Marathon Asset Management Ltd

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Marathon Asset Management Ltd reported 79 stock positions worth $3.1 billion. Its top holding was CNH Industrial (CNH) at 5.4% of the portfolio, followed by Amazon.com (AMZN, 4.4%) and Microsoft (MSFT, 3.7%). Compared with Q1 2025, it opened 1 new position, sold out of 3, added to 11 and reduced 65. The biggest buy was a new position in Ats (ATS) and the biggest sale Flutter Entertainment PLC-Di (FLUT, shares −99%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$3.1B (Q2 2025)
SEC Filing
0001861026-25-000012 ↗ filed Aug 11, 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 Q4 2024 Q1 2025: $3.3B Q1 2025 Q2 2025: $3.1B $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 79 stocks · $3.1B
CNH CNH Industrial NV 5.43% 13,051,997 $169.2M Reduce -5.1%
AMZN Amazon.com Inc. 4.36% 618,952 $135.8M Add +4.7%
MSFT Microsoft Corp. 3.67% 229,799 $114.3M Reduce -1.3%
CCEP Coca-Cola Europacific Partne 3.51% 1,180,082 $109.4M Reduce -4.0%
ELV Elevance Health Inc. 3.29% 263,536 $102.5M Add +9.5%
META Meta Platforms Inc. Class A 3.22% 135,919 $100.3M Reduce -11.6%
BN Brookfield Corp. 2.92% 1,473,859 $91.0M Reduce -7.6%
GOOGL Alphabet Inc. Class A 2.90% 513,833 $90.6M Reduce -1.1%
FISV Fiserv Inc. 2.89% 523,415 $90.2M Add +23.2%
SCCO Southern Copper Corp. 2.29% 706,405 $71.5M Reduce -6.3%
ORCL Oracle Corp. 2.21% 315,058 $68.9M Reduce -1.3%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 2.18% 1,231,192 $68.0M Add +38.9%
NVDA Nvidia Corp. 2.14% 422,520 $66.8M Reduce -1.4%
TRU Transunion 2.10% 745,626 $65.6M Add +6.1%
MKL Markel Group Inc. 2.09% 32,631 $65.2M Reduce -1.2%
V Visa Inc. Class A 2.08% 182,670 $64.9M Reduce -1.2%
PAYC Paycom Software Inc. 1.99% 268,285 $62.1M Add +1.3%
TME Tencent Music Entertainm-ADR 1.90% 3,039,699 $59.2M Reduce -7.2%
CNQ Canadian Natural Resources 1.83% 1,790,155 $56.9M Reduce -7.8%
VIPS Vipshop Holdings Ltd. - ADR 1.80% 3,720,388 $56.0M Reduce -10.2%
MA Mastercard Inc. Class A 1.72% 95,230 $53.7M Reduce -1.2%
FNV Franco-Nevada Corp. 1.71% 324,920 $53.2M Reduce -7.6%
MU Micron Technology Inc. 1.69% 426,551 $52.6M Reduce -10.5%
TMO Thermo Fisher Scientific Inc. 1.60% 122,721 $49.8M Add +78.8%
CP Canadian Pacific Kansas City 1.52% 595,344 $47.3M Reduce -7.6%
CPA Copa Holdings SA Class A 1.42% 402,752 $44.3M Reduce -18.3%
PGR Progressive Corp. 1.42% 165,438 $44.1M Reduce -1.4%
CME Cme Group Inc. 1.41% 159,347 $43.9M Reduce -1.4%
ADSK Autodesk Inc. 1.37% 137,540 $42.6M Reduce -1.4%
CX Cemex Sab-Spons ADR Part Cer 1.35% 6,094,171 $42.2M Reduce -10.4%
GIL Gildan Activewear Inc. 1.32% 838,247 $41.2M Reduce -7.6%
GOOG Alphabet Inc. Class C 1.32% 231,752 $41.1M Reduce -1.4%
IBKR Interactive Brokers Gro Class A 1.28% 719,904 $39.9M Reduce -1.4%
HDB HDFC Bank Ltd.-ADR 1.27% 512,976 $39.7M Reduce -6.8%
ATS Ats Corp. 1.26% 1,234,961 $39.3M New
LAUR Laureate Education Inc. 1.21% 1,619,086 $37.9M Reduce -10.8%
ALGN Align Technology Inc. 1.15% 189,319 $35.8M Reduce -1.3%
OPLN Openlane Inc. 1.14% 1,449,965 $35.5M Reduce -1.4%
BKNG Booking Holdings Inc. 1.08% 5,823 $33.7M Reduce -1.2%
ADBE Adobe Inc. 1.07% 86,191 $33.3M Reduce -1.3%
SPGI S&P Global Inc. 0.97% 57,074 $30.1M Reduce -1.3%
IQV Iqvia Holdings Inc. 0.86% 169,261 $26.7M Reduce -1.3%
LYB Lyondellbasell Indu Class A 0.80% 430,029 $24.9M Add +58.1%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.68% 172,010 $21.2M Reduce -1.4%
RPRX Royalty Pharma PLC Class A 0.67% 579,621 $20.9M Reduce -10.3%
BAM Brookfield Asset Mgmt-A 0.65% 367,324 $20.3M Reduce -7.6%
DLTR Dollar Tree Inc. 0.62% 194,941 $19.3M Reduce -1.4%
HCSG Healthcare Services Group 0.61% 1,275,230 $19.2M Reduce -1.4%
NVST Envista Holdings Corp. 0.60% 950,007 $18.6M Reduce -1.4%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.57% 301,202 $17.7M Reduce -1.4%
NEM Newmont Corp. 0.56% 301,443 $17.6M Reduce -12.9%
HSIC Henry Schein Inc. 0.55% 233,417 $17.1M Reduce -1.4%
FCX Freeport-McMoran Inc. 0.50% 361,749 $15.7M Reduce -1.8%
ADM Archer-Daniels-Midland Co. 0.49% 292,275 $15.4M Reduce -1.4%
SEE Sealed Air Corp. 0.49% 493,489 $15.3M Reduce -1.4%
LASR Nlight Inc. 0.46% 736,066 $14.5M Reduce -1.4%
WCC Wesco International Inc. 0.46% 78,120 $14.5M Reduce -1.4%
BIO Bio-Rad Laboratories-A 0.46% 59,811 $14.4M Reduce -1.4%
BKR Baker Hughes Co. 0.44% 360,468 $13.8M Reduce -1.4%
WAB Wabtec Corp. 0.44% 65,943 $13.8M Reduce -1.4%
CHRW C.H. Robinson Worldwide Inc. 0.43% 139,122 $13.4M Reduce -1.4%
WSC Willscot Holdings Corp. 0.41% 463,269 $12.7M Add +18.8%
MTN Vail Resorts Inc. 0.40% 79,090 $12.6M Reduce -1.4%
DFIN Donnelley Financial Solution 0.40% 202,824 $12.5M Reduce -1.4%
ROG Rogers Corp. 0.39% 175,937 $12.0M Add +19.6%
WFC Wells Fargo & Co. 0.38% 149,026 $11.9M Reduce -1.4%
TSM Taiwan Semiconductor-SP ADR 0.38% 52,253 $11.9M No change
VNT Vontier Corp. 0.37% 308,863 $11.4M Reduce -1.4%
AXTA Axalta Coating Systems Ltd. 0.36% 377,393 $11.2M Reduce -1.4%
TDC Teradata Corp. 0.33% 457,359 $10.2M Add +23.7%
TFX Teleflex Inc. 0.32% 84,524 $10.0M Reduce -1.2%
COKE Coca-Cola Consolidated Inc. 0.31% 86,514 $9.7M Reduce -1.4%
KMX Carmax Inc. 0.28% 131,941 $8.9M Reduce -1.4%
FCN Fti Consulting Inc. 0.27% 53,061 $8.6M Reduce -1.4%
WY Weyerhaeuser Co. 0.27% 332,557 $8.5M Reduce -1.6%
CABO Cable One Inc. 0.24% 54,746 $7.4M Reduce -1.4%
FLUT Flutter Entertainment PLC-Di 0.23% 24,983 $7.1M Reduce -98.6%
B Barrick Mining Corp. 0.15% 224,860 $4.7M Reduce -1.3%
INMD Inmode Ltd. 0.09% 187,259 $2.7M No change

Portfolio Sells Q1 2025 → Q2 2025
FLUT Flutter Entertainment PLC-Di Reduce -98.6% 0.23% −11.75
EA Electronic Arts Inc. Sold out 0.00% −1.09
MRK Merck & Co. Inc. Sold out 0.00% −0.78
MGA Magna International Inc. Sold out 0.00% −0.44
CABO Cable One Inc. Reduce -1.4% 0.24% −0.21
VIPS Vipshop Holdings Ltd. - ADR Reduce -10.2% 1.80% −0.19
IQV Iqvia Holdings Inc. Reduce -1.3% 0.86% −0.07
COKE Coca-Cola Consolidated Inc. Reduce -1.4% 0.31% −0.05
BKR Baker Hughes Co. Reduce -1.4% 0.44% −0.05
TFX Teleflex Inc. Reduce -1.2% 0.32% −0.04
PGR Progressive Corp. Reduce -1.4% 1.42% −0.04
KMX Carmax Inc. Reduce -1.4% 0.28% −0.03
AXTA Axalta Coating Systems Ltd. Reduce -1.4% 0.36% −0.03
WY Weyerhaeuser Co. Reduce -1.6% 0.27% −0.03
CNQ Canadian Natural Resources Reduce -7.8% 1.83% −0.02
CHRW C.H. Robinson Worldwide Inc. Reduce -1.4% 0.43% −0.01
FCN Fti Consulting Inc. Reduce -1.4% 0.27% +0.01
MTN Vail Resorts Inc. Reduce -1.4% 0.40% +0.01
BIO Bio-Rad Laboratories-A Reduce -1.4% 0.46% +0.01
B Barrick Mining Corp. Reduce -1.3% 0.15% +0.01
FNV Franco-Nevada Corp. Reduce -7.6% 1.71% +0.02
CPA Copa Holdings SA Class A Reduce -18.3% 1.42% +0.03
TJX TJX Companies Inc. Reduce -1.4% 0.68% +0.03
ADBE Adobe Inc. Reduce -1.3% 1.07% +0.05
SEE Sealed Air Corp. Reduce -1.4% 0.49% +0.05
VNT Vontier Corp. Reduce -1.4% 0.37% +0.05
HSIC Henry Schein Inc. Reduce -1.4% 0.55% +0.05
WFC Wells Fargo & Co. Reduce -1.4% 0.38% +0.05
NEM Newmont Corp. Reduce -12.9% 0.56% +0.05
RPRX Royalty Pharma PLC Class A Reduce -10.3% 0.67% +0.05
ADM Archer-Daniels-Midland Co. Reduce -1.4% 0.49% +0.06
BAM Brookfield Asset Mgmt-A Reduce -7.6% 0.65% +0.06
SPGI S&P Global Inc. Reduce -1.3% 0.97% +0.07
WAB Wabtec Corp. Reduce -1.4% 0.44% +0.07
FCX Freeport-McMoran Inc. Reduce -1.8% 0.50% +0.08
LAUR Laureate Education Inc. Reduce -10.8% 1.21% +0.08
NVST Envista Holdings Corp. Reduce -1.4% 0.60% +0.09
WCC Wesco International Inc. Reduce -1.4% 0.46% +0.09
GIL Gildan Activewear Inc. Reduce -7.6% 1.32% +0.09
CME Cme Group Inc. Reduce -1.4% 1.41% +0.10
V Visa Inc. Class A Reduce -1.2% 2.08% +0.10
MA Mastercard Inc. Class A Reduce -1.2% 1.72% +0.11
AL Sumisho Air Lease Corp. Reduce -1.4% 0.57% +0.11
DFIN Donnelley Financial Solution Reduce -1.4% 0.40% +0.13
CP Canadian Pacific Kansas City Reduce -7.6% 1.52% +0.13
SCCO Southern Copper Corp. Reduce -6.3% 2.29% +0.14
HDB HDFC Bank Ltd.-ADR Reduce -6.8% 1.27% +0.15
DLTR Dollar Tree Inc. Reduce -1.4% 0.62% +0.17
CX Cemex Sab-Spons ADR Part Cer Reduce -10.4% 1.35% +0.19
GOOG Alphabet Inc. Class C Reduce -1.4% 1.32% +0.20

Portfolio Buys Q1 2025 → Q2 2025
ATS Ats Corp. New 1.26% +1.26
AMZN Amazon.com Inc. Add +4.7% 4.36% +0.93
BNS Bank of Nova Scotia Add +38.9% 2.18% +0.89
TMO Thermo Fisher Scientific Inc. Add +78.8% 1.60% +0.55
TRU Transunion Add +6.1% 2.10% +0.32
PAYC Paycom Software Inc. Add +1.3% 1.99% +0.22
LYB Lyondellbasell Indu Class A Add +58.1% 0.80% +0.21
ELV Elevance Health Inc. Add +9.5% 3.29% +0.09
ROG Rogers Corp. Add +19.6% 0.39% +0.08
WSC Willscot Holdings Corp. Add +18.8% 0.41% +0.08
TDC Teradata Corp. Add +23.7% 0.33% +0.07
FISV Fiserv Inc. Add +23.2% 2.89% +0.03

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