Marathon Asset Management Ltd
Reported holdings as of Q3 2026, from 21 quarterly filings.
Holdings
Download these holdings as CSV
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| CNH INDL N V | CNH | $139.9M | 10,889,707 | +1.23pp | 12q | -3.2%-$4.6M | |
| COCA-COLA EUROPACIFIC PARTNE | CCEP | $95.4M | 938,108 | +0.12pp | 21q | -9.6%-$10.1M | |
| SOUTHERN COPPER CORP | SCCO | $91.6M | 452,075 | +0.79pp | 21q | -5.1%-$5.0M | |
| AMAZON COM INC | AMZN | $83.0M | 332,912 | -0.37pp | 9q | -22.1%-$23.6M | |
| ALPHABET INC | GOOGL | $79.4M | 230,842 | -0.78pp | 21q | -23.6%-$24.6M | |
| MILLICOM INTL CELLULAR S A | TIGO | $78.1M | 896,086 | -0.38pp | 5q | -16.0%-$14.9M | |
| NVIDIA CORPORATION | NVDA | $67.7M | 296,231 | +0.80pp | 7q | +5.6%+$3.6M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $66.9M | 172,037 | -0.41pp | 8q | -21.6%-$18.5M | |
| BANK NOVA SCOTIA B C | BNS | $66.5M | 729,102 | -0.33pp | 21q | -23.3%-$20.2M | |
| MICROSOFT CORP | MSFT | $51.2M | 99,844 | -0.09pp | 20q | -37.5%-$30.7M | |
| COPA HOLDINGS SA | CPA | $50.7M | 384,695 | -0.31pp | 17q | -7.2%-$3.9M | |
| CANADIAN NAT RES LTD MED TER | CNQ | $50.5M | 1,060,802 | +0.01pp | 21q | -23.8%-$15.7M | |
| LAUREATE ED INC | LAUR | $48.5M | 1,270,604 | +0.13pp | 10q | -9.7%-$5.2M | |
| BROOKFIELD CORP | BN | $47.8M | 1,306,677 | -0.78pp | 16q | -23.4%-$14.6M | |
| META PLATFORMS INC | META | $47.3M | 65,271 | +0.20pp | 21q | -23.4%-$14.5M | |
| MICRON TECHNOLOGY INC | MU | $46.8M | 43,949 | -0.38pp | 20q | -17.9%-$10.2M | |
| FRANCO NEV CORP | FNV | $45.9M | 192,300 | -0.04pp | 21q | -23.4%-$14.0M | |
| VISA INC | V | $42.7M | 118,834 | -0.26pp | 20q | -24.8%-$14.1M | |
| WEST FRASER TIMBER CO LTD | WFG | $42.3M | 606,680 | - | new | NEW | |
| THERMO FISHER SCIENTIFIC INC | TMO | $41.0M | 60,648 | +0.31pp | 20q | -20.4%-$10.5M | |
| CEMEX SAB DE CV | CX | $38.7M | 4,068,080 | -0.37pp | 11q | -6.9%-$2.9M | |
| COMPANIA DE MINAS BUENAVENTU | BVN | $38.4M | 1,217,012 | - | new | NEW | |
| GILDAN ACTIVEWEAR INC | GIL | $34.6M | 809,891 | -0.64pp | 21q | -23.4%-$10.5M | |
| INTERACTIVE BROKERS GROUP IN | IBKR | $33.7M | 394,086 | +0.01pp | 10q | -8.4%-$3.1M | |
| GFL ENVIRONMENTAL INC | GFL | $32.3M | 771,499 | - | new | NEW | |
| ORACLE CORP | ORCL | $32.2M | 234,632 | +0.05pp | 21q | -1.1%-$359.5K | |
| VISTA ENERGY S.A.B. DE C.V. | VIST | $31.0M | 474,648 | - | new | NEW | |
| TRANSUNION | TRU | $30.7M | 501,781 | -0.49pp | 14q | -21.8%-$8.5M | |
| CANADIAN PACIFIC KANSAS CITY | CP | $30.1M | 352,295 | -0.25pp | 14q | -23.4%-$9.2M | |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $28.1M | 61,503 | -0.24pp | 21q | -21.2%-$7.6M | |
| MARKEL GROUP INC | MKL | $27.0M | 15,785 | -0.39pp | 21q | -22.7%-$7.9M | |
| PROGRESSIVE CORP | PGR | $26.4M | 127,210 | -0.03pp | 21q | -8.5%-$2.4M | |
| MASTERCARD INCORPORATED | MA | $24.9M | 45,458 | -0.12pp | 20q | -24.0%-$7.9M | |
| CME GROUP INC | CME | $22.9M | 87,498 | +0.19pp | 14q | -8.1%-$2.0M | |
| IQVIA HLDGS INC | IQV | $22.3M | 82,916 | +0.19pp | 20q | -21.3%-$6.0M | |
| INTERCONTINENTAL EXCHANGE IN | ICE | $21.4M | 141,027 | - | new | NEW | |
| S&P GLOBAL INC | SPGI | $20.0M | 50,797 | -0.14pp | 20q | -20.4%-$5.1M | |
| PAYCOM SOFTWARE INC | PAYC | $19.3M | 88,557 | -0.06pp | 13q | -51.5%-$20.5M | |
| FISERV INC | FISV | $17.0M | 375,730 | -0.18pp | 20q | -21.6%-$4.7M | |
| AUTODESK INC | ADSK | $15.7M | 75,243 | +0.07pp | 19q | -8.4%-$1.5M | |
| OPENLANE INC | OPLN | $15.4M | 451,917 | -0.13pp | 20q | -8.5%-$1.4M | |
| CHAMPION HOMES INC | SKY | $15.4M | 179,941 | -0.15pp | 3q | -24.6%-$5.0M | |
| ROYALTY PHARMA PLC | RPRX | $15.3M | 261,447 | +0.04pp | 20q | -8.6%-$1.4M | |
| BIO RAD LABS INC | BIO | $14.5M | 38,371 | +0.16pp | 11q | -8.6%-$1.4M | |
| HEALTHCARE SVCS GROUP INC | HCSG | $14.2M | 694,704 | -0.11pp | 20q | -8.6%-$1.3M | |
| FREEPORT-MCMORAN INC | FCX | $14.0M | 200,252 | +0.08pp | 20q | -8.2%-$1.2M | |
| TELEFLEX INCORPORATED | TFX | $13.7M | 109,764 | -0.12pp | 20q | -24.5%-$4.4M | |
| ATS CORPORATION | ATS | $13.3M | 732,044 | -0.51pp | 6q | -23.3%-$4.0M | |
| NEWMONT CORP | NEM | $13.2M | 114,720 | +0.13pp | 20q | -8.6%-$1.2M | |
| SMURFIT WESTROCK PLC | SW | $13.0M | 294,699 | -0.01pp | 5q | -8.6%-$1.2M | |
| ARCHER DANIELS MIDLAND CO | ADM | $12.6M | 159,212 | +0.03pp | 21q | -8.6%-$1.2M | |
| TJX COS INC NEW | TJX | $12.5M | 94,170 | -0.07pp | 21q | -8.4%-$1.1M | |
| ENVISTA HOLDINGS CORPORATION | NVST | $12.1M | 517,259 | -0.05pp | 12q | -8.6%-$1.1M | |
| DOLLAR TREE INC | DLTR | $12.1M | 106,205 | -0.02pp | 20q | -8.6%-$1.1M | |
| HDFC BANK LTD | HDB | $11.8M | 528,455 | -0.46pp | 21q | -43.5%-$9.1M | |
| ROGERS CORP | ROG | $11.7M | 76,530 | -0.02pp | 12q | -8.5%-$1.1M | |
| RAYONIER INC | RYN | $11.6M | 629,100 | +0.11pp | 2q | +30.2%+$2.7M | |
| VAIL RESORTS INC | MTN | $11.5M | 83,833 | +0.01pp | 9q | -8.6%-$1.1M | |
| WARNER MUSIC GROUP CORP | WMG | $11.5M | 415,292 | +0.02pp | 2q | -8.6%-$1.1M | |
| C H ROBINSON WORLDWIDE IN | CHRW | $11.3M | 75,779 | -0.12pp | 21q | -8.6%-$1.1M | |
| TERADATA CORP DEL | TDC | $10.9M | 377,877 | +0.11pp | 20q | +38.8%+$3.0M | |
| WEYERHAEUSER CO | WY | $10.8M | 565,121 | +0.07pp | 20q | +31.0%+$2.5M | |
| SCHEIN HENRY INC | HSIC | $10.7M | 127,105 | +0.01pp | 20q | -8.6%-$999.0K | |
| BROOKFIELD ASSET MANAGMT LTD | BAM | $9.7M | 216,832 | -0.07pp | 16q | -23.4%-$3.0M | |
| BAKER HUGHES COMPANY | BKR | $9.4M | 170,566 | +0.01pp | 20q | -8.6%-$876.2K | |
| COCA COLA CONS INC | COKE | $8.9M | 47,125 | +0.01pp | 14q | -8.6%-$836.9K | |
| WILLSCOT MOBILE MINI HLDCLASS A | WSC | $7.7M | 445,638 | -0.22pp | 8q | -8.6%-$717.5K | |
| MASTERBRAND INC | MBC | $6.6M | 947,041 | -0.13pp | 4q | -8.5%-$615.5K | |
| AXALTA COATING SYS LTD | AXTA | $6.6M | 205,470 | -0.01pp | 20q | -8.6%-$618.7K | |
| WELLS FARGO & CO | WFC | $6.5M | 81,139 | flat | 21q | -8.6%-$607.9K | |
| F T I CONSULTING INC | FCN | $5.6M | 41,951 | -0.02pp | 21q | -8.6%-$529.5K | |
| VONTIER CORPORATION | VNT | $5.3M | 168,041 | +0.02pp | 20q | -8.6%-$495.7K | |
| DONNELLEY FINL SOLUTIONS INC | DFIN | $5.2M | 110,451 | +0.03pp | 15q | -8.6%-$488.5K | |
| BARRICK MNG CORP | B | $5.0M | 124,013 | +0.03pp | 6q | -8.2%-$448.9K | |
| FLUTTER ENTMT PLC | FLUT | $75.1K | 1,008 | flat | 9q | -8.7%-$7.2K | |
| INMODE LTD | INMD | $69.6K | 4,910 | -0.09pp | 21q | -96.8%-$2.1M |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Software & IT Services | $256.2M | 11.6% |
| Mining & Metals | $208.2M | 9.5% |
| Business Services | $202.3M | 9.2% |
| Industrials | $175.6M | 8.0% |
| Retail & Consumer | $157.6M | 7.2% |
| Semiconductors & Electronics | $142.7M | 6.5% |
| Insurance | $120.3M | 5.5% |
| Food, Drink & Tobacco | $117.0M | 5.3% |
| Construction & Building | $103.1M | 4.7% |
| Telecom & Media | $101.1M | 4.6% |
| Transport & Logistics | $92.1M | 4.2% |
| Capital Markets | $87.7M | 4.0% |
| Other sectors | $436.1M | 19.8% |
What the disclosed book did
This is not the fund's return. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are all invisible here. What this measures is the quarter's change in value of the positions this manager disclosed, had they been left untouched - the return a reader following the filing would have earned.
| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2026 | +1.6% | +2.1% | -0.5% | 100% |
| Q2 2026 | +11.8% | +14.8% | -3.0% | 99% |
| Q1 2026 | -2.7% | -4.6% | +2.0% | 100% |
| Q4 2025 | +2.6% | +2.4% | +0.2% | 100% |
| Q3 2025 | +5.5% | +7.8% | -2.3% | 100% |
| Q2 2025 | +12.5% | +10.5% | +2.1% | 100% |
| Q1 2025 | -3.4% | -4.6% | +1.2% | 100% |
| Q4 2024 | +0.6% | +2.1% | -1.5% | 100% |
Market is SPY over the same two quarter ends, priced the same way as everything else here - the median across every filer reporting it. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that are not skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q3 2026 | $2.2B | 76 | 5 | 4 | 67 | 3 | 37.3% | 26 |
| Q2 2026 | $2.5B | 74 | 2 | 9 | 62 | 2 | 37.6% | 45 |
| Q1 2026 | $2.6B | 74 | 1 | 55 | 10 | 4 | 35.7% | 24 |
| Q4 2025 | $2.6B | 77 | 1 | 7 | 67 | 2 | 35.9% | 37 |
| Q3 2025 | $2.7B | 78 | 2 | 4 | 70 | 3 | 35.2% | 17 |
| Q2 2025 | $3.1B | 79 | 2 | 11 | 64 | 4 | 34.5% | 42 |
| Q1 2025 | $3.3B | 81 | 2 | 10 | 65 | 2 | 40.3% | 24 |
| Q4 2024 | $3.6B | 81 | 2 | 8 | 69 | 3 | 40.5% | 37 |
| Q3 2024 | $3.6B | 82 | 4 | 12 | 62 | 4 | 39.0% | 17 |
| Q2 2024 | $3.2B | 82 | 2 | 9 | 69 | 6 | 31.5% | 45 |
| Q1 2024 | $3.7B | 86 | 3 | 26 | 55 | 4 | 30.8% | 44 |
| Q4 2023 | $3.6B | 87 | 3 | 14 | 69 | 4 | 30.1% | 43 |
| Q3 2023 | $3.2B | 88 | 2 | 7 | 77 | 1 | 27.9% | 37 |
| Q2 2023 | $3.6B | 87 | 5 | 12 | 67 | 9 | 28.1% | 35 |
| Q1 2023 | $3.6B | 91 | 4 | 4 | 82 | 2 | 26.5% | 33 |
| Q4 2022 | $3.7B | 89 | 3 | 19 | 65 | 2 | 24.7% | 38 |
| Q3 2022 | $3.4B | 88 | 3 | 1 | 84 | 0 | 25.9% | 25 |
| Q2 2022 | $6.0B | 85 | 0 | 8 | 75 | 3 | 24.2% | 32 |
| Q1 2022 | $7.4B | 88 | 2 | 8 | 78 | 0 | 24.3% | 21 |
| Q4 2021 | $8.1B | 86 | 34 | 14 | 38 | 34 | 25.9% | 28 |
| Q3 2021 | $8.2B | 86 | 0 | 0 | 0 | 0 | 30.9% | 36 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.