Marathon Asset Management Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 17, 2024), Marathon Asset Management Ltd reported 82 stock positions worth $3.6 billion. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 12.5% of the portfolio, followed by CNH Industrial (CNH, 4.5%) and Amazon.com (AMZN, 3.1%). Compared with Q2 2024, it opened 4 new positions, sold out of 4, added to 13 and reduced 63. The biggest buy was a new position in Flutter Entertainment PLC-Di (FLUT) and the biggest sale Microsoft (MSFT, shares −25%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$3.6B (Q3 2024)
SEC Filing
0001861026-24-000012 ↗ filed Oct 17, 2024

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 $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 · $3.6B
FLUT Flutter Entertainment PLC-Di 12.48% 1,903,369 $451.6M New
CNH CNH Industrial NV 4.55% 14,831,149 $164.6M Reduce -3.0%
AMZN Amazon.com Inc. 3.11% 604,952 $112.6M New
MSFT Microsoft Corp. 2.98% 250,306 $107.7M Reduce -24.8%
META Meta Platforms Inc. Class A 2.95% 186,473 $106.7M Reduce -14.5%
CCEP Coca-Cola Europacific Partne 2.86% 1,316,699 $103.7M Reduce -1.8%
GOOGL Alphabet Inc. Class A 2.67% 582,339 $96.6M Reduce -8.4%
SCCO Southern Copper Corp. 2.52% 788,672 $91.2M Add +2.9%
BN Brookfield Corp. 2.48% 1,686,185 $89.7M Reduce -2.0%
FISV Fiserv Inc. 2.40% 483,853 $86.9M Reduce -8.7%
TRU Transunion 1.98% 683,452 $71.6M Reduce -8.8%
CNQ Canadian Natural Resources 1.92% 2,069,882 $69.6M Reduce -1.1%
VIPS Vipshop Holdings Ltd. - ADR 1.91% 4,390,922 $69.1M Add +14.9%
ORCL Oracle Corp. 1.63% 345,290 $58.8M Reduce -9.0%
BKNG Booking Holdings Inc. 1.62% 13,942 $58.7M Reduce -9.0%
MU Micron Technology Inc. 1.62% 564,684 $58.6M Add +25.8%
CP Canadian Pacific Kansas City 1.61% 681,401 $58.4M Reduce -2.0%
MA Mastercard Inc. Class A 1.59% 116,137 $57.4M Reduce -15.4%
MKL Markel Group Inc. 1.58% 36,559 $57.3M Reduce -8.8%
V Visa Inc. Class A 1.48% 194,721 $53.5M Add +2.4%
ADBE Adobe Inc. 1.45% 101,228 $52.4M Reduce -15.5%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.41% 937,577 $51.2M Reduce -2.0%
PGR Progressive Corp. 1.39% 198,455 $50.4M Reduce -9.7%
CPA Copa Holdings SA Class A 1.33% 514,679 $48.3M Add +1.7%
SPGI S&P Global Inc. 1.29% 90,433 $46.7M Reduce -28.1%
GOOG Alphabet Inc. Class C 1.28% 278,055 $46.5M Reduce -9.6%
FNV Franco-Nevada Corp. 1.28% 371,915 $46.2M Reduce -2.0%
ADSK Autodesk Inc. 1.26% 165,304 $45.5M Reduce -14.6%
GIL Gildan Activewear Inc. 1.25% 959,701 $45.2M Reduce -2.0%
CX Cemex Sab-Spons ADR Part Cer 1.24% 7,343,309 $44.8M Add +6.2%
PAYC Paycom Software Inc. 1.23% 268,139 $44.7M Reduce -8.9%
TMO Thermo Fisher Scientific Inc. 1.15% 67,259 $41.6M Reduce -38.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.15% 352,708 $41.5M Reduce -44.1%
EA Electronic Arts Inc. 1.11% 279,126 $40.0M Reduce -8.6%
ALGN Align Technology Inc. 1.09% 154,869 $39.4M Add +1.8%
IBKR Interactive Brokers Gro Class A 1.06% 275,856 $38.4M Reduce -9.6%
MRK Merck & Co. Inc. 1.06% 336,003 $38.4M Reduce -9.6%
IQV Iqvia Holdings Inc. 1.03% 156,984 $37.2M Reduce -8.9%
HDB HDFC Bank Ltd.-ADR 1.00% 580,359 $36.3M Reduce -0.7%
CME Cme Group Inc. 0.93% 152,799 $33.7M Reduce -9.6%
OPLN Openlane Inc. 0.81% 1,735,875 $29.3M Reduce -10.4%
LIN Linde PLC 0.79% 60,024 $28.6M Reduce -9.6%
LAUR Laureate Education Inc. 0.78% 1,689,632 $28.1M Add +1.6%
NEM Newmont Corp. 0.74% 502,941 $26.9M Reduce -10.4%
LYB Lyondellbasell Indu Class A 0.73% 277,106 $26.6M Reduce -0.7%
JNJ Johnson & Johnson 0.72% 161,854 $26.2M Reduce -30.9%
TFX Teleflex Inc. 0.67% 97,439 $24.1M Reduce -8.7%
BIO Bio-Rad Laboratories-A 0.66% 71,537 $23.9M Add +0.5%
NVST Envista Holdings Corp. 0.62% 1,136,350 $22.5M Add +2.4%
BKR Baker Hughes Co. 0.62% 620,568 $22.4M Reduce -10.4%
RPRX Royalty Pharma PLC Class A 0.60% 762,151 $21.6M Add +2.5%
COKE Coca-Cola Consolidated Inc. 0.59% 16,296 $21.5M Reduce -10.4%
SEE Sealed Air Corp. 0.59% 589,812 $21.4M Reduce -10.4%
FCX Freeport-McMoran Inc. 0.59% 428,340 $21.4M Reduce -11.8%
CABO Cable One Inc. 0.56% 58,351 $20.4M Reduce -10.4%
HSIC Henry Schein Inc. 0.56% 279,203 $20.4M Add +3.2%
AZO AutoZone Inc. 0.55% 6,364 $20.0M Reduce -1.7%
BAM Brookfield Asset Mgmt-A 0.55% 420,232 $19.9M Reduce -1.9%
ROG Rogers Corp. 0.54% 173,694 $19.6M Reduce -10.4%
CHRW C.H. Robinson Worldwide Inc. 0.51% 166,530 $18.5M Reduce -10.4%
MGA Magna International Inc. 0.50% 443,695 $18.2M Reduce -2.0%
ADM Archer-Daniels-Midland Co. 0.50% 303,155 $18.1M Add +4.5%
HCSG Healthcare Services Group 0.47% 1,526,695 $17.1M Reduce -10.4%
WAB Wabtec Corp. 0.46% 92,190 $16.8M Reduce -10.4%
AXTA Axalta Coating Systems Ltd. 0.45% 451,362 $16.3M Reduce -20.7%
DFIN Donnelley Financial Solution 0.44% 242,792 $16.0M Reduce -10.4%
WCC Wesco International Inc. 0.44% 94,221 $15.8M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.42% 336,908 $15.3M Reduce -10.4%
MTN Vail Resorts Inc. 0.41% 85,538 $14.9M New
FCN Fti Consulting Inc. 0.40% 63,514 $14.5M Reduce -10.4%
DLTR Dollar Tree Inc. 0.40% 203,918 $14.3M Reduce -10.4%
WY Weyerhaeuser Co. 0.37% 399,795 $13.5M Reduce -0.1%
TDC Teradata Corp. 0.37% 436,324 $13.2M Reduce -10.4%
VNT Vontier Corp. 0.35% 370,271 $12.5M Reduce -10.4%
WFC Wells Fargo & Co. 0.28% 178,238 $10.1M Reduce -56.2%
LASR Nlight Inc. 0.26% 881,144 $9.4M Reduce -10.4%
TSM Taiwan Semiconductor-SP ADR 0.25% 52,253 $9.1M No change
KMX Carmax Inc. 0.24% 112,845 $8.7M Reduce -10.4%
B Barrick Gold Corp. 0.14% 261,398 $5.2M Reduce -1.1%
INMD Inmode Ltd. 0.05% 115,874 $2.0M No change
VMEO Vimeo Inc. 0.04% 303,173 $1.5M Reduce -85.2%
MANU Manchester United PLC Class A 0.02% 40,104 $649K Reduce -92.2%

Portfolio Sells Q2 2024 → Q3 2024
MSFT Microsoft Corp. Reduce -24.8% 2.98% −1.69
ADI Analog Devices Inc. Sold out 0.00% −1.56
TJX TJX Companies Inc. Reduce -44.1% 1.15% −1.03
GOOGL Alphabet Inc. Class A Reduce -8.4% 2.67% −0.96
TMO Thermo Fisher Scientific Inc. Reduce -38.3% 1.15% −0.74
ADBE Adobe Inc. Reduce -15.5% 1.45% −0.64
META Meta Platforms Inc. Class A Reduce -14.5% 2.95% −0.50
GOOG Alphabet Inc. Class C Reduce -9.6% 1.28% −0.48
WFC Wells Fargo & Co. Reduce -56.2% 0.28% −0.48
SPGI S&P Global Inc. Reduce -28.1% 1.29% −0.47
CNQ Canadian Natural Resources Reduce -1.1% 1.92% −0.44
MKL Markel Group Inc. Reduce -8.8% 1.58% −0.39
MRK Merck & Co. Inc. Reduce -9.6% 1.06% −0.39
CNNE Cannae Holdings Inc. Sold out 0.00% −0.38
DLTR Dollar Tree Inc. Reduce -10.4% 0.40% −0.37
JNJ Johnson & Johnson Reduce -30.9% 0.72% −0.35
MA Mastercard Inc. Class A Reduce -15.4% 1.59% −0.32
CNH CNH Industrial NV Reduce -3.0% 4.55% −0.30
BKNG Booking Holdings Inc. Reduce -9.0% 1.62% −0.28
MANU Manchester United PLC Class A Reduce -92.2% 0.02% −0.24
ADSK Autodesk Inc. Reduce -14.6% 1.26% −0.24
BCE Bce Inc. Sold out 0.00% −0.24
EA Electronic Arts Inc. Reduce -8.6% 1.11% −0.23
RCI Rogers Communications Inc. Class B Sold out 0.00% −0.21
OPLN Openlane Inc. Reduce -10.4% 0.81% −0.20
VMEO Vimeo Inc. Reduce -85.2% 0.04% −0.20
CCEP Coca-Cola Europacific Partne Reduce -1.8% 2.86% −0.20
ROG Rogers Corp. Reduce -10.4% 0.54% −0.19
HDB HDFC Bank Ltd.-ADR Reduce -0.7% 1.00% −0.17
TDC Teradata Corp. Reduce -10.4% 0.37% −0.16
AXTA Axalta Coating Systems Ltd. Reduce -20.7% 0.45% −0.16
CABO Cable One Inc. Reduce -10.4% 0.56% −0.16
VNT Vontier Corp. Reduce -10.4% 0.35% −0.15
FCX Freeport-McMoran Inc. Reduce -11.8% 0.59% −0.15
BKR Baker Hughes Co. Reduce -10.4% 0.62% −0.14
AL Sumisho Air Lease Corp. Reduce -10.4% 0.42% −0.14
FNV Franco-Nevada Corp. Reduce -2.0% 1.28% −0.13
SEE Sealed Air Corp. Reduce -10.4% 0.59% −0.13
LIN Linde PLC Reduce -9.6% 0.79% −0.12
IQV Iqvia Holdings Inc. Reduce -8.9% 1.03% −0.11
CME Cme Group Inc. Reduce -9.6% 0.93% −0.11
IBKR Interactive Brokers Gro Class A Reduce -9.6% 1.06% −0.11
CP Canadian Pacific Kansas City Reduce -2.0% 1.61% −0.10
LYB Lyondellbasell Indu Class A Reduce -0.7% 0.73% −0.10
HCSG Healthcare Services Group Reduce -10.4% 0.47% −0.09
MGA Magna International Inc. Reduce -2.0% 0.50% −0.09
PAYC Paycom Software Inc. Reduce -8.9% 1.23% −0.08
FCN Fti Consulting Inc. Reduce -10.4% 0.40% −0.08
LASR Nlight Inc. Reduce -10.4% 0.26% −0.08
FISV Fiserv Inc. Reduce -8.7% 2.40% −0.07

Portfolio Buys Q2 2024 → Q3 2024
FLUT Flutter Entertainment PLC-Di New 12.48% +12.48
AMZN Amazon.com Inc. New 3.11% +3.11
WCC Wesco International Inc. New 0.44% +0.44
MTN Vail Resorts Inc. New 0.41% +0.41
VIPS Vipshop Holdings Ltd. - ADR Add +14.9% 1.91% +0.35
BIO Bio-Rad Laboratories-A Add +0.5% 0.66% +0.05
NVST Envista Holdings Corp. Add +2.4% 0.62% +0.04
HSIC Henry Schein Inc. Add +3.2% 0.56% +0.02
LAUR Laureate Education Inc. Add +1.6% 0.78% −0.00
RPRX Royalty Pharma PLC Class A Add +2.5% 0.60% −0.02
ADM Archer-Daniels-Midland Co. Add +4.5% 0.50% −0.05
ALGN Align Technology Inc. Add +1.8% 1.09% −0.06
SCCO Southern Copper Corp. Add +2.9% 2.52% −0.07
V Visa Inc. Class A Add +2.4% 1.48% −0.09
CX Cemex Sab-Spons ADR Part Cer Add +6.2% 1.24% −0.15
CPA Copa Holdings SA Class A Add +1.7% 1.33% −0.17
MU Micron Technology Inc. Add +25.8% 1.62% −0.23

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