1y return+11.8%S&P 500 +20.9%
3y return+41.8%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since September 30, 2021: $146 against $174 in the S&P 500.2
Marathon Asset Management LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| Cnh Indl N VCUSIP N20944109 | $126.3M | 5.1% | −3.6% |
| GOOGLAlphabet Inc | $108.0M | 4.4% | −17.9% |
| Coca-cola Europacific PartneCUSIP G25839104 | $103.8M | 4.2% | −6.5% |
| AMZNAmazon Com Inc | $101.9M | 4.1% | −22.6% |
| Millicom Intl Cellular S ACUSIP L6388F110 | $96.8M | 3.9% | −3.7% |
| ELVElevance Health Inc Formerly | $84.9M | 3.4% | −18.2% |
| SCCOSouthern Copper Corp | $83.0M | 3.4% | −4.4% |
| BNSBank Nova Scotia B C | $82.6M | 3.4% | −12.7% |
| BNBrookfield Corp | $72.7M | 3.0% | −12.8% |
| Copa Holdings SaCUSIP P31076105 | $64.5M | 2.6% | −2.3% |
| MUMicron Technology Inc | $61.8M | 2.5% | −60.3% |
| MSFTMicrosoft Corp | $59.6M | 2.4% | −18.9% |
| CNQCanadian Nat Res Ltd Med Ter | $56.3M | 2.3% | −12.8% |
| NVDANvidia Corporation | $56.1M | 2.3% | −21.5% |
| GILGildan Activewear Inc | $54.5M | 2.2% | +42.4% |
| VVisa Inc | $54.2M | 2.2% | +3.0% |
| CXCemex Sa Euro Mtn Be 144a | $52.4M | 2.1% | −5.5% |
| FNVFranco Nev Corp | $52.4M | 2.1% | −12.8% |
| LAURLaureate Ed Inc | $51.1M | 2.1% | −6.0% |
| METAMeta Platforms Inc | $48.0M | 1.9% | −17.9% |
| TRUTransunion | $46.3M | 1.9% | +12.7% |
| CPCanadian Pacific Kansas City | $39.9M | 1.6% | −12.8% |
| MKLMarkel Group Inc | $39.9M | 1.6% | −18.0% |
| TMOThermo Fisher Scientific Inc | $38.2M | 1.6% | −18.5% |
| IBKRInteractive Brokers Group In | $37.5M | 1.5% | −20.7% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | September 30, 2021 | +327.7% | $37.3M |
| SCCOSouthern Copper Corp | September 30, 2021 | +210.2% | $83.0M |
| IBKRInteractive Brokers Group In | June 30, 2024 | +184.0% | $37.5M |
| GOOGLAlphabet Inc | September 30, 2021 | +167.3% | $108.0M |
| OPLNOpenlane Inc | December 31, 2021 | +164.0% | $20.4M |
| LAURLaureate Ed Inc | June 30, 2024 | +143.1% | $51.1M |
| PGRProgressive Corp | September 30, 2021 | +141.7% | $30.4M |
| Copa Holdings SaCUSIP P31076105 | September 30, 2022 | +132.2% | $64.5M |
| CNQCanadian Nat Res Ltd Med Ter | September 30, 2021 | +116.2% | $56.3M |
| Millicom Intl Cellular S ACUSIP L6388F110 | September 30, 2025 | +87.0% | $96.8M |
Sold off last quarter
- Sealed Air Corp NewCUSIP 81211K100 was $15.8M
- Air Lease CorpCUSIP 00912X302 was $13.0M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +7.3% | +14.8% |
| March 31, 2026 | −2.7% | −4.6% |
| December 31, 2025 | +1.4% | +2.4% |
| September 30, 2025 | +5.5% | +7.8% |
| June 30, 2025 | +12.5% | +10.5% |
| March 31, 2025 | −3.4% | −4.6% |
| December 31, 2024 | +0.6% | +2.1% |
| September 30, 2024 | +6.8% | +5.4% |
| June 30, 2024 | −3.3% | +4.0% |
| March 31, 2024 | +6.3% | +10.0% |
| December 31, 2023 | +9.6% | +11.2% |
| September 30, 2023 | −3.7% | −3.6% |
| June 30, 2023 | +5.9% | +8.3% |
| March 31, 2023 | +7.8% | +7.0% |
| December 31, 2022 | +10.3% | +7.1% |
| September 30, 2022 | −9.5% | −5.3% |
| June 30, 2022 | −13.2% | −16.5% |
| March 31, 2022 | −1.3% | −4.9% |
| December 31, 2021 | +5.6% | +10.7% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Marathon Asset Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1861026&type=13F-HR&dateb=&owner=include&count=40CIK 1861026
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1861026/000186102626000011/Filed August 14, 2026 · accession 0001861026-26-000011