Marathon Asset Management Ltd

Registered adviser

CIK

1861026

Location

London, X0

Portfolio Value

Mid $2,459,586,865

Diversification

Diversified

Filing Date

Global Rank

#1,364 / 8,807 ▼ 191

Top Industry

Internet Content & Information 6.4%

Period ended 4 months ago

Filed Aug 14, 2026 · 2mo

20 quarters · since Sep 2021

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Registered adviser

Form ADV roster, Oct 1, 2026

Form ADV adviser

CRD 132391

Roster of Oct 1, 2026

Regulatory AUM

$39,042,272,218

Main clients

Diversified

Private funds

8 funds · Hedge funds

$6,301,175,022 gross assets

LEI

213800RM4JFI7ZG85N94

Private funds on Schedule D 7.B.(1)

As filed May 16, 2024; SEC's bulk Form ADV archive ends with 2024 filings.

$9,759,754,664 gross assets in 9 funds Other private funds $9,759,754,664 (9)

Form ADV history

Monthly rosters from Dec 2019; each row is a run with the same figures, newest first.

Rosters	Regulatory AUM	Main clients
Jun 2026 to Oct 2026	$39,042,272,218	Diversified
Jun 2025 to May 2026	$37,402,098,683	Diversified
Jun 2024 to May 2025	$40,698,254,061	Diversified
Jun 2023 to May 2024	$40,673,114,005	Diversified
May 2023	$52,018,915,106	Diversified
Jun 2022 to Apr 2023	$52,018,915,106	Diversified

3 earlier changes not shown.

Continues the 13F reports of

MARATHON ASSET MANAGEMENT LLP from Sep 30, 2021

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 37.6%, 42.3 effective positions, active share 79.1% against the S&P 500 as of 2026-06-30; it meets none of the index-like, systematic-like or concentrated tests

Turnover

Low turnover

11.3% over the last four quarters (under 30%)

Horizon

Long horizon

Value-weighted holding period 15.0 quarters (12+)

Closest benchmark: the S&P 500 as of 2026-06-30, active share 79.1%; sector active share 29.6% against the combined 13F book's sector weights.

Over time 20 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

74 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

5.1%

+0.2 pts

Top 5

21.8%

+1.1 pts

Top 10

37.6%

+1.5 pts

HHI

236

Diversified+8

Portfolio Trend

20 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Financial Services	19.7%	$485,266,084	13
Technology	13.1%	$322,020,841	11
Industrials	12.5%	$307,421,549	8
Consumer Cyclical	11.7%	$288,192,753	10
Communication Services	10.8%	$265,148,451	4
Healthcare	10.7%	$264,125,910	11
Basic Materials	9.2%	$225,858,673	7
Consumer Defensive	7.8%	$192,118,967	5
Energy	2.7%	$65,320,606	2
Unclassified	1.0%	$23,498,628	1
Real Estate	0.8%	$20,614,403	2

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

9 positions

Ticker	Company	Δ Shares	Shares	Value
GIL	Gildan Activewear Inc.	+314,793	1,056,926	$54,537,381
MBC	MasterBrand, Inc.	+192,065	1,034,967	$10,649,810
WY	Weyerhaeuser Co	+102,364	431,520	$10,330,588
TRU	TransUnion	+72,060	641,352	$46,267,133
WSC	WillScot Holdings Corp	+50,647	487,406	$14,066,537
TSM	Taiwan Semiconductor Manufacturing Co Ltd	+24,810	78,066	$37,281,979
SW	Smurfit Westrock plc	+19,335	322,275	$14,908,441
V	Visa Inc.	+4,647	157,956	$54,193,124
TFX	Teleflex Inc	+1,595	145,349	$18,424,439
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
OPLN	OPENLANE, Inc.	−610,238	494,113	$20,377,220
CNH	CNH Industrial N.V.	−418,017	11,246,396	$126,297,027
CX	Cemex Sab De CV	−256,072	4,368,041	$52,416,492
BN	BROOKFIELD Corp /ON/	−250,429	1,705,303	$72,628,854
HCSG	Healthcare Services Group Inc	−211,643	759,824	$18,661,277
CNQ	CANADIAN NATURAL RESOURCES Ltd	−204,046	1,391,604	$54,968,358
VIPS	Vipshop Holdings Ltd	−167,190	2,758,415	$36,576,582
NVST	Envista Holdings Corp	−157,470	565,684	$14,905,773
RPRX	Royalty Pharma plc	−154,977	285,951	$16,033,272
ATS	ATS Corp /ATS	−139,426	954,485	$27,470,078
BNS	Bank Of Nova Scotia	−138,562	950,832	$82,570,250
AMZN	Amazon Com Inc	−125,171	427,627	$101,920,619
IBKR	Interactive Brokers Group, Inc.	−112,584	430,459	$37,467,151
FISV	Fiserv Inc	−107,045	479,075	$23,498,628
LAUR	Laureate Education, Inc.	−89,602	1,406,633	$51,088,910
BKR	Baker Hughes Co	−88,060	186,527	$10,352,248
MU	Micron Technology Inc	−81,269	53,547	$61,808,766
NVDA	Nvidia Corp	−76,892	280,561	$56,137,450
TDC	Teradata Corp /De/	−75,641	272,208	$9,432,007
CCEP	COCA-COLA EUROPACIFIC PARTNERS plc	−72,108	1,037,637	$103,836,334
CP	Canadian Pacific Kansas City Ltd/Cn	−67,274	459,750	$39,837,337
GOOGL	Alphabet Inc.	−65,731	302,312	$108,037,239
FCX	Freeport-Mcmoran Inc	−64,868	218,068	$13,714,296
AXTA	Axalta Coating Systems Ltd.	−62,581	224,707	$7,689,473
SKY	Champion Homes, Inc.	−51,250	238,784	$21,041,646
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
WMG	Warner Music Group Corp.	454,281	$12,297,386
RYN	Rayonier Inc	483,262	$10,283,815
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Shares	Value
—	199,048	$0
—	375,900	$0
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

74 tracked positions · $2,459,586,865 total · filing declares 74 positions · $2,461,778,316 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology

Showing 1–50 of 74 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
CNH	CNH Industrial N.V. Industrials	Reduced	11,246,396	-418,017	$126,297,027	−1.6%	11	—	5.13%
GOOGL	Alphabet Inc. Communication Services	Reduced	302,312	-65,731	$108,037,239	+2.1%	20	—	4.39%
CCEP	COCA-COLA EUROPACIFIC PARTNERS plc Consumer Defensive	Reduced	1,037,637	-72,108	$103,836,334	+3.2%	20	—	4.22%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	427,627	-125,171	$101,920,619	−11.5%	8	—	4.14%
TIGO	Millicom International Cellular SA Communication Services	Reduced	1,066,749	-40,509	$96,818,139	+16.7%	4	—	3.94%
ELV	Elevance Health, Inc. Healthcare	Reduced	219,490	-48,898	$84,883,367	+8.0%	7	—	3.45%
SCCO	Southern Copper Corp/ Basic Materials	Reduced	476,533	-22,094	$83,040,652	−3.2%	20	—	3.38%
BNS	Bank Of Nova Scotia Financial Services	Reduced	950,832	-138,562	$82,570,250	+9.4%	20	—	3.36%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	1,705,303	-250,429	$72,628,854	−8.2%	15	—	2.95%
CPA	Copa Holdings, S.A. Industrials	Reduced	414,473	-9,685	$64,479,564	+33.8%	16	—	2.62%
MU	Micron Technology Inc Technology	Reduced	53,547	-81,269	$61,808,766	+35.7%	19	—	2.51%
MSFT	Microsoft Corp Technology	Reduced	159,718	-37,276	$59,578,008	−18.3%	19	—	2.42%
NVDA	Nvidia Corp Technology	Reduced	280,561	-76,892	$56,137,450	−9.9%	6	—	2.28%
CNQ	CANADIAN NATURAL RESOURCES Ltd Energy	Reduced	1,391,604	-204,046	$54,968,358	−29.3%	20	—	2.23%
GIL	Gildan Activewear Inc. Consumer Cyclical	Added	1,056,926	+314,793	$54,537,381	+32.1%	20	—	2.22%
V	Visa Inc. Financial Services	Added	157,956	+4,647	$54,193,124	+17.0%	19	—	2.20%
CX	Cemex Sab De CV Basic Materials	Reduced	4,368,041	-256,072	$52,416,492	−0.9%	10	—	2.13%
FNV	FRANCO NEVADA Corp Basic Materials	Reduced	250,994	-36,703	$52,317,189	−26.4%	20	—	2.13%
LAUR	Laureate Education, Inc. Consumer Defensive	Reduced	1,406,633	-89,602	$51,088,910	−2.0%	9	—	2.08%
META	Meta Platforms, Inc. Communication Services	Reduced	85,206	-18,539	$47,995,687	−19.1%	20	—	1.95%
TRU	TransUnion Financial Services	Added	641,352	+72,060	$46,267,133	+17.5%	13	—	1.88%
MKL	Markel Group Inc. Financial Services	Reduced	20,414	-4,487	$39,868,746	−16.4%	20	—	1.62%
CP	Canadian Pacific Kansas City Ltd/Cn Industrials	Reduced	459,750	-67,274	$39,837,337	−3.9%	13	—	1.62%
TMO	Thermo Fisher Scientific Inc. Healthcare	Reduced	76,168	-17,253	$38,187,588	−16.8%	19	—	1.55%
IBKR	Interactive Brokers Group, Inc. Financial Services	Reduced	430,459	-112,584	$37,467,151	+2.9%	9	—	1.52%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Added	78,066	+24,810	$37,281,979	+107.1%	20	—	1.52%
VIPS	Vipshop Holdings Ltd Consumer Cyclical	Reduced	2,758,415	-167,190	$36,576,582	−20.5%	20	—	1.49%
ORCL	Oracle Corp Technology	Reduced	237,250	-33,754	$34,768,987	−12.8%	20	—	1.41%
MA	Mastercard Inc Financial Services	Reduced	59,849	-12,891	$30,738,446	−15.4%	19	—	1.25%
PGR	Progressive Corp/Oh/ Financial Services	Reduced	138,988	-36,482	$30,361,928	−12.7%	20	—	1.23%
ATS	ATS Corp /ATS Industrials	Reduced	954,485	-139,426	$27,470,078	−11.0%	5	—	1.12%
ALGN	Align Technology Inc Healthcare	Reduced	156,954	-34,755	$26,471,861	−19.5%	16	—	1.08%
SPGI	S&P Global Inc. Financial Services	Reduced	63,800	-14,490	$25,983,187	−22.0%	19	—	1.06%
HDB	Hdfc Bank Ltd Financial Services	Reduced	934,604	-8,509	$24,140,821	+2.9%	20	—	0.98%
FISV	Fiserv Inc	Reduced	479,075	-107,045	$23,498,628	−28.2%	19	—	0.96%
PAYC	Paycom Software, Inc. Technology	Reduced	182,561	-40,754	$22,944,266	−15.5%	12	—	0.93%
SKY	Champion Homes, Inc. Consumer Cyclical	Reduced	238,784	-51,250	$21,041,646	−2.4%	2	—	0.86%
CME	Cme Group Inc. Financial Services	Reduced	95,173	-24,958	$21,017,053	−40.8%	13	—	0.85%
OPLN	OPENLANE, Inc. Consumer Cyclical	Reduced	494,113	-610,238	$20,377,220	−36.7%	19	—	0.83%
IQV	Iqvia Holdings Inc. Healthcare	Reduced	105,388	-23,611	$20,363,069	−7.4%	19	—	0.83%
HCSG	Healthcare Services Group Inc Healthcare	Reduced	759,824	-211,643	$18,661,277	+3.6%	19	—	0.76%
TFX	Teleflex Inc Healthcare	Added	145,349	+1,595	$18,424,439	+7.2%	19	—	0.75%
RPRX	Royalty Pharma plc Healthcare	Reduced	285,951	-154,977	$16,033,272	−24.2%	19	—	0.65%
ADSK	Autodesk, Inc. Technology	Reduced	82,181	-21,537	$15,977,630	−35.7%	18	—	0.65%
CHRW	C. H. Robinson Worldwide, Inc. Industrials	Reduced	82,883	-23,080	$15,610,184	−11.3%	20	—	0.63%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	102,861	-27,008	$15,583,441	−24.9%	20	—	0.63%
SW	Smurfit Westrock plc Consumer Cyclical	Added	322,275	+19,335	$14,908,441	+23.5%	4	—	0.61%
NVST	Envista Holdings Corp Healthcare	Reduced	565,684	-157,470	$14,905,773	−18.8%	11	—	0.61%
WSC	WillScot Holdings Corp Industrials	Added	487,406	+50,647	$14,066,537	+85.5%	7	—	0.57%
DLTR	Dollar Tree, Inc. Consumer Defensive	Reduced	116,156	-32,310	$14,049,068	−13.6%	19	—	0.57%

Showing the top 50 of 74 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.