Marathon Asset Management Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 6, 2025), Marathon Asset Management Ltd reported 81 stock positions worth $3.6 billion. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 13.3% of the portfolio, followed by CNH Industrial (CNH, 4.5%) and Amazon.com (AMZN, 3.7%). Compared with Q3 2024, it opened 2 new positions, sold out of 3, added to 8 and reduced 70. The biggest buy was a new position in Elevance Health (ELV) and the biggest sale an exit from Johnson & Johnson (JNJ).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$3.6B (Q4 2024)
SEC Filing
0001861026-25-000002 ↗ filed Feb 6, 2025

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 $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 81 stocks · $3.6B

FLUT Flutter Entertainment PLC-Di 13.31% 1,843,682 $476.5M Reduce -3.1%
CNH CNH Industrial NV 4.50% 14,213,795 $161.0M Reduce -4.2%
AMZN Amazon.com Inc. 3.66% 597,744 $131.1M Reduce -1.2%
GOOGL Alphabet Inc. Class A 2.98% 563,870 $106.7M Reduce -3.2%
META Meta Platforms Inc. Class A 2.92% 178,243 $104.4M Reduce -4.4%
MSFT Microsoft Corp. 2.79% 237,363 $100.0M Reduce -5.2%
CCEP Coca-Cola Europacific Partne 2.74% 1,275,961 $98.0M Reduce -3.1%
FISV Fiserv Inc. 2.67% 464,514 $95.4M Reduce -4.0%
BN Brookfield Corp. 2.62% 1,634,736 $93.9M Reduce -3.0%
ELV Elevance Health Inc. 2.34% 227,112 $83.8M New
SCCO Southern Copper Corp. 2.00% 784,938 $71.5M Reduce -0.5%
V Visa Inc. Class A 1.87% 211,792 $66.9M Add +8.8%
CNQ Canadian Natural Resources 1.76% 2,012,084 $62.9M Reduce -2.8%
TRU Transunion 1.70% 654,484 $60.7M Reduce -4.2%
BKNG Booking Holdings Inc. 1.69% 12,184 $60.5M Reduce -12.6%
MKL Markel Group Inc. 1.69% 34,955 $60.3M Reduce -4.4%
PAYC Paycom Software Inc. 1.66% 290,747 $59.6M Add +8.4%
MA Mastercard Inc. Class A 1.64% 111,275 $58.6M Reduce -4.2%
VIPS Vipshop Holdings Ltd. - ADR 1.63% 4,343,904 $58.5M Reduce -1.1%
ORCL Oracle Corp. 1.53% 329,567 $54.9M Reduce -4.5%
GOOG Alphabet Inc. Class C 1.39% 261,026 $49.7M Reduce -6.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.36% 908,915 $48.8M Reduce -3.1%
CP Canadian Pacific Kansas City 1.34% 660,673 $47.9M Reduce -3.0%
ADSK Autodesk Inc. 1.28% 155,154 $45.9M Reduce -6.1%
CPA Copa Holdings SA Class A 1.28% 521,402 $45.8M Add +1.3%
IBKR Interactive Brokers Gro Class A 1.28% 259,100 $45.8M Reduce -6.1%
MU Micron Technology Inc. 1.25% 530,010 $44.7M Reduce -6.1%
PGR Progressive Corp. 1.25% 186,270 $44.6M Reduce -6.1%
GIL Gildan Activewear Inc. 1.22% 930,419 $43.8M Reduce -3.0%
ALGN Align Technology Inc. 1.21% 207,816 $43.3M Add +34.2%
ADBE Adobe Inc. 1.19% 95,993 $42.7M Reduce -5.2%
CME Cme Group Inc. 1.19% 179,712 $42.7M Add +17.6%
FNV Franco-Nevada Corp. 1.18% 360,558 $42.3M Reduce -3.0%
CX Cemex Sab-Spons ADR Part Cer 1.15% 7,269,621 $41.0M Reduce -1.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 1.12% 331,031 $40.0M Reduce -6.2%
EA Electronic Arts Inc. 1.10% 268,291 $39.3M Reduce -3.9%
HDB HDFC Bank Ltd.-ADR 1.07% 598,251 $38.2M Add +3.1%
SPGI S&P Global Inc. 0.99% 71,081 $35.4M Reduce -21.4%
TMO Thermo Fisher Scientific Inc. 0.94% 64,593 $33.6M Reduce -4.0%
OPLN Openlane Inc. 0.90% 1,627,575 $32.3M Reduce -6.2%
MRK Merck & Co. Inc. 0.88% 315,232 $31.6M Reduce -6.2%
LAUR Laureate Education Inc. 0.87% 1,703,742 $31.2M Add +0.8%
IQV Iqvia Holdings Inc. 0.82% 149,793 $29.4M Reduce -4.6%
BAM Brookfield Asset Mgmt-A 0.62% 407,170 $22.1M Reduce -3.1%
BIO Bio-Rad Laboratories-A 0.62% 67,127 $22.1M Reduce -6.2%
LIN Linde PLC 0.58% 49,525 $20.7M Reduce -17.5%
NVST Envista Holdings Corp. 0.57% 1,066,303 $20.6M Reduce -6.2%
LYB Lyondellbasell Indu Class A 0.56% 272,211 $20.2M Reduce -1.8%
CABO Cable One Inc. 0.55% 54,702 $19.8M Reduce -6.3%
AZO AutoZone Inc. 0.54% 6,005 $19.2M Reduce -5.6%
BKR Baker Hughes Co. 0.52% 456,827 $18.7M Reduce -26.4%
SEE Sealed Air Corp. 0.52% 553,073 $18.7M Reduce -6.2%
RPRX Royalty Pharma PLC Class A 0.51% 715,170 $18.2M Reduce -6.2%
HSIC Henry Schein Inc. 0.51% 261,992 $18.1M Reduce -6.2%
MGA Magna International Inc. 0.50% 430,120 $18.0M Reduce -3.1%
TFX Teleflex Inc. 0.47% 93,534 $16.6M Reduce -4.0%
HCSG Healthcare Services Group 0.46% 1,431,456 $16.6M Reduce -6.2%
ROG Rogers Corp. 0.46% 162,846 $16.5M Reduce -6.3%
WAB Wabtec Corp. 0.46% 86,424 $16.4M Reduce -6.3%
CHRW C.H. Robinson Worldwide Inc. 0.45% 156,137 $16.2M Reduce -6.2%
WCC Wesco International Inc. 0.45% 88,398 $16.0M Reduce -6.2%
FCX Freeport-McMoran Inc. 0.44% 412,250 $15.7M Reduce -3.8%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.43% 315,857 $15.3M Reduce -6.3%
MTN Vail Resorts Inc. 0.42% 80,251 $15.2M Reduce -6.2%
COKE Coca-Cola Consolidated Inc. 0.41% 11,545 $14.5M Reduce -29.1%
AXTA Axalta Coating Systems Ltd. 0.40% 423,539 $14.5M Reduce -6.2%
ADM Archer-Daniels-Midland Co. 0.40% 284,468 $14.4M Reduce -6.2%
DLTR Dollar Tree Inc. 0.40% 191,258 $14.3M Reduce -6.2%
DFIN Donnelley Financial Solution 0.40% 227,641 $14.3M Reduce -6.2%
NEM Newmont Corp. 0.40% 383,305 $14.3M Reduce -23.8%
WSC Willscot Holdings Corp. 0.36% 390,378 $13.1M New
TDC Teradata Corp. 0.36% 408,873 $12.7M Reduce -6.3%
VNT Vontier Corp. 0.35% 347,108 $12.7M Reduce -6.3%
WFC Wells Fargo & Co. 0.33% 167,251 $11.7M Reduce -6.2%
FCN Fti Consulting Inc. 0.32% 59,552 $11.4M Reduce -6.2%
WY Weyerhaeuser Co. 0.30% 377,650 $10.6M Reduce -5.5%
TSM Taiwan Semiconductor-SP ADR 0.29% 52,253 $10.3M No change
LASR Nlight Inc. 0.24% 825,517 $8.7M Reduce -6.3%
KMX Carmax Inc. 0.24% 105,721 $8.6M Reduce -6.3%
B Barrick Gold Corp. 0.11% 255,155 $4.0M Reduce -2.4%
INMD Inmode Ltd. 0.09% 182,349 $3.0M Add +57.4%

Portfolio Sells Q3 2024 → Q4 2024

JNJ Johnson & Johnson Sold out 0.00% −0.72
SCCO Southern Copper Corp. Reduce -0.5% 2.00% −0.52
MU Micron Technology Inc. Reduce -6.1% 1.25% −0.37
NEM Newmont Corp. Reduce -23.8% 0.40% −0.34
SPGI S&P Global Inc. Reduce -21.4% 0.99% −0.30
TRU Transunion Reduce -4.2% 1.70% −0.28
CP Canadian Pacific Kansas City Reduce -3.0% 1.34% −0.28
VIPS Vipshop Holdings Ltd. - ADR Reduce -1.1% 1.63% −0.27
ADBE Adobe Inc. Reduce -5.2% 1.19% −0.26
LIN Linde PLC Reduce -17.5% 0.58% −0.21
TMO Thermo Fisher Scientific Inc. Reduce -4.0% 0.94% −0.21
IQV Iqvia Holdings Inc. Reduce -4.6% 0.82% −0.21
TFX Teleflex Inc. Reduce -4.0% 0.47% −0.20
COKE Coca-Cola Consolidated Inc. Reduce -29.1% 0.41% −0.19
MSFT Microsoft Corp. Reduce -5.2% 2.79% −0.18
MRK Merck & Co. Inc. Reduce -6.2% 0.88% −0.18
LYB Lyondellbasell Indu Class A Reduce -1.8% 0.56% −0.17
CNQ Canadian Natural Resources Reduce -2.8% 1.76% −0.17
FCX Freeport-McMoran Inc. Reduce -3.8% 0.44% −0.15
PGR Progressive Corp. Reduce -6.1% 1.25% −0.14
CCEP Coca-Cola Europacific Partne Reduce -3.1% 2.74% −0.13
ADM Archer-Daniels-Midland Co. Reduce -6.2% 0.40% −0.10
BKR Baker Hughes Co. Reduce -26.4% 0.52% −0.10
FNV Franco-Nevada Corp. Reduce -3.0% 1.18% −0.09
CX Cemex Sab-Spons ADR Part Cer Reduce -1.0% 1.15% −0.09
ORCL Oracle Corp. Reduce -4.5% 1.53% −0.09
RPRX Royalty Pharma PLC Class A Reduce -6.2% 0.51% −0.09
FCN Fti Consulting Inc. Reduce -6.2% 0.32% −0.08
ROG Rogers Corp. Reduce -6.3% 0.46% −0.08
WY Weyerhaeuser Co. Reduce -5.5% 0.30% −0.08
SEE Sealed Air Corp. Reduce -6.2% 0.52% −0.07
CHRW C.H. Robinson Worldwide Inc. Reduce -6.2% 0.45% −0.06
HSIC Henry Schein Inc. Reduce -6.2% 0.51% −0.06
BNS Bank of Nova Scotia Reduce -3.1% 1.36% −0.05
CNH CNH Industrial NV Reduce -4.2% 4.50% −0.05
AXTA Axalta Coating Systems Ltd. Reduce -6.2% 0.40% −0.05
NVST Envista Holdings Corp. Reduce -6.2% 0.57% −0.05
BIO Bio-Rad Laboratories-A Reduce -6.2% 0.62% −0.05
DFIN Donnelley Financial Solution Reduce -6.2% 0.40% −0.04
VMEO Vimeo Inc. Sold out 0.00% −0.04
META Meta Platforms Inc. Class A Reduce -4.4% 2.92% −0.03
B Barrick Gold Corp. Reduce -2.4% 0.11% −0.03
TJX TJX Companies Inc. Reduce -6.2% 1.12% −0.03
GIL Gildan Activewear Inc. Reduce -3.0% 1.22% −0.03
LASR Nlight Inc. Reduce -6.3% 0.24% −0.02
MANU Manchester United PLC Class A Sold out 0.00% −0.02
AZO AutoZone Inc. Reduce -5.6% 0.54% −0.02
CABO Cable One Inc. Reduce -6.3% 0.55% −0.01
TDC Teradata Corp. Reduce -6.3% 0.36% −0.01
EA Electronic Arts Inc. Reduce -3.9% 1.10% −0.01

Portfolio Buys Q3 2024 → Q4 2024

ELV Elevance Health Inc. New 2.34% +2.34
PAYC Paycom Software Inc. Add +8.4% 1.66% +0.43
V Visa Inc. Class A Add +8.8% 1.87% +0.39
WSC Willscot Holdings Corp. New 0.36% +0.36
CME Cme Group Inc. Add +17.6% 1.19% +0.26
ALGN Align Technology Inc. Add +34.2% 1.21% +0.12
LAUR Laureate Education Inc. Add +0.8% 0.87% +0.10
HDB HDFC Bank Ltd.-ADR Add +3.1% 1.07% +0.06
INMD Inmode Ltd. Add +57.4% 0.09% +0.03
CPA Copa Holdings SA Class A Add +1.3% 1.28% −0.05

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