Marathon Asset Management Builds New 300,000 Share Position in Cinemark Stock

What happened

According to a filing with the Securities and Exchange Commission dated Nov. 17, 2025, Marathon Asset Management LP established a new position in Cinemark (NYSE:CNK), acquiring 300,000 shares. The stake was valued at $8.41 million as of Sept. 30, representing a significant allocation within the fund's $75.12 million in reportable U.S. equity assets.

What else to know

This new position accounts for 11.19% of the fund’s 13F assets under management.

Top holdings after the filing:

• GrafTech International: $27.1 million (36.1% of AUM)
• Cinemark: $8.4 million (11.2% of AUM)
• UnitedHealth Group: $4.3 million (5.8% of AUM)
• John Hancock High Yield ETF: $3.3 million (4.4% of AUM)
• Advanced Micro Devices: $3.2 million (4.3% of AUM)

As of Nov. 17, 2025, shares were priced at $29.59, down 6.69% over the past year, underperforming the S&P 500 by 18.81 percentage points.

Company overview

Company snapshot

• Cinemark operates multiplex movie theatres across the United States, South America, and Central America, generating revenue primarily from box office ticket sales, concessions, and advertising.
• Its business model centers on motion picture exhibition, leveraging a large footprint of screens.
• The company serves a broad customer base, including families, young adults, and movie enthusiasts in local and international markets.

Cinemark was one of the largest motion picture exhibitors in the Americas, operating 5,868 screens in the United States and South and Central America as of June 30, 2022.

Foolish take

This is a fairly small portfolio for Marathon Asset Management. According to its latest Form 13F, it contained fewer than 20 positions, including equities, exchange traded funds (ETFs), and options positions. Yet adding an initial position representing over 10% of the portfolio is meaningful.

It implies a belief that the movie-going public will continue to spend. It also signals that Marathon thinks Cinemark is a leader in the theater industry. That likely comes from its profitable results.

Cinemark has had a profitable year, even as costs have risen. Net income of $107 million through the first nine months of 2025 was a big drop from the prior year. But the company also eliminated its remaining pandemic-related convertible note debt.

In the third quarter, Cinemark also authorized a new $300 million share repurchase program, and increased its quarterly dividend buy 12.5%.

Marathon seems to have recognized these signs of strength to add a meaningful position to its portfolio.

Glossary

13F reportable assets: Securities that institutional investment managers must disclose quarterly to the Securities and Exchange Commission (SEC) on Form 13F.

Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.

Initiated position: When an investor or fund buys shares of a company for the first time, establishing a new holding.

Stake: The amount of ownership or interest an investor holds in a company, usually measured in shares or value.

Holding: A specific security or asset owned within an investment portfolio.

Multiplex: A movie theater complex with multiple screens within a single venue, showing different films simultaneously.

Motion picture exhibition: The business of showing movies to the public, typically in theaters.

Box office ticket sales: Revenue generated from selling tickets to moviegoers at theaters.

Concessions: Food, beverages, and other items sold to customers at entertainment venues like movie theaters.

Market capitalization: The total value of a company's outstanding shares, calculated as share price times shares outstanding.

TTM: The 12-month period ending with the most recent quarterly report.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices. The Motley Fool recommends UnitedHealth Group. The Motley Fool has a disclosure policy.