13F filer · reported 2026-Q1 · filed 2026-04-24 · Δ vs 2025-Q4 · US-listed long positions only 13F portfolio $2.6B · Positions 74 · Top 10 35.7% · Effective N 44.7 Filer13F 2026-Q1 | CIK1861026 | Reported quarter2026-Q1 | | Prior quarter2025-Q4 | Filed2026-04-24 | | Reported value$2.6B | Positions74 | | Regulatory AUM (ADV)$39.0B | Employees (ADV)74 | | Head office (ADV)LONDON, United Kingdom | Structure (ADV)Other (specify) |
Authorized signatory: James Bennett · Chief Risk and Compliance Officer — the person who SIGNED this filer's latest 13F, frequently a compliance officer, general counsel or CFO, and not necessarily the portfolio manager. Owners & officers (ADV Schedule A): ARAH, WILLIAM, JAMES (DIRECTOR) · CARTER, CHARLES, RICHARD (MANAGING DIRECTOR) · HOSKING, JEREMY, JOHN (RETIRED NON- EXECUTIVE SHAREHOLDER) · OSTRER, NEIL, MARK (NON-EXECUTIVE DIRECTOR) · BENNETT, JAMES, RICHARD (CHIEF RISK AND COMPLIANCE OFFICER) · Beveridge, James, John (CHIEF FINANCIAL OFFICER) · GONZALESBURDIN, DIANNA, LYNN (NON-EXECUTIVE DIRECTOR) · HINGLEY, ROBERT, CHARLES (CHAIR) · +2 more Reported 2026-Q1 · filed 2026-04-24 · ADV 2026-05-05ⓘ Implied return No implied return could be replicated for Marathon Asset Management Ltd — the filed book has too little priced history. Contribution No contribution decomposition for Marathon Asset Management Ltd over this window. Top holdings12 of 74 · 41.2% of book | Holding | Weight | Value | Δ shares |
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| CNH | 4.9% | $128M | −2.1% | | AMZN | 4.4% | $115M | +9.1% | | GOOGL | 4.1% | $106M | +6.7% | | CCEP | 3.9% | $101M | −1.5% | | SCCO | 3.3% | $86M | −22.9% | | TIGO | 3.2% | $83M | +0.6% | | BN | 3.0% | $79M | −0.4% | | ELV | 3.0% | $79M | +8.7% | | CNQ | 3.0% | $78M | −0.3% | | BNS | 2.9% | $75M | −0.4% | | MSFT | 2.8% | $73M | +16.0% | | FNV | 2.7% | $71M | −0.4% |
Weights as filed for 2026-Q1 · Δ vs 2025-Q4ⓘ Sector split11 sectors | Sector | N | Weight |
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| Financials | 13 | 19.3% | | Consumer Discretionary | 8 | 12.7% | | Information Technology | 10 | 11.9% | | Materials | 10 | 11.8% | | Industrials | 8 | 10.8% | | Communication Services | 4 | 10.1% | | Health Care | 9 | 7.8% | | Consumer Staples | 4 | 5.6% | | Energy | 2 | 3.6% | | Real Estate | 2 | 3.3% | | Unclassified | 4 | 3.0% |
SIC-derived, not GICS · 97% of weight classifiedⓘ Sector history8 of 19 quarters | Sector | 2024-Q2 | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
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| Financials | 17.1% | 15.0% | 18.3% | 19.5% | 21.6% | 20.1% | 20.0% | 19.3% | | Consumer Discretionary | 10.4% | 12.4% | 12.8% | 11.3% | 12.3% | 13.2% | 13.7% | 12.7% | | Information Technology | 17.6% | 25.0% | 25.4% | 24.7% | 15.9% | 14.0% | 12.1% | 11.9% | | Materials | 9.9% | 8.9% | 7.2% | 7.2% | 8.1% | 10.0% | 11.0% | 11.8% | | Industrials | 10.3% | 10.0% | 9.5% | 10.0% | 12.3% | 10.9% | 10.1% | 10.8% | | Communication Services | 9.8% | 7.9% | 8.3% | 8.6% | 10.0% | 11.4% | 11.2% | 10.1% | | Health Care | 10.3% | 8.6% | 7.0% | 6.5% | 6.8% | 6.3% | 7.2% | 7.8% | | Consumer Staples | 5.0% | 4.4% | 3.9% | 4.5% | 4.9% | 5.1% | 5.3% | 5.6% | | Energy | 3.1% | 2.5% | 2.3% | 2.3% | 2.3% | 2.5% | 2.5% | 3.6% | | Real Estate | 2.6% | 2.9% | 2.9% | 2.9% | 3.2% | 3.8% | 3.7% | 3.3% | | Unclassified | 3.7% | 2.6% | 2.4% | 2.5% | 2.6% | 2.7% | 3.0% | 3.0% | | Utilities | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | | Top-10 concentration | 31.5% | 39.0% | 40.5% | 40.3% | 34.5% | 35.2% | 35.9% | 35.7% |
SIC-derived, not GICS · 97% of the latest book classified · share of the filed book, per quarterⓘ Basis & disclosures - As filed · positions and weights exactly as the 13F states them · nothing imputed · absent “—”
- 13F is US-listed long only · filed up to 45 days after quarter-end · a LOWER bound on what this filer manages, never a total — shorts, options, cash, bonds and non-US listings are outside it
- As filed — the holdings and weights are the 13F itself; no return engine produced them
- Implied returns are a replication, not a track record · the filed book valued daily and rebalanced to each new filing · no fees, no timing, and nothing a 13F does not carry
- Not investment advice · no recommendation, forecast or offer · past ≠ future · this is a filer's public record, not a solicitation
- SEC Form 13F · SEC Form ADV · licensed end-of-day prices · spzco.com/methodology
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