Marathon Asset Management Ltd

Q4 2025 13F-HR Holdings

Location
London, X0
Holdings as of
12/31/2025
Date filed
2/6/2026
Form type
13F-HR
Num holdings
77
Total value ($000)
$2,599,194
Net value change ($000)
-118,666 (-4.4%)
New positions
1
Sold out positions
2
Turnover %
0.9%
Sector allocation + QoQ delta (equities-only)
Prev filing: 10/17/2025 Next filing: 4/24/2026 SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GOOGL 16,183 17.6%
TIGO 13,285 27.8%
SCCO 11,244 13.8%
CX 9,999 21.2%
MBC 8,201 NEW
SPGI 6,912 28.9%
MU 6,817 14.9%
BNS 5,629 7.5%
HDB 5,537 18.4%
CPA 4,890 11.0%
Top Reduces (Value $000, Stocks/ETFs)
FISV -29,460 -47.9%
TME -26,442 -39.6%
CNH INDL N V -25,456 -18.8%
ORCL -20,313 -41.8%
PAYC -13,598 -29.4%
MSFT -13,575 -14.2%
META -12,869 -16.9%
LASR -10,849 -100.0%
VIPS -9,120 -14.9%
FNV -8,358 -12.2%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type