Marathon Asset Management Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed April 24, 2026), Marathon Asset Management Ltd reported 74 stock positions worth $2.6 billion. Its top holding was CNH Industrial (CNH) at 4.9% of the portfolio, followed by Amazon.com (AMZN, 4.4%) and Alphabet Class A (GOOGL, 4.1%). Compared with Q4 2025, it opened 1 new position, sold out of 4, added to 55 and reduced 18. The biggest buy was Millicom Intl Cellular (TIGO, shares +1%) and the biggest sale an exit from Tencent Music Entertainm-ADR (TME).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001861026
- Portfolio Value
- $2.6B (Q1 2026)
- SEC Filing
- 0001861026-26-000007 ↗ filed Apr 24, 2026
Holdings Value
Holdings 74 stocks · $2.6B
| CNH CNH Industrial NV | 4.92% | 11,664,413 | $128.3M | Reduce -2.1% |
| AMZN Amazon.com Inc. | 4.42% | 552,798 | $115.3M | Add +9.1% |
| GOOGL Alphabet Inc. Class A | 4.06% | 368,043 | $105.8M | Add +6.7% |
| CCEP Coca-Cola Europacific Partne | 3.86% | 1,109,745 | $100.6M | Reduce -1.6% |
| SCCO Southern Copper Corp. | 3.29% | 498,627 | $85.8M | Reduce -22.9% |
| TIGO Millicom Intl Cellular S.A. | 3.18% | 1,107,258 | $83.0M | Add +0.6% |
| BN Brookfield Corp. | 3.03% | 1,955,732 | $79.0M | Reduce -0.4% |
| ELV Elevance Health Inc. | 3.01% | 268,388 | $78.6M | Add +8.7% |
| CNQ Canadian Natural Resources | 3.00% | 1,595,650 | $78.3M | Reduce -0.3% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C | 2.89% | 1,089,394 | $75.3M | Reduce -0.4% |
| MSFT Microsoft Corp. | 2.80% | 196,994 | $72.9M | Add +16.0% |
| FNV Franco-Nevada Corp. | 2.72% | 287,697 | $71.0M | Reduce -0.4% |
| NVDA Nvidia Corp. | 2.39% | 357,453 | $62.3M | Add +14.8% |
| META Meta Platforms Inc. Class A | 2.28% | 103,745 | $59.4M | Add +8.1% |
| CX Cemex Sab-Spons ADR Part Cer | 2.03% | 4,624,113 | $52.9M | Reduce -7.0% |
| LAUR Laureate Education Inc. | 2.00% | 1,496,235 | $52.1M | Reduce -0.8% |
| CPA Copa Holdings SA Class A | 1.85% | 424,158 | $48.2M | Add +3.6% |
| MKL Markel Group Inc. | 1.83% | 24,901 | $47.7M | Add +8.3% |
| V Visa Inc. Class A | 1.78% | 153,309 | $46.3M | Add +18.6% |
| VIPS Vipshop Holdings Ltd. - ADR | 1.76% | 2,925,605 | $46.0M | Reduce -0.6% |
| TMO Thermo Fisher Scientific Inc. | 1.76% | 93,421 | $46.0M | Add +9.2% |
| MU Micron Technology Inc. | 1.75% | 134,816 | $45.6M | Reduce -26.6% |
| CP Canadian Pacific Kansas City | 1.59% | 527,024 | $41.4M | Reduce -0.4% |
| GIL Gildan Activewear Inc. | 1.59% | 742,133 | $41.4M | Reduce -0.4% |
| ORCL Oracle Corp. | 1.53% | 271,004 | $39.9M | Add +87.1% |
| TRU Transunion | 1.51% | 569,292 | $39.4M | Add +7.9% |
| IBKR Interactive Brokers Gro Class A | 1.40% | 543,043 | $36.4M | Add +13.7% |
| MA Mastercard Inc. Class A | 1.40% | 72,740 | $36.4M | Add +7.8% |
| CME Cme Group Inc. | 1.36% | 120,131 | $35.5M | Add +13.7% |
| PGR Progressive Corp. | 1.33% | 175,470 | $34.8M | Add +13.7% |
| SPGI S&P Global Inc. | 1.28% | 78,290 | $33.3M | Add +32.6% |
| ALGN Align Technology Inc. | 1.26% | 191,709 | $32.9M | Add +8.6% |
| FISV Fiserv Inc. | 1.25% | 586,120 | $32.7M | Add +22.8% |
| OPLN Openlane Inc. | 1.23% | 1,104,351 | $32.2M | Add +13.4% |
| ATS Ats Corp. | 1.18% | 1,093,911 | $30.7M | Reduce -0.3% |
| PAYC Paycom Software Inc. | 1.04% | 223,315 | $27.1M | Add +8.8% |
| ADSK Autodesk Inc. | 0.95% | 103,718 | $24.8M | Add +13.7% |
| HDB HDFC Bank Ltd.-ADR | 0.90% | 943,113 | $23.5M | Reduce -3.1% |
| IQV Iqvia Holdings Inc. | 0.84% | 128,999 | $22.0M | Add +8.8% |
| SKY Champion Homes Inc. | 0.83% | 290,034 | $21.6M | New |
| RPRX Royalty Pharma PLC Class A | 0.81% | 440,928 | $21.2M | Add +13.6% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.80% | 129,869 | $20.7M | Add +13.7% |
| NVST Envista Holdings Corp. | 0.70% | 723,154 | $18.3M | Add +13.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.69% | 53,256 | $18.0M | Add +22.3% |
| HCSG Healthcare Services Group | 0.69% | 971,467 | $18.0M | Add +13.4% |
| CHRW C.H. Robinson Worldwide Inc. | 0.68% | 105,963 | $17.6M | Add +13.4% |
| NEM Newmont Corp. | 0.67% | 160,574 | $17.4M | Add +1.0% |
| TFX Teleflex Inc. | 0.66% | 143,754 | $17.2M | Add +39.7% |
| BKR Baker Hughes Co. | 0.64% | 274,587 | $16.8M | Add +13.5% |
| FCX Freeport-McMoran Inc. | 0.64% | 282,936 | $16.6M | Add +18.5% |
| WCC Wesco International Inc. | 0.62% | 59,455 | $16.3M | Add +13.4% |
| DLTR Dollar Tree Inc. | 0.62% | 148,466 | $16.3M | Add +13.5% |
| ADM Archer-Daniels-Midland Co. | 0.62% | 222,628 | $16.2M | Add +13.5% |
| SEE Sealed Air Corp. | 0.61% | 375,900 | $15.8M | Add +13.4% |
| MTN Vail Resorts Inc. | 0.59% | 117,343 | $15.3M | Add +34.2% |
| BIO Bio-Rad Laboratories-A | 0.57% | 53,661 | $15.0M | Add +13.5% |
| BAM Brookfield Asset Mgmt-A | 0.55% | 324,752 | $14.4M | Reduce -0.4% |
| ROG Rogers Corp. | 0.55% | 133,809 | $14.4M | Add +13.6% |
| HSIC Henry Schein Inc. filed as SCHEIN HENRY INC | 0.50% | 177,713 | $13.1M | Add +13.4% |
| AL Sumisho Air Lease Corp. filed as AIR LEASE CORP | 0.50% | 199,048 | $13.0M | Add +13.6% |
| COKE Coca-Cola Consolidated Inc. | 0.48% | 65,896 | $12.6M | Add +13.5% |
| SW Smurfit Westrock PLC | 0.46% | 302,940 | $12.1M | Add +13.5% |
| FCN Fti Consulting Inc. | 0.40% | 58,706 | $10.4M | Add +13.5% |
| WFC Wells Fargo & Co. | 0.35% | 113,444 | $9.0M | Add +13.4% |
| TDC Teradata Corp. | 0.34% | 347,849 | $8.9M | Add +13.6% |
| VNT Vontier Corp. | 0.32% | 235,044 | $8.3M | Add +13.4% |
| WY Weyerhaeuser Co. | 0.31% | 329,156 | $8.0M | Add +17.3% |
| AXTA Axalta Coating Systems Ltd. | 0.31% | 287,288 | $8.0M | Add +13.4% |
| WSC Willscot Holdings Corp. | 0.29% | 436,759 | $7.6M | Add +13.5% |
| DFIN Donnelley Financial Solution | 0.28% | 154,456 | $7.3M | Add +13.4% |
| B Barrick Mining Corp. | 0.27% | 172,078 | $7.0M | Add +18.5% |
| MBC Masterbrand Inc. | 0.27% | 842,902 | $7.0M | Add +13.5% |
| INMD Inmode Ltd. | 0.08% | 154,688 | $2.1M | Reduce -17.4% |
| FLUT Flutter Entertainment PLC-Di | 0.06% | 15,503 | $1.6M | Reduce -32.9% |
Portfolio Sells Q4 2025 → Q1 2026
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −1.55 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.85 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.51 |
| HDB HDFC Bank Ltd.-ADR | Reduce -3.1% | 0.90% | −0.47 |
| BN Brookfield Corp. | Reduce -0.4% | 3.03% | −0.44 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.30 |
| SCCO Southern Copper Corp. | Reduce -22.9% | 3.29% | −0.28 |
| MU Micron Technology Inc. | Reduce -26.6% | 1.75% | −0.27 |
| VIPS Vipshop Holdings Ltd. - ADR | Reduce -0.6% | 1.76% | −0.24 |
| BNS Bank of Nova Scotia | Reduce -0.4% | 2.89% | −0.22 |
| GIL Gildan Activewear Inc. | Reduce -0.4% | 1.59% | −0.21 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -7.0% | 2.03% | −0.17 |
| FLUT Flutter Entertainment PLC-Di | Reduce -32.9% | 0.06% | −0.13 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.4% | 0.55% | −0.11 |
| CCEP Coca-Cola Europacific Partne | Reduce -1.6% | 3.86% | −0.07 |
| INMD Inmode Ltd. | Reduce -17.4% | 0.08% | −0.02 |
| ATS Ats Corp. | Reduce -0.3% | 1.18% | +0.01 |
| LAUR Laureate Education Inc. | Reduce -0.8% | 2.00% | +0.05 |
| CP Canadian Pacific Kansas City | Reduce -0.4% | 1.59% | +0.09 |
| FNV Franco-Nevada Corp. | Reduce -0.4% | 2.72% | +0.42 |
| CNH CNH Industrial NV | Reduce -2.1% | 4.92% | +0.69 |
| CNQ Canadian Natural Resources | Reduce -0.3% | 3.00% | +0.89 |
Portfolio Buys Q4 2025 → Q1 2026
| TIGO Millicom Intl Cellular S.A. | Add +0.6% | 3.18% | +0.83 |
| SKY Champion Homes Inc. | New | 0.83% | +0.83 |
| ORCL Oracle Corp. | Add +87.1% | 1.53% | +0.44 |
| CME Cme Group Inc. | Add +13.7% | 1.36% | +0.25 |
| RPRX Royalty Pharma PLC Class A | Add +13.6% | 0.81% | +0.23 |
| BKR Baker Hughes Co. | Add +13.5% | 0.64% | +0.22 |
| IBKR Interactive Brokers Gro Class A | Add +13.7% | 1.40% | +0.22 |
| ALGN Align Technology Inc. | Add +8.6% | 1.26% | +0.20 |
| ADM Archer-Daniels-Midland Co. | Add +13.5% | 0.62% | +0.19 |
| TSM Taiwan Semiconductor-SP ADR | Add +22.3% | 0.69% | +0.18 |
| TFX Teleflex Inc. | Add +39.7% | 0.66% | +0.18 |
| FCX Freeport-McMoran Inc. | Add +18.5% | 0.64% | +0.17 |
| NVST Envista Holdings Corp. | Add +13.4% | 0.70% | +0.17 |
| NVDA Nvidia Corp. | Add +14.8% | 2.39% | +0.16 |
| COKE Coca-Cola Consolidated Inc. | Add +13.5% | 0.48% | +0.14 |
| ROG Rogers Corp. | Add +13.6% | 0.55% | +0.14 |
| MTN Vail Resorts Inc. | Add +34.2% | 0.59% | +0.13 |
| WCC Wesco International Inc. | Add +13.4% | 0.62% | +0.13 |
| TJX TJX Companies Inc. | Add +13.7% | 0.80% | +0.12 |
| OPLN Openlane Inc. | Add +13.4% | 1.23% | +0.12 |
| CHRW C.H. Robinson Worldwide Inc. | Add +13.4% | 0.68% | +0.10 |
| SPGI S&P Global Inc. | Add +32.6% | 1.28% | +0.09 |
| SEE Sealed Air Corp. | Add +13.4% | 0.61% | +0.08 |
| SW Smurfit Westrock PLC | Add +13.5% | 0.46% | +0.07 |
| AL Sumisho Air Lease Corp. | Add +13.6% | 0.50% | +0.06 |
| HCSG Healthcare Services Group | Add +13.4% | 0.69% | +0.06 |
| FCN Fti Consulting Inc. | Add +13.5% | 0.40% | +0.06 |
| NEM Newmont Corp. | Add +1.0% | 0.67% | +0.06 |
| WY Weyerhaeuser Co. | Add +17.3% | 0.31% | +0.05 |
| HSIC Henry Schein Inc. | Add +13.4% | 0.50% | +0.05 |
| DFIN Donnelley Financial Solution | Add +13.4% | 0.28% | +0.03 |
| V Visa Inc. Class A | Add +18.6% | 1.78% | +0.03 |
| B Barrick Mining Corp. | Add +18.5% | 0.27% | +0.03 |
| VNT Vontier Corp. | Add +13.4% | 0.32% | +0.02 |
| BIO Bio-Rad Laboratories-A | Add +13.5% | 0.57% | +0.02 |
| FISV Fiserv Inc. | Add +22.8% | 1.25% | +0.02 |
| WSC Willscot Holdings Corp. | Add +13.5% | 0.29% | +0.01 |
| DLTR Dollar Tree Inc. | Add +13.5% | 0.62% | +0.00 |
| AXTA Axalta Coating Systems Ltd. | Add +13.4% | 0.31% | −0.01 |
| WFC Wells Fargo & Co. | Add +13.4% | 0.35% | −0.01 |
| TDC Teradata Corp. | Add +13.6% | 0.34% | −0.02 |
| PGR Progressive Corp. | Add +13.7% | 1.33% | −0.02 |
| MBC Masterbrand Inc. | Add +13.5% | 0.27% | −0.05 |
| CPA Copa Holdings SA Class A | Add +3.6% | 1.85% | −0.05 |
| MKL Markel Group Inc. | Add +8.3% | 1.83% | −0.07 |
| AMZN Amazon.com Inc. | Add +9.1% | 4.42% | −0.08 |
| MA Mastercard Inc. Class A | Add +7.8% | 1.40% | −0.08 |
| ADSK Autodesk Inc. | Add +13.7% | 0.95% | −0.09 |
| GOOGL Alphabet Inc. Class A | Add +6.7% | 4.06% | −0.10 |
| TMO Thermo Fisher Scientific Inc. | Add +9.2% | 1.76% | −0.15 |
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 |