Marathon Asset Management Ltd

Name: Marathon Asset Management Ltd 13F holdings, Q1 2025
Creator: Marathon Asset Management Ltd
Published: 2025-04-24

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 24, 2025), Marathon Asset Management Ltd reported 81 stock positions worth $3.3 billion. Its top holding was Flutter Entertainment PLC-Di (FLUT) at 12.0% of the portfolio, followed by CNH Industrial (CNH, 5.2%) and Amazon.com (AMZN, 3.4%). Compared with Q4 2024, it opened 2 new positions, sold out of 2, added to 10 and reduced 68. The biggest buy was a new position in Tencent Music Entertainm-ADR (TME) and the biggest sale Flutter Entertainment PLC-Di (FLUT, shares −4%).

Most Recent 13F: Q2 2026
Location: London, X0
CIK: 0001861026
Portfolio Value: $3.3B (Q1 2025)
SEC Filing: 0001861026-25-000006 ↗ filed Apr 24, 2025

Holdings Value

Holdings 81 stocks · $3.3B


FLUT Flutter Entertainment PLC-Di	11.98%	1,768,835	$391.9M	Reduce -4.1%
CNH CNH Industrial NV	5.16%	13,748,264	$168.8M	Reduce -3.3%
AMZN Amazon.com Inc.	3.43%	591,042	$112.2M	Reduce -1.1%
CCEP Coca-Cola Europacific Partne	3.27%	1,229,904	$107.0M	Reduce -3.6%
ELV Elevance Health Inc.	3.20%	240,582	$104.6M	Add +5.9%
FISV Fiserv Inc.	2.87%	424,840	$93.8M	Reduce -8.5%
META Meta Platforms Inc. Class A	2.71%	153,671	$88.6M	Reduce -13.8%
MSFT Microsoft Corp.	2.67%	232,793	$87.4M	Reduce -1.9%
BN Brookfield Corp.	2.55%	1,595,107	$83.5M	Reduce -2.4%
GOOGL Alphabet Inc. Class A	2.46%	519,800	$80.4M	Reduce -7.8%
SCCO Southern Copper Corp.	2.15%	753,499	$70.4M	Reduce -4.0%
VIPS Vipshop Holdings Ltd. - ADR	1.98%	4,141,135	$64.9M	Reduce -4.7%
V Visa Inc. Class A	1.98%	184,927	$64.8M	Reduce -12.7%
MKL Markel Group Inc.	1.89%	33,040	$61.8M	Reduce -5.5%
CNQ Canadian Natural Resources	1.85%	1,941,071	$60.5M	Reduce -3.5%
TRU Transunion	1.78%	702,831	$58.3M	Add +7.4%
PAYC Paycom Software Inc.	1.77%	264,976	$57.9M	Reduce -8.9%
FNV Franco-Nevada Corp.	1.69%	351,677	$55.3M	Reduce -2.5%
MA Mastercard Inc. Class A	1.61%	96,404	$52.7M	Reduce -13.4%
PGR Progressive Corp.	1.45%	167,794	$47.5M	Reduce -9.9%
TME Tencent Music Entertainm-ADR	1.44%	3,276,573	$47.2M	New
NVDA Nvidia Corp.	1.42%	428,535	$46.5M	New
CPA Copa Holdings SA Class A	1.39%	493,207	$45.6M	Reduce -5.4%
CP Canadian Pacific Kansas City	1.38%	644,340	$45.3M	Reduce -2.5%
ORCL Oracle Corp.	1.36%	319,122	$44.6M	Reduce -3.2%
CME Cme Group Inc.	1.31%	161,614	$42.9M	Reduce -10.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	1.29%	886,594	$42.1M	Reduce -2.5%
MU Micron Technology Inc.	1.27%	476,465	$41.5M	Reduce -10.1%
GIL Gildan Activewear Inc.	1.23%	907,258	$40.3M	Reduce -2.5%
CX Cemex Sab-Spons ADR Part Cer	1.17%	6,800,995	$38.2M	Reduce -6.5%
LAUR Laureate Education Inc.	1.14%	1,816,234	$37.1M	Add +6.6%
GOOG Alphabet Inc. Class C	1.12%	235,053	$36.7M	Reduce -9.9%
HDB HDFC Bank Ltd.-ADR	1.12%	550,623	$36.6M	Reduce -8.0%
ADSK Autodesk Inc.	1.12%	139,500	$36.5M	Reduce -10.1%
EA Electronic Arts Inc.	1.09%	245,681	$35.5M	Reduce -8.4%
TMO Thermo Fisher Scientific Inc.	1.04%	68,635	$34.2M	Add +6.3%
ADBE Adobe Inc.	1.02%	87,306	$33.5M	Reduce -9.1%
ALGN Align Technology Inc.	0.93%	191,714	$30.5M	Reduce -7.8%
IBKR Interactive Brokers Gro Class A	0.92%	182,538	$30.2M	Reduce -29.6%
IQV Iqvia Holdings Inc.	0.92%	171,407	$30.2M	Add +14.4%
SPGI S&P Global Inc.	0.90%	57,796	$29.4M	Reduce -18.7%
OPLN Openlane Inc.	0.87%	1,470,640	$28.4M	Reduce -9.6%
BKNG Booking Holdings Inc.	0.83%	5,896	$27.2M	Reduce -51.6%
MRK Merck & Co. Inc.	0.78%	283,481	$25.7M	Reduce -10.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.65%	174,457	$21.2M	Reduce -47.3%
RPRX Royalty Pharma PLC Class A	0.61%	646,246	$20.1M	Reduce -9.6%
BAM Brookfield Asset Mgmt-A	0.59%	397,477	$19.2M	Reduce -2.4%
LYB Lyondellbasell Indu Class A	0.59%	272,046	$19.2M	Reduce -0.1%
NEM Newmont Corp.	0.51%	346,150	$16.7M	Reduce -9.7%
NVST Envista Holdings Corp.	0.51%	963,584	$16.6M	Reduce -9.6%
HSIC Henry Schein Inc.	0.50%	236,745	$16.2M	Reduce -9.6%
BKR Baker Hughes Co.	0.49%	365,565	$16.1M	Reduce -20.0%
DLTR Dollar Tree Inc.	0.45%	197,723	$14.8M	Add +3.4%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP	0.45%	305,474	$14.8M	Reduce -3.3%
BIO Bio-Rad Laboratories-A	0.45%	60,655	$14.8M	Reduce -9.6%
CABO Cable One Inc.	0.45%	55,521	$14.8M	Add +1.5%
CHRW C.H. Robinson Worldwide Inc.	0.44%	141,087	$14.5M	Reduce -9.6%
SEE Sealed Air Corp.	0.44%	500,528	$14.5M	Reduce -9.5%
MGA Magna International Inc.	0.44%	419,584	$14.3M	Reduce -2.5%
ADM Archer-Daniels-Midland Co.	0.43%	296,408	$14.2M	Add +4.2%
FCX Freeport-McMoran Inc.	0.43%	368,180	$13.9M	Reduce -10.7%
HCSG Healthcare Services Group	0.40%	1,293,415	$13.0M	Reduce -9.6%
MTN Vail Resorts Inc.	0.40%	80,208	$13.0M	Reduce -0.1%
AXTA Axalta Coating Systems Ltd.	0.39%	382,720	$12.7M	Reduce -9.6%
WCC Wesco International Inc.	0.38%	79,223	$12.3M	Reduce -10.4%
WAB Wabtec Corp.	0.37%	66,874	$12.1M	Reduce -22.6%
COKE Coca-Cola Consolidated Inc.	0.36%	8,774	$11.8M	Reduce -24.0%
TFX Teleflex Inc.	0.36%	85,552	$11.8M	Reduce -8.5%
WFC Wells Fargo & Co.	0.33%	151,131	$10.8M	Reduce -9.6%
WSC Willscot Holdings Corp.	0.33%	390,060	$10.8M	Reduce -0.1%
KMX Carmax Inc.	0.32%	133,806	$10.4M	Add +26.6%
VNT Vontier Corp.	0.31%	313,221	$10.3M	Reduce -9.8%
ROG Rogers Corp.	0.30%	147,138	$9.9M	Reduce -9.7%
WY Weyerhaeuser Co.	0.30%	337,797	$9.9M	Reduce -10.6%
DFIN Donnelley Financial Solution	0.27%	205,688	$9.0M	Reduce -9.6%
FCN Fti Consulting Inc.	0.27%	53,810	$8.8M	Reduce -9.6%
TSM Taiwan Semiconductor-SP ADR	0.27%	52,253	$8.7M	No change
TDC Teradata Corp.	0.25%	369,701	$8.3M	Reduce -9.6%
LASR Nlight Inc.	0.18%	746,464	$5.8M	Reduce -9.6%
B Barrick Gold Corp.	0.14%	227,886	$4.4M	Reduce -10.7%
INMD Inmode Ltd.	0.10%	187,259	$3.3M	Add +2.7%

Portfolio Sells Q4 2024 → Q1 2025


FLUT Flutter Entertainment PLC-Di	Reduce -4.1%	11.98%	−1.33
BKNG Booking Holdings Inc.	Reduce -51.6%	0.83%	−0.86
LIN Linde PLC	Sold out	0.00%	−0.58
AZO AutoZone Inc.	Sold out	0.00%	−0.54
GOOGL Alphabet Inc. Class A	Reduce -7.8%	2.46%	−0.53
TJX TJX Companies Inc.	Reduce -47.3%	0.65%	−0.47
IBKR Interactive Brokers Gro Class A	Reduce -29.6%	0.92%	−0.35
ALGN Align Technology Inc.	Reduce -7.8%	0.93%	−0.28
GOOG Alphabet Inc. Class C	Reduce -9.9%	1.12%	−0.27
AMZN Amazon.com Inc.	Reduce -1.1%	3.43%	−0.23
META Meta Platforms Inc. Class A	Reduce -13.8%	2.71%	−0.21
ORCL Oracle Corp.	Reduce -3.2%	1.36%	−0.17
ADBE Adobe Inc.	Reduce -9.1%	1.02%	−0.17
ADSK Autodesk Inc.	Reduce -10.1%	1.12%	−0.16
BIO Bio-Rad Laboratories-A	Reduce -9.6%	0.45%	−0.16
ROG Rogers Corp.	Reduce -9.7%	0.30%	−0.16
DFIN Donnelley Financial Solution	Reduce -9.6%	0.27%	−0.12
MSFT Microsoft Corp.	Reduce -1.9%	2.67%	−0.12
TFX Teleflex Inc.	Reduce -8.5%	0.36%	−0.10
TDC Teradata Corp.	Reduce -9.6%	0.25%	−0.10
MRK Merck & Co. Inc.	Reduce -10.1%	0.78%	−0.10
SPGI S&P Global Inc.	Reduce -18.7%	0.90%	−0.09
WAB Wabtec Corp.	Reduce -22.6%	0.37%	−0.09
SEE Sealed Air Corp.	Reduce -9.5%	0.44%	−0.08
BNS Bank of Nova Scotia	Reduce -2.5%	1.29%	−0.08
BN Brookfield Corp.	Reduce -2.4%	2.55%	−0.07
WCC Wesco International Inc.	Reduce -10.4%	0.38%	−0.07
NVST Envista Holdings Corp.	Reduce -9.6%	0.51%	−0.07
HCSG Healthcare Services Group	Reduce -9.6%	0.40%	−0.07
MGA Magna International Inc.	Reduce -2.5%	0.44%	−0.07
LASR Nlight Inc.	Reduce -9.6%	0.18%	−0.06
FCN Fti Consulting Inc.	Reduce -9.6%	0.27%	−0.05
COKE Coca-Cola Consolidated Inc.	Reduce -24.0%	0.36%	−0.04
VNT Vontier Corp.	Reduce -9.8%	0.31%	−0.04
OPLN Openlane Inc.	Reduce -9.6%	0.87%	−0.04
WSC Willscot Holdings Corp.	Reduce -0.1%	0.33%	−0.03
BKR Baker Hughes Co.	Reduce -20.0%	0.49%	−0.03
BAM Brookfield Asset Mgmt-A	Reduce -2.4%	0.59%	−0.03
MTN Vail Resorts Inc.	Reduce -0.1%	0.40%	−0.03
MA Mastercard Inc. Class A	Reduce -13.4%	1.61%	−0.03
AXTA Axalta Coating Systems Ltd.	Reduce -9.6%	0.39%	−0.02
FCX Freeport-McMoran Inc.	Reduce -10.7%	0.43%	−0.01
EA Electronic Arts Inc.	Reduce -8.4%	1.09%	−0.01
HSIC Henry Schein Inc.	Reduce -9.6%	0.50%	−0.01
CHRW C.H. Robinson Worldwide Inc.	Reduce -9.6%	0.44%	−0.01
WFC Wells Fargo & Co.	Reduce -9.6%	0.33%	+0.00
WY Weyerhaeuser Co.	Reduce -10.6%	0.30%	+0.01
GIL Gildan Activewear Inc.	Reduce -2.5%	1.23%	+0.01
MU Micron Technology Inc.	Reduce -10.1%	1.27%	+0.02
LYB Lyondellbasell Indu Class A	Reduce -0.1%	0.59%	+0.02

Portfolio Buys Q4 2024 → Q1 2025


TME Tencent Music Entertainm-ADR	New	1.44%	+1.44
NVDA Nvidia Corp.	New	1.42%	+1.42
ELV Elevance Health Inc.	Add +5.9%	3.20%	+0.86
LAUR Laureate Education Inc.	Add +6.6%	1.14%	+0.26
TMO Thermo Fisher Scientific Inc.	Add +6.3%	1.04%	+0.11
IQV Iqvia Holdings Inc.	Add +14.4%	0.92%	+0.10
TRU Transunion	Add +7.4%	1.78%	+0.09
KMX Carmax Inc.	Add +26.6%	0.32%	+0.08
DLTR Dollar Tree Inc.	Add +3.4%	0.45%	+0.05
ADM Archer-Daniels-Midland Co.	Add +4.2%	0.43%	+0.03
INMD Inmode Ltd.	Add +2.7%	0.10%	+0.02
CABO Cable One Inc.	Add +1.5%	0.45%	−0.10

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