Marathon Asset Management
Neil OstrerLondon, X0files as Marathon Asset Management Ltd
$2.5bn in 74 US stocks at the end of 30 June 2026. The top 10 are 37.6% of the money. It changed about 8.7% of the portfolio this quarter.
Value
$2.5bn
Stocks
74
Top 10 share
37.6%
Turnover
8.7%
What changed this quarter
New
Bought for the first time this quarter.
- Warner Music GroupWMG0.5% of the fund
- RayonierRYN0.4% of the fund
Added
Bought more of a stock they already held.
- Gildan ActivewearGIL2.2% of the fund+42%
- VisaV2.2% of the fund+3%
- TransUnionTRU1.9% of the fund+13%
- Taiwan Semiconductor ManufacturingTSM1.5% of the fund+47%
- Smurfit WestrockSW0.6% of the fund+6%
- WillScot HoldingsWSC0.6% of the fund+12%
- MasterBrandMBC0.4% of the fund+23%
- WeyerhaeuserWY0.4% of the fund+31%
Cut
Sold some of their stake.
- CNH IndustrialCNH5.1% of the fund-4%
- AlphabetGOOGL4.4% of the fund-18%
- Coca-Cola Europacific PartnersCCEP4.2% of the fund-7%
- Amazon.comAMZN4.1% of the fund-23%
- Millicom International Cellular SATIGO3.9% of the fund-4%
- Elevance HealthELV3.4% of the fund-18%
- Southern CopperSCCO3.4% of the fund-4%
- Bank of Nova ScotiaBNS3.4% of the fund-13%
- BrookfieldBN3.0% of the fund-13%
- Copa HoldingsCPA2.6% of the fund-2%
- Micron TechnologyMU2.5% of the fund-60%
- MicrosoftMSFT2.4% of the fund-19%
- Canadian Natural ResourcesCNQ2.3% of the fund-13%
- NvidiaNVDA2.3% of the fund-22%
- Cemex SAB de CVCX2.1% of the fund-6%
- Franco NevadaFNV2.1% of the fund-13%
- Laureate EducationLAUR2.1% of the fund-6%
- Meta PlatformsMETA1.9% of the fund-18%
- Canadian Pacific Kansas CityCP1.6% of the fund-13%
- Markel GroupMKL1.6% of the fund-18%
- Thermo Fisher ScientificTMO1.6% of the fund-18%
- Interactive Brokers GroupIBKR1.5% of the fund-21%
- Vipshop HldgsVIPS1.5% of the fund-6%
- OracleORCL1.4% of the fund-12%
- MastercardMA1.3% of the fund-18%
Sold out
Sold their entire stake.
- Sealed Air Corp New-100%
- Air Lease-100%
Holdings
- Bank of Nova ScotiaBNS
- Share
- 3.4%
- Value
- $83m
- Shares
- 950,832
-13%
- BrookfieldBN
- Share
- 3.0%
- Value
- $73m
- Shares
- 1,705,303
-13%
- Canadian Natural ResourcesCNQ
- Share
- 2.3%
- Value
- $56m
- Shares
- 1,391,604
-13%
- Gildan ActivewearGIL
- Share
- 2.2%
- Value
- $54m
- Shares
- 1,056,926
+42%
- Franco NevadaFNV
- Share
- 2.1%
- Value
- $52m
- Shares
- 250,994
-13%
- Vipshop HldgsVIPS
- Share
- 1.5%
- Value
- $37m
- Shares
- 2,758,415
-6%
- ATS Corp /ATSATS
- Share
- 1.1%
- Value
- $28m
- Shares
- 954,485
-13%
- Barrick MiningB
- Share
- 0.2%
- Value
- $5m
- Shares
- 135,052
-22%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| CNH IndustrialCNH | 5.1% | $126m | 11,246,396 | -4% |
| AlphabetGOOGL | 4.4% | $108m | 302,312 | -18% |
| Coca-Cola Europacific PartnersCCEP | 4.2% | $104m | 1,037,637 | -7% |
| Amazon.comAMZN | 4.1% | $102m | 427,627 | -23% |
| Millicom International Cellular SATIGO | 3.9% | $97m | 1,066,749 | -4% |
| Elevance HealthELV | 3.4% | $85m | 219,490 | -18% |
| Southern CopperSCCO | 3.4% | $83m | 476,533 | -4% |
| Bank of Nova ScotiaBNS | 3.4% | $83m | 950,832 | -13% |
| BrookfieldBN | 3.0% | $73m | 1,705,303 | -13% |
| Copa HoldingsCPA | 2.6% | $64m | 414,473 | -2% |
| Micron TechnologyMU | 2.5% | $62m | 53,547 | -60% |
| MicrosoftMSFT | 2.4% | $60m | 159,718 | -19% |
| Canadian Natural ResourcesCNQ | 2.3% | $56m | 1,391,604 | -13% |
| NvidiaNVDA | 2.3% | $56m | 280,561 | -22% |
| Gildan ActivewearGIL | 2.2% | $54m | 1,056,926 | +42% |
| VisaV | 2.2% | $54m | 157,956 | +3% |
| Cemex SAB de CVCX | 2.1% | $52m | 4,368,041 | -6% |
| Franco NevadaFNV | 2.1% | $52m | 250,994 | -13% |
| Laureate EducationLAUR | 2.1% | $51m | 1,406,633 | -6% |
| Meta PlatformsMETA | 1.9% | $48m | 85,206 | -18% |
| TransUnionTRU | 1.9% | $46m | 641,352 | +13% |
| Canadian Pacific Kansas CityCP | 1.6% | $40m | 459,750 | -13% |
| Markel GroupMKL | 1.6% | $40m | 20,414 | -18% |
| Thermo Fisher ScientificTMO | 1.6% | $38m | 76,168 | -18% |
| Interactive Brokers GroupIBKR | 1.5% | $37m | 430,459 | -21% |
| Taiwan Semiconductor ManufacturingTSM | 1.5% | $37m | 78,066 | +47% |
| Vipshop HldgsVIPS | 1.5% | $37m | 2,758,415 | -6% |
| OracleORCL | 1.4% | $35m | 237,250 | -12% |
| MastercardMA | 1.3% | $31m | 59,849 | -18% |
| ProgressivePGR | 1.2% | $30m | 138,988 | -21% |
| ATS Corp /ATSATS | 1.1% | $28m | 954,485 | -13% |
| Align TechnologyALGN | 1.1% | $26m | 156,954 | -18% |
| S&P GlobalSPGI | 1.1% | $26m | 63,800 | -19% |
| HDFC BankHDB | 1.0% | $24m | 934,604 | Held |
| FiservFISV | 1.0% | $23m | 479,075 | -18% |
| Paycom SoftwarePAYC | 0.9% | $23m | 182,561 | -18% |
| Champion HomesSKY | 0.9% | $21m | 238,784 | -18% |
| CME GroupCME | 0.9% | $21m | 95,173 | -21% |
| OpenlaneOPLN | 0.8% | $20m | 494,113 | -55% |
| Iqvia HoldingsIQV | 0.8% | $20m | 105,388 | -18% |
| Healthcare Services GroupHCSG | 0.8% | $19m | 759,824 | -22% |
| TeleflexTFX | 0.7% | $18m | 145,349 | Held |
| Royalty PharmaRPRX | 0.7% | $16m | 285,951 | -35% |
| AutodeskADSK | 0.6% | $16m | 82,181 | -21% |
| C. H. Robinson WorldwideCHRW | 0.6% | $16m | 82,883 | -22% |
| TJX CompaniesTJX | 0.6% | $16m | 102,861 | -21% |
| Smurfit WestrockSW | 0.6% | $15m | 322,275 | +6% |
| Envista HoldingsNVST | 0.6% | $15m | 565,684 | -22% |
| WillScot HoldingsWSC | 0.6% | $14m | 487,406 | +12% |
| Dollar TreeDLTR | 0.6% | $14m | 116,156 | -22% |
| Freeport-McMoRanFCX | 0.6% | $14m | 218,068 | -23% |
| RogersROG | 0.6% | $14m | 83,632 | -38% |
| Archer-Daniels-MidlandADM | 0.5% | $13m | 174,127 | -22% |
| Wesco InternationalWCC | 0.5% | $13m | 37,122 | -38% |
| Brookfield Asset ManagementBAM | 0.5% | $13m | 283,088 | -13% |
| Vail ResortsMTN | 0.5% | $13m | 91,699 | -22% |
| Bio-Rad LaboratoriesBIO | 0.5% | $12m | 41,975 | -22% |
| Warner Music GroupWMG | 0.5% | $12m | 454,281 | New |
| NewmontNEM | 0.5% | $12m | 125,483 | -22% |
| Henry ScheinHSIC | 0.5% | $12m | 139,002 | -22% |
| MasterBrandMBC | 0.4% | $11m | 1,034,967 | +23% |
| Baker HughesBKR | 0.4% | $10m | 186,527 | -32% |
| WeyerhaeuserWY | 0.4% | $10m | 431,520 | +31% |
| RayonierRYN | 0.4% | $10m | 483,262 | New |
| Coca-Cola ConsolidatedCOKE | 0.4% | $10m | 51,547 | -22% |
| TeradataTDC | 0.4% | $9m | 272,208 | -22% |
| Axalta Coating SystemsAXTA | 0.3% | $8m | 224,707 | -22% |
| Wells Fargo & CompanyWFC | 0.3% | $7m | 88,733 | -22% |
| FTI ConsultingFCN | 0.3% | $7m | 45,888 | -22% |
| VontierVNT | 0.2% | $5m | 183,826 | -22% |
| Donnelley Financial SolutionsDFIN | 0.2% | $5m | 120,804 | -22% |
| Barrick MiningB | 0.2% | $5m | 135,052 | -22% |
| InModeINMD | <0.1% | $2m | 154,688 | Held |
| Flutter EntertainmentFLUT | <0.1% | $112,796 | 1,104 | -93% |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 21.0% since 30 June 2025.
Where the money is
Financial services15.9%
Industrials13.8%
Technology13.1%
Materials11.2%
Retail & consumer10.8%
Media & telecom10.8%
Health care10.7%
Everyday goods5.7%
Real estate3.8%
Energy2.7%
Other1.5%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.