CIK: 0001861026
Total reported value
$2.6B
Reporting period: 2026-03-31 · Number of holdings: 74
Marathon Asset Management Ltd disclosed 74 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.6B and a quarterly turnover rate of 16.0%.
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Marathon Asset Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.022 — mathematically equivalent to about 45 equally-sized positions, close to its 74 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.82), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 41% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add CNQ
-0.3% $23.3M
Add TIGO
+0.6% $21.9M
Add CNH
-2.1% $18.4M
Trim HDB
-3.1% -$12.1M
Add ORCL
+87.1% $11.6M
Trim BN
-0.4% -$11.3M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | CNH | CNH Industrial N.V. | Stock-Industrials | 4.92% | +0.69% | -2.12% | |
| 2 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.42% | — | +9.09% | |
| 3 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 4.06% | -0.09% | +6.70% | |
| 4 | KO | The Coca-Cola Company | Stock-Consumer Staples | 3.86% | — | -1.55% | |
| 5 | SCCO | Southern Copper CORP | Stock-Materials | 3.29% | -0.28% | -22.92% | |
| 6 | TIGO | Millicom International Cellular S.A. | Stock-Comm Services | 3.18% | +0.83% | +0.57% | |
| 7 | BN | Brookfield CORP | Stock-Financials | 3.03% | -0.44% | -0.37% | |
| 8 | ELV | Elevance Health INC | Stock-Healthcare | 3.01% | -0.32% | +8.74% | |
| 9 | CNQ | Canadian Natural Resources | Stock-Energy | 3.00% | +0.89% | -0.28% | |
| 10 | BNS | Bank Of Nova Scotia | Stock-Financials | 2.89% | -0.22% | -0.43% | |
| 11 | MSFT | Microsoft CORP | Stock-Tech | 2.80% | -0.36% | +16.03% | |
| 12 | FNV | Franco-nevada CORP | Stock-Materials | 2.72% | +0.41% | -0.36% | |
| 13 | NVDA | Nvidia CORP | Stock-Tech | 2.39% | +0.16% | +14.85% | |
| 14 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.28% | -0.16% | +8.08% | |
| 15 | CX | Cemex Sab-spons Adr Part Cer | Stock-Other | 2.03% | -0.17% | -6.97% | |
| 16 | LAUR | Laureate Education INC | Stock-Other | 2.00% | — | -0.78% | |
| 17 | CPA | Copa Holdings, S.A. | Stock-Other | 1.85% | — | +3.56% | |
| 18 | MKL | Markel Group INC | Stock-Financials | 1.83% | — | +8.33% | |
| 19 | V | Visa Inc-class A Shares | Stock-Financials | 1.78% | — | +18.59% | |
| 20 | VIPS | Vipshop Holdings LTD - Adr | Stock-Consumer Disc | 1.76% | -0.24% | -0.58% | |
| 21 | TMO | Thermo Fisher Scientific INC | Stock-Healthcare | 1.76% | -0.15% | +9.21% | |
| 22 | MU | Micron Technology INC | Stock-Tech | 1.75% | -0.27% | -26.59% | |
| 23 | CP | Canadian Pacific Kansas City | Stock-Industrials | 1.59% | +0.09% | -0.37% | |
| 24 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 1.59% | -0.20% | -0.37% | |
| 25 | ORCL | Oracle CORP | Stock-Tech | 1.53% | +0.44% | +87.13% | |
| 26 | TRU | Transunion | Stock-Financials | 1.51% | -0.23% | +7.87% | |
| 27 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 1.40% | +0.22% | +13.74% | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 1.40% | — | +7.83% | |
| 29 | CME | Cme Group INC | Stock-Financials | 1.36% | +0.25% | +13.68% | |
| 30 | PGR | Progressive CORP | Stock-Financials | 1.33% | — | +13.71% | |
| 31 | SPGI | S&p Global INC | Stock-Financials | 1.28% | +0.09% | +32.64% | |
| 32 | ALGN | Align Technology INC | Stock-Healthcare | 1.26% | +0.20% | +8.56% | |
| 33 | FISV | Fiserv INC | Stock-Other | 1.25% | — | +22.84% | |
| 34 | OPLN | Openlane INC | Stock-Other | 1.23% | +0.11% | +13.43% | |
| 35 | ATS | Ats CORP | Stock-Other | 1.18% | — | -0.35% | |
| 36 | PAYC | Paycom Software INC | Stock-Tech | 1.04% | -0.22% | +8.84% | |
| 37 | ADSK | Autodesk INC | Stock-Tech | 0.95% | -0.09% | +13.69% | |
| 38 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 0.90% | -0.47% | -3.09% | |
| 39 | IQV | Iqvia Holdings INC | Stock-Healthcare | 0.84% | -0.19% | +8.79% | |
| 40 | SKY | Champion Homes INC | Stock-Consumer Disc | 0.83% | +0.83% | NEW | |
| 41 | RPRX | Royalty Pharma plc | Stock-Healthcare | 0.81% | +0.23% | +13.58% | |
| 42 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.80% | +0.13% | +13.73% | |
| 43 | NVST | Envista Holdings CORP | Stock-Healthcare | 0.70% | +0.17% | +13.44% | |
| 44 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 0.69% | +0.18% | +22.31% | |
| 45 | HCSG | Healthcare Services Group | Stock-Other | 0.69% | — | +13.43% | |
| 46 | CHRW | C.h. Robinson Worldwide INC | Stock-Industrials | 0.68% | +0.10% | +13.42% | |
| 47 | NEM | Newmont CORP | Stock-Materials | 0.67% | — | +0.98% | |
| 48 | TFX | Teleflex INC | Stock-Healthcare | 0.66% | +0.18% | +39.71% | |
| 49 | BKR | Baker Hughes Co | Stock-Energy | 0.64% | +0.22% | +13.48% | |
| 50 | FCX | Freeport-mcmoran INC | Stock-Materials | 0.64% | +0.17% | +18.53% |
Performance for Q3 2026
+3.9%
Performance Last 4 Quarters
+22.3%
Based on 84% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 74 | $2.6B | 16 | |
| 2025-12-31 | 77 | $2.6B | 14 | |
| 2025-09-30 | 78 | $2.7B | 39 | |
| 2025-06-30 | 79 | $3.1B | 0 | |
| 2025-03-31 | 81 | $3.3B | 0 | |
| 2024-12-31 | 81 | $3.6B | 0 | |
| 2024-09-30 | 82 | $3.6B | 0 | |
| 2024-06-30 | 82 | $3.2B | 0 | |
| 2024-03-31 | 86 | $3.7B | 0 | |
| 2023-12-31 | 87 | $3.6B | 0 | |
| 2023-09-30 | 88 | $3.2B | 0 | |
| 2023-06-30 | 87 | $3.6B | 0 | |
| 2023-03-31 | 91 | $3.6B | 0 | |
| 2022-12-31 | 89 | $3.7B | 0 | |
| 2022-09-30 | 88 | $3.4B | 0 | |
| 2022-06-30 | 85 | $6.0B | 0 | |
| 2022-03-31 | 88 | $7.4B | 0 | |
| 2021-12-31 | 86 | $8.1B | 0 | |
| 2021-09-30 | 86 | $8.2B | 0 |
Marathon Asset Management Ltd's most significant position changes for 2026-03-31: Sold out: Tencent Music Entertainm-adr (TME); Sold out: Booking Holdings INC (BKNG); New buy: Champion Homes INC (SKY); Sold out: LyondellBasell Industries N.V. (LYB); Sold out: Alphabet Inc-cl C (GOOG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CNQ | Canadian Natural Resources | +0.9% | -0.28% | Trim |
| 2 | TIGO | Millicom International Cellular S.A. | +0.8% | +0.57% | Add |
| 3 | CNH | CNH Industrial N.V. | +0.7% | -2.12% | Trim |
| 4 | ORCL | Oracle CORP | +0.4% | +87.13% | Add |
| 5 | FNV | Franco-nevada CORP | +0.4% | -0.36% | Trim |
| 6 | CME | Cme Group INC | +0.3% | +13.68% | Add |
| 7 | RPRX | Royalty Pharma plc | +0.2% | +13.58% | Add |
| 8 | BKR | Baker Hughes Co | +0.2% | +13.48% | Add |
| 9 | IBKR | Interactive Brokers Gro-cl A | +0.2% | +13.74% | Add |
| 10 | ALGN | Align Technology INC | +0.2% | +8.56% | Add |
| 11 | ADM | Archer-daniels-midland Co | +0.2% | +13.48% | Add |
| 12 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | +22.31% | Add |
| 13 | TFX | Teleflex INC | +0.2% | +39.71% | Add |
| 14 | FCX | Freeport-mcmoran INC | +0.2% | +18.53% | Add |
| 15 | NVST | Envista Holdings CORP | +0.2% | +13.44% | Add |
| 16 | NVDA | Nvidia CORP | +0.2% | +14.85% | Add |
| 17 | COKE | Coca-cola Consolidated INC | +0.1% | +13.48% | Add |
| 18 | MTN | Vail Resorts INC | +0.1% | +34.19% | Add |
| 19 | ROG | Rogers CORP | +0.1% | +13.56% | Add |
| 20 | WCC | Wesco International INC | +0.1% | +13.42% | Add |
| 21 | TJX | Tjx Companies INC | +0.1% | +13.73% | Add |
| 22 | OPLN | Openlane INC | +0.1% | +13.43% | Add |
| 23 | CHRW | C.h. Robinson Worldwide INC | +0.1% | +13.42% | Add |
| 24 | SPGI | S&p Global INC | +0.1% | +32.64% | Add |
| 25 | CP | Canadian Pacific Kansas City | +0.1% | -0.37% | Trim |
| 26 | SDA | Sealed Air CORP | +0.1% | +13.43% | Add |
| 27 | ADSK | Autodesk INC | -0.1% | +13.69% | Add |
| 28 | GOOGL | Alphabet Inc-cl A | -0.1% | +6.70% | Add |
| 29 | BAM | Brookfield Asset Mgmt-a | -0.1% | -0.39% | Trim |
| 30 | FLUT | Flutter Entertainment plc | -0.1% | -32.86% | Trim |
| 31 | TMO | Thermo Fisher Scientific INC | -0.2% | +9.21% | Add |
| 32 | META | Meta Platforms Inc-class A | -0.2% | +8.08% | Add |
| 33 | CX | Cemex Sab-spons Adr Part Cer | -0.2% | -6.97% | Trim |
| 34 | IQV | Iqvia Holdings INC | -0.2% | +8.79% | Add |
| 35 | GIL | Gildan Activewear INC | -0.2% | -0.37% | Trim |
| 36 | PAYC | Paycom Software INC | -0.2% | +8.84% | Add |
| 37 | BNS | Bank Of Nova Scotia | -0.2% | -0.43% | Trim |
| 38 | TRU | Transunion | -0.2% | +7.87% | Add |
| 39 | VIPS | Vipshop Holdings LTD - Adr | -0.2% | -0.58% | Trim |
| 40 | MU | Micron Technology INC | -0.3% | -26.59% | Trim |
| 41 | SCCO | Southern Copper CORP | -0.3% | -22.92% | Trim |
| 42 | ELV | Elevance Health INC | -0.3% | +8.74% | Add |
| 43 | MSFT | Microsoft CORP | -0.4% | +16.03% | Add |
| 44 | BN | Brookfield CORP | -0.4% | -0.37% | Trim |
| 45 | HDB | Hdfc Bank Ltd-adr | -0.5% | -3.09% | Trim |
| 46 | TME | Tencent Music Entertainm-adr | — | EXIT | Sold out |
| 47 | BKNG | Booking Holdings INC | — | EXIT | Sold out |
| 48 | SKY | Champion Homes INC | — | NEW | New buy |
| 49 | LYB | LyondellBasell Industries N.V. | — | EXIT | Sold out |
| 50 | GOOG | Alphabet Inc-cl C | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-04-24 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-06 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-10-17 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-24 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-06 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-17 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-04 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-03 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-07 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-10-25 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-01 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-21 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-28 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-05 | 13F-HR | View on EDGAR |
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