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Marathon Asset Management Cuts Equity Exposure by $2B

Marathon Asset Management is an investment manager headquartered in New York, with offices in London and Singapore. The firm focuses on opportunistic investing in credit and fixed income markets globally. It was founded by Bruce Richards in 1998, and manages reported 13F positions of approximately $4.3 billion, down from $6.3B in the previous quarter.

Marathon Asset Management Top Holdings

The firm added PDR S&P 500 (INDEXSP:.INX) to bring its total holding to 18,404,200 shares, worth $2.23 billion or 78 percent of the overall portfolio. Going by the last trading price $151, Marathon’s holding in PDR S&P 500 is now estimated at $2.62 billion. The firm now lies 8th behind a list of top banks in the chain of top holders, headed by Goldman Sachs Group, Inc. (NYSE:GS) with  $19.74 billion, Citigroup Inc. (NYSE:C) $14.55 billion, Credit Suisse Group AG (NYSE:CS) $13.48 billion, Bank of America $9.36 billion, and JPMorgan Chase & Co. (NYSE:JPM), Barclays PLC (NYSE:BCS) (LON:BARC) and UBS AG (NYSE:UBS) with $8.44 billion, $6.44 billion and $3.27 billion respectively.

Marathon’s other top holders include CONSOL Energy Inc. (NYSE:CNX), Nationstar Mortgage holdings Inc (NYSE:NSM)  and Wells Fargo & Company (NYSE:WFC). The top holders account for 88.18 percent of its overall portfolio.

Marathon Asset Management New Buys

Th diversified investment management firm added nine new stocks to its portfolio including Wells Fargo 3.9 million shares at an average price of $34.18 per share to represent 3.97 percentage change in the portfolio. Additionally, Marathon bought shares of Validus Holdings, Ltd. (NYSE:VR) (6,661 shares), Walter Energy, Inc. (NYSE:WLT) (1,435,873 shares), Dynegy Inc. (PINK:DYNIQ) (955,812 shares)and MGM Resorts International (NYSE:MGM) (1,276,388 shares) and a selection of ETFs.

Marathon Asset Management Major Additions

The firm also added to existing stakes including Nationstar Holdings (15 percent), CONSOL Energy (1,970 percent), CIT group Inc. (NYSE:CIT) (36 percent), and PDR S&P 500 (INDEXSP:.INX) (573 percent) during the quarter. Other additions were done in American International Group, Inc. (NYSE:AIG) at 7 percent, Rite Aid Corporation (NYSE:RAD) at 252 percent and Chimera Investment Corporation (NYSE:CIM) at 41 percent, among others.

Marathon Asset Management Major Reductions

Marathon Asset Management reduced its stakes in seven stocks including 43 percent reduction on Peabody Energy Corporation (NYSE:BTU), which now accounts for 1.71 percent of its portfolio. The firm also sold 58 percent of its holding in Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Southwestern Energy Company (NYSE:SWN) 2 percent reduction, among others.

Marathon Asset Management Closed Positions

One major closed position is the holding in Pharma giant Pfizer Inc. (NYSE:PFE), which triggered 1.54 percentage change in portfolio. However, the biggest impact on the portfolio was caused after the firm sold out its stake in Hess Corp. (NYSE:HES), triggering a 2.22 percentage change. The firm also closed a short and long positions in Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), to trigger a 1.84 percentage change in the portfolio. Another closed position was its holding in YPF S.A (ADR) (NYSE:YPF), which triggered a 1.34 portfolio change.


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