Marathon Asset Management Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 6, 2026), Marathon Asset Management Ltd reported 77 stock positions worth $2.6 billion. Its top holding was Amazon.com (AMZN) at 4.5% of the portfolio, followed by CNH Industrial (CNH, 4.2%) and Alphabet Class A (GOOGL, 4.2%). Compared with Q3 2025, it opened 1 new position, sold out of 2, added to 8 and reduced 67. The biggest buy was Millicom Intl Cellular (TIGO, shares +12%) and the biggest sale Tencent Music Entertainm-ADR (TME, shares −20%).

Most Recent 13F
Q2 2026
Location
London, X0
CIK
0001861026
Portfolio Value
$2.6B (Q4 2025)
SEC Filing
0001861026-26-000004 ↗ filed Feb 6, 2026

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 Q2 2025 Q3 2025: $2.7B Q3 2025 Q4 2025: $2.6B $2.6B Q4 2025 Q1 2026: $2.6B Q1 2026 Q2 2026: $2.5B Q2 2026

Holdings 77 stocks · $2.6B
AMZN Amazon.com Inc. 4.50% 506,735 $116.9M Reduce -2.1%
CNH CNH Industrial NV 4.23% 11,917,195 $109.9M Reduce -4.5%
GOOGL Alphabet Inc. Class A 4.15% 344,933 $108.0M Reduce -8.6%
CCEP Coca-Cola Europacific Partne 3.93% 1,127,175 $102.2M Reduce -3.3%
SCCO Southern Copper Corp. 3.57% 646,882 $92.8M Reduce -3.8%
BN Brookfield Corp. 3.47% 1,962,979 $90.2M Reduce -5.9%
ELV Elevance Health Inc. 3.33% 246,811 $86.5M Reduce -7.7%
MSFT Microsoft Corp. 3.16% 169,785 $82.1M Reduce -8.1%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 3.11% 1,094,126 $80.8M Reduce -5.9%
META Meta Platforms Inc. Class A 2.44% 95,985 $63.4M Reduce -7.5%
TIGO Millicom Intl Cellular S.A. 2.35% 1,101,022 $61.1M Add +11.8%
FNV Franco-Nevada Corp. 2.31% 288,741 $59.9M Reduce -5.9%
NVDA Nvidia Corp. 2.23% 311,243 $58.0M Reduce -9.0%
CX Cemex Sab-Spons ADR Part Cer 2.20% 4,970,608 $57.1M Reduce -5.2%
CNQ Canadian Natural Resources 2.11% 1,600,148 $54.9M Reduce -5.4%
MU Micron Technology Inc. 2.02% 183,641 $52.4M Reduce -32.6%
VIPS Vipshop Holdings Ltd. - ADR 2.00% 2,942,551 $52.1M Reduce -5.5%
LAUR Laureate Education Inc. 1.95% 1,508,050 $50.8M Reduce -1.2%
TMO Thermo Fisher Scientific Inc. 1.91% 85,546 $49.6M Reduce -7.8%
MKL Markel Group Inc. 1.90% 22,986 $49.4M Reduce -7.6%
CPA Copa Holdings SA Class A 1.90% 409,572 $49.4M Add +9.3%
GIL Gildan Activewear Inc. 1.79% 744,881 $46.6M Reduce -5.9%
V Visa Inc. Class A 1.74% 129,271 $45.3M Reduce -7.5%
TRU Transunion 1.74% 527,752 $45.3M Reduce -7.5%
TME Tencent Music Entertainm-ADR 1.55% 2,305,413 $40.4M Reduce -19.5%
CP Canadian Pacific Kansas City 1.50% 528,966 $39.1M Reduce -5.9%
MA Mastercard Inc. Class A 1.48% 67,456 $38.4M Reduce -7.5%
HDB HDFC Bank Ltd.-ADR 1.37% 973,218 $35.6M Add +10.7%
PGR Progressive Corp. 1.35% 154,309 $35.1M Add +5.0%
PAYC Paycom Software Inc. 1.26% 205,170 $32.7M Reduce -7.8%
FISV Fiserv Inc. 1.23% 477,139 $32.0M Add +0.0%
SPGI S&P Global Inc. 1.19% 59,026 $30.8M Add +20.0%
IBKR Interactive Brokers Gro Class A 1.18% 477,442 $30.7M Reduce -9.0%
ATS Ats Corp. 1.16% 1,097,711 $30.3M Reduce -5.9%
OPLN Openlane Inc. 1.12% 973,566 $29.0M Reduce -8.9%
CME Cme Group Inc. 1.11% 105,672 $28.9M Reduce -9.1%
ORCL Oracle Corp. 1.09% 144,824 $28.2M Reduce -16.1%
ALGN Align Technology Inc. 1.06% 176,586 $27.6M Reduce -7.7%
ADSK Autodesk Inc. 1.04% 91,230 $27.0M Reduce -9.0%
IQV Iqvia Holdings Inc. 1.03% 118,577 $26.7M Reduce -7.7%
BKNG Booking Holdings Inc. 0.85% 4,112 $22.0M Reduce -7.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.67% 114,191 $17.5M Reduce -8.9%
BAM Brookfield Asset Mgmt-A 0.66% 326,021 $17.1M Reduce -5.9%
HCSG Healthcare Services Group 0.63% 856,431 $16.4M Reduce -8.9%
DLTR Dollar Tree Inc. 0.62% 130,810 $16.1M Reduce -8.9%
NEM Newmont Corp. 0.61% 159,017 $15.9M Reduce -9.0%
CHRW C.H. Robinson Worldwide Inc. 0.58% 93,425 $15.1M Reduce -8.9%
RPRX Royalty Pharma PLC Class A 0.58% 388,226 $15.0M Reduce -8.9%
BIO Bio-Rad Laboratories-A 0.55% 47,292 $14.3M Reduce -8.9%
NVST Envista Holdings Corp. 0.53% 637,484 $13.8M Reduce -8.9%
SEE Sealed Air Corp. 0.53% 331,385 $13.7M Reduce -8.9%
TSM Taiwan Semiconductor-SP ADR 0.51% 43,543 $13.3M Reduce -10.6%
LYB Lyondellbasell Indu Class A 0.51% 304,367 $13.2M Reduce -7.5%
WCC Wesco International Inc. 0.49% 52,418 $12.8M Reduce -8.9%
TFX Teleflex Inc. 0.48% 102,894 $12.6M Add +58.8%
FCX Freeport-McMoran Inc. 0.47% 238,706 $12.1M Reduce -4.3%
HSIC Henry Schein Inc. 0.46% 156,665 $11.8M Reduce -8.9%
MTN Vail Resorts Inc. 0.45% 87,443 $11.8M Reduce -9.0%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 0.43% 175,295 $11.3M Reduce -21.0%
ADM Archer-Daniels-Midland Co. 0.43% 196,188 $11.3M Reduce -8.9%
BKR Baker Hughes Co. 0.42% 241,979 $11.0M Reduce -8.9%
ROG Rogers Corp. 0.42% 117,826 $10.8M Reduce -8.9%
SW Smurfit Westrock PLC 0.40% 266,831 $10.3M Add +9.6%
TDC Teradata Corp. 0.36% 306,300 $9.3M Reduce -8.9%
WFC Wells Fargo & Co. 0.36% 100,021 $9.3M Reduce -8.9%
COKE Coca-Cola Consolidated Inc. 0.34% 58,068 $8.9M Reduce -8.9%
FCN Fti Consulting Inc. 0.34% 51,731 $8.8M Reduce -9.0%
MBC Masterbrand Inc. 0.32% 742,876 $8.2M New
AXTA Axalta Coating Systems Ltd. 0.31% 253,293 $8.2M Reduce -8.9%
GOOG Alphabet Inc. Class C 0.30% 24,692 $7.7M Reduce -56.1%
VNT Vontier Corp. 0.30% 207,242 $7.7M Reduce -8.8%
WSC Willscot Holdings Corp. 0.28% 384,873 $7.2M Reduce -9.0%
WY Weyerhaeuser Co. 0.26% 280,608 $6.6M Reduce -10.3%
DFIN Donnelley Financial Solution 0.24% 136,182 $6.4M Reduce -8.8%
B Barrick Mining Corp. 0.24% 145,214 $6.3M Reduce -4.4%
FLUT Flutter Entertainment PLC-Di 0.19% 23,089 $5.0M Reduce -7.6%
INMD Inmode Ltd. 0.11% 187,259 $2.8M No change

Portfolio Sells Q3 2025 → Q4 2025
TME Tencent Music Entertainm-ADR Reduce -19.5% 1.55% −0.91
CNH CNH Industrial NV Reduce -4.5% 4.23% −0.75
ORCL Oracle Corp. Reduce -16.1% 1.09% −0.70
PAYC Paycom Software Inc. Reduce -7.8% 1.26% −0.45
LASR Nlight Inc. Sold out 0.00% −0.40
META Meta Platforms Inc. Class A Reduce -7.5% 2.44% −0.37
MSFT Microsoft Corp. Reduce -8.1% 3.16% −0.36
VIPS Vipshop Holdings Ltd. - ADR Reduce -5.5% 2.00% −0.25
FNV Franco-Nevada Corp. Reduce -5.9% 2.31% −0.21
GOOG Alphabet Inc. Class C Reduce -56.1% 0.30% −0.21
KMX Carmax Inc. Sold out 0.00% −0.16
IBKR Interactive Brokers Gro Class A Reduce -9.0% 1.18% −0.15
ADSK Autodesk Inc. Reduce -9.0% 1.04% −0.13
NVDA Nvidia Corp. Reduce -9.0% 2.23% −0.12
AL Sumisho Air Lease Corp. Reduce -21.0% 0.43% −0.09
LYB Lyondellbasell Indu Class A Reduce -7.5% 0.51% −0.09
MTN Vail Resorts Inc. Reduce -9.0% 0.45% −0.08
BAM Brookfield Asset Mgmt-A Reduce -5.9% 0.66% −0.07
VNT Vontier Corp. Reduce -8.8% 0.30% −0.05
BKR Baker Hughes Co. Reduce -8.9% 0.42% −0.05
WSC Willscot Holdings Corp. Reduce -9.0% 0.28% −0.05
MA Mastercard Inc. Class A Reduce -7.5% 1.48% −0.05
CME Cme Group Inc. Reduce -9.1% 1.11% −0.04
FLUT Flutter Entertainment PLC-Di Reduce -7.6% 0.19% −0.04
CP Canadian Pacific Kansas City Reduce -5.9% 1.50% −0.04
BN Brookfield Corp. Reduce -5.9% 3.47% −0.04
ADM Archer-Daniels-Midland Co. Reduce -8.9% 0.43% −0.04
DFIN Donnelley Financial Solution Reduce -8.8% 0.24% −0.04
BKNG Booking Holdings Inc. Reduce -7.5% 0.85% −0.04
WY Weyerhaeuser Co. Reduce -10.3% 0.26% −0.03
TRU Transunion Reduce -7.5% 1.74% −0.02
OPLN Openlane Inc. Reduce -8.9% 1.12% −0.02
V Visa Inc. Class A Reduce -7.5% 1.74% −0.01
FCN Fti Consulting Inc. Reduce -9.0% 0.34% +0.00
TJX TJX Companies Inc. Reduce -8.9% 0.67% +0.01
NVST Envista Holdings Corp. Reduce -8.9% 0.53% +0.01
TSM Taiwan Semiconductor-SP ADR Reduce -10.6% 0.51% +0.01
BIO Bio-Rad Laboratories-A Reduce -8.9% 0.55% +0.02
WFC Wells Fargo & Co. Reduce -8.9% 0.36% +0.02
AXTA Axalta Coating Systems Ltd. Reduce -8.9% 0.31% +0.02
RPRX Royalty Pharma PLC Class A Reduce -8.9% 0.58% +0.02
ROG Rogers Corp. Reduce -8.9% 0.42% +0.03
HSIC Henry Schein Inc. Reduce -8.9% 0.46% +0.04
ATS Ats Corp. Reduce -5.9% 1.16% +0.04
WCC Wesco International Inc. Reduce -8.9% 0.49% +0.05
HCSG Healthcare Services Group Reduce -8.9% 0.63% +0.05
SEE Sealed Air Corp. Reduce -8.9% 0.53% +0.06
CCEP Coca-Cola Europacific Partne Reduce -3.3% 3.93% +0.06
B Barrick Mining Corp. Reduce -4.4% 0.24% +0.06
COKE Coca-Cola Consolidated Inc. Reduce -8.9% 0.34% +0.07

Portfolio Buys Q3 2025 → Q4 2025
TIGO Millicom Intl Cellular S.A. Add +11.8% 2.35% +0.59
MBC Masterbrand Inc. New 0.32% +0.32
SPGI S&P Global Inc. Add +20.0% 1.19% +0.31
HDB HDFC Bank Ltd.-ADR Add +10.7% 1.37% +0.26
CPA Copa Holdings SA Class A Add +9.3% 1.90% +0.26
TFX Teleflex Inc. Add +58.8% 0.48% +0.19
PGR Progressive Corp. Add +5.0% 1.35% +0.02
SW Smurfit Westrock PLC Add +9.6% 0.40% +0.02
FISV Fiserv Inc. Add +0.0% 1.23% −1.03

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