Marathon Asset Management Ltd
Long book
$2.61B
Q1 2026
Positions
74
Top-10 weight
36%
concentration
Last quarter
+13.0%
SPY +14.8%
Turnover
6%
of book per quarter
Strategy in plain words
auto-generated from filingsMarathon Asset Management Ltd is a diversified fundamental manager, running a $2.61B US long book across 74 positions.
The portfolio is moderately concentrated (top 10 ≈ 36% of the book). The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CNH INDUSTRIAL NV, AMAZON.COM INC, ALPHABET INC-CL A, COCA-COLA EUROPACIFIC PARTNE, SOUTHERN COPPER CORP.
Over the last 9 quarters its long book ran on average 0.9pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-2.6%
Q2 2024
+7.2%
Q3 2024
-0.3%
Q4 2024
-1.7%
Q1 2025
+10.5%
Q2 2025
+5.7%
Q3 2025
+2.8%
Q4 2025
-2.3%
Q1 2026
+13.0%
Sector allocation
Technology 19%
Financials 13%
Services media 12%
Industrials 12%
Consumer discretionary 9%
Materials 9%
Other 6%
Healthcare 6%
Long book by quarter
What does Marathon Asset own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CNH CNH INDUSTRIAL NV | Industrials | 11.7M | $128.3M | 4.9% | -2.1% |
| AMZN AMAZON.COM INC | Consumer discretionary | 552.8K | $115.3M | 4.4% | +9.1% |
| GOOGL ALPHABET INC-CL A | Technology | 368.0K | $105.8M | 4.1% | +6.7% |
| CCEP COCA-COLA EUROPACIFIC PARTNE | Consumer staples | 1.1M | $100.6M | 3.9% | -1.5% |
| SCCO SOUTHERN COPPER CORP | Materials | 498.6K | $85.8M | 3.3% | -22.9% |
| TIGO MILLICOM INTL CELLULAR S.A. | Communications | 1.1M | $83.0M | 3.2% | +0.6% |
| BN BROOKFIELD CORP | Real estate | 2.0M | $79.0M | 3.0% | -0.4% |
| ELV ELEVANCE HEALTH INC | Financials | 268.4K | $78.6M | 3.0% | +8.7% |
| CNQ CANADIAN NATURAL RESOURCES | Energy | 1.6M | $78.3M | 3.0% | -0.3% |
| BNS BANK OF NOVA SCOTIA | Financials | 1.1M | $75.3M | 2.9% | -0.4% |
| MSFT MICROSOFT CORP | Technology | 197.0K | $72.9M | 2.8% | +16.0% |
| FNV FRANCO-NEVADA CORP | Materials | 287.7K | $71.0M | 2.7% | -0.4% |
| NVDA NVIDIA CORP | Technology | 357.5K | $62.3M | 2.4% | +14.8% |
| META META PLATFORMS INC-CLASS A | Technology | 103.7K | $59.4M | 2.3% | +8.1% |
| LAUR LAUREATE EDUCATION INC | Services media | 1.5M | $52.1M | 2.0% | -0.8% |
| CPA COPA HOLDINGS SA-CLASS A | Industrials | 424.2K | $48.2M | 1.8% | +3.6% |
| MKL MARKEL GROUP INC | Financials | 24.9K | $47.7M | 1.8% | +8.3% |
| V VISA INC-CLASS A SHARES | Services media | 153.3K | $46.3M | 1.8% | +18.6% |
| TMO THERMO FISHER SCIENTIFIC INC | Other | 93.4K | $46.0M | 1.8% | +9.2% |
| MU MICRON TECHNOLOGY INC | Technology | 134.8K | $45.6M | 1.7% | -26.6% |
| CP CANADIAN PACIFIC KANSAS CITY | Industrials | 527.0K | $41.4M | 1.6% | -0.4% |
| GIL GILDAN ACTIVEWEAR INC | Other | 742.1K | $41.4M | 1.6% | -0.4% |
| ORCL ORACLE CORP | Technology | 271.0K | $39.9M | 1.5% | +87.1% |
| TRU TRANSUNION | Services media | 569.3K | $39.4M | 1.5% | +7.9% |
| IBKR INTERACTIVE BROKERS GRO-CL A | Financials | 543.0K | $36.4M | 1.4% | +13.7% |
| MA MASTERCARD INC - A | Services media | 72.7K | $36.4M | 1.4% | +7.8% |
| CME CME GROUP INC | Financials | 120.1K | $35.5M | 1.4% | +13.7% |
| PGR PROGRESSIVE CORP | Financials | 175.5K | $34.8M | 1.3% | +13.7% |
| SPGI S&P GLOBAL INC | Services media | 78.3K | $33.3M | 1.3% | +32.6% |
| ALGN ALIGN TECHNOLOGY INC | Healthcare | 191.7K | $32.9M | 1.3% | +8.6% |
| FISV FISERV INC | Services media | 586.1K | $32.7M | 1.3% | +22.8% |
| OPLN OPENLANE INC | Consumer discretionary | 1.1M | $32.2M | 1.2% | +13.4% |
| ATS ATS CORP | Industrials | 1.1M | $30.7M | 1.2% | -0.3% |
| PAYC PAYCOM SOFTWARE INC | Technology | 223.3K | $27.1M | 1.0% | +8.8% |
| ADSK AUTODESK INC | Technology | 103.7K | $24.8M | 1.0% | +13.7% |
| IQV IQVIA HOLDINGS INC | Healthcare | 129.0K | $22.0M | 0.8% | +8.8% |
| SKY CHAMPION HOMES INC | Other | 290.0K | $21.6M | 0.8% | New |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 440.9K | $21.2M | 0.8% | +13.6% |
| TJX TJX COMPANIES INC | Consumer discretionary | 129.9K | $20.7M | 0.8% | +13.7% |
| NVST ENVISTA HOLDINGS CORP | Healthcare | 723.2K | $18.3M | 0.7% | +13.4% |
| HCSG HEALTHCARE SERVICES GROUP | Healthcare | 971.5K | $18.0M | 0.7% | +13.4% |
| CHRW C.H. ROBINSON WORLDWIDE INC | Industrials | 106.0K | $17.6M | 0.7% | +13.4% |
| NEM NEWMONT CORP | Materials | 160.6K | $17.4M | 0.7% | +1.0% |
| TFX TELEFLEX INC | Healthcare | 143.8K | $17.2M | 0.7% | +39.7% |
| BKR BAKER HUGHES CO | Industrials | 274.6K | $16.8M | 0.6% | +13.5% |
| FCX FREEPORT-MCMORAN INC | Materials | 282.9K | $16.6M | 0.6% | +18.5% |
| WCC WESCO INTERNATIONAL INC | Consumer discretionary | 59.5K | $16.3M | 0.6% | +13.4% |
| DLTR DOLLAR TREE INC | Consumer discretionary | 148.5K | $16.3M | 0.6% | +13.5% |
| ADM ARCHER-DANIELS-MIDLAND CO | Consumer staples | 222.6K | $16.2M | 0.6% | +13.5% |
| SDA SEALED AIR CORP | Services media | 375.9K | $15.8M | 0.6% | +13.4% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | Apr 24, 2026 | 74 | $2.61B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 6, 2026 | 77 | $2.60B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Oct 17, 2025 | 78 | $2.72B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 79 | $3.12B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 24, 2025 | 81 | $3.27B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 81 | $3.58B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 17, 2024 | 82 | $3.62B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 82 | $3.19B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 86 | $3.75B | canonical | SEC ↗ |
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