC Wesco International Inc. 0.52% 37,122 $12.8M Reduce -37.6%
BAM Brookfield Asset Mgmt-A 0.52% 283,088 $12.7M Reduce -12.8%
MTN Vail Resorts Inc. 0.51% 91,699 $12.7M Reduce -21.9%
BIO Bio-Rad Laboratories-A 0.50% 41,975 $12.3M Reduce -21.8%
WMG Warner Music Group Corp. Class A 0.50% 454,281 $12.3M New
NEM Newmont Corp. 0.48% 125,483 $11.7M Reduce -21.9%
HSIC Henry Schein Inc. filed as SCHEIN HENRY INC 0.47% 139,002 $11.6M Reduce -21.8%
MBC Masterbrand Inc. 0.43% 1,034,967 $10.6M Add +22.8%
BKR Baker Hughes Co. 0.42% 186,527 $10.4M Reduce -32.1%
WY Weyerhaeuser Co. 0.42% 431,520 $10.3M Add +31.1%
RYN Rayonier Inc. 0.42% 483,262 $10.3M New
COKE Coca-Cola Consolidated Inc. 0.40% 51,547 $9.8M Reduce -21.8%
TDC Teradata Corp. 0.38% 272,208 $9.4M Reduce -21.8%
AXTA Axalta Coating Systems Ltd. 0.31% 224,707 $7.7M Reduce -21.8%
WFC Wells Fargo & Co. 0.30% 88,733 $7.3M Reduce -21.8%
FCN Fti Consulting Inc. 0.28% 45,888 $6.8M Reduce -21.8%
VNT Vontier Corp. 0.22% 183,826 $5.3M Reduce -21.8%
DFIN Donnelley Financial Solution 0.21% 120,804 $5.1M Reduce -21.8%
B Barrick Mining Corp. 0.20% 135,052 $5.0M Reduce -21.5%
INMD Inmode Ltd. 0.09% 154,688 $2.3M No change
FLUT Flutter Entertainment PLC-Di 0.00% 1,104 $113K Reduce -92.9%

Portfolio Sells Q1 2026 → Q2 2026
CNQ Canadian Natural Resources Reduce -12.8% 2.29% −0.72
SEE Sealed Air Corp. Sold out 0.00% −0.61
FNV Franco-Nevada Corp. Reduce -12.8% 2.13% −0.60
CME Cme Group Inc. Reduce -20.8% 0.85% −0.51
AL Sumisho Air Lease Corp. Sold out 0.00% −0.50
OPLN Openlane Inc. Reduce -55.3% 0.83% −0.41
MSFT Microsoft Corp. Reduce -18.9% 2.42% −0.38
META Meta Platforms Inc. Class A Reduce -17.9% 1.95% −0.33
ADSK Autodesk Inc. Reduce -20.8% 0.65% −0.30
FISV Fiserv Inc. Reduce -18.3% 0.95% −0.30
AMZN Amazon.com Inc. Reduce -22.6% 4.14% −0.28
VIPS Vipshop Holdings Ltd. - ADR Reduce -5.7% 1.49% −0.28
BKR Baker Hughes Co. Reduce -32.1% 0.42% −0.22
SPGI S&P Global Inc. Reduce -18.5% 1.06% −0.22
TMO Thermo Fisher Scientific Inc. Reduce -18.5% 1.55% −0.21
MKL Markel Group Inc. Reduce -18.0% 1.62% −0.21
NEM Newmont Corp. Reduce -21.9% 0.48% −0.19
ALGN Align Technology Inc. Reduce -18.1% 1.08% −0.18
TJX TJX Companies Inc. Reduce -20.8% 0.63% −0.16
RPRX Royalty Pharma PLC Class A Reduce -35.1% 0.65% −0.16
MA Mastercard Inc. Class A Reduce -17.7% 1.25% −0.15
FCN Fti Consulting Inc. Reduce -21.8% 0.28% −0.12
ORCL Oracle Corp. Reduce -12.5% 1.41% −0.12
NVDA Nvidia Corp. Reduce -21.5% 2.28% −0.11
PAYC Paycom Software Inc. Reduce -18.3% 0.93% −0.11
VNT Vontier Corp. Reduce -21.8% 0.22% −0.10
WCC Wesco International Inc. Reduce -37.6% 0.52% −0.10
PGR Progressive Corp. Reduce -20.8% 1.23% −0.10
NVST Envista Holdings Corp. Reduce -21.8% 0.61% −0.10
COKE Coca-Cola Consolidated Inc. Reduce -21.8% 0.40% −0.08
FCX Freeport-McMoran Inc. Reduce -22.9% 0.56% −0.08
ADM Archer-Daniels-Midland Co. Reduce -21.8% 0.54% −0.08
BN Brookfield Corp. Reduce -12.8% 2.95% −0.07
DFIN Donnelley Financial Solution Reduce -21.8% 0.21% −0.07
BIO Bio-Rad Laboratories-A Reduce -21.8% 0.50% −0.07
MTN Vail Resorts Inc. Reduce -21.9% 0.51% −0.07
B Barrick Mining Corp. Reduce -21.5% 0.20% −0.07
ATS Ats Corp. Reduce -12.8% 1.12% −0.06
FLUT Flutter Entertainment PLC-Di Reduce -92.9% 0.00% −0.06
DLTR Dollar Tree Inc. Reduce -21.8% 0.57% −0.05
WFC Wells Fargo & Co. Reduce -21.8% 0.30% −0.05
CHRW C.H. Robinson Worldwide Inc. Reduce -21.8% 0.64% −0.04
BAM Brookfield Asset Mgmt-A Reduce -12.8% 0.52% −0.04
HSIC Henry Schein Inc. Reduce -21.8% 0.47% −0.03
IQV Iqvia Holdings Inc. Reduce -18.3% 0.83% −0.02
ROG Rogers Corp. Reduce -37.5% 0.56% +0.01
AXTA Axalta Coating Systems Ltd. Reduce -21.8% 0.31% +0.01
SKY Champion Homes Inc. Reduce -17.7% 0.85% +0.03
CP Canadian Pacific Kansas City Reduce -12.8% 1.62% +0.03
TDC Teradata Corp. Reduce -21.8% 0.38% +0.04

Portfolio Buys Q1 2026 → Q2 2026
TSM Taiwan Semiconductor-SP ADR Add +46.6% 1.52% +0.83
GIL Gildan Activewear Inc. Add +42.4% 2.21% +0.63
WMG Warner Music Group Corp. Class A New 0.50% +0.50
V Visa Inc. Class A Add +3.0% 2.20% +0.42
RYN Rayonier Inc. New 0.42% +0.42
TRU Transunion Add +12.7% 1.88% +0.37
WSC Willscot Holdings Corp. Add +11.6% 0.57% +0.28
MBC Masterbrand Inc. Add +22.8% 0.43% +0.16
SW Smurfit Westrock PLC Add +6.4% 0.61% +0.14
WY Weyerhaeuser Co. Add +31.1% 0.42% +0.11
TFX Teleflex Inc. Add +1.1% 0.75% +0.09

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 74$2.5BCNH, GOOGL, CCEP, AMZN, TIGO
Q1 2026 74$2.6BCNH, AMZN, GOOGL, CCEP, SCCO
Q4 2025 77$2.6BAMZN, CNH, GOOGL, CCEP, SCCO
Q3 2025 78$2.7BCNH, AMZN, CCEP, MSFT, BN
Q2 2025 79$3.1BCNH, AMZN, MSFT, CCEP, ELV
Q1 2025 81$3.3BFLUT, CNH, AMZN, CCEP, ELV
Q4 2024 81$3.6BFLUT, CNH, AMZN, GOOGL, META
Q3 2024 82$3.6BFLUT, CNH, AMZN, MSFT, META
Q2 2024 82$3.2BCNH, MSFT, GOOGL, META, CCEP
Q1 2024 86$3.7BCNH, MSFT, META, HDB, CCEP