John Hancock Marathon Asset-Based Lending Fund
MA
Private creditTender-offer fund1099
Compared against Private credit tender-offer funds.
1Y return
+7.9%
54th pctile · ahead of most peersas of 2025-10-31
Since inception
+6.6%
annualized, as reported
Distribution rate
not stated in filings
exceeds net investment incomeNet assets
$265.1M
shrinking 1 period
Net expenses
5.06%
93th pctile · pricier than median
Repurchase
5% quarterly (March, June, September, December) under Rule 23c-3 effective 4-24-26
1 of 28 peers matchLevel 3
55.4%
56th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)5.06%
Minus interest on borrowings, the cost of portfolio leverage1.07%
Minus incentive fees accrued this period, which vary with returns1.10%
Ongoing cost, determined from the filings2.47%
Ongoing cost is about 2.5% a year: a management fee of 1.25% of net assets less roughly 0.34% of fee reimbursement, plus about 1.6% of servicing, pricing, professional, custody and transfer agent costs. The year to October 2025 showed 2.89% because the fee was then 1.35% of leveraged assets. Interest of 1.07% and incentive fees of 1.10% are excluded.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year2.47%
This is the cost for class I (institutional, cheapest); Class S is the most expensive at 5.91% net for FY2025 (5.70% annualized in the interim) plus a sales charge of up to 3.50%.
The figure above is the ongoing cost. For the period the filing covers it was 2.89%, including 0.42% of one-time costs that will not repeat.
Based on Base: fiscal year ended 10-31-25 (annual report, Class I; the filing's ratios are already annual). Adjusted for one persisting change disclosed in the.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (No incentive fee unless pre-incentive fee net investment income exceeds a 1.25% quarterly return (5.00% annualized); income above the hurdle up to 1.4286% per quarter (5.714% annualized) is paid to the Advisor, and above that level the fee equals 12.5% of pre-incentive fee net investment income; inc) apply only to returns earned. Net expenses reflect a fee waiver expiring April 30, 2027; the gross ratio is 5.66%. How this is calculated
Against Private credit tender-offer funds
Total drag
50th pctile · cheaper than most
1Y return
54th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Base: fiscal year ended 10-31-25 (annual report, Class I; the filing's ratios are already annual). Adjusted for one persisting change disclosed in the 4-30-26 interim report: the management fee falls from 1.35% of managed assets (1.67% of average net assets in FY2025) to 1.25% of net assets effective 5-1-26, a reduction of 0.42%. Interim ratios for the six months to 4-30-26 are annualized by the filing itself..
Open the filing on sec.gov (0001885778-26-000014)Size and leverage
Net assets$265.1M?
Borrowings$51.0M?
Leveragedebt to equity0.19x?
Asset coverage619.60%?
Started2022-07-11?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of pre-incentive fee net investment income per class, with no fee below a quarterly return of 1.25% (5.00% annualized) and a catch-up band up to 1.4286% per quarter (5.714% annualized); accrued daily, payable quarterly in arrears?
Hurdle5.00%?
Expense cap0.60%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly (March, June, September, December) under Rule 23c-3 effective 4-24-26?
Notice required21 days?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Priced by the managerno market price available55.40%?
Mostlyasset-based lending (asset-backed securities, commercial mortgage-backed securities, residential and consumer loans, equipment and aircraft leasing)?
Who is involved
AdviserJohn Hancock Investment Management LLC (subadvisor: Marathon Asset Management LP)?
AuditorErnst & Young LLP?
Valueddaily (converted from monthly net asset value calculation effective 4-24-26)?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class A | 0.25% | 2.50% | 5.10% | - |
| Class I | 0.00% | 0.00% | 4.85% | - |
| Class D | 0.25% | 1.50% | 5.10% | - |
| Class S | 0.85% | 3.50% | 5.70% | - |
| Class U | 0.75% | - | 5.60% | - |
Also worth knowing
- CVC Capital Partners affiliate agreed on 1-26-26 to acquire 100% of Marathon; the change of control terminates the existing subadvisory agreement and a new agreement was approved by shareholders on 6-18-26.
- Fund converted from a closed-end tender offer fund to an interval fund and from monthly to daily NAV effective 4-24-26; Class A and Class U commenced operations that date.
- Management fee drops to 1.25% of net assets effective 5-1-26 from 1.35% of managed assets; the 0.60% ordinary-expense cap agreement now expires 4-30-27.
- Unconsolidated subsidiary JH Rail, LLC had $26,673,389 of borrowings at 4-30-26; asset coverage including subsidiary borrowings was $4,412 per $1,000 versus $6,196 excluding them.
Fees
Management fee1.25%
Sales load0%
Interest on borrowings1.07%
Incentive fees accrued1.1%
Total annual expenses, gross5.66%
Waiver expireschanged from February 28, 2025 · Apr 2026April 30, 2027
Liquidity terms
Repurchase frequencychanged from quarterly · Jul 2026
Repurchase percentage of shares outstandingunchanged, 6 filings5%
Early repurchase feeunchanged, 3 filings2%
Notice period, daysunchanged, 3 filings21
Minimum investmentvaries by share class$250,000
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Structure
Legal structurevaries across filings
Use of derivativesvaries across filings
Feeder structure
Tax reporting formunchanged, 6 filings1099
Stated benchmarkunchanged, 5 filings
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-10-312026-07-01
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assetsraised from $250.7M · Jul 2026$265.1M
Total annual expenses, net of waiver5.06%
Total annual expenses, gross5.66%
Distributions exceed net investment incomevaries across filingsyes
Total return, 1 yearraised from 3.83% · Oct 20257.87%
Since inception, annualizedraised from 6.08% · Oct 20256.62%
Level 3 inputs55.4%
No repurchase offer filings on record yet.
2026-07-01N-CSRSSemiannual shareholder report2026-06-18424B3Prospectus supplement2026-05-07SC TO-I/AAmended issuer tender offer2026-04-24424B3Prospectus supplement2026-04-21486BPOSPost-effective amendment, effective2026-02-20SC TO-IIssuer tender offer2026-02-13486APOSPost-effective amendment, not yet effective2026-01-30SC TO-I/AAmended issuer tender offer2026-01-09N-CENAnnual census of service providers2025-12-30N-CSRAnnual shareholder report2025-11-21SC TO-IIssuer tender offer2025-10-23SC TO-I/AAmended issuer tender offer2025-08-29SC TO-I/AAmended issuer tender offer2025-08-21SC TO-IIssuer tender offer2025-07-17SC TO-I/AAmended issuer tender offer2025-07-02N-CSRSSemiannual shareholder report2025-05-21SC TO-IIssuer tender offer2025-04-17SC TO-I/AAmended issuer tender offer2025-02-20SC TO-IIssuer tender offer2025-01-22SC TO-I/AAmended issuer tender offer2025-01-03N-CSRAnnual shareholder report2024-11-21SC TO-IIssuer tender offer2024-10-22SC TO-I/AAmended issuer tender offer2024-09-27N-2Registration statement and prospectus2024-08-21SC TO-IIssuer tender offer2024-01-03N-CSRAnnual shareholder report2022-06-30N-2/AAmended registration statement
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.