9AT: MARATHON-LONDON

other names

MARATHON-LONDON
MARATHON ASSET MANAGEMENT LIMITED
MARATHON ASSET MANAGEMENT LLP

Adviser Profile

As of Date	01/28/2026
ADV Location	LONDON, United Kingdom
Adviser Type - Large advisory firm - Outside the United States - An investment adviser (or subadviser) to an investment company
Number of Employees	77 1%
of those in investment advisory functions	17
Registration	SEC, Approved, 09/09/2004

AUM^*	37,402,098,683 -8%
of that, discretionary	37,402,098,683 -8%
Private Fund GAV^*	7,135,535,123 -27%
Avg Account Size	748,041,974 5%
SMA’s	Yes
Private Funds	9
Contact Info	44 xxxxxxx
Websites

Client Types

- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Sovereign wealth funds and foreign official institutions
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypeHedge Fund	Count8	GAV$7,135,535,123
Fund TypeOther Private Fund	Count1	GAV$

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser PINESTONE ASSET MANAGEMENT INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund751.0m	Total Private Fund GAV751.0m	AUM50.8b	#Funds4
Adviser SILCHESTER INTERNATIONAL INVESTORS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund33.3b	Total Private Fund GAV33.3b	AUM38.0b	#Funds4
Adviser SANDS CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund511.9m	Total Private Fund GAV511.9m	AUM45.2b	#Funds6
Adviser HARBOR CAPITAL ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund921.9m	Total Private Fund GAV921.9m	AUM64.8b	#Funds1
Adviser THORNBURG INVESTMENT MANAGEMENT INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund3.3m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund36.7m	Total Private Fund GAV40.1m	AUM45.3b	#Funds3
Adviser MONDRIAN INVESTMENT PARTNERS LIMITED	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund5.2b	Total Private Fund GAV5.2b	AUM41.5b	#Funds30
Adviser GLOBAL X MANAGEMENT COMPANY LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM55.7b	#Funds-
Adviser PACIFIC LIFE FUND ADVISORS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund57.9m	Total Private Fund GAV57.9m	AUM41.1b	#Funds1
Adviser POLEN CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund72.5m	Total Private Fund GAV72.5m	AUM37.7b	#Funds1
Adviser FUNDSMITH, LLP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund1.0b	Total Private Fund GAV1.0b	AUM30.6b	#Funds2

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker02079K305	Stock NameAlphabet Inc. - Class A	$ Position$107,962,839	% Position4.00%	$ Change18.00%	# Change-9.00%
Stck Ticker023135106	Stock NameAmazon.com Inc	$ Position$116,930,373	% Position4.00%	$ Change3.00%	# Change-2.00%
Stck TickerN20944109	Stock NameCNH Industrial NV	$ Position$109,876,538	% Position4.00%	$ Change-19.00%	# Change-4.00%
Stck TickerG25839104	Stock NameCoca-Cola Europacific Partners plc	$ Position$102,234,773	% Position4.00%	$ Change-3.00%	# Change-3.00%
Stck Ticker84265V105	Stock NameSouthern Copper Corp	$ Position$92,808,014	% Position4.00%	$ Change14.00%	# Change-4.00%
Stck Ticker594918104	Stock NameMicrosoft Corp	$ Position$82,111,205	% Position3.00%	$ Change-14.00%	# Change-8.00%
Stck Ticker11271J107	Stock NameBrookfield Asset Manage-CL A	$ Position$90,248,582	% Position3.00%	$ Change-5.00%	# Change41.00%
Stck Ticker036752103	Stock NameElevance Health Inc	$ Position$86,519,148	% Position3.00%	$ Change0.00%	# Change-8.00%
Stck Ticker064149107	Stock NameBank of Nova Scotia	$ Position$80,811,456	% Position3.00%	$ Change7.00%	# Change-6.00%
Stck Ticker136385101	Stock NameCanadian Natural Resources	$ Position$54,937,677	% Position2.00%	$ Change0.00%	# Change-5.00%

Brochure Summary

Overview

Marathon-London is the name used by Marathon Asset Management Limited (the “firm”) in North America; a privately-owned firm based in London, UK. It is still owned by its founders, with William Arah being the last remaining executive shareholder. The firm has provided discretionary investment management services to institutional clients worldwide since 1986. The firm has discretionary authority over clients' assets and implements investment decisions and strategies by placing orders for the purchase and sale of investments. These investments are primarily listed equity securities. The firm offers regional, international and global equities management. New clients are usually directed to invest in funds where the assets of several investors are commingled. The firm’s asset management services are available to institutional investors seeking an experienced

investment manager. The firm does not consider the clients’ broader investment objectives, risk tolerance or overall financial condition, tax or liquidity needs, although a client may place restrictions (e.g., ethical constraints) upon the types of securities or specific securities to be purchased, sold or held where their assets are being managed in a segregated account. Where applicable, these restrictions must be in writing and accompany the relevant investment advisory agreement. The firm does not participate in wrap fee programs. Nor does the firm charge or receive compensation in connection with the sale of securities, funds or other investment products. As of 31 March, 2024, the firm managed c$40bn of client assets on a fully discretionary basis. The firm does not currently manage any assets on a non-discretionary basis.

MARATHON-LONDON

Adviser Profile

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