Marathon Asset Management, L.P.

Hedge fund manager

Marathon Asset Management, L.P. is an SEC-registered investment adviser based in New York, NY that reports managing 51 hedge funds on Form ADV. It reports $30.5 billion in regulatory assets under management. Its private funds, of all types, hold $28.5 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated -29.7% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +250.8% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.

Regulatory assets under management: $30.5 billionForm ADV Item 5.F
Gross assets of private funds: $28.5 billionAll private fund types, Form ADV
Hedge funds managed: 5170 private funds in total
Employees: 193Form ADV Item 5.A
Registration: SEC-registered adviserCRD 124613
Latest Form ADV: 10/28/2026Disciplinary disclosures: none reported

Estimated 13F portfolio performance

Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.

Estimated from 13F · 2026 YTD-29.7%Through Q2 2026 · S&P 500 +9.5%

Estimated from 13F · 2-year+250.8%Q3 2024 – Q2 2026

S&P 500+37.2%Same quarters, price only

13F holdings$38.2 million4 positions, 2026-06-30

Quarter	Est. 13F return	S&P 500
Q2 2026	-9.0%	+14.8%
Q1 2026	-22.8%	-4.6%
Q4 2025	+3.6%	+2.4%
Q3 2025	+159.3%	+7.8%
Q2 2025	+26.3%	+10.4%
Q1 2025	+8.3%	-4.5%
Q4 2024	-1.7%	+2.1%
Q3 2024	+38.1%	+5.4%

Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures

Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.

13F holdings as of Jun 30, 2026

All 4 share positions ($38,239,390) reported by Marathon Asset Management LP on Form 13F for the quarter ended Jun 30, 2026, filed Aug 14, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗

Stock	Value	% of 13F portfolio	Shares	Shares vs prior quarter
Rackspace Technology Inc	$23,665,027	61.89%	3,624,047	New
Iheartmedia Inc	$6,327,750	16.55%	1,475,000	New
Graftech Intl LTD SR NT	$5,690,313	14.88%	962,828	-20.53%
John Hancock Exchange Traded	$2,556,300	6.69%	100,000	-20.00%

Changes since Mar 31, 2026

Comparing the share counts in the two quarter-end filings: 2 new positions, 0 sold out, 0 increased, 2 reduced and 0 unchanged.

New positions

Stock	Value	Shares
Rackspace Technology Inc	$23,665,027	3,624,047
Iheartmedia Inc	$6,327,750	1,475,000

Largest reductions

Stock	Change in shares	Change	Value now	Shares now
Graftech Intl LTD SR NT	-248,787	-20.53%	$5,690,313	962,828
John Hancock Exchange Traded	-25,000	-20.00%	$2,556,300	100,000

Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.

From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures