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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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	67,262	1,494,057	SH		SOLE		919,451	0	574,606
Alleghany Corp	COMMON	017175100	85,026	183,363	SH		SOLE		113,175	0	70,188
Altera Corp	COMMON	021441100	25,267	684,002	SH		SOLE		422,169	0	261,833
American Express Co	COMMON	025816109	40,767	438,186	SH		SOLE		270,457	0	167,729
Aflac Inc	COMMON	001055102	78,571	1,286,145	SH		SOLE		793,832	0	492,313
Analog Devices Inc	COMMON	032654105	73,795	1,329,168	SH		SOLE		818,337	0	510,831
Atwood Oceanics Inc	COMMON	050095108	9,875	348,069	SH		SOLE		214,910	0	133,159
Automatic Data Processing	COMMON	053015103	13,048	155,200	SH		SOLE		95,469	0	59,731
Berkshire Hathaway Inc	COMMON	084670702	49,914	333,205	SH		SOLE		182,780	0	150,425
Bancolombia Sa -Pref	COMMON	05968L102	14,125	295,014	SH		SOLE		170,414	0	124,600
Baxter International Inc	COMMON	071813109	84,322	1,143,106	SH		SOLE		0	0	99,157
Brookfield Asset Manage-CL A	COMMON	112585104	42,859	852,755	SH		SOLE		533,016	0	319,739
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	2,219	99,157	SH		SOLE		0	0	99,157
Rogers Communications Inc	COMMON	775109200	68,585	1,742,887	SH		SOLE		1,089,419	0	653,468
Canadian Natural Resources	COMMON	136385101	99,517	3,191,412	SH		SOLE		1,994,886	0	1,196,526
JP Morgan Chase & Co	COMMON	46625H100	31,136	497,530	SH		SOLE		307,083	0	190,447
Chubb Corp	COMMON	171232101	103,047	991,498	SH		SOLE		610,028	0	381,470
Clean Harbors Inc	COMMON	184496107	31,159	648,523	SH		SOLE		400,281	0	248,242
Coca Cola Co	COMMON	191216100	143,036	3,387,865	SH		SOLE		2,088,197	0	1,299,668
Colgate Palmolive Co	COMMON	194162103	105,833	1,529,680	SH		SOLE		942,328	0	587,352
CIA De Minas Buenaventura	COMMON	204448104	11,466	1,199,371	SH		SOLE		689,875	0	509,496
CIA Cervecerias Unidas	COMMON	204429104	866	46,407	SH		SOLE		0	0	46,407
Omnicom Group	COMMON	681919106	86,444	1,109,226	SH		SOLE		683,471	0	425,755
Ebay Inc	COMMON	278642103	73,058	1,301,855	SH		SOLE		803,551	0	498,304
Emerson Electric Co	COMMON	291011104	49,919	808,720	SH		SOLE		497,628	0	311,092
Expeditors Intl Wash Inc	COMMON	302130109	12,340	276,612	SH		SOLE		170,503	0	106,109
M & T Bank Corp	COMMON	55261F104	47,921	381,502	SH		SOLE		235,133	0	146,369
Flir Systems Inc	COMMON	302445101	58,218	1,801,954	SH		SOLE		1,112,220	0	689,734
Franklin Resources	COMMON	354613101	98,594	1,761,620	SH		SOLE		1,085,595	0	676,025
Endurance Speciality Holdings	COMMON	G30397106	11,690	195,356	SH		SOLE		118,540	0	76,816
Fresenius Medical Care Ag And Co. Kgaa	COMMON	358029106	28,324	758,476	SH		SOLE		369,893	0	388,583
Goldman Sachs Group Inc	COMMON	38141G104	24,451	126,147	SH		SOLE		77,857	0	48,290
Intel Corp	COMMON	458140100	108,954	3,002,301	SH		SOLE		1,850,783	0	1,151,518
Johnson and Johnson	COMMON	478160104	161,467	1,544,102	SH		SOLE		951,529	0	592,573
Linear Technology Corp	COMMON	535678106	97,988	2,148,852	SH		SOLE		1,323,260	0	825,592
Loews Corp	COMMON	540424108	76,699	1,825,301	SH		SOLE		1,127,011	0	698,290
Luxottica Group Spa	COMMON	55068R202	128,326	2,355,455	SH		SOLE		1,536,057	0	819,398
McDonalds Corp	COMMON	580135101	110,986	1,184,479	SH		SOLE		729,377	0	455,102
Markel Corp	COMMON	570535104	23,945	35,063	SH		SOLE		21,649	0	13,414
MSC Industrial Direct Co A	COMMON	553530106	36,915	454,342	SH		SOLE		280,427	0	173,915
Martin Marietta Materials	COMMON	573284106	20,214	183,233	SH		SOLE		113,070	0	70,163
Microsoft Corp	COMMON	594918104	71,221	1,533,222	SH		SOLE		945,943	0	587,279
3M Co	COMMON	88579Y101	65,960	401,868	SH		SOLE		228,261	0	173,607
National Oilwell Varco	COMMON	637071101	31,023	473,426	SH		SOLE		292,312	0	181,114
Wells Fargo	COMMON	949746101	82,807	1,510,533	SH		SOLE		931,394	0	579,139
Oracle Corp	COMMON	68389X105	141,155	3,138,864	SH		SOLE		1,936,707	0	1,202,157
Paychex Inc	COMMON	704326107	21,512	465,946	SH		SOLE		286,734	0	179,212
Pfizer Inc	COMMON	717081103	68,811	2,209,035	SH		SOLE		1,363,348	0	845,687
Praxair Inc	COMMON	74005P104	129,184	997,055	SH		SOLE		614,164	0	382,891
Costco Wholesale Corp	COMMON	22160K105	41,653	293,845	SH		SOLE		181,432	0	112,413
Procter & Gamble	COMMON	742718109	158,489	1,739,842	SH		SOLE		1,071,672	0	668,170
America Movil SAB de CV	COMMON	02364W105	35,351	1,593,887	SH		SOLE		919,823	0	674,064
Renaissancere Holding	COMMON	G7496G103	21,273	218,805	SH		SOLE		134,673	0	84,132
Resmed Inc	COMMON	761152107	13,993	249,602	SH		SOLE		153,617	0	95,985
US Bancorp	COMMON	902973304	128,044	2,834,365	SH		SOLE		1,746,378	0	1,087,987
Travelers Cos Inc / The	COMMON	89417E109	100,725	951,562	SH		SOLE		585,341	0	366,221
Quimica y Minera Chil-SP ADR	COMMON	833635105	7,716	323,132	SH		SOLE		187,100	0	136,032
Superior Energy Services	COMMON	868157108	46,406	2,303,251	SH		SOLE		1,422,117	0	881,134
Sigma-Aldrich	COMMON	826552101	40,035	291,660	SH		SOLE		179,313	0	112,347
Texas Instruments Inc	COMMON	882508104	47,244	883,666	SH		SOLE		543,625	0	340,041
Varian Medical Systems Inc	COMMON	92220P105	25,925	299,694	SH		SOLE		184,497	0	115,197
Waters Corp	COMMON	941848103	48,910	433,951	SH		SOLE		267,068	0	166,883
JM Smucker Co/The	COMMON	832696405	47,887	474,233	SH		SOLE		291,749	0	182,484
Google Inc-Cl A	COMMON	38259P508	34,688	65,369	SH		SOLE		40,344	0	25,025
Baidu Inc - Spon ADR	COMMON	056752108	86,800	380,757	SH		SOLE		289,130	0	91,627
Cbs Corp	COMMON	124857202	17,987	324,233	SH		SOLE		199,574	0	124,659
Mindray Medical	COMMON	602675100	25,472	964,881	SH		SOLE		708,003	0	256,878
Accenture Plc	COMMON	G1151C101	14,086	156,833	SH		SOLE		96,629	0	60,204
Towers Watson & Co	COMMON	891894107	12,285	108,443	SH		SOLE		66,687	0	41,756
Time Warner Inc	COMMON	887317303	96,145	1,125,601	SH		SOLE		693,314	0	432,287
Google Inc-Cl A	COMMON	38259P706	13,531	25,705	SH		SOLE		15,848	0	9,857
Wellpoint Inc	COMMON	036752103	49,011	389,983	SH		SOLE		237,407	0	152,576