Marathon Asset Management Ltd

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Marathon Asset Management Ltd maintained a portfolio of 79 distinct positions. They heavily accumulated shares in Brookfield Asset Man, increasing their position by 41.1%. Conversely, Marathon Asset Management Ltd completely exited their position in NLIGHT INC.
PCA Score Concentration Risk
Risk ENB
Total Positions
79
Quarter
2025 Q4
Top Holding
AMZN (4.5%)
Top 10 Concentration
35.9%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-25 of 79
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
AMZN
Amazon.com Inc
Consumer Cyclical 4.50% 4.18% #1 1
Prev: #2
1.8 -10,711 -2.1%
P
S
506,735 $116,930,373 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CNH
CNH Industrial ...
Industrials 4.23% 4.98% #2 1
Prev: #1
1.7 -555,863 -4.5%
P
S
11,917,195 $109,876,538 2023 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
GOOGL
Alphabet Inc. -...
Communication Services 4.15% 3.38% #3 3
Prev: #6
1.7 -32,609 -8.6%
P
S
344,933 $107,962,839 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CCEP
Coca-Cola Europ...
Consumer Defensive 3.93% 3.88% #4 1
Prev: #3
1.6 -38,015 -3.3%
P
S
1,127,175 $102,234,773 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
SCCO
Southern Copper...
Basic Materials 3.57% 3.00% #5 3
Prev: #8
1.4 -25,201 -3.7%
P
S
646,882 $92,808,014 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
BN
Brookfield Asse...
Financial Services 3.47% 3.51% #6 1
Prev: #5
3.5 572,246 41.1%
P
S
1,962,979 $90,248,582 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
ELV
Elevance Health...
Healthcare 3.33% 3.18% #7
Prev: #7
1.4 -20,584 -7.7%
P
S
246,811 $86,519,148 2024 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MSFT
Microsoft Corp
Technology 3.16% 3.52% #8 4
Prev: #4
1.3 -14,956 -8.1%
P
S
169,785 $82,111,205 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BNS
Bank of Nova Sc...
Financial Services 3.11% 2.77% #9 1
Prev: #10
1.3 -68,177 -5.9%
P
S
1,094,126 $80,811,456 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
META
Meta Platforms ...
Communication Services 2.44% 2.80% #10 1
Prev: #9
1.0 -7,814 -7.5%
P
S
95,985 $63,357,270 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
TIGO
Millicom Intl C...
Communication Services 2.35% 1.76% #11 9
Prev: #20
3.0 116,494 11.8%
P
S
1,101,022 $61,074,174 2025 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
FNV
Franco-Nevada C...
Basic Materials 2.31% 2.51% #12 1
Prev: #11
0.9 -17,982 -5.9%
P
S
288,741 $59,929,969 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
NVDA
NVIDIA Corp
Technology 2.23% 2.35% #13
Prev: #13
0.9 -30,936 -9.0%
P
S
311,243 $58,046,595 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
CX
Cemex Sab de CV
Basic Materials 2.20% 1.73% #14 9
Prev: #23
0.9 -269,981 -5.2%
P
S
4,970,608 $57,112,056 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
CNQ
Canadian Natura...
Energy 2.11% 2.02% #15 1
Prev: #16
0.9 -91,953 -5.4%
P
S
1,600,148 $54,937,677 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
MU
Micron Technolo...
Technology 2.02% 1.68% #16 10
Prev: #26
0.9 -88,965 -32.6%
P
S
183,641 $52,429,338 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VIPS
Vipshop Holding...
Consumer Cyclical 2.00% 2.25% #17 2
Prev: #15
0.8 -172,197 -5.5%
P
S
2,942,551 $52,053,594 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
LAUR
Laureate Educat...
Consumer Defensive 1.95% 1.77% #18
Prev: #18
0.8 -17,983 -1.2%
P
S
1,508,050 $50,776,044 2024 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TMO
Thermo Fisher S...
Healthcare 1.91% 1.66% #19 8
Prev: #27
0.8 -7,256 -7.8%
P
S
85,546 $49,601,772 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
MKL
Markel Corp
Financial Services 1.90% 1.75% #20 2
Prev: #22
0.8 -1,885 -7.6%
P
S
22,986 $49,411,855 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
CPA
COPA Holdings S...
Industrials 1.90% 1.64% #21 7
Prev: #28
2.8 34,982 9.3%
P
S
409,572 $49,398,479 2022 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
GIL
Gildan Activewe...
Consumer Cyclical 1.79% 1.68% #22 3
Prev: #25
0.7 -46,401 -5.9%
P
S
744,881 $46,620,475 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
V
Visa Inc Class ...
Financial Services 1.74% 1.75% #23 2
Prev: #21
0.7 -10,439 -7.5%
P
S
129,271 $45,337,841 2021 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
TRU
Transunion
Financial Services 1.74% 1.76% #24 5
Prev: #19
0.7 -42,724 -7.5%
P
S
527,752 $45,254,426 2023 Q2 13F Filing 2025-12-31 2026-02-14 (Est.)
TME
Tencent Music E...
Communication Services 1.55% 2.46% #25 13
Prev: #12
0.7 -559,011 -19.5%
P
S
2,305,413 $40,413,785 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
LASR
NLIGHT INC
Technology 0.00% 0.40%
Sold All 😨
(Was: #61)
0.3 -366,148 -100.0%
CLOSED
$— 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
KMX
CARMAX INC
Consumer Cyclical 0.00% 0.16%
Sold All 😨
(Was: #77)
0.3 -97,155 -100.0%
CLOSED
$— 2021 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-25 of 79 holdings

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