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Marathon Asset Management Ltd

THE FLORAL BUILDING 27B FLORAL STREET, LONDON WC2E 9DP • 44 0 2074972211

Q4 2025 · Filed 2026-02-06
Market Value
$2.5B
-4.3%
Holdings
74
-2
New Purchases
1
Added To
8
Closed
2
Reduced
62
Top 10 Concentration
37.4%
Turnover
4.1%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GOOGL 4.32% 3.52% +0.81% $108M
TIGO 2.45% 1.83% +0.61% $61M
SCCO 3.72% 3.13% +0.59% $93M
CX 2.29% 1.81% +0.48% $57M
BNS 3.24% 2.88% +0.35% $81M
MU 2.10% 1.75% +0.35% $52M
AMZN 4.68% 4.35% +0.33% $117M
MBC 0.33% 0.00% +0.33% $8M
SPGI 1.24% 0.92% +0.32% $31M
HDB 1.42% 1.15% +0.27% $36M
CPA 1.98% 1.71% +0.27% $49M
TMO 1.99% 1.73% +0.26% $50M
TFX 0.50% 0.30% +0.20% $13M
LAUR 2.03% 1.84% +0.19% $51M
ALGN 1.10% 0.92% +0.19% $28M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
FI 1.28% 2.36% -1.07% $32M
TME 1.62% 2.56% -0.94% $40M
CNHI 4.40% 5.19% -0.79% $110M
ORCL 1.13% 1.86% -0.73% $28M
PAYC 1.31% 1.77% -0.47% $33M
LASR 0.00% 0.42% -0.42% $0
META 2.54% 2.92% -0.38% $63M
MSFT 3.29% 3.67% -0.38% $82M
VIPS 2.08% 2.34% -0.26% $52M
FNV 2.40% 2.62% -0.22% $60M
GOOG 0.31% 0.53% -0.22% $8M
KMX 0.00% 0.17% -0.17% $0
IBKR 1.23% 1.38% -0.15% $31M
ADSK 1.08% 1.22% -0.14% $27M
NVDA 2.32% 2.45% -0.12% $58M

Sector Allocation Over Time

Industry Breakdown

IndustryWeight
Financial Services 18.5%
Technology 14.2%
Consumer Cyclical 12.6%
Healthcare 11.3%
Industrials 11.2%

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 12 $623M 25.0%
Large Cap 37 $1.4B 57.6%
Mid Cap 21 $402M 16.1%
Small Cap 4 $34M 1.3%

Portfolio Analytics

Avg Market Cap
$396.5B
Median Market Cap
$22.9B
Avg P/E
24.3
Median P/E
21.8
Avg Dividend Yield
0.01%
Avg Beta
1.03
# Stocks
74
# ETFs / Funds
0

Top Holdings (74 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 AMZN 4.68% 506,735 $117M $230.75 $3M -10,711 -2.1%
2 CNHI 4.40% 11,917,195 $110M $9.22 -$25M -555,863 -4.5%
3 GOOGL 4.32% 344,933 $108M $313.00 $16M -32,609 -8.6%
4 CCEP 4.09% 1,127,175 $102M $90.70 -$3M -38,015 -3.3%
5 SCCO 3.72% 646,882 $93M $143.47 $11M -25,201 -3.8%
6 BN 3.61% 1,962,979 $90M $45.98 -$5M +572,246 +41.1%
7 ANTM 3.46% 246,811 $87M $350.55 $119K -20,584 -7.7%
8 MSFT 3.29% 169,785 $82M $483.62 -$14M -14,956 -8.1%
9 BNS 3.24% 1,094,126 $81M $73.86 $6M -68,177 -5.9%
10 META 2.54% 95,985 $63M $660.07 -$13M -7,814 -7.5%
11 TIGO 2.45% 1,101,022 $61M $55.47 $13M +116,494 +11.8%
12 FNV 2.40% 288,741 $60M $207.56 -$8M -17,982 -5.9%
13 NVDA 2.32% 311,243 $58M $186.50 -$6M -30,936 -9.0%
14 CX 2.29% 4,970,608 $57M $11.49 $10M -269,981 -5.2%
15 CNQ 2.20% 1,600,148 $55M $34.33 $111K -91,953 -5.4%
16 MU 2.10% 183,641 $52M $285.50 $7M -88,965 -32.6%
17 VIPS 2.08% 2,942,551 $52M $17.69 -$9M -172,197 -5.5%
18 LAUR 2.03% 1,508,050 $51M $33.67 $3M -17,983 -1.2%
19 TMO 1.99% 85,546 $50M $579.83 $5M -7,256 -7.8%
20 MKL 1.98% 22,986 $49M $2,149.65 $2M -1,885 -7.6%
21 CPA 1.98% 409,572 $49M $120.61 $5M +34,982 +9.3%
22 GIL 1.87% 744,881 $47M $62.59 $899K -46,401 -5.9%
23 V 1.82% 129,271 $45M $350.72 -$2M -10,439 -7.5%
24 TRU 1.81% 527,752 $45M $85.75 -$3M -42,724 -7.5%
25 TME 1.62% 2,305,413 $40M $17.53 -$26M -559,011 -19.5%
26 MA 1.54% 67,456 $38M $569.91 -$3M -5,441 -7.5%
27 HDB 1.42% 973,218 $36M $36.54 $6M +94,280 +10.7%
28 PGR 1.41% 154,309 $35M $227.72 -$1M +7,418 +5.0%
29 PAYC 1.31% 205,170 $33M $159.36 -$14M -17,243 -7.8%
30 FI 1.28% 477,139 $32M $67.17 -$29M +57 +0.0%
31 SPGI 1.24% 59,026 $31M $522.59 $7M +9,847 +20.0%
32 IBKR 1.23% 477,442 $31M $64.31 -$5M -47,411 -9.0%
33 OPLN 1.16% 973,566 $29M $29.78 -$2M -94,597 -8.9%
34 CME 1.16% 105,672 $29M $273.08 -$3M -10,532 -9.1%
35 ORCL 1.13% 144,824 $28M $194.91 -$20M -27,780 -16.1%
36 ALGN 1.10% 176,586 $28M $156.15 $4M -14,734 -7.7%
37 ADSK 1.08% 91,230 $27M $296.01 -$5M -9,065 -9.0%
38 IQV 1.07% 118,577 $27M $225.41 $2M -9,887 -7.7%
39 BKNG 0.88% 4,112 $22M $5,355.24 -$2M -336 -7.5%
40 TJX 0.70% 114,191 $18M $153.61 -$585K -11,213 -8.9%
41 HCSG 0.66% 856,431 $16M $19.12 $561K -83,210 -8.9%
42 DLTR 0.64% 130,810 $16M $123.01 $3M -12,718 -8.9%
43 NEM 0.64% 159,017 $16M $99.85 $1M -15,684 -9.0%
44 CHRW 0.60% 93,425 $15M $161.30 $1M -9,077 -8.9%
45 RPRX 0.60% 388,226 $15M $38.64 -$30K -37,846 -8.9%
46 BIO 0.57% 47,292 $14M $302.98 -$228K -4,626 -8.9%
47 NVST 0.55% 637,484 $14M $21.71 -$408K -61,962 -8.9%
48 SEE 0.55% 331,385 $14M $41.43 $876K -32,203 -8.9%
49 TSM 0.53% 43,543 $13M $304.52 -$377K -5,171 -10.6%
50 LYB 0.53% 304,367 $13M $43.30 -$3M -24,662 -7.5%
51 WCC 0.51% 52,418 $13M $244.62 $659K -5,096 -8.9%
52 TFX 0.50% 102,894 $13M $122.04 $5M +38,107 +58.8%
53 FCX 0.49% 238,706 $12M $50.79 $2M -10,596 -4.2%
54 HSIC 0.47% 156,665 $12M $75.58 $433K -15,223 -8.9%
55 MTN 0.47% 87,443 $12M $134.66 -$3M -8,623 -9.0%
56 AL 0.45% 175,295 $11M $64.45 -$3M -46,477 -21.0%
57 ADM 0.45% 196,188 $11M $57.49 -$2M -19,069 -8.9%
58 BKR 0.44% 241,979 $11M $45.54 -$2M -23,515 -8.9%
59 ROG 0.43% 117,826 $11M $91.57 $384K -11,488 -8.9%
60 TDC 0.37% 306,300 $9M $30.44 $2M -29,863 -8.9%
61 WFC 0.37% 100,021 $9M $93.20 $123K -9,721 -8.9%
62 COKE 0.36% 58,068 $9M $153.30 $1M -5,642 -8.9%
63 FCN 0.35% 51,731 $9M $170.83 -$349K -5,099 -9.0%
64 MBC 0.33% 742,876 $8M $11.04 +742,876 NEW
65 AXTA 0.33% 253,293 $8M $32.31 $230K -24,617 -8.9%
66 GOOG 0.31% 24,692 $8M $313.80 -$6M -31,624 -56.1%
67 VNT 0.31% 207,242 $8M $37.18 -$2M -20,131 -8.8%
68 WSC 0.29% 384,873 $7M $18.83 -$2M -37,954 -9.0%
69 WY 0.27% 280,608 $7M $23.69 -$1M -32,396 -10.3%
70 DFIN 0.25% 136,182 $6M $46.69 -$1M -13,230 -8.8%
71 B 0.25% 145,214 $6M $43.55 $1M -6,646 -4.4%
72 INMD 0.11% 187,259 $3M $14.69 -$39K
73 LASR —% -$11M -366,148 -100.0% SOLD
74 KMX —% -$4M -97,155 -100.0% SOLD

New Positions

SymbolValue% Port
MBC $8M 0.33%

Sold Out Positions

SymbolValue% Port
KMX —%
LASR —%
View SEC EDGAR Filings for Marathon Asset Management Ltd →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms