Marathon Asset Management Ltd
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 15 quarters, returned +4.0% per quarter — versus +2.1% per quarter from simply owning every 13F stock. It beat that baseline in only 40.0% of quarters (excess t = 0.04, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 74 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| CNH | $128M | | TRIM |
| AMZN | $115M | | ADD |
| GOOGL | $106M | | ADD |
| KO | $101M | | HOLD |
| SCCO | $86M | | TRIM |
| TIGO | $83M | | HOLD |
| BN | $79M | | HOLD |
| ELV | $79M | | ADD |
| CNQ | $78M | | HOLD |
| BNS | $75M | | HOLD |
| MSFT | $73M | | ADD |
| FNV | $71M | | HOLD |
| NVDA | $62M | | ADD |
| META | $59M | | ADD |
| CX | $53M | | TRIM |
| LAUR | $52M | | HOLD |
| CPA | $48M | | ADD |
| MKL | $48M | | ADD |
| V | $46M | | ADD |
| VIPS | $46M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.