Marathon Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Abbot Laboratories	COMMON	002824100	134,845	3,501,378	SH		SOLE		2,114,587	0	1,386,791
Alleghany Corp	COMMON	017175100	72,846	178,865	SH		SOLE		107,649	0	71,216
America Movil SAB de CV	COMMON	02364W105	31,659	1,592,685	SH		SOLE		900,035	0	692,650
American Express Co	COMMON	025816109	38,483	427,442	SH		SOLE		257,256	0	170,186
Analog Devices Inc	COMMON	032654105	77,421	1,456,927	SH		SOLE		881,847	0	575,080
Automatic Data Processing	COMMON	053015103	39,610	509,717	SH		SOLE		307,765	0	201,952
Baidu Inc - Spon ADR	COMMON	056752108	101,447	666,211	SH		SOLE		515,277	0	150,934
Bancolombia Sa -Pref	COMMON	05968L102	20,940	370,766	SH		SOLE		209,866	0	160,900
Baxter International Inc	COMMON	071813109	70,051	946,109	SH		SOLE		569,416	0	376,693
Berkshire Hathaway Inc	COMMON	084670702	58,411	466,745	SH		SOLE		257,021	0	209,724
Brookfield Asset Manage-CL A	COMMON	112585104	45,769	1,122,379	SH		SOLE		677,168	0	445,211
Cbs Corp	COMMON	124857202	19,198	310,081	SH		SOLE		187,863	0	122,218
C H Robinson Worldwide Inc	COMMON	12541W209	30,879	589,412	SH		SOLE		355,885	0	233,527
Canadian Natural Resources	COMMON	136385101	113,871	2,952,243	SH		SOLE		1,781,374	0	1,170,869
Chubb Corp	COMMON	171232101	66,076	736,036	SH		SOLE		445,891	0	290,145
Clean Harbors Inc	COMMON	184496107	34,661	632,622	SH		SOLE		380,744	0	251,878
Clorox Company	COMMON	189054109	11,584	131,628	SH		SOLE		79,839	0	51,789
Coca Cola Co	COMMON	191216100	153,487	3,941,104	SH		SOLE		2,380,573	0	1,560,531
Colgate Palmolive Co	COMMON	194162103	92,879	1,431,817	SH		SOLE		865,237	0	566,580
CIA Cervecerias Unidas	COMMON	204429104	975	43,607	SH		SOLE		14,898	0	28,709
Costco Wholesale Corp	COMMON	22160K105	40,351	361,315	SH		SOLE		217,457	0	143,858
Dr Pepper Snapple Group Inc	COMMON	26138E109	17,397	317,227	SH		SOLE		192,264	0	124,963
Dresser Rand Group	COMMON	261608103	28,515	488,173	SH		SOLE		293,807	0	194,366
Ebay Inc	COMMON	278642103	70,146	1,269,884	SH		SOLE		764,281	0	505,603
Emerson Electric Co	COMMON	291011104	36,419	545,189	SH		SOLE		329,286	0	215,903
Expeditors Intl Wash Inc	COMMON	302130109	28,033	707,398	SH		SOLE		427,074	0	280,324
Flir Systems Inc	COMMON	302445101	63,278	1,757,730	SH		SOLE		1,057,891	0	699,839
Franklin Resources	COMMON	354613101	92,327	1,700,536	SH		SOLE		1,027,404	0	673,132
Fresenius Medical Care Ag And Co. Kgaa	COMMON	358029106	31,356	895,257	SH		SOLE		477,519	0	417,738
Goldman Sachs Group Inc	COMMON	38141G104	20,158	123,036	SH		SOLE		74,066	0	48,970
Google Inc-Cl A	COMMON	38259P508	27,994	25,118	SH		SOLE		15,117	0	10,001
Intel Corp	COMMON	458140100	57,028	2,209,267	SH		SOLE		1,334,185	0	875,082
JP Morgan Chase & Co	COMMON	46625H100	29,465	485,337	SH		SOLE		292,101	0	193,236
Johnson and Johnson	COMMON	478160104	163,171	1,661,110	SH		SOLE		1,003,696	0	657,414
Linear Technology Corp	COMMON	535678106	102,968	2,114,863	SH		SOLE		1,279,431	0	835,432
Loews Corp	COMMON	540424108	44,475	1,009,651	SH		SOLE		607,659	0	401,992
Luxottica Group Spa	COMMON	55068R202	146,529	2,540,677	SH		SOLE		1,696,583	0	844,094
M & T Bank Corp	COMMON	55261F104	51,081	421,103	SH		SOLE		254,417	0	166,686
MSC Industrial Direct Co A	COMMON	553530106	38,346	443,207	SH		SOLE		266,744	0	176,463
Markel Corp	COMMON	570535104	29,481	49,454	SH		SOLE		29,764	0	19,690
Martin Marietta Materials	COMMON	573284106	22,946	178,766	SH		SOLE		107,615	0	71,151
McDonalds Corp	COMMON	580135101	112,239	1,144,926	SH		SOLE		692,833	0	452,093
Merck & Co Inc	COMMON	58933Y105	24,955	436,366	SH		SOLE		262,645	0	173,721
Microsoft Corp	COMMON	594918104	90,389	2,205,046	SH		SOLE		1,330,830	0	874,216
Mindray Medical	COMMON	602675100	29,430	895,501	SH		SOLE		684,287	0	211,214
National Oilwell Varco	COMMON	637071101	18,878	242,417	SH		SOLE		145,931	0	96,486
Omnicom Group	COMMON	681919106	77,072	1,056,141	SH		SOLE		638,004	0	418,137
Oracle Corp	COMMON	68389X105	115,327	2,817,504	SH		SOLE		1,699,784	0	1,117,720
Paychex Inc	COMMON	704326107	11,169	262,179	SH		SOLE		158,886	0	103,293
Petrobras - Petroleo Bras	COMMON	71654V408	2,695	204,942	SH		SOLE		116,242	0	88,700
Pfizer Inc	COMMON	717081103	55,765	1,736,155	SH		SOLE		1,047,647	0	688,508
Praxair Inc	COMMON	74005P104	118,591	905,466	SH		SOLE		547,271	0	358,195
Procter & Gamble	COMMON	742718109	119,814	1,486,525	SH		SOLE		898,358	0	588,167
Rogers Communications Inc	COMMON	775109200	67,582	1,613,507	SH		SOLE		973,615	0	639,892
Sigma-Aldrich	COMMON	826552101	42,408	454,168	SH		SOLE		275,198	0	178,970
JM Smucker Co/The	COMMON	832696405	38,890	399,960	SH		SOLE		242,317	0	157,643
Quimica y Minera Chil-SP ADR	COMMON	833635105	10,032	316,082	SH		SOLE		178,741	0	137,341
Superior Energy Services	COMMON	868157108	69,968	2,274,628	SH		SOLE		1,368,986	0	905,642
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	2,121	105,942	SH		SOLE		0	0	105,942
Texas Instruments Inc	COMMON	882508104	31,213	661,876	SH		SOLE		401,075	0	260,801
3M Co	COMMON	88579Y101	82,743	609,393	SH		SOLE		348,381	0	261,012
Time Warner Inc	COMMON	887317303	68,865	1,054,140	SH		SOLE		637,007	0	417,133
Towers Watson & Co	COMMON	891894107	12,275	107,509	SH		SOLE		65,158	0	42,351
Travelers Cos Inc / The	COMMON	89417E109	40,467	475,538	SH		SOLE		288,105	0	187,433
US Bancorp	COMMON	902973304	105,485	2,449,111	SH		SOLE		1,480,088	0	969,023
Varian Medical Systems Inc	COMMON	92220P105	22,906	272,718	SH		SOLE		165,227	0	107,491
Vina Concha Y Toro	COMMON	927191106	651	16,200	SH		SOLE		6,600	0	9,600
Wellpoint Inc	COMMON	94973V107	38,717	388,841	SH		SOLE		234,030	0	154,811
Wells Fargo	COMMON	949746101	71,830	1,444,106	SH		SOLE		870,885	0	573,221
Accenture Plc	COMMON	G1151C101	41,493	519,363	SH		SOLE		314,606	0	204,757
Renaissancere Holding	COMMON	G7496G103	22,060	226,016	SH		SOLE		136,984	0	89,032