Marathon Asset Management Ltd — Q4 2025 13F Holdings

Name: Marathon Asset Management Ltd — 13F Holdings, Q4 2025
Creator: AlphaSMO
License: https://www.sec.gov/forms

CIK: 0001861026

Total reported value

$2.6B

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Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	AMZN	Amazon.com INC	Stock-Consumer Disc	4.50%	—	-2.07%
2	CNH	CNH Industrial N.V.	Stock-Industrials	4.23%	+0.69%	-4.46%
3	GOOGL	Alphabet Inc-cl A	Stock-Comm Services	4.15%	-0.09%	-8.64%
4	KO	The Coca-Cola Company	Stock-Consumer Staples	3.93%	—	-3.26%
5	SCCO	Southern Copper CORP	Stock-Materials	3.57%	-0.28%	-3.75%
6	BN	Brookfield CORP	Stock-Financials	3.47%	-0.44%	+41.15%
7	ELV	Elevance Health INC	Stock-Healthcare	3.33%	-0.32%	-7.70%
8	MSFT	Microsoft CORP	Stock-Tech	3.16%	-0.36%	-8.10%
9	BNS	Bank Of Nova Scotia	Stock-Financials	3.11%	-0.22%	-5.87%
10	META	Meta Platforms Inc-class A	Stock-Comm Services	2.44%	-0.16%	-7.53%
11	TIGO	Millicom International Cellular S.A.	Stock-Comm Services	2.35%	+0.83%	+11.83%
12	FNV	Franco-nevada CORP	Stock-Materials	2.31%	+0.41%	-5.86%
13	NVDA	Nvidia CORP	Stock-Tech	2.23%	+0.16%	-9.04%
14	CX	Cemex Sab-spons Adr Part Cer	Stock-Other	2.20%	-0.17%	-5.15%
15	CNQ	Canadian Natural Resources	Stock-Energy	2.11%	+0.89%	-5.43%
16	MU	Micron Technology INC	Stock-Tech	2.02%	-0.27%	-32.63%
17	VIPS	Vipshop Holdings LTD - Adr	Stock-Consumer Disc	2.00%	-0.24%	-5.53%
18	LAUR	Laureate Education INC	Stock-Other	1.95%	—	-1.18%
19	TMO	Thermo Fisher Scientific INC	Stock-Healthcare	1.91%	-0.15%	-7.82%
20	MKL	Markel Group INC	Stock-Financials	1.90%	—	-7.58%
21	CPA	Copa Holdings, S.A.	Stock-Other	1.90%	—	+9.34%
22	GIL	Gildan Activewear INC	Stock-Consumer Disc	1.79%	-0.20%	-5.86%
23	V	Visa Inc-class A Shares	Stock-Financials	1.74%	—	-7.47%
24	TRU	Transunion	Stock-Financials	1.74%	-0.23%	-7.49%
25	TME	Tencent Music Entertainm-adr	Stock-Comm Services	1.55%	-1.55%	EXIT
26	CP	Canadian Pacific Kansas City	Stock-Industrials	1.50%	+0.09%	-5.87%
27	MA	Mastercard INC - A	Stock-Financials	1.48%	—	-7.46%
28	HDB	Hdfc Bank Ltd-adr	Stock-Financials	1.37%	-0.47%	+10.73%
29	PGR	Progressive CORP	Stock-Financials	1.35%	—	+5.05%
30	PAYC	Paycom Software INC	Stock-Tech	1.26%	-0.22%	-7.75%
31	FISV	Fiserv INC	Stock-Other	1.23%	—	+0.01%
32	SPGI	S&p Global INC	Stock-Financials	1.19%	+0.09%	+20.02%
33	IBKR	Interactive Brokers Gro-cl A	Stock-Financials	1.18%	+0.22%	-9.03%
34	ATS	Ats CORP	Stock-Other	1.16%	—	-5.86%
35	OPLN	Openlane INC	Stock-Other	1.12%	+0.11%	-8.86%
36	CME	Cme Group INC	Stock-Financials	1.11%	+0.25%	-9.06%
37	ORCL	Oracle CORP	Stock-Tech	1.09%	+0.44%	-16.09%
38	ALGN	Align Technology INC	Stock-Healthcare	1.06%	+0.20%	-7.70%
39	ADSK	Autodesk INC	Stock-Tech	1.04%	-0.09%	-9.04%
40	IQV	Iqvia Holdings INC	Stock-Healthcare	1.03%	-0.19%	-7.70%
41	BKNG	Booking Holdings INC	Stock-Consumer Disc	0.85%	-0.85%	EXIT
42	TJX	Tjx Companies INC	Stock-Consumer Disc	0.67%	+0.13%	-8.94%
43	BAM	Brookfield Asset Mgmt-a	Stock-Financials	0.66%	-0.11%	-5.91%
44	HCSG	Healthcare Services Group	Stock-Other	0.63%	—	-8.86%
45	DLTR	Dollar Tree INC	Stock-Consumer Staples	0.62%	—	-8.86%
46	NEM	Newmont CORP	Stock-Materials	0.61%	—	-8.98%
47	CHRW	C.h. Robinson Worldwide INC	Stock-Industrials	0.58%	+0.10%	-8.86%
48	RPRX	Royalty Pharma plc	Stock-Healthcare	0.58%	+0.23%	-8.88%
49	BIO	Bio-rad Laboratories-a	Stock-Healthcare	0.55%	—	-8.91%
50	NVST	Envista Holdings CORP	Stock-Healthcare	0.53%	+0.17%	-8.86%

1–50 of 77

Holding changes this quarter

Position changes disclosed by Marathon Asset Management Ltd for the quarter ending Q4 2025, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	GOOGL	Alphabet Inc-cl A	+0.8%	-8.64%	Trim
2	TIGO	Millicom International Cellular S.A.	+0.6%	+11.83%	Add
3	SCCO	Southern Copper CORP	+0.6%	-3.75%	Trim
4	CX	Cemex Sab-spons Adr Part Cer	+0.5%	-5.15%	Trim
5	MU	Micron Technology INC	+0.3%	-32.63%	Trim
6	BNS	Bank Of Nova Scotia	+0.3%	-5.87%	Trim
7	AMZN	Amazon.com INC	+0.3%	-2.07%	Trim
8	SPGI	S&p Global INC	+0.3%	+20.02%	Add
9	HDB	Hdfc Bank Ltd-adr	+0.3%	+10.73%	Add
10	CPA	Copa Holdings, S.A.	+0.3%	+9.34%	Add
11	TMO	Thermo Fisher Scientific INC	+0.3%	-7.82%	Trim
12	TFX	Teleflex INC	+0.2%	+58.82%	Add
13	ALGN	Align Technology INC	+0.2%	-7.70%	Trim
14	LAUR	Laureate Education INC	+0.2%	-1.18%	Trim
15	MKL	Markel Group INC	+0.2%	-7.58%	Trim
16	IQV	Iqvia Holdings INC	+0.1%	-7.70%	Trim
17	DLTR	Dollar Tree INC	+0.1%	-8.86%	Trim
18	FCX	Freeport-mcmoran INC	+0.1%	-4.25%	Trim
19	TDC	Teradata CORP	+0.1%	-8.88%	Trim
20	KO	The Coca-Cola Company	+0.1%	-3.26%	Trim
21	V	Visa Inc-class A Shares	0%	-7.47%	Trim
22	OPLN	Openlane INC	0%	-8.86%	Trim
23	TRU	Transunion	0%	-7.49%	Trim
24	BKNG	Booking Holdings INC	0%	-7.55%	Trim
25	BN	Brookfield CORP	0%	+41.15%	Add
26	CP	Canadian Pacific Kansas City	0%	-5.87%	Trim
27	MA	Mastercard INC - A	-0.1%	-7.46%	Trim
28	CME	Cme Group INC	-0.1%	-9.06%	Trim
29	VNT	Vontier CORP	-0.1%	-8.85%	Trim
30	BKR	Baker Hughes Co	-0.1%	-8.86%	Trim
31	BAM	Brookfield Asset Mgmt-a	-0.1%	-5.91%	Trim
32	LYB	LyondellBasell Industries N.V.	-0.1%	-7.50%	Trim
33	MTN	Vail Resorts INC	-0.1%	-8.98%	Trim
34	AL	Air Lease CORP	-0.1%	-20.96%	Trim
35	NVDA	Nvidia CORP	-0.1%	-9.04%	Trim
36	ADSK	Autodesk INC	-0.1%	-9.04%	Trim
37	IBKR	Interactive Brokers Gro-cl A	-0.2%	-9.03%	Trim
38	FNV	Franco-nevada CORP	-0.2%	-5.86%	Trim
39	GOOG	Alphabet Inc-cl C	-0.2%	-56.15%	Trim
40	VIPS	Vipshop Holdings LTD - Adr	-0.3%	-5.53%	Trim
41	MSFT	Microsoft CORP	-0.4%	-8.10%	Trim
42	META	Meta Platforms Inc-class A	-0.4%	-7.53%	Trim
43	PAYC	Paycom Software INC	-0.4%	-7.75%	Trim
44	ORCL	Oracle CORP	-0.7%	-16.09%	Trim
45	CNH	CNH Industrial N.V.	-0.8%	-4.46%	Trim
46	TME	Tencent Music Entertainm-adr	-0.9%	-19.52%	Trim
47	FISV	Fiserv INC	-1%	+0.01%	Add
48	LASR	Nlight INC	—	EXIT	Sold out
49	MBC	Masterbrand INC	—	NEW	New buy
50	KMX	Carmax INC	—	EXIT	Sold out