Marathon Asset Management 13F, Q4 2025
Marathon Asset Management · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1279913
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 1 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q4 2025
Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| SPDR S&P 500 ETF TR | SPY | $24.22M | 37.7% | new |
| GRAFTECH INTL LTD | EAF | $20.09M | 31.2% | -37% shares |
| JOHN HANCOCK EXCHANGE TRADED | JHHY | $3.24M | 5.0% | unchanged |
| UNITEDHEALTH GROUP INC | UNH | $2.87M | 4.5% | -20% shares |
| PAYPAL HLDGS INC | PYPL | $2.63M | 4.1% | +100% shares |
| ISHARES BITCOIN TRUST ETF | IBIT | $2.23M | 3.5% | +88% shares |
| JD.COM INC | JD | $2.14M | 3.3% | +50% shares |
| CABLE ONE INC | CABO 0 03/15/26 | $1.97M | 3.1% | new |
| ALIBABA GROUP HLDG LTD | BABA | $1.70M | 2.6% | unchanged |
| OSCAR HEALTH INC | OSCR | $1.44M | 2.2% | +33% shares |
| NIO INC | NIO | $940.0K | 1.5% | unchanged |
| NEBIUS GROUP N.V. | $851.9K | 1.3% | unchanged |
What changed since Q3 2025
Against the Q3 2025 filing, Marathon Asset Management opened 2 new positions, added to 4, trimmed 2, left 4 unchanged and exited 5. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0001493152-26-007088, filed by MARATHON ASSET MANAGEMENT LP. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.