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MARATHON ASSET MANAGEMENT LP

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13F filer, CIK 1279913, NEW YORK, NY

MARATHON ASSET MANAGEMENT LP reported $64,310,706 across 13 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-17. Its ten largest share positions make up 97.21% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001493152-26-007088

Period
2025-12-31
Reported value
$64.3M
Holdings
13
Top 10 weight
97.21%
New
2
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SPYnew+35,000$24.2M
CABLE ONE INCnew+2,000,000$1.97M
PYPLadded+25,000$1.32M
IBITadded+22,000$1.04M
JDadded+25,000$712K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
EAFreduced-785,949-$11.9M
CNKexited-300,000-$8.41M
AMDexited-20,000-$3.24M
ETHAexited-85,000-$2.68M
GOOGexited-6,330-$1.54M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001493152-26-007088, largest first. % of portfolio is the value over $64,303,206, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 35,000 shares 35,000$24.2M37.66%newTimeline
EAFGRAFTECH INTL LTD SR NTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,115,389 shares; 2025Q4: 1,329,440 shares 1,329,440$20.1M31.24%-785,949Timeline
JHHYJOHN HANCOCK EXCHANGE TRADEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 125,000 shares; 2024Q4: 125,000 shares; 2025Q1: 125,000 shares; 2025Q2: 125,000 shares; 2025Q3: 125,000 shares; 2025Q4: 125,000 shares 125,000$3.24M5.03%0Timeline
UNHUNITEDHEALTH GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,500 shares; 2025Q3: 12,500 shares; 2025Q4: 10,000 shares 10,000$2.87M4.46%-2,500Timeline
PYPLPAYPAL HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,000 shares; 2025Q3: 25,000 shares; 2025Q4: 50,000 shares 50,000$2.63M4.1%+25,000Timeline
IBITISHARES BITCOIN TRUST ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 25,000 shares; 2025Q3: 25,000 shares; 2025Q4: 47,000 shares 47,000$2.23M3.47%+22,000Timeline
JDJD.COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 50,000 shares; 2025Q4: 75,000 shares 75,000$2.14M3.32%+25,000Timeline
CABLE ONE INCCABLE ONE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,000,000 shares 2,000,000$1.97M3.06%new
BABAALIBABA GROUP HLDG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$1.7M2.64%0Timeline
OSCROSCAR HEALTH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 45,000 shares; 2025Q3: 75,000 shares; 2025Q4: 100,000 shares 100,000$1.44M2.23%+25,000Timeline
NIONIO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 500,000 shares; 2025Q2: 500,000 shares; 2025Q3: 200,000 shares; 2025Q4: 200,000 shares 200,000$940K1.46%0Timeline
NBISNEBIUS GROUP N.V.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 50,000 shares; 2025Q2: 25,000 shares; 2025Q3: 10,000 shares; 2025Q4: 10,000 shares 10,000$852K1.32%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
TLTISHARES TR 20 YR TR BD ETFcall3,000$7.5K-24,000

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
ECHOECHOSTAR CORP5,000$12.7Mcall
CNKCINEMARK HLDGS INC300,000$8.41Mshares
AMDADVANCED MICRO DEVICES INC20,000$3.24Mshares
ETHAISHARES ETHEREUM TR85,000$2.68Mshares
GOOGALPHABET INC6,330$1.54Mshares
KOREKORE GROUP HLDGS INC351,396$850Kshares

How Q4 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001493152-26-007088 base2026-02-17acceptance time not in the bulk data set