Marathon Asset Management LP Q3 2022 vs. Q4 2022 Holdings: A Comprehensive Analysis

As we move towards the end of the year, Marathon Asset Management LP has released its Q3 2022 vs. Q4 2022 13F holdings comparison, giving investors a chance to see how the fund has changed its portfolio. In this article, we'll take a closer look at the changes in holdings and analyze what they could mean for the future.

Frontier Communications Pare (FYBR)

Marathon Asset Management LP maintained its position in Frontier Communications Pare, with the number of shares remaining at 5228167. However, the value of these shares has increased from $122,496 to $133,213 - a gain of 8.7%. This suggests that the fund believes in the long-term potential of Frontier Communications Pare and expects the company to perform well.

Hertz Global Holdings Inc (HTZ)

Marathon Asset Management LP reduced its position in Hertz Global Holdings Inc, selling off 7509810 shares and bringing its total position down to 6759810 shares. The value of these shares also decreased from $122,260 to $104,033, representing a decline of 14.9%. This could be due to concerns about the economic outlook, or it could simply be a tactical move by the fund.

iShares TR (HYG) and iShares TR (TLT)

Marathon Asset Management LP made some interesting moves with its holdings in iShares TR. In Q3 2022, the fund held no shares of HYG and 1742900 call options for TLT. However, by Q4 2022, Marathon Asset Management LP had acquired 355322 shares of HYG and reduced its call options for TLT to just 21066. This demonstrates a shift in strategy and could reflect a more bullish outlook for high-yield bonds.

SPDR S&P 500 ETF TR (SPY)

Marathon Asset Management LP also made significant changes to its holdings in SPDR S&P 500 ETF TR. In Q3 2022, the fund held 2000000 put options for SPY, but by Q4 2022, this had been reduced to just 32000 put options. In addition, Marathon Asset Management LP held 500000 call options for SPY in Q3 2022, but had sold these off completely by Q4 2022. This suggests that the fund is becoming more bullish on the S&P 500 and expects it to perform well in the coming months.

Ladder Cap Corp (LADR), City Office REIT Inc (CIO), and Kore Group Holdings Inc (KORE)

Marathon Asset Management LP maintained its position in Ladder Cap Corp and City Office REIT Inc, with both companies seeing an increase in the value of their shares. Similarly, Marathon Asset Management LP maintained its position in Kore Group Holdings Inc in Q4 2022, but had reduced it to zero by the end of the year. It's difficult to know why the fund made these moves, but it could be due to a change in the investment thesis or a concern about the long-term potential of these companies.

UpHealth Inc (UPH and UPH/WS)

Finally, Marathon Asset Management LP acquired 50000 shares of UpHealth Inc in Q4 2022, bringing its total position up to 50000. In addition, the fund acquired 1100000 warrants for UpHealth Inc in the form of UPH/WS. This could reflect increased bullishness on the future prospects of UpHealth Inc, or it could simply be a tactical move by the fund.

Conclusion

Marathon Asset Management LP has made some significant changes to its holdings in Q4 2022, demonstrating a shift in strategy and a more bullish outlook for certain companies. As always, it's important to remember that past performance is not indicative of future results, and it's crucial to exercise due diligence and do your own research before making any investment decisions.