Marathon Asset Management Ltd

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Marathon Asset Management Ltd reported 82 stock positions worth $3.2 billion. Its top holding was CNH Industrial (CNH) at 4.8% of the portfolio, followed by Microsoft (MSFT, 4.7%) and Alphabet Class A (GOOGL, 3.6%). Compared with Q1 2024, it opened 2 new positions, sold out of 6, added to 9 and reduced 70. The biggest buy was a new position in Interactive Brokers Gro Class A (IBKR) and the biggest sale HDFC Bank Ltd.-ADR (HDB, shares −71%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$3.2B (Q2 2024)
SEC Filing
0001861026-24-000007 ↗ filed Aug 14, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $3.7B Q1 2024 Q2 2024: $3.2B $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 Q2 2026

Holdings 82 stocks · $3.2B
CNH CNH Industrial NV 4.85% 15,282,229 $154.8M Reduce -7.9%
MSFT Microsoft Corp. 4.66% 333,002 $148.8M Reduce -5.6%
GOOGL Alphabet Inc. Class A 3.63% 635,618 $115.8M Reduce -5.8%
META Meta Platforms Inc. Class A 3.45% 218,204 $110.0M Reduce -5.6%
CCEP Coca-Cola Europacific Partne 3.06% 1,340,714 $97.7M Reduce -8.7%
SCCO Southern Copper Corp. 2.59% 766,235 $82.6M Reduce -11.2%
FISV Fiserv Inc. 2.47% 529,966 $79.0M Reduce -5.6%
CNQ Canadian Natural Resources 2.36% 2,092,278 $75.4M Reduce -15.5%
BN Brookfield Corp. 2.24% 1,720,676 $71.6M Reduce -15.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 2.18% 630,684 $69.4M Reduce -6.1%
ADBE Adobe Inc. 2.08% 119,784 $66.5M Add +12.1%
MKL Markel Group Inc. 1.98% 40,099 $63.2M Reduce -5.7%
MA Mastercard Inc. Class A 1.91% 137,268 $61.0M Reduce -5.2%
BKNG Booking Holdings Inc. 1.90% 15,315 $60.7M Reduce -5.7%
TMO Thermo Fisher Scientific Inc. 1.89% 108,984 $60.3M Reduce -5.5%
MU Micron Technology Inc. 1.85% 448,989 $59.1M Reduce -6.1%
GOOG Alphabet Inc. Class C 1.77% 307,450 $56.4M Reduce -14.6%
SPGI S&P Global Inc. 1.76% 125,777 $56.1M Reduce -5.6%
TRU Transunion 1.74% 749,280 $55.6M Add +0.7%
CP Canadian Pacific Kansas City 1.72% 695,346 $54.8M Reduce -15.3%
ORCL Oracle Corp. 1.68% 379,272 $53.6M Reduce -5.7%
V Visa Inc. Class A 1.56% 190,242 $49.9M Reduce -0.1%
VIPS Vipshop Holdings Ltd. - ADR 1.56% 3,820,053 $49.7M Add +20.5%
ADI Analog Devices Inc. 1.56% 217,648 $49.7M Reduce -10.0%
CPA Copa Holdings SA Class A 1.51% 506,155 $48.2M Add +9.6%
ADSK Autodesk Inc. 1.50% 193,493 $47.9M Reduce -6.1%
MRK Merck & Co. Inc. 1.45% 371,530 $46.3M Reduce -6.1%
PGR Progressive Corp. 1.43% 219,660 $45.6M Reduce -6.1%
FNV Franco-Nevada Corp. 1.41% 379,556 $45.0M Reduce -15.3%
CX Cemex Sab-Spons ADR Part Cer 1.38% 6,916,952 $44.2M Add +48.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.37% 956,772 $43.8M Reduce -15.3%
EA Electronic Arts Inc. 1.33% 305,447 $42.6M Reduce -5.5%
PAYC Paycom Software Inc. 1.32% 294,252 $42.1M Add +9.0%
HDB HDFC Bank Ltd.-ADR 1.18% 584,293 $37.6M Reduce -70.6%
IBKR Interactive Brokers Gro Class A 1.17% 304,977 $37.4M New
GIL Gildan Activewear Inc. 1.16% 979,474 $37.1M Reduce -15.3%
ALGN Align Technology Inc. 1.15% 152,093 $36.7M Add +20.6%
IQV Iqvia Holdings Inc. 1.14% 172,370 $36.4M Reduce -5.7%
JNJ Johnson & Johnson 1.07% 234,335 $34.2M Reduce -6.1%
CME Cme Group Inc. 1.04% 168,999 $33.2M Reduce -6.1%
OPLN Openlane Inc. 1.01% 1,936,969 $32.1M Reduce -6.2%
LIN Linde PLC 0.91% 66,395 $29.1M Reduce -6.1%
LYB Lyondellbasell Indu Class A 0.84% 279,132 $26.7M Reduce -5.5%
LAUR Laureate Education Inc. 0.78% 1,662,818 $24.8M New
BKR Baker Hughes Co. 0.76% 692,394 $24.4M Reduce -6.2%
DLTR Dollar Tree Inc. 0.76% 227,689 $24.3M Reduce -6.1%
WFC Wells Fargo & Co. 0.76% 407,298 $24.2M Reduce -6.2%
FCX Freeport-McMoran Inc. 0.74% 485,725 $23.6M Reduce -4.7%
NEM Newmont Corp. 0.74% 561,184 $23.5M Reduce -6.2%
ROG Rogers Corp. 0.73% 193,958 $23.4M Reduce -6.1%
CABO Cable One Inc. 0.72% 65,110 $23.0M Add +17.4%
SEE Sealed Air Corp. 0.72% 658,075 $22.9M Reduce -6.2%
TFX Teleflex Inc. 0.70% 106,722 $22.4M Reduce -5.6%
COKE Coca-Cola Consolidated Inc. 0.62% 18,180 $19.7M Reduce -28.5%
RPRX Royalty Pharma PLC Class A 0.61% 743,727 $19.6M Reduce -6.1%
AXTA Axalta Coating Systems Ltd. 0.61% 569,314 $19.5M Reduce -6.2%
BIO Bio-Rad Laboratories-A 0.61% 71,193 $19.4M Reduce -6.2%
AZO AutoZone Inc. 0.60% 6,477 $19.2M Reduce -6.8%
MGA Magna International Inc. 0.59% 452,774 $19.0M Reduce -15.4%
NVST Envista Holdings Corp. 0.58% 1,109,897 $18.5M Add +25.0%
HCSG Healthcare Services Group 0.56% 1,703,543 $18.0M Reduce -6.2%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.56% 375,940 $17.9M Reduce -6.1%
ADM Archer-Daniels-Midland Co. 0.55% 289,978 $17.5M Reduce -6.2%
HSIC Henry Schein Inc. 0.54% 270,461 $17.3M Reduce -6.2%
TDC Teradata Corp. 0.53% 486,735 $16.8M Reduce -6.2%
CHRW C.H. Robinson Worldwide Inc. 0.52% 185,821 $16.5M Reduce -6.2%
BAM Brookfield Asset Mgmt-A 0.51% 428,610 $16.3M Reduce -15.4%
WAB Wabtec Corp. 0.51% 102,874 $16.3M Reduce -25.8%
DFIN Donnelley Financial Solution 0.51% 270,915 $16.2M Reduce -6.2%
VNT Vontier Corp. 0.49% 413,170 $15.8M Reduce -26.3%
FCN Fti Consulting Inc. 0.48% 70,870 $15.3M Reduce -6.2%
CNNE Cannae Holdings Inc. 0.38% 668,278 $12.1M Reduce -6.1%
WY Weyerhaeuser Co. 0.36% 399,989 $11.4M Reduce -4.0%
LASR Nlight Inc. 0.34% 983,153 $10.7M Reduce -6.2%
KMX Carmax Inc. 0.29% 125,892 $9.2M Reduce -6.3%
TSM Taiwan Semiconductor-SP ADR 0.29% 52,253 $9.1M Reduce -3.3%
MANU Manchester United PLC Class A 0.26% 516,051 $8.3M Reduce -2.3%
VMEO Vimeo Inc. 0.24% 2,045,601 $7.6M Reduce -6.2%
BCE Bce Inc. 0.24% 223,023 $7.5M Reduce -50.4%
RCI Rogers Communications Inc. Class B 0.21% 174,066 $6.6M Reduce -52.5%
B Barrick Gold Corp. 0.14% 264,441 $4.4M Reduce -5.0%
INMD Inmode Ltd. 0.07% 115,874 $2.1M No change

Portfolio Sells Q1 2024 → Q2 2024
HDB HDFC Bank Ltd.-ADR Reduce -70.6% 1.18% −1.79
INFY Infosys Ltd.-SP ADR Sold out 0.00% −1.54
BIDU Baidu Inc. - Spon ADR Sold out 0.00% −1.49
FAST Fastenal Co. Sold out 0.00% −1.08
CNH CNH Industrial NV Reduce -7.9% 4.85% −0.89
YUMC Yum China Holdings Inc. Sold out 0.00% −0.59
UPS United Parcel Service Class B Sold out 0.00% −0.56
MRSH Marsh & McLennan Cos Sold out 0.00% −0.52
CP Canadian Pacific Kansas City Reduce -15.3% 1.72% −0.22
RCI Rogers Communications Inc. Class B Reduce -52.5% 0.21% −0.20
BNS Bank of Nova Scotia Reduce -15.3% 1.37% −0.19
CNQ Canadian Natural Resources Reduce -15.5% 2.36% −0.19
MGA Magna International Inc. Reduce -15.4% 0.59% −0.18
VNT Vontier Corp. Reduce -26.3% 0.49% −0.18
BCE Bce Inc. Reduce -50.4% 0.24% −0.18
DLTR Dollar Tree Inc. Reduce -6.1% 0.76% −0.10
IQV Iqvia Holdings Inc. Reduce -5.7% 1.14% −0.09
BIO Bio-Rad Laboratories-A Reduce -6.2% 0.61% −0.09
BAM Brookfield Asset Mgmt-A Reduce -15.4% 0.51% −0.06
WY Weyerhaeuser Co. Reduce -4.0% 0.36% −0.04
CNNE Cannae Holdings Inc. Reduce -6.1% 0.38% −0.04
HCSG Healthcare Services Group Reduce -6.2% 0.56% −0.04
HSIC Henry Schein Inc. Reduce -6.2% 0.54% −0.04
BN Brookfield Corp. Reduce -15.3% 2.24% −0.03
WAB Wabtec Corp. Reduce -25.8% 0.51% −0.03
RPRX Royalty Pharma PLC Class A Reduce -6.1% 0.61% −0.03
LASR Nlight Inc. Reduce -6.2% 0.34% −0.03
KMX Carmax Inc. Reduce -6.3% 0.29% −0.02
FNV Franco-Nevada Corp. Reduce -15.3% 1.41% −0.02
TDC Teradata Corp. Reduce -6.2% 0.53% −0.01
VMEO Vimeo Inc. Reduce -6.2% 0.24% +0.00
CME Cme Group Inc. Reduce -6.1% 1.04% +0.01
GIL Gildan Activewear Inc. Reduce -15.3% 1.16% +0.01
AL Sumisho Air Lease Corp. Reduce -6.1% 0.56% +0.01
B Barrick Gold Corp. Reduce -5.0% 0.14% +0.01
AZO AutoZone Inc. Reduce -6.8% 0.60% +0.02
JNJ Johnson & Johnson Reduce -6.1% 1.07% +0.02
SEE Sealed Air Corp. Reduce -6.2% 0.72% +0.02
TFX Teleflex Inc. Reduce -5.6% 0.70% +0.02
DFIN Donnelley Financial Solution Reduce -6.2% 0.51% +0.03
LYB Lyondellbasell Indu Class A Reduce -5.5% 0.84% +0.03
ADM Archer-Daniels-Midland Co. Reduce -6.2% 0.55% +0.03
LIN Linde PLC Reduce -6.1% 0.91% +0.04
COKE Coca-Cola Consolidated Inc. Reduce -28.5% 0.62% +0.04
MRK Merck & Co. Inc. Reduce -6.1% 1.45% +0.05
MA Mastercard Inc. Class A Reduce -5.2% 1.91% +0.05
AXTA Axalta Coating Systems Ltd. Reduce -6.2% 0.61% +0.05
OPLN Openlane Inc. Reduce -6.2% 1.01% +0.05
FCN Fti Consulting Inc. Reduce -6.2% 0.48% +0.05
MANU Manchester United PLC Class A Reduce -2.3% 0.26% +0.06

Portfolio Buys Q1 2024 → Q2 2024
IBKR Interactive Brokers Gro Class A New 1.17% +1.17
LAUR Laureate Education Inc. New 0.78% +0.78
ADBE Adobe Inc. Add +12.1% 2.08% +0.65
CX Cemex Sab-Spons ADR Part Cer Add +48.1% 1.38% +0.26
CPA Copa Holdings SA Class A Add +9.6% 1.51% +0.22
TRU Transunion Add +0.7% 1.74% +0.16
VIPS Vipshop Holdings Ltd. - ADR Add +20.5% 1.56% +0.12
CABO Cable One Inc. Add +17.4% 0.72% +0.10
NVST Envista Holdings Corp. Add +25.0% 0.58% +0.07
ALGN Align Technology Inc. Add +20.6% 1.15% +0.05
PAYC Paycom Software Inc. Add +9.0% 1.32% −0.12

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