Marathon Asset Management Ltd

London, X0 · CIK 1861026 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2004 · other (specify)

Assets managed$39.0bn
Staff74 · 16 in investment roles
Main clients (by assets)Private funds 28%, State and local governments 25%, Mutual funds and ETFs 23%
Private funds8 (8 hedge) · $6.3bn gross assets
Websitemarathon-london.com
Form ADV · 2026-05-05SEC adviser record

Legal entityMARATHON ASSET MANAGEMENT LIMITED (GB)

Kindhedge funds, FCA fund manager
Others nearbyLondon

As an employer

Offices in1 country
Private fundshedge 8

In the UK

FCA-authorised companies1
Manages investmentsyes
Runs fundsyes
Retail clientsno, professional only

Company	Town	Staff	Pay gap report	FCA register
MARATHON ASSET MANAGEMENT LIMITED Private Limited CompanyFCA: Authorised · manages investments, manages AIFs, advises, deals	London			Authorisedmanages investments, manages AIFs, advises, deals

Sources: Companies House (accounts filed electronically; the largest groups often file on paper, so their staff numbers can be missing), the UK gender pay gap service (employers with 250+ staff) and the FCA's Financial Services Register. Contains public sector information licensed under the Open Government Licence v3.0.

$2.5bn reported value -5.6% vs Q1 2026

74positions

37.6%in top 10

2 new 9 added 62 reduced 2 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CNH INDL N V SHS CNH	CNH	11,246,396	$126.3m5.13%	5.13%	Reduced -418.0k	-418,017 -3.6%
2	ALPHABET INC CAP STK CL A GOOGL	GOOGL	302,312	$108.0m4.39%	4.39%	Reduced -65.7k	-65,731 -17.9%
3	COCA-COLA EUROPACIFIC PARTNE SHS CCEP	CCEP	1,037,637	$103.8m4.22%	4.22%	Reduced -72.1k	-72,108 -6.5%
4	AMAZON COM INC COM AMZN	AMZN	427,627	$101.9m4.14%	4.14%	Reduced -125.2k	-125,171 -22.6%
5	MILLICOM INTL CELLULAR S A COM STK TIGO	TIGO	1,066,749	$96.8m3.93%	3.93%	Reduced -40.5k	-40,509 -3.7%
6	ELEVANCE HEALTH INC COM ELV	ELV	219,490	$84.9m3.45%	3.45%	Reduced -48.9k	-48,898 -18.2%
7	SOUTHERN COPPER CORP COM SCCO	SCCO	476,533	$83.0m3.37%	3.37%	Reduced -22.1k	-22,094 -4.4%
8	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	950,832	$82.6m3.36%	3.36%	Reduced -138.6k	-138,562 -12.7%
9	BROOKFIELD CORP CL A LTD VT SH BN	BN	1,705,303	$72.7m2.95%	2.95%	Reduced -250.4k	-250,429 -12.8%
10	COPA HOLDINGS SA CL A CPA	CPA	414,473	$64.5m2.62%	2.62%	Reduced -9.7k	-9,685 -2.3%
11	MICRON TECHNOLOGY INC COM MU	MU	53,547	$61.8m2.51%	2.51%	Reduced -81.3k	-81,269 -60.3%
12	MICROSOFT CORP COM MSFT	MSFT	159,718	$59.6m2.42%	2.42%	Reduced -37.3k	-37,276 -18.9%
13	CANADIAN NAT RES LTD COM CNQ	CNQ	1,391,604	$56.3m2.29%	2.29%	Reduced -204.0k	-204,046 -12.8%
14	NVIDIA CORPORATION COM NVDA	NVDA	280,561	$56.1m2.28%	2.28%	Reduced -76.9k	-76,892 -21.5%
15	GILDAN ACTIVEWEAR INC COM GIL	GIL	1,056,926	$54.5m2.21%	2.21%	Added +314.8k	+314,793 42.4%
16	VISA INC COM CL A V	V	157,956	$54.2m2.20%	2.20%	Added +4.6k	+4,647 3.0%
17	CEMEX SAB DE CV SPON ADR NEW CX	CX	4,368,041	$52.4m2.13%	2.13%	Reduced -256.1k	-256,072 -5.5%
18	FRANCO NEV CORP COM FNV	FNV	250,994	$52.4m2.13%	2.13%	Reduced -36.7k	-36,703 -12.8%
19	LAUREATE EDUCATION INC COMMON STOCK LAUR	LAUR	1,406,633	$51.1m2.08%	2.08%	Reduced -89.6k	-89,602 -6.0%
20	META PLATFORMS INC CL A META	META	85,206	$48.0m1.95%	1.95%	Reduced -18.5k	-18,539 -17.9%
21	TRANSUNION COM TRU	TRU	641,352	$46.3m1.88%	1.88%	Added +72.1k	+72,060 12.7%
22	CANADIAN PACIFIC KANSAS CITY COM CP	CP	459,750	$39.9m1.62%	1.62%	Reduced -67.3k	-67,274 -12.8%
23	MARKEL GROUP INC COM MKL	MKL	20,414	$39.9m1.62%	1.62%	Reduced -4.5k	-4,487 -18.0%
24	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	76,168	$38.2m1.55%	1.55%	Reduced -17.3k	-17,253 -18.5%
25	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	430,459	$37.5m1.52%	1.52%	Reduced -112.6k	-112,584 -20.7%
26	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	78,066	$37.3m1.52%	1.52%	Added +24.8k	+24,810 46.6%
27	VIPSHOP HLDGS LTD SPONSORED ADS A VIPS	VIPS	2,758,415	$36.6m1.49%	1.49%	Reduced -167.2k	-167,190 -5.7%
28	ORACLE CORP COM ORCL	ORCL	237,250	$34.8m1.41%	1.41%	Reduced -33.8k	-33,754 -12.5%
29	MASTERCARD INCORPORATED CL A MA	MA	59,849	$30.8m1.25%	1.25%	Reduced -12.9k	-12,891 -17.7%
30	PROGRESSIVE CORP COM PGR	PGR	138,988	$30.4m1.23%	1.23%	Reduced -36.5k	-36,482 -20.8%
31	ATS CORPORATION COM ATS	ATS	954,485	$27.5m1.12%	1.12%	Reduced -139.4k	-139,426 -12.8%
32	ALIGN TECHNOLOGY INC COM ALGN	ALGN	156,954	$26.5m1.08%	1.08%	Reduced -34.8k	-34,755 -18.1%
33	S&P GLOBAL INC COM SPGI	SPGI	63,800	$26.0m1.06%	1.06%	Reduced -14.5k	-14,490 -18.5%
34	HDFC BANK LTD SPONSORED ADS HDB	HDB	934,604	$24.5m0.99%	0.99%	Reduced -8.5k	-8,509 -0.9%
35	FISERV INC COM FISV	FISV	479,075	$23.5m0.95%	0.95%	Reduced -107.0k	-107,045 -18.3%
36	PAYCOM SOFTWARE INC COM PAYC	PAYC	182,561	$22.9m0.93%	0.93%	Reduced -40.8k	-40,754 -18.2%
37	CHAMPION HOMES INC COM SKY	SKY	238,784	$21.0m0.85%	0.85%	Reduced -51.2k	-51,250 -17.7%
38	CME GROUP INC COM CME	CME	95,173	$21.0m0.85%	0.85%	Reduced -25.0k	-24,958 -20.8%
39	OPENLANE INC COM OPLN	OPLN	494,113	$20.4m0.83%	0.83%	Reduced -610.2k	-610,238 -55.3%
40	IQVIA HLDGS INC COM IQV	IQV	105,388	$20.4m0.83%	0.83%	Reduced -23.6k	-23,611 -18.3%
41	HEALTHCARE SVCS GROUP INC COM HCSG	HCSG	759,824	$18.7m0.76%	0.76%	Reduced -211.6k	-211,643 -21.8%
42	TELEFLEX INCORPORATED COM TFX	TFX	145,349	$18.4m0.75%	0.75%	Added +1.6k	+1,595 1.1%
43	ROYALTY PHARMA PLC SHS CLASS A RPRX	RPRX	285,951	$16.0m0.65%	0.65%	Reduced -155.0k	-154,977 -35.1%
44	AUTODESK INC COM ADSK	ADSK	82,181	$16.0m0.65%	0.65%	Reduced -21.5k	-21,537 -20.8%
45	C H ROBINSON WORLDWIDE INC COM NEW CHRW	CHRW	82,883	$15.7m0.64%	0.64%	Reduced -23.1k	-23,080 -21.8%
46	TJX COS INC NEW COM TJX	TJX	102,861	$15.6m0.63%	0.63%	Reduced -27.0k	-27,008 -20.8%
47	SMURFIT WESTROCK PLC SHS SW	SW	322,275	$14.9m0.61%	0.61%	Added +19.3k	+19,335 6.4%
48	ENVISTA HOLDINGS CORPORATION COM NVST	NVST	565,684	$14.9m0.61%	0.61%	Reduced -157.5k	-157,470 -21.8%
49	WILLSCOT HLDGS CORP COM CL A WSC	WSC	487,406	$14.1m0.57%	0.57%	Added +50.6k	+50,647 11.6%
50	DOLLAR TREE INC COM DLTR	DLTR	116,156	$14.0m0.57%	0.57%	Reduced -32.3k	-32,310 -21.8%
51	FREEPORT-MCMORAN INC CL B FCX	FCX	218,068	$13.7m0.56%	0.56%	Reduced -64.9k	-64,868 -22.9%
52	ROGERS CORP COM ROG	ROG	83,632	$13.7m0.56%	0.56%	Reduced -50.2k	-50,177 -37.5%
53	ARCHER DANIELS MIDLAND CO COM ADM	ADM	174,127	$13.3m0.54%	0.54%	Reduced -48.5k	-48,501 -21.8%
54	WESCO INTL INC COM WCC	WCC	37,122	$12.8m0.52%	0.52%	Reduced -22.3k	-22,333 -37.6%
55	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	283,088	$12.7m0.52%	0.52%	Reduced -41.7k	-41,664 -12.8%
56	VAIL RESORTS INC COM MTN	MTN	91,699	$12.7m0.51%	0.51%	Reduced -25.6k	-25,644 -21.9%
57	BIO RAD LABS INC CL A BIO	BIO	41,975	$12.3m0.50%	0.50%	Reduced -11.7k	-11,686 -21.8%
58	WARNER MUSIC GROUP CORP COM CL A WMG	WMG	454,281	$12.3m0.50%	0.50%	New
59	NEWMONT CORP COM NEM	NEM	125,483	$11.7m0.48%	0.48%	Reduced -35.1k	-35,091 -21.9%
60	HENRY SCHEIN INC COM HSIC	HSIC	139,002	$11.6m0.47%	0.47%	Reduced -38.7k	-38,711 -21.8%
61	MASTERBRAND INC COMMON STOCK MBC	MBC	1,034,967	$10.6m0.43%	0.43%	Added +192.1k	+192,065 22.8%
62	BAKER HUGHES COMPANY CL A BKR	BKR	186,527	$10.4m0.42%	0.42%	Reduced -88.1k	-88,060 -32.1%
63	WEYERHAEUSER CO MTN BE COM NEW WY	WY	431,520	$10.3m0.42%	0.42%	Added +102.4k	+102,364 31.1%
64	RAYONIER INC COM RYN	RYN	483,262	$10.3m0.42%	0.42%	New
65	COCA COLA CONS INC COM COKE	COKE	51,547	$9.8m0.40%	0.40%	Reduced -14.3k	-14,349 -21.8%
66	TERADATA CORP DEL COM TDC	TDC	272,208	$9.4m0.38%	0.38%	Reduced -75.6k	-75,641 -21.8%
67	AXALTA COATING SYS LTD COM AXTA	AXTA	224,707	$7.7m0.31%	0.31%	Reduced -62.6k	-62,581 -21.8%
68	WELLS FARGO CO NEW COM WFC	WFC	88,733	$7.3m0.30%	0.30%	Reduced -24.7k	-24,711 -21.8%
69	FTI CONSULTING INC COM FCN	FCN	45,888	$6.8m0.28%	0.28%	Reduced -12.8k	-12,818 -21.8%
70	VONTIER CORPORATION COM VNT	VNT	183,826	$5.3m0.22%	0.22%	Reduced -51.2k	-51,218 -21.8%
71	DONNELLEY FINL SOLUTIONS INC COM DFIN	DFIN	120,804	$5.1m0.21%	0.21%	Reduced -33.7k	-33,652 -21.8%
72	BARRICK MNG CORP COM SHS B	B	135,052	$5.0m0.20%	0.20%	Reduced -37.0k	-37,026 -21.5%
73	INMODE LTD SHS INMD	INMD	154,688	$2.3m0.09%	0.09%	Unchanged
74	FLUTTER ENTMT PLC SHS FLUT	FLUT	1,104	$112.8k0.00%	0.00%	Reduced -14.4k	-14,399 -92.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SEALED AIR CORP NEW		375,900	$15.8m375.9k shares
AIR LEASE CORP AL	AL	199,048	$13.0m199.0k shares