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Funds (13F)

Marathon Asset Management Ltd

Backtest from 12 Nov 2021 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.4%
S&P 500 +11.7%
Last 12 months
+17.1%
S&P 500 +12.1%
Sharpe ratio
0.50
S&P 500 0.51
Biggest drop
−20.6%
S&P 500 −23.9%
$10.0k 202120222023202420252026 $17.3k$17.1k
StrategyS&P 500 $10,000 in Marathon Asset Management Ltd from 12 Nov 2021 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Marathon Asset Management Ltd's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Marathon Asset Management Ltd's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.4%+11.7%
Total return+71%+73%
Last 12 months+17.1%+12.1%
Last 3 months+2.1%—
Last month+0.5%—
This year so far+12.7%—
Volatility a year15.9%16.2%
Sharpe ratio0.500.51
Biggest drop−20.6%−23.9%
Beta to the S&P 5000.911.00
Alpha a year (t-statistic)+0.5% (0.18)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
CNH5.6%——
GOOGL4.8%——
CCEP4.6%——
AMZN4.5%——
TIGO4.3%——
ELV3.7%——
SCCO3.6%——
BNS3.6%——
MU2.7%——
MSFT2.6%——
CNQ2.5%——
NVDA2.5%——
GIL2.4%——
V2.4%——
FNV2.3%——
LAUR2.3%——
META2.1%——
TRU2.0%——
CP1.8%——
MKL1.8%——
TMO1.7%——
IBKR1.6%——
TSM1.6%——
VIPS1.6%——
ORCL1.5%——
MA1.4%——
PGR1.3%——
ATS1.2%——
ALGN1.2%——
SPGI1.1%——
HDB1.1%——
FISV1.0%——
PAYC1.0%——
SKY0.9%——
CME0.9%——
OPLN0.9%——
IQV0.9%——
HCSG0.8%——
TFX0.8%——
RPRX0.7%——
ADSK0.7%——
CHRW0.7%——
TJX0.7%——
SW0.7%——
NVST0.7%——
WSC0.6%——
DLTR0.6%——
FCX0.6%——
ROG0.6%——
ADM0.6%——
WCC0.6%——
BAM0.6%——
MTN0.6%——
BIO0.5%——
WMG0.5%——
NEM0.5%——
HSIC0.5%——
MBC0.5%——
BKR0.5%——
WY0.5%——
RYN0.5%——
COKE0.4%——
TDC0.4%——
AXTA0.3%——
WFC0.3%——
FCN0.3%——
VNT0.2%——
DFIN0.2%——
B0.2%——
INMD0.1%——
FLUT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest12 Nov 2021 to 2 Nov 2026+11.4%+11.7%0.500.51−20.6%0.91+0.5% (0.18)
Last three years3 Nov 2023 to 2 Nov 2026+18.5%+21.8%0.981.16−17.3%0.87−0.7% (−0.18)
Last year7 Nov 2025 to 2 Nov 2026+18.8%+14.2%1.160.84−9.4%0.80+5.9% (0.80)
DateCompanyAction
21 Aug 2026WMGBought
21 Aug 2026RYNBought
1 May 2026SKYBought
13 Feb 2026MBCBought
24 Oct 2025TIGOBought
24 Oct 2025SWBought
15 Aug 2025BBought
15 Aug 2025ATSBought
25 Apr 2025TMEBought
25 Apr 2025NVDABought
7 Feb 2025WSCBought
7 Feb 2025ELVBought
18 Oct 2024WYBought
18 Oct 2024WFCBought
18 Oct 2024WCCBought
18 Oct 2024WABBought
18 Oct 2024VNTBought
18 Oct 2024VIPSBought
18 Oct 2024VBought
18 Oct 2024TSMBought
18 Oct 2024TRUBought
18 Oct 2024TMOBought
18 Oct 2024TJXBought
18 Oct 2024TFXBought
18 Oct 2024TDCBought

Dated at the rebalance that made the change.

DateCompanyAction
1 May 2026TMESold
1 May 2026LYBSold
1 May 2026BKNGSold
13 Feb 2026LASRSold
13 Feb 2026KMXSold
24 Oct 2025WABSold
24 Oct 2025CABOSold
24 Oct 2025ADBESold
15 Aug 2025MRKSold
15 Aug 2025MGASold
25 Apr 2025LINSold
25 Apr 2025AZOSold
7 Feb 2025MANUSold
7 Feb 2025JNJSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest