Marathon Asset Management Ltd
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Marathon Asset Management Ltd reported 86 stock positions worth $3.7 billion. Its top holding was CNH Industrial (CNH) at 5.7% of the portfolio, followed by Microsoft (MSFT, 4.0%) and Meta Platforms Class A (META, 3.0%). Compared with Q4 2023, it opened 3 new positions, sold out of 4, added to 28 and reduced 55. The biggest buy was a new position in Cemex Sab-Spons ADR Part Cer (CX) and the biggest sale an exit from Fair Isaac (FICO).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001861026
- Portfolio Value
- $3.7B (Q1 2024)
- SEC Filing
- 0001861026-24-000005 ↗ filed May 14, 2024
Holdings Value
Holdings 86 stocks · $3.7B
| CNH CNH Industrial NV | 5.74% | 16,590,713 | $215.0M | Reduce -3.1% |
| MSFT Microsoft Corp. | 3.96% | 352,841 | $148.4M | Reduce -5.6% |
| META Meta Platforms Inc. Class A | 3.00% | 231,100 | $112.2M | Reduce -6.1% |
| HDB HDFC Bank Ltd.-ADR | 2.97% | 1,987,594 | $111.2M | Add +2.5% |
| CCEP Coca-Cola Europacific Partne | 2.74% | 1,467,845 | $102.7M | Reduce -2.0% |
| GOOGL Alphabet Inc. Class A | 2.72% | 674,507 | $101.8M | Add +6.7% |
| CNQ Canadian Natural Resources | 2.55% | 1,238,516 | $95.5M | Reduce -1.2% |
| SCCO Southern Copper Corp. | 2.45% | 862,345 | $91.9M | Add +1.1% |
| FISV Fiserv Inc. | 2.39% | 561,291 | $89.7M | Reduce -3.5% |
| BN Brookfield Corp. | 2.27% | 2,032,222 | $85.1M | Reduce -1.6% |
| CP Canadian Pacific Kansas City | 1.94% | 820,647 | $72.5M | Reduce -1.6% |
| MA Mastercard Inc. Class A | 1.86% | 144,849 | $69.8M | Reduce -3.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 1.82% | 671,658 | $68.1M | Reduce -6.2% |
| TMO Thermo Fisher Scientific Inc. | 1.79% | 115,375 | $67.1M | Reduce -3.5% |
| MKL Markel Group Inc. | 1.73% | 42,506 | $64.7M | Reduce -4.0% |
| TRU Transunion | 1.58% | 743,870 | $59.4M | Add +0.4% |
| BKNG Booking Holdings Inc. | 1.57% | 16,248 | $58.9M | Reduce -4.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.56% | 1,129,572 | $58.5M | Add +78.7% |
| INFY Infosys Ltd.-SP ADR | 1.54% | 3,208,004 | $57.5M | Add +3.8% |
| SPGI S&P Global Inc. | 1.51% | 133,247 | $56.7M | Reduce -3.8% |
| MU Micron Technology Inc. | 1.51% | 478,078 | $56.4M | Reduce -6.2% |
| BIDU Baidu Inc. - Spon ADR | 1.49% | 529,597 | $55.8M | Add +16.5% |
| GOOG Alphabet Inc. Class C | 1.46% | 360,159 | $54.8M | Reduce -6.2% |
| ADBE Adobe Inc. | 1.44% | 106,877 | $53.9M | Add +0.5% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.43% | 3,170,250 | $53.7M | Add +12.1% |
| PAYC Paycom Software Inc. | 1.43% | 269,854 | $53.7M | Add +5.8% |
| ADSK Autodesk Inc. | 1.43% | 206,087 | $53.7M | Reduce -6.2% |
| FNV Franco-Nevada Corp. | 1.43% | 448,244 | $53.5M | Add +56.0% |
| V Visa Inc. Class A | 1.42% | 190,504 | $53.2M | Add +9.5% |
| MRK Merck & Co. Inc. | 1.40% | 395,782 | $52.5M | Reduce -6.2% |
| ORCL Oracle Corp. | 1.35% | 402,223 | $50.5M | Add +10.8% |
| PGR Progressive Corp. | 1.29% | 233,908 | $48.4M | Reduce -6.3% |
| CPA Copa Holdings SA Class A | 1.28% | 461,976 | $48.1M | Add +1.5% |
| ADI Analog Devices Inc. | 1.28% | 241,842 | $47.8M | Reduce -15.6% |
| IQV Iqvia Holdings Inc. | 1.23% | 182,799 | $46.2M | Reduce -4.2% |
| GIL Gildan Activewear Inc. | 1.15% | 1,156,159 | $43.2M | Reduce -1.6% |
| EA Electronic Arts Inc. | 1.15% | 323,401 | $42.9M | Reduce -3.3% |
| CX Cemex Sab-Spons ADR Part Cer | 1.12% | 4,670,054 | $42.1M | New |
| ALGN Align Technology Inc. | 1.10% | 126,061 | $41.3M | Add +25.7% |
| FAST Fastenal Co. | 1.08% | 523,547 | $40.4M | Reduce -6.2% |
| JNJ Johnson & Johnson | 1.05% | 249,612 | $39.5M | Reduce -6.3% |
| CME Cme Group Inc. | 1.03% | 179,999 | $38.8M | Reduce -6.3% |
| OPLN Openlane Inc. | 0.95% | 2,064,046 | $35.7M | Add +1.1% |
| LIN Linde PLC | 0.88% | 70,705 | $32.8M | Reduce -6.2% |
| DLTR Dollar Tree Inc. | 0.86% | 242,581 | $32.3M | Reduce -7.0% |
| LYB Lyondellbasell Indu Class A | 0.81% | 295,303 | $30.2M | Add +1.1% |
| MGA Magna International Inc. | 0.78% | 535,115 | $29.2M | Add +61.4% |
| BIO Bio-Rad Laboratories-A | 0.70% | 75,857 | $26.2M | New |
| SEE Sealed Air Corp. | 0.70% | 701,289 | $26.1M | Reduce -7.0% |
| TFX Teleflex Inc. | 0.68% | 113,021 | $25.6M | Reduce -3.5% |
| VNT Vontier Corp. | 0.68% | 560,622 | $25.4M | Reduce -36.8% |
| WFC Wells Fargo & Co. | 0.67% | 433,973 | $25.2M | Reduce -20.9% |
| BKR Baker Hughes Co. | 0.66% | 737,920 | $24.7M | Reduce -7.0% |
| ROG Rogers Corp. | 0.65% | 206,649 | $24.5M | Add +43.4% |
| RPRX Royalty Pharma PLC Class A | 0.64% | 792,407 | $24.1M | Reduce -7.0% |
| FCX Freeport-McMoran Inc. | 0.64% | 509,624 | $24.0M | Reduce -6.9% |
| CABO Cable One Inc. | 0.63% | 55,450 | $23.5M | Add +13.5% |
| HCSG Healthcare Services Group | 0.60% | 1,815,533 | $22.7M | Add +12.3% |
| YUMC Yum China Holdings Inc. | 0.59% | 558,515 | $22.2M | Add +9.0% |
| AZO AutoZone Inc. | 0.58% | 6,946 | $21.9M | Reduce -2.4% |
| HSIC Henry Schein Inc. | 0.58% | 288,170 | $21.8M | Reduce -7.0% |
| COKE Coca-Cola Consolidated Inc. | 0.57% | 25,428 | $21.5M | Reduce -27.1% |
| NEM Newmont Corp. | 0.57% | 598,036 | $21.4M | Reduce -7.0% |
| BAM Brookfield Asset Mgmt-A | 0.57% | 506,729 | $21.3M | Reduce -1.6% |
| UPS United Parcel Service Class B | 0.56% | 140,403 | $20.9M | Reduce -6.3% |
| AXTA Axalta Coating Systems Ltd. | 0.56% | 606,744 | $20.9M | Reduce -19.2% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.55% | 400,505 | $20.6M | New |
| WAB Wabtec Corp. | 0.54% | 138,559 | $20.2M | Reduce -17.8% |
| TDC Teradata Corp. | 0.54% | 518,944 | $20.1M | Reduce -7.0% |
| MRSH Marsh & McLennan Cos | 0.52% | 94,768 | $19.5M | Reduce -2.5% |
| ADM Archer-Daniels-Midland Co. | 0.52% | 309,007 | $19.4M | Add +48.1% |
| NVST Envista Holdings Corp. | 0.51% | 888,047 | $19.0M | Add +11.4% |
| DFIN Donnelley Financial Solution | 0.48% | 288,669 | $17.9M | Reduce -38.4% |
| FCN Fti Consulting Inc. | 0.42% | 75,514 | $15.9M | Reduce -19.9% |
| CNNE Cannae Holdings Inc. | 0.42% | 711,647 | $15.8M | Reduce -6.6% |
| BCE Bce Inc. | 0.42% | 449,539 | $15.6M | Reduce -1.6% |
| CHRW C.H. Robinson Worldwide Inc. | 0.41% | 198,035 | $15.2M | Add +42.1% |
| RCI Rogers Communications Inc. Class B | 0.40% | 366,559 | $15.2M | Reduce -1.6% |
| WY Weyerhaeuser Co. | 0.40% | 416,502 | $15.0M | Reduce -3.0% |
| LASR Nlight Inc. | 0.36% | 1,048,550 | $13.6M | Reduce -7.0% |
| KMX Carmax Inc. | 0.31% | 134,282 | $11.7M | Reduce -6.9% |
| VMEO Vimeo Inc. | 0.24% | 2,181,354 | $8.9M | Reduce -7.0% |
| MANU Manchester United PLC Class A | 0.20% | 528,185 | $7.4M | Reduce -27.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.20% | 54,010 | $7.4M | Add +18.1% |
| B Barrick Gold Corp. | 0.12% | 278,322 | $4.6M | Add +10.4% |
| INMD Inmode Ltd. | 0.07% | 115,874 | $2.5M | Add +38.1% |
Portfolio Sells Q4 2023 → Q1 2024
| FICO Fair Isaac Corp. | Sold out | 0.00% | −1.11 |
| VST Vistra Corp. | Sold out | 0.00% | −0.43 |
| MTB M & T Bank Corp. | Sold out | 0.00% | −0.43 |
| DFIN Donnelley Financial Solution | Reduce -38.4% | 0.48% | −0.34 |
| COKE Coca-Cola Consolidated Inc. | Reduce -27.1% | 0.57% | −0.33 |
| ADI Analog Devices Inc. | Reduce -15.6% | 1.28% | −0.32 |
| MANU Manchester United PLC Class A | Reduce -27.4% | 0.20% | −0.22 |
| SPGI S&P Global Inc. | Reduce -3.8% | 1.51% | −0.20 |
| VNT Vontier Corp. | Reduce -36.8% | 0.68% | −0.18 |
| DLTR Dollar Tree Inc. | Reduce -7.0% | 0.86% | −0.18 |
| NEM Newmont Corp. | Reduce -7.0% | 0.57% | −0.17 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.17 |
| AXTA Axalta Coating Systems Ltd. | Reduce -19.2% | 0.56% | −0.16 |
| TDC Teradata Corp. | Reduce -7.0% | 0.54% | −0.15 |
| EA Electronic Arts Inc. | Reduce -3.3% | 1.15% | −0.14 |
| TFX Teleflex Inc. | Reduce -3.5% | 0.68% | −0.14 |
| CME Cme Group Inc. | Reduce -6.3% | 1.03% | −0.13 |
| JNJ Johnson & Johnson | Reduce -6.3% | 1.05% | −0.12 |
| BKNG Booking Holdings Inc. | Reduce -4.4% | 1.57% | −0.12 |
| CNH CNH Industrial NV | Reduce -3.1% | 5.74% | −0.11 |
| UPS United Parcel Service Class B | Reduce -6.3% | 0.56% | −0.10 |
| FCN Fti Consulting Inc. | Reduce -19.9% | 0.42% | −0.10 |
| BKR Baker Hughes Co. | Reduce -7.0% | 0.66% | −0.10 |
| BCE Bce Inc. | Reduce -1.6% | 0.42% | −0.10 |
| RCI Rogers Communications Inc. Class B | Reduce -1.6% | 0.40% | −0.09 |
| WFC Wells Fargo & Co. | Reduce -20.9% | 0.67% | −0.09 |
| HSIC Henry Schein Inc. | Reduce -7.0% | 0.58% | −0.08 |
| SEE Sealed Air Corp. | Reduce -7.0% | 0.70% | −0.08 |
| ADSK Autodesk Inc. | Reduce -6.2% | 1.43% | −0.07 |
| TJX TJX Companies Inc. | Reduce -6.2% | 1.82% | −0.07 |
| CCEP Coca-Cola Europacific Partne | Reduce -2.0% | 2.74% | −0.07 |
| BN Brookfield Corp. | Reduce -1.6% | 2.27% | −0.07 |
| LASR Nlight Inc. | Reduce -7.0% | 0.36% | −0.06 |
| WAB Wabtec Corp. | Reduce -17.8% | 0.54% | −0.06 |
| GOOG Alphabet Inc. Class C | Reduce -6.2% | 1.46% | −0.06 |
| MKL Markel Group Inc. | Reduce -4.0% | 1.73% | −0.04 |
| RPRX Royalty Pharma PLC Class A | Reduce -7.0% | 0.64% | −0.03 |
| VMEO Vimeo Inc. | Reduce -7.0% | 0.24% | −0.02 |
| WY Weyerhaeuser Co. | Reduce -3.0% | 0.40% | −0.02 |
| BAM Brookfield Asset Mgmt-A | Reduce -1.6% | 0.57% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -6.9% | 0.64% | −0.01 |
| IQV Iqvia Holdings Inc. | Reduce -4.2% | 1.23% | −0.01 |
| KMX Carmax Inc. | Reduce -6.9% | 0.31% | +0.00 |
| MRSH Marsh & McLennan Cos | Reduce -2.5% | 0.52% | +0.00 |
| CNNE Cannae Holdings Inc. | Reduce -6.6% | 0.42% | +0.01 |
| LIN Linde PLC | Reduce -6.2% | 0.88% | +0.01 |
| TMO Thermo Fisher Scientific Inc. | Reduce -3.5% | 1.79% | +0.01 |
| MSFT Microsoft Corp. | Reduce -5.6% | 3.96% | +0.02 |
| GIL Gildan Activewear Inc. | Reduce -1.6% | 1.15% | +0.06 |
| FAST Fastenal Co. | Reduce -6.2% | 1.08% | +0.06 |
Portfolio Buys Q4 2023 → Q1 2024
| CX Cemex Sab-Spons ADR Part Cer | New | 1.12% | +1.12 |
| BIO Bio-Rad Laboratories-A | New | 0.70% | +0.70 |
| BNS Bank of Nova Scotia | Add +78.7% | 1.56% | +0.69 |
| AL Sumisho Air Lease Corp. | New | 0.55% | +0.55 |
| FNV Franco-Nevada Corp. | Add +56.0% | 1.43% | +0.53 |
| SCCO Southern Copper Corp. | Add +1.1% | 2.45% | +0.39 |
| ALGN Align Technology Inc. | Add +25.7% | 1.10% | +0.33 |
| ORCL Oracle Corp. | Add +10.8% | 1.35% | +0.27 |
| GOOGL Alphabet Inc. Class A | Add +6.7% | 2.72% | +0.24 |
| MGA Magna International Inc. | Add +61.4% | 0.78% | +0.23 |
| TRU Transunion | Add +0.4% | 1.58% | +0.16 |
| V Visa Inc. Class A | Add +9.5% | 1.42% | +0.15 |
| HCSG Healthcare Services Group | Add +12.3% | 0.60% | +0.13 |
| ROG Rogers Corp. | Add +43.4% | 0.65% | +0.12 |
| OPLN Openlane Inc. | Add +1.1% | 0.95% | +0.10 |
| ADM Archer-Daniels-Midland Co. | Add +48.1% | 0.52% | +0.10 |
| CHRW C.H. Robinson Worldwide Inc. | Add +42.1% | 0.41% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +18.1% | 0.20% | +0.06 |
| LYB Lyondellbasell Indu Class A | Add +1.1% | 0.81% | +0.03 |
| VIPS Vipshop Holdings Ltd. - ADR | Add +12.1% | 1.43% | +0.02 |
| INMD Inmode Ltd. | Add +38.1% | 0.07% | +0.01 |
| B Barrick Gold Corp. | Add +10.4% | 0.12% | −0.00 |
| YUMC Yum China Holdings Inc. | Add +9.0% | 0.59% | −0.02 |
| NVST Envista Holdings Corp. | Add +11.4% | 0.51% | −0.03 |
| BIDU Baidu Inc. - Spon ADR | Add +16.5% | 1.49% | −0.03 |
| PAYC Paycom Software Inc. | Add +5.8% | 1.43% | −0.05 |
| INFY Infosys Ltd.-SP ADR | Add +3.8% | 1.54% | −0.06 |
| CPA Copa Holdings SA Class A | Add +1.5% | 1.28% | −0.07 |
| CABO Cable One Inc. | Add +13.5% | 0.63% | −0.14 |
| ADBE Adobe Inc. | Add +0.5% | 1.44% | −0.34 |
| HDB HDFC Bank Ltd.-ADR | Add +2.5% | 2.97% | −0.68 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 74 | $2.5B | CNH, GOOGL, CCEP, AMZN, TIGO |
| Q1 2026 | 74 | $2.6B | CNH, AMZN, GOOGL, CCEP, SCCO |
| Q4 2025 | 77 | $2.6B | AMZN, CNH, GOOGL, CCEP, SCCO |
| Q3 2025 | 78 | $2.7B | CNH, AMZN, CCEP, MSFT, BN |
| Q2 2025 | 79 | $3.1B | CNH, AMZN, MSFT, CCEP, ELV |
| Q1 2025 | 81 | $3.3B | FLUT, CNH, AMZN, CCEP, ELV |
| Q4 2024 | 81 | $3.6B | FLUT, CNH, AMZN, GOOGL, META |
| Q3 2024 | 82 | $3.6B | FLUT, CNH, AMZN, MSFT, META |
| Q2 2024 | 82 | $3.2B | CNH, MSFT, GOOGL, META, CCEP |
| Q1 2024 | 86 | $3.7B | CNH, MSFT, META, HDB, CCEP |