Marathon Asset Management LLP (UK capital-cycle) - 8-Quarter 13F Trend (2019Q3 - 2021Q2)
CIK: 0001040592 Style: capital-cycle Value unit detected: thousands
Backfill executed 2026-05-17 as part of /investing:smart-money-watch v0 scaffold. Data: SEC EDGAR 13F-HR filings. Coverage: 8 most recent filed quarters.
Portfolio value trajectory
| Quarter | Total value | # Positions | New | Exits | Filing date |
|---|---|---|---|---|---|
| 2019Q3 | $7.61B | 105 | 3 | 0 | 2019-10-25 |
| 2019Q4 | $7.60B | 102 | 2 | 5 | 2020-01-22 |
| 2020Q1 | $5.57B | 105 | 6 | 3 | 2020-04-22 |
| 2020Q2 | $6.52B | 105 | 7 | 7 | 2020-07-20 |
| 2020Q3 | $6.36B | 108 | 4 | 1 | 2020-11-05 |
| 2020Q4 | $7.11B | 106 | 3 | 5 | 2021-02-02 |
| 2021Q1 | $7.19B | 104 | 3 | 5 | 2021-04-26 |
| 2021Q2 | $8.26B | 98 | 3 | 9 | 2021-07-21 |
Persistent top-10 positions (appear in 4+ of 8 quarters)
| Issuer | Quarters held in top-10 | Peak value | Latest value |
|---|---|---|---|
| Baidu Inc - Spon ADR | 7/8 | $321.0M | $185.9M |
| Oracle Corp | 8/8 | $305.5M | $305.5M |
| Booking Holdings Inc | 8/8 | $299.8M | $299.8M |
| Wells Fargo | 5/8 | $271.2M | $177.8M |
| Johnson and Johnson | 8/8 | $266.1M | $251.6M |
| Alphabet Inc. - Class A | 8/8 | $260.4M | $260.4M |
| Texas Instruments Inc | 6/8 | $239.8M | $239.8M |
| Facebook Inc A | 5/8 | $237.5M | $237.5M |
| Berkshire Hathaway Inc | 5/8 | $192.3M | $182.2M |
| Intel Corp | 4/8 | $189.9M | $160.7M |
| Merck & Co Inc | 6/8 | $189.8M | $165.1M |
| Archer-Daniels-Midland Co | 4/8 | $168.5M | $168.5M |
Notable additions (>$50M new positions or >20% adds in top-10)
- 2019Q3: +71% C H Robinson Worldwide Inc (to $102.7M)
- 2020Q4: +142% Autozone Inc (to $108.9M)
- 2021Q1: +111% FTI Consulting Inc (to $127.4M)
- 2021Q1: +57% Barrick Gold Corp (to $114.6M)
- 2021Q2: NEW Marsh & Mclennan @ $66.9M
- 2021Q2: NEW Dexcom Inc @ $58.1M
- 2021Q2: +103% Berkshire Hathaway Inc (to $182.2M)
Notable exits / trims (top-10 exits or >50% trim from $100M+ position)
- 2020Q4: EXIT Amazon.com Inc (was $106.2M)
- 2021Q2: EXIT PayPal Holdings Inc. (was $54.9M)
- 2021Q2: EXIT Applied Materials Inc (was $54.1M)
- 2021Q2: EXIT Coca Cola Co (was $53.5M)
RDCO thesis exposure (across all observed quarters)
- memory: none
- power: none
- space: none
- longevity: none
- elon-verse: none
- ai-infra-chips: none
- hyperscalers: Alphabet Inc. - Class A, Alphabet Inc. - Class C, Amazon.com Inc
Latest quarter (2021Q2) top 10
| Rank | Issuer | Value | Shares |
|---|---|---|---|
| 1 | Oracle Corp | $305.5M | 3,924,422 |
| 2 | Booking Holdings Inc. | $299.8M | 137,017 |
| 3 | Alphabet Inc. - Class A | $260.4M | 106,632 |
| 4 | Johnson and Johnson | $251.6M | 1,527,037 |
| 5 | Alphabet Inc. - Class C | $241.4M | 96,330 |
| 6 | Texas Instruments Inc | $239.8M | 1,247,250 |
| 7 | Facebook Inc A | $237.5M | 682,961 |
| 8 | Baidu Inc - Spon ADR | $185.9M | 911,874 |
| 9 | Berkshire Hathaway Inc | $182.2M | 655,688 |
| 10 | Autozone Inc | $181.0M | 121,326 |
Source
SEC EDGAR 13F-HR filings, CIK 0001040592. Pulled via ~/.claude/scripts/edgar-13f.py backfill 0001040592 --quarters 8 on 2026-05-17.
Related
- [[01-projects/investing/anchors/smart-money/2026-05-17-aggregate-2yr-backfill-summary.md]]
- [[.claude/skills/investing-smart-money-watch/SKILL.md]]
- [[01-projects/investing/README.md]]