MARATHON ASSET MANAGEMENT LTD

Filed: 10/17/2025ACC: 0001861026-25-000018

📋 What this filing means

MARATHON ASSET MANAGEMENT LTD filed this quarterly 13F‑HR report disclosing 78 equity positions with a total reported market value of $2.72B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

Positions

$2.72B

Total AUM (reported)

50.84M

Total Shares

Allocation by class

COMMON$2.72B100.0%

Portfolio Concentration

Top 3$354.24M13.0%

4–10$602.28M22.2%

11–25$803.11M29.5%

Rest$958.22M35.3%

Top 3 weight

13.0%

Top 10 weight

35.2%

Voting Authority Distribution

Total shares with voting rights: 50.84M

Sole

Full voting authority

34.24M

% of voting shares67.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

16.60M

% of voting shares32.7%

Investment Discretion (by position count)

Sole78

Shared0

Other0

Dominant voting typeSole · 67.3% of voting shares

Institutional Holdings78

Rows:

CNH INDL N V

SOLE

COMMON

Shares12.47M

TypeSH

Market value$135.33M

4.98%

Sole

12.13M

Shared

0.00

None

341.72K

AMAZON COM INC

SOLE

COMMON

Shares517.45K

TypeSH

Market value$113.56M

4.18%

Sole

495.95K

Shared

0.00

None

21.49K

COCA-COLA EUROPACIFIC PARTNE

SOLE

COMMON

Shares1.17M

TypeSH

Market value$105.34M

3.88%

Sole

1.01M

Shared

0.00

None

159.51K

MICROSOFT CORP

SOLE

COMMON

Shares184.74K

TypeSH

Market value$95.69M

3.52%

Sole

176.71K

Shared

0.00

None

8.03K

BROOKFIELD CORP

SOLE

COMMON

Shares1.39M

TypeSH

Market value$95.44M

3.51%

Sole

902.27K

Shared

0.00

None

488.46K

ALPHABET INC

SOLE

COMMON

Shares377.54K

TypeSH

Market value$91.78M

3.38%

Sole

362.85K

Shared

0.00

None

14.70K

ELEVANCE HEALTH INC FORMERLY

SOLE

COMMON

Shares267.39K

TypeSH

Market value$86.40M

3.18%

Sole

256.32K

Shared

0.00

None

11.08K

SOUTHERN COPPER CORP

SOLE

COMMON

Shares672.08K

TypeSH

Market value$81.56M

3.00%

Sole

533.31K

Shared

0.00

None

138.78K

META PLATFORMS INC

SOLE

COMMON

Shares103.80K

TypeSH

Market value$76.23M

2.80%

Sole

99.61K

Shared

0.00

None

4.19K

BANK NOVA SCOTIA HALIFAX

SOLE

COMMON

Shares1.16M

TypeSH

Market value$75.18M

2.77%

Sole

752.94K

Shared

0.00

None

409.36K

FRANCO NEV CORP

SOLE

COMMON

Shares306.72K

TypeSH

Market value$68.29M

2.51%

Sole

198.86K

Shared

0.00

None

107.86K

TENCENT MUSIC ENTMT GROUP

SOLE

COMMON

Shares2.86M

TypeSH

Market value$66.86M

2.46%

Sole

0.00

Shared

0.00

None

2.86M

NVIDIA CORPORATION

SOLE

COMMON

Shares342.18K

TypeSH

Market value$63.85M

2.35%

Sole

325.55K

Shared

0.00

None

16.63K

FISERV INC

SOLE

COMMON

Shares477.08K

TypeSH

Market value$61.51M

2.26%

Sole

457.51K

Shared

0.00

None

19.57K

VIPSHOP HLDGS LTD

SOLE

COMMON

Shares3.11M

TypeSH

Market value$61.17M

2.25%

Sole

0.00

Shared

0.00

None

3.11M

CANADIAN NAT RES LTD

SOLE

COMMON

Shares1.69M

TypeSH

Market value$54.83M

2.02%

Sole

1.08M

Shared

0.00

None

608.49K

ORACLE CORP

SOLE

COMMON

Shares172.60K

TypeSH

Market value$48.54M

1.79%

Sole

165.23K

Shared

0.00

None

7.38K

LAUREATE EDUCATION INC

SOLE

COMMON

Shares1.53M

TypeSH

Market value$48.13M

1.77%

Sole

1.23M

Shared

0.00

None

299.24K

TRANSUNION

SOLE

COMMON

Shares570.48K

TypeSH

Market value$47.80M

1.76%

Sole

547.60K

Shared

0.00

None

22.88K

MILLICOM INTL CELLULAR S A

SOLE

COMMON

Shares984.53K

TypeSH

Market value$47.79M

1.76%

Sole

778.61K

Shared

0.00

None

205.92K

VISA INC

SOLE

COMMON

Shares139.71K

TypeSH

Market value$47.69M

1.75%

Sole

134.10K

Shared

0.00

None

5.61K

MARKEL GROUP INC

SOLE

COMMON

Shares24.87K

TypeSH

Market value$47.54M

1.75%

Sole

23.86K

Shared

0.00

None

1.01K

CEMEX SAB DE CV

SOLE

COMMON

Shares5.24M

TypeSH

Market value$47.11M

1.73%

Sole

0.00

Shared

0.00

None

5.24M

PAYCOM SOFTWARE INC

SOLE

COMMON

Shares222.41K

TypeSH

Market value$46.29M

1.70%

Sole

213.17K

Shared

0.00

None

9.24K

GILDAN ACTIVEWEAR INC

SOLE

COMMON

Shares791.28K

TypeSH

Market value$45.72M

1.68%

Sole

513.02K

Shared

0.00

None

278.26K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
CNH INDL N VSOLE	COMMON	12.47M	SH	$135.33M 4.98%	12.13M	341.72K
AMAZON COM INCSOLE	COMMON	517.45K	SH	$113.56M 4.18%	495.95K	21.49K
COCA-COLA EUROPACIFIC PARTNESOLE	COMMON	1.17M	SH	$105.34M 3.88%	1.01M	159.51K
MICROSOFT CORPSOLE	COMMON	184.74K	SH	$95.69M 3.52%	176.71K	8.03K
BROOKFIELD CORPSOLE	COMMON	1.39M	SH	$95.44M 3.51%	902.27K	488.46K
ALPHABET INCSOLE	COMMON	377.54K	SH	$91.78M 3.38%	362.85K	14.70K
ELEVANCE HEALTH INC FORMERLYSOLE	COMMON	267.39K	SH	$86.40M 3.18%	256.32K	11.08K
SOUTHERN COPPER CORPSOLE	COMMON	672.08K	SH	$81.56M 3.00%	533.31K	138.78K
META PLATFORMS INCSOLE	COMMON	103.80K	SH	$76.23M 2.80%	99.61K	4.19K
BANK NOVA SCOTIA HALIFAXSOLE	COMMON	1.16M	SH	$75.18M 2.77%	752.94K	409.36K
FRANCO NEV CORPSOLE	COMMON	306.72K	SH	$68.29M 2.51%	198.86K	107.86K
TENCENT MUSIC ENTMT GROUPSOLE	COMMON	2.86M	SH	$66.86M 2.46%	0.00	2.86M
NVIDIA CORPORATIONSOLE	COMMON	342.18K	SH	$63.85M 2.35%	325.55K	16.63K
FISERV INCSOLE	COMMON	477.08K	SH	$61.51M 2.26%	457.51K	19.57K
VIPSHOP HLDGS LTDSOLE	COMMON	3.11M	SH	$61.17M 2.25%	0.00	3.11M
CANADIAN NAT RES LTDSOLE	COMMON	1.69M	SH	$54.83M 2.02%	1.08M	608.49K
ORACLE CORPSOLE	COMMON	172.60K	SH	$48.54M 1.79%	165.23K	7.38K
LAUREATE EDUCATION INCSOLE	COMMON	1.53M	SH	$48.13M 1.77%	1.23M	299.24K
TRANSUNIONSOLE	COMMON	570.48K	SH	$47.80M 1.76%	547.60K	22.88K
MILLICOM INTL CELLULAR S ASOLE	COMMON	984.53K	SH	$47.79M 1.76%	778.61K	205.92K
VISA INCSOLE	COMMON	139.71K	SH	$47.69M 1.75%	134.10K	5.61K
MARKEL GROUP INCSOLE	COMMON	24.87K	SH	$47.54M 1.75%	23.86K	1.01K
CEMEX SAB DE CVSOLE	COMMON	5.24M	SH	$47.11M 1.73%	0.00	5.24M
PAYCOM SOFTWARE INCSOLE	COMMON	222.41K	SH	$46.29M 1.70%	213.17K	9.24K
GILDAN ACTIVEWEAR INCSOLE	COMMON	791.28K	SH	$45.72M 1.68%	513.02K	278.26K

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