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Marathon Asset Management LLP

13F for June 30, 2021, filed July 21, 2021 · SEC CIK 1040592 · Holdings history from March 31, 1999

The latest available holdings for this manager are dated June 30, 2021.

Reported value
$8.3bn
80% in companies we cover
Positions we cover
77
Largest ORCL 3.7%
Copy, a year
+12.7%
S&P 500 +11.6%
Copy Sharpe ratio
0.65
S&P 500 0.65

Copy-performance statistics: April 25, 2008 to November 5, 2021. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

98 reported entries for June 30, 2021.

IssuerClass / typeReported valueQuantity
Abiomed Inc003654100 COMMON $49.6m 158,930
Alleghany Corp017175100 COMMON $27.5m 41,194
Barrick Gold Corp067901108 COMMON $75.4m 3,645,096
American Express Co025816109 · AXP COMMON $153.2m 926,919
Analog Devices Inc032654105 · ADI COMMON $75.4m 437,695
Archer-Daniels-Midland Co.039483102 · ADM COMMON $123.2m 2,033,482
Automatic Data Processing053015103 · ADP COMMON $49.3m 246,889
Autozone Inc053332102 · AZO COMMON $181.0m 121,326
Berkshire Hathaway Inc084670702 COMMON $182.2m 655,688
Bank of Nova Scotia064149107 · BNS COMMON $39.9m 613,075
Bancolombia Sa -Pref05968L102 COMMON $19.5m 673,863
Brookfield Asset Manage-CL A112585104 COMMON $149.0m 2,916,112
Pricesmart Inc741511109 · PSMT COMMON $22.1m 243,280
Taiwan Semiconductor Manufacturing Co Ltd874039100 · TSM COMMON $17.8m 147,371
C H Robinson Worldwide Inc12541W209 · CHRW COMMON $109.0m 1,159,021
Rogers Communications Inc775109200 COMMON $25.0m 467,877
Canadian Natural Resources136385101 · CNQ COMMON $118.9m 3,254,298
Colgate Palmolive Co194162103 · CL COMMON $41.4m 509,376
Fomento Economico Mexicano Spon ADR344419106 COMMON $68.9m 815,436
Gildan Activewear Inc375916103 · GIL COMMON $73.7m 1,996,820
Omnicom Group681919106 · OMC COMMON $33.6m 416,935
Citigroup Inc172967424 · C COMMON $48.7m 688,728
Electronic Arts Inc285512109 COMMON $137.6m 956,876
Expeditors Intl Wash Inc302130109 · EXPD COMMON $61.2m 483,138
Fastenal Co311900104 · FAST COMMON $96.2m 1,849,576
M & T Bank Corp55261F104 · MTB COMMON $75.3m 517,897
Ritchie Bros Auctioneers767744105 COMMON $73.8m 1,244,349
FTI Consulting Inc302941109 · FCN COMMON $118.5m 867,451
Freeport-McMoran Inc35671D857 · FCX COMMON $20.3m 548,304
Grupo Televisa Sa-Spons Adr40049J206 COMMON $26.5m 1,855,066
Healthcare Services Group421906108 · HCSG COMMON $49.1m 1,554,624
KT Corp ADR48268K101 COMMON $19.5m 1,398,364
The Hershey Company427866108 · HSY COMMON $167.0m 958,778
Intel Corp458140100 · INTC COMMON $56.3m 1,002,224
Rayonier Inc754907103 · RYN COMMON $33.6m 934,308
Johnson and Johnson478160104 · JNJ COMMON $251.6m 1,527,037
Hartford Financial SVCS Group Inc416515104 · HIG COMMON $72.9m 1,170,115
Kimberly-Clark Corp494368103 · KMB COMMON $127.8m 951,658
United Parcel Services Cl B911312106 · UPS COMMON $105.6m 507,574
Loews Corp540424108 · L COMMON $39.8m 727,797
Magna International Inc559222401 · MGA COMMON $38.5m 415,260
Markel Corp570535104 · MKL COMMON $93.5m 78,820
Marsh & Mclennan571748102 · MRSH COMMON $66.9m 475,713
Maxim Integrated Products57772K101 COMMON $76.0m 721,779
Activision Blizzard00507V109 COMMON $97.6m 1,022,977
3M Co88579Y101 · MMM COMMON $30.1m 151,351
Wells Fargo949746101 · WFC COMMON $80.9m 1,786,851
Oracle Corp68389X105 · ORCL COMMON $305.5m 3,924,422
Paccar Inc693718108 · PCAR COMMON $73.1m 818,559
Paychex Inc704326107 · PAYX COMMON $68.8m 641,288
Pepsico Inc713448108 · PEP COMMON $103.8m 700,903
Procter & Gamble742718109 · PG COMMON $76.1m 563,991
Progressive Corp743315103 · PGR COMMON $102.7m 1,045,967
Travelers Companies Inc89417E109 · TRV COMMON $179.7m 1,200,258
Merck & Co Inc58933Y105 · MRK COMMON $172.9m 2,205,162
Bunge LtdG16962105 COMMON $52.6m 673,630
Canadian Pacific Railway Ltd13645T100 COMMON $80.5m 1,043,977
Tanger Factory Outlet Center875465106 · SKT COMMON $22.3m 1,180,918
Texas Instruments Inc882508104 · TXN COMMON $239.8m 1,247,250
Union Pacific Corp907818108 · UNP COMMON $62.1m 282,416
Waters Corp941848103 · WAT COMMON $148.7m 430,356
Wabtec Corp929740108 · WAB COMMON $10.5m 128,049
Weyerhaeuser Co962166104 · WY COMMON $3.4m 98,329
CME Group Inc12572Q105 · CME COMMON $45.5m 213,807
Carmax Inc143130102 · KMX COMMON $138.1m 1,069,676
TJX Companies Inc872540109 · TJX COMMON $146.8m 2,177,959
Marketaxess Holdings57060D108 · MKTX COMMON $57.4m 123,785
Dolby Laboratories Inc-CL A25659T107 · DLB COMMON $58.1m 591,017
Dexcom Inc252131107 · DXCM COMMON $58.1m 136,094
Baidu Inc - Spon ADR056752108 · BIDU COMMON $185.9m 911,874
Bce Inc05534B760 · BCE COMMON $28.5m 571,490
Bank of New York Mellon Corp064058100 · BNY COMMON $59.2m 1,155,983
Genpact LtdG3922B107 · G COMMON $82.6m 1,818,508
Franco-Nevada Corp351858105 · FNV COMMON $52.3m 360,175
Chubb LtdH1467J104 · CB COMMON $37.9m 237,057
Visteon Corp.92839U206 · VC COMMON $24.6m 203,197
First Republic Bank33616C100 COMMON $129.4m 691,538
Kar Auction Services Inc48238T109 · OPLN COMMON $72.4m 4,124,745
TE Connectivity LtdH84989104 · TEL COMMON $2.1m 15,536
Globus Medical Inc A379577208 · GMED COMMON $61.2m 788,749
Facebook Inc A30303M102 · META COMMON $237.5m 682,961
Booking Holdings Inc.09857L108 · BKNG COMMON $299.8m 137,017
Huya Inc44852D108 · HUYA COMMON $160,000 9,038
Eventbrite Inc - Class A29975E109 COMMON $34.4m 1,812,425
Autohome Inc - Class A05278C107 · ATHM COMMON $213,000 3,330
Ctrip.com International ADR89677Q107 · TCOM COMMON $23.6m 666,613
Inmode LtdM5425M103 · INMD COMMON $367,000 3,871
Organon & Co68622V106 · OGN COMMON $4.2m 139,315
Aon PlcG0403H108 · AON COMMON $60.3m 252,719
National Oilwell Varco62955J103 · NOV COMMON $12.5m 814,382
Arista Networks Inc040413106 · ANET COMMON $53.4m 147,342
Axalta Coating Systems LtdG0750C108 · AXTA COMMON $9.0m 296,732
MOMO Inc ADR60879B107 COMMON $55,000 3,598
Coca-Cola Europacific Partners plcG25839104 · CCEP COMMON $107.7m 1,815,705
Alphabet Inc. - Class A02079K305 · GOOGL COMMON $260.4m 106,632
Yum China Holdings Inc98850P109 · YUMC COMMON $150.9m 2,277,674
Alphabet Inc. - Class C02079K107 COMMON $241.4m 96,330
Linde PLCG5494J103 COMMON $118.3m 409,239

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

$5.0k$10.0k$20.0k$40.0k 2008201020122014201620182020 $50.5k$44.0k
CopyS&P 500 $10,000 copying Marathon Asset Management LLP's usable filed holdings in companies we cover from April 25, 2008, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −55.3% (S&P 500 −50.8%); beta 1.07; alpha +0.6% a year (t = 0.36); last 12 months +48.9% against +45.5%.

Reported value by quarter

Marathon Asset Management LLP: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.
$0 $2T $4T $6T Reported value, 2004-01-15: $2.6B Reported value, 2004-03-31: $2.8B Reported value, 2004-06-30: $6.4B Reported value, 2004-09-30: $3.3B Reported value, 2004-12-31: $4.1B Reported value, 2005-03-31: $4.2B Reported value, 2005-06-30: $4.3T Reported value, 2005-09-30: $4.6B Reported value, 2005-12-31: $4.6B Reported value, 2006-03-31: $4.9B Reported value, 2006-06-30: $4.9B Reported value, 2006-09-30: $6.3B Reported value, 2006-12-31: $7.3B Reported value, 2007-03-31: $7.6B Reported value, 2007-06-30: $6.7B Reported value, 2007-09-30: $6.7B Reported value, 2007-12-31: $5.9B Reported value, 2008-03-31: $6B Reported value, 2008-06-30: $6.1B Reported value, 2008-09-30: $5.4B Reported value, 2008-12-31: $3.8B Reported value, 2009-03-31: $3.4B Reported value, 2009-06-30: $4.2B Reported value, 2009-09-30: $5.3B Reported value, 2009-12-31: $5.5B Reported value, 2010-03-31: $6.3B Reported value, 2010-06-30: $5.8B Reported value, 2010-09-30: $6.7B Reported value, 2010-12-31: $8B Reported value, 2011-03-31: $8.4B Reported value, 2011-06-30: $8.5B Reported value, 2011-09-30: $6.8B Reported value, 2011-12-31: $7.5B Reported value, 2012-03-31: $9.2B Reported value, 2013-03-31: $4B Reported value, 2013-06-30: $4.2B Reported value, 2013-09-30: $4.1B Reported value, 2013-12-31: $4.1B Reported value, 2014-03-31: $3.9B Reported value, 2014-06-30: $4.1B Reported value, 2014-09-30: $4.1B Reported value, 2014-12-31: $4.2B Reported value, 2015-03-31: $4.1B Reported value, 2015-06-30: $4.4B Reported value, 2015-09-30: $4.1B Reported value, 2015-12-31: $4.4B Reported value, 2016-03-31: $4.6B Reported value, 2016-06-30: $4.7B Reported value, 2016-09-30: $4.7B Reported value, 2016-12-31: $4.6B Reported value, 2017-03-31: $4.6B Reported value, 2017-06-30: $5.8B Reported value, 2017-09-30: $6.1B Reported value, 2017-12-31: $6.5B Reported value, 2018-03-31: $6.5B Reported value, 2018-06-30: $6.7B Reported value, 2018-09-30: $7.9B Reported value, 2018-12-31: $6.8B Reported value, 2019-03-31: $7.5B Reported value, 2019-06-30: $7.8B Reported value, 2019-09-30: $7.6B Reported value, 2019-12-31: $7.6B Reported value, 2020-03-31: $5.6B Reported value, 2020-06-30: $6.5B Reported value, 2020-09-30: $6.4B Reported value, 2020-12-31: $7.1B Reported value, 2021-03-31: $7.2B Reported value, 2021-06-30: $8.3B 2004-01-15 2007-06-30 2010-12-31 2015-03-31 2018-09-30 2021-06-30 $8.3B
View chart data
Period Reported value
2004-01-15 $2.6B
2004-03-31 $2.8B
2004-06-30 $6.4B
2004-09-30 $3.3B
2004-12-31 $4.1B
2005-03-31 $4.2B
2005-06-30 $4.3T
2005-09-30 $4.6B
2005-12-31 $4.6B
2006-03-31 $4.9B
2006-06-30 $4.9B
2006-09-30 $6.3B
2006-12-31 $7.3B
2007-03-31 $7.6B
2007-06-30 $6.7B
2007-09-30 $6.7B
2007-12-31 $5.9B
2008-03-31 $6B
2008-06-30 $6.1B
2008-09-30 $5.4B
2008-12-31 $3.8B
2009-03-31 $3.4B
2009-06-30 $4.2B
2009-09-30 $5.3B
2009-12-31 $5.5B
2010-03-31 $6.3B
2010-06-30 $5.8B
2010-09-30 $6.7B
2010-12-31 $8B
2011-03-31 $8.4B
2011-06-30 $8.5B
2011-09-30 $6.8B
2011-12-31 $7.5B
2012-03-31 $9.2B
2013-03-31 $4B
2013-06-30 $4.2B
2013-09-30 $4.1B
2013-12-31 $4.1B
2014-03-31 $3.9B
2014-06-30 $4.1B
2014-09-30 $4.1B
2014-12-31 $4.2B
2015-03-31 $4.1B
2015-06-30 $4.4B
2015-09-30 $4.1B
2015-12-31 $4.4B
2016-03-31 $4.6B
2016-06-30 $4.7B
2016-09-30 $4.7B
2016-12-31 $4.6B
2017-03-31 $4.6B
2017-06-30 $5.8B
2017-09-30 $6.1B
2017-12-31 $6.5B
2018-03-31 $6.5B
2018-06-30 $6.7B
2018-09-30 $7.9B
2018-12-31 $6.8B
2019-03-31 $7.5B
2019-06-30 $7.8B
2019-09-30 $7.6B
2019-12-31 $7.6B
2020-03-31 $5.6B
2020-06-30 $6.5B
2020-09-30 $6.4B
2020-12-31 $7.1B
2021-03-31 $7.2B
2021-06-30 $8.3B

Latest covered holdings and moves

Covered holdings as of June 30, 2021.

CompanyShare of portfolioValueSharesChange in shares
ORCLOracle Corporation3.70%$305.5m3.92M−0.8% Reduced
BKNGBooking Holdings3.63%$299.8m137.0K+47.1% Added
GOOGLAlphabet Inc. (Class A)3.15%$260.4m106.6K+4.9% Added
JNJJohnson & Johnson3.05%$251.6m1.53M−0.4%
TXNTexas Instruments2.90%$239.8m1.25M+39.6% Added
METAMeta Platforms2.88%$237.5m683.0K+24.5% Added
BIDUBaidu, Inc.2.25%$185.9m911.9K+2.9% Added
AZOAutoZone2.19%$181.0m121.3K+26.3% Added
TRVThe Travelers Companies2.18%$179.7m1.20M+27.5% Added
MRKMerck & Co.2.09%$172.9m2.21M+3.8% Added
HSYThe Hershey Company2.02%$167.0m958.8K+34.4% Added
AXPAmerican Express1.85%$153.2m926.9K+19.5% Added
YUMCYum China Holdings, Inc.1.83%$150.9m2.28M+3.1% Added
WATWaters Corporation1.80%$148.7m430.4K+15.3% Added
TJXTJX Companies1.78%$146.8m2.18M+111.5% Added
KMXCarmax Inc1.67%$138.1m1.07M+45.5% Added
KMBKimberly-Clark1.55%$127.8m951.7K+110.7% Added
ADMArcher Daniels Midland1.49%$123.2m2.03M−31.2% Reduced
CNQCanadian Natural Resources Ltd1.44%$118.9m3.25M+110.2% Added
FCNFTI Consulting, Inc1.44%$118.5m867.5K−4.6% Reduced
CHRWC.H. Robinson1.32%$109.0m1.16M+23.9% Added
CCEPCoca-cola Europacific Partners plc1.30%$107.7m1.82M−12.7% Reduced
UPSUnited Parcel Service1.28%$105.6m507.6K+3.0% Added
PEPPepsiCo1.26%$103.8m700.9K+111.0% Added
PGRProgressive Corporation1.24%$102.7m1.05M+110.6% Added
FASTFastenal1.17%$96.2m1.85M+54.2% Added
MKLMarkel Group Inc.1.13%$93.5m78.8K+20.1% Added
GGenpact LTD1.00%$82.6m1.82M+2.8% Added
WFCWells Fargo0.98%$80.9m1.79M−60.7% Reduced
PGProcter & Gamble0.92%$76.1m564.0K+5.1% Added
ADIAnalog Devices0.91%$75.4m437.7K+5.1% Added
MTBM&T Bank0.91%$75.3m517.9K+58.9% Added
GILGildan Activewear Inc.0.89%$73.7m2.00M+5.1% Added
PCARPaccar0.89%$73.1m818.6K+111.7% Added
HIGThe Hartford0.88%$72.9m1.17M+5.2% Added
OPLNOpenlane, Inc.0.88%$72.4m4.12M−4.9% Reduced
PAYXPaychex0.83%$68.8m641.3K+5.2% Added
MRSHMarsh McLennan0.81%$66.9m475.7KNew
UNPUnion Pacific Corporation0.75%$62.1m282.4K+5.1% Added
EXPDExpeditors International0.74%$61.2m483.1K+5.1% Added
GMEDGlobus Medical Inc0.74%$61.2m788.7K+18.4% Added
AONAon plc0.73%$60.3m252.7K+5.1% Added
BNYBNY Mellon0.72%$59.2m1.16M+5.1% Added
DXCMDexcom0.70%$58.1m136.1KNew
DLBDolby Laboratories, Inc.0.70%$58.1m591.0K+19.9% Added
MKTXMarketaxess Holdings Inc0.69%$57.4m123.8K+78.7% Added
INTCIntel0.68%$56.3m1.00M−50.7% Reduced
ANETArista Networks0.65%$53.4m147.3K+49.3% Added
FNVFranco Nevada Corp0.63%$52.3m360.2K+41.1% Added
ADPAutomatic Data Processing0.60%$49.3m246.9K+5.1% Added
HCSGHealthcare Services Group Inc0.59%$49.1m1.55M−7.6% Reduced
CCitigroup0.59%$48.7m688.7K+5.0% Added
CMECME Group0.55%$45.5m213.8K+5.1% Added
CLColgate-Palmolive0.50%$41.4m509.4K+5.1% Added
BNSBank Of Nova Scotia0.48%$39.9m613.1K+41.1% Added
LLoews Corporation0.48%$39.8m727.8K−25.5% Reduced
MGAMagna International Inc0.47%$38.5m415.3K+41.1% Added
CBChubb Limited0.46%$37.9m237.1K+5.2% Added
OMCOmnicom Group0.41%$33.6m416.9K+163.3% Added
RYNRayonier Inc0.41%$33.6m934.3K−18.9% Reduced
MMM3M0.36%$30.1m151.4K+5.1% Added
BCEBCE Inc0.34%$28.5m571.5K+41.1% Added
VCVisteon Corp0.30%$24.6m203.2K−23.3% Reduced
TCOMTrip.com Group Ltd0.29%$23.6m666.6K+2.9% Added
SKTTanger Inc.0.27%$22.3m1.18M−27.7% Reduced
PSMTPricesmart Inc0.27%$22.1m243.3K+1.8% Added
FCXFreeport-McMoRan0.25%$20.3m548.3K−23.2% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD0.21%$17.8m147.4K+30.2% Added
NOVNOV Inc.0.15%$12.5m814.4K−73.4% Reduced
WABWabtec0.13%$10.5m128.0K−75.3% Reduced
AXTAAxalta Coating Systems Ltd.0.11%$9.0m296.7K−70.2% Reduced
OGNOrganon & Co.0.05%$4.2m139.3KNew
WYWeyerhaeuser0.04%$3.4m98.3K−93.3% Reduced
TELTE Connectivity0.03%$2.1m15.5K−95.6% Reduced
INMDInmode Ltd.0.00%$367,0003.9K0.0%
ATHMAutohome Inc.0.00%$213,0003.3K+20.6% Added
HUYAHuya Inc.0.00%$160,0009.0K0.0%
CompanyBought (value)Shares
BKNGBooking Holdings$96.0m43.9K
TJXTJX Companies$77.4m1.15M
TXNTexas Instruments$68.0m353.8K
KMBKimberly-Clark$67.2m500.0K
MRSHMarsh McLennan$66.9m475.7K
CNQCanadian Natural Resources Ltd$62.3m1.71M
DXCMDexcom$58.1m136.1K
PEPPepsiCo$54.6m368.7K
PGRProgressive Corporation$54.0m549.3K
METAMeta Platforms$46.7m134.3K
KMXCarmax Inc$43.2m334.4K
HSYThe Hershey Company$42.7m245.3K
TRVThe Travelers Companies$38.7m258.8K
PCARPaccar$38.6m432.0K
AZOAutoZone$37.6m25.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
WFCWells Fargo−$125.2m−2.76M
INTCIntel−$57.9m−1.03M
ADMArcher Daniels Midland−$55.9m−922.6K
PYPLPayPal−$54.9m−225.9K
AMATApplied Materials−$54.1m−404.6K
KOThe Coca-Cola Company−$53.5m−1.01M
WYWeyerhaeuser−$47.2m−1.37M
BAXBaxter International−$46.0m−543.7K
TELTE Connectivity−$45.7m−337.9K
USBU.S. Bancorp−$44.4m−796.9K
COSTCostco−$35.4m−100.4K
NOVNOV Inc.−$34.4m−2.25M
PPGPPG Industries−$34.2m−227.5K
WABWabtec−$32.1m−390.2K
OTISOtis Worldwide−$25.7m−375.9K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
PYPLPayPal$54.9m225.9K
AMATApplied Materials$54.1m404.6K
KOThe Coca-Cola Company$53.5m1.01M
BAXBaxter International$46.0m543.7K
USBU.S. Bancorp$44.4m796.9K
COSTCostco$35.4m100.4K
PPGPPG Industries$34.2m227.5K
OTISOtis Worldwide$25.7m375.9K
RTXRTX Corporation$22.0m284.1K
  • Financials18.5%
  • Consumer Discretionary16.4%
  • Industrials13.8%
  • Technology13.6%
  • Consumer Staples11.7%
  • Communication Services11.4%
  • Health Care10.6%
  • Energy2.0%
  • Materials1.2%
  • Real Estate0.9%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestApril 25, 2008 to November 5, 2021+12.7%+11.6%0.650.65−55.3%1.07
2010 to 2017January 8, 2010 to December 29, 2017+16.0%+13.5%1.030.98−21.3%1.07
2018 onwardsJanuary 5, 2018 to November 5, 2021+14.2%+17.1%0.700.83−32.8%0.98
Last three yearsNovember 9, 2018 to November 5, 2021+18.3%+21.2%0.850.97−32.8%0.98
Last yearNovember 6, 2020 to November 5, 2021+40.5%+35.8%2.672.77−4.2%1.04

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.