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
3M Co	COMMON	88579Y101	65,596	373,578	SH		SOLE		187,433	0	186,145
Abbott Laboratories	COMMON	2824100	48,432	1,232,158	SH		SOLE		783,207	0	448,951
Accenture Plc	COMMON	G1151C101	59,784	527,157	SH		SOLE		334,870	0	192,287
Chubb Limited	COMMON	H1467J104	69,826	531,685	SH		SOLE		337,736	0	193,949
Aflac Inc	COMMON	1055102	73,598	1,019,958	SH		SOLE		653,183	0	366,775
Alleghany Corp	COMMON	17175100	81,379	148,097	SH		SOLE		94,829	0	53,268
Alphabet Inc. - Class A	COMMON	02079K305	36,583	52,006	SH		SOLE		33,319	0	18,687
Alphabet Inc. - Class C	COMMON	02079K107	33,972	49,085	SH		SOLE		31,405	0	17,680
Amazon.com Inc	COMMON	23135106	12,758	17,838	SH		SOLE		11,403	0	19,235
America Movil SAB de CV	COMMON	02364W105	6,479	528,497	SH		SOLE		340,918	0	187,579
American Express Co	COMMON	25816109	39,048	639,960	SH		SOLE		409,639	0	230,321
American International Group Inc	COMMON	26874784	7,130	134,814	SH		SOLE		86,165	0	48,649
Analog Devices Inc	COMMON	32654105	56,319	994,327	SH		SOLE		631,602	0	362,725
Atwood Oceanics Inc	COMMON	50095108	6,575	525,242	SH		SOLE		336,858	0	188,384
Automatic Data Processing	COMMON	53015103	32,994	357,770	SH		SOLE		227,148	0	130,622
Autozone Inc	COMMON	53332102	32,486	40,935	SH		SOLE		25,994	0	14,941
Axalta Coating Systems Ltd	COMMON	G0750C108	22,302	840,761	SH		SOLE		538,619	0	302,142
Baidu Inc - Spon ADR	COMMON	56752108	71,560	433,303	SH		SOLE		344,226	0	89,077
Bancolombia Sa -Pref	COMMON	05968L102	16,048	459,568	SH		SOLE		296,585	0	162,983
Baxter International Inc	COMMON	71813109	41,037	905,242	SH		SOLE		579,757	0	325,485
Berkshire Hathaway Inc	COMMON	84670702	62,350	429,540	SH		SOLE		214,951	0	214,589
Brookfield Asset Management Inc - CL A	COMMON	112585104	37,879	1,150,814	SH		SOLE		738,277	0	412,537
Brookfield Business Partners Units	COMMON	G16234109	28	1,473	SH		SOLE		1,473	0	0
Canadian Natural Resources Ltd	COMMON	136385101	89,075	2,886,608	SH		SOLE		1,870,674	0	1,015,934
Carmax Inc	COMMON	143130102	24,136	492,312	SH		SOLE		315,058	0	177,254
Compania Cervecerias Unidas Spon ADR	COMMON	204429104	691	29,618	SH		SOLE		0	0	29,618
Compania De Minas Buenaventu Spon ADR	COMMON	204448104	10,668	892,816	SH		SOLE		575,700	0	317,116
Clean Harbors Inc	COMMON	184496107	35,667	684,428	SH		SOLE		438,386	0	246,042
Coca Cola Co	COMMON	191216100	121,723	2,667,137	SH		SOLE		1,703,074	0	964,063
Colgate Palmolive Co	COMMON	194162103	164,484	2,247,152	SH		SOLE		1,430,150	0	817,002
Costco Wholesale Corp	COMMON	22160K105	36,723	233,847	SH		SOLE		149,756	0	84,091
Dolby Laboratories Inc-CL A	COMMON	25659T107	13,410	280,247	SH		SOLE		179,191	0	101,056
Ebay Inc	COMMON	278642103	28,842	1,232,046	SH		SOLE		788,674	0	443,372
Emerson Electric Co	COMMON	291011104	40,483	776,191	SH		SOLE		492,674	0	283,517
Endurance Speciality Holdings	COMMON	G30397106	27,541	410,116	SH		SOLE		260,530	0	149,586
EOG Resources Inc	COMMON	26875P101	3,468	41,580	SH		SOLE		26,548	0	15,032
Estee Lauder Companies Class A	COMMON	518439104	43,976	483,146	SH		SOLE		306,920	0	176,226
Expeditors Intl Wash Inc	COMMON	302130109	21,277	433,887	SH		SOLE		275,441	0	158,446
Fastenal Co	COMMON	311900104	8,597	193,688	SH		SOLE		123,816	0	69,872
First Republic Bank	COMMON	33616C100	14,193	202,798	SH		SOLE		129,663	0	73,135
Flir Systems Inc	COMMON	302445101	44,244	1,429,521	SH		SOLE		915,351	0	514,170
Franklin Resources Inc	COMMON	354613101	40,826	1,217,436	SH		SOLE		773,349	0	444,087
Fresenius Medical Care Ag And Co. Kgaa	COMMON	358029106	31,351	716,654	SH		SOLE		330,502	0	386,152
Genpact Ltd	COMMON	G3922B107	11,321	421,820	SH		SOLE		337,521	0	84,299
Goldman Sachs Group Inc	COMMON	38141G104	3,137	21,115	SH		SOLE		13,493	0	7,622
Harley Davidson Inc	COMMON	412822108	66,921	1,477,217	SH		SOLE		941,121	0	536,096
Hartford Financial SVCS Group	COMMON	416515104	24,714	554,560	SH		SOLE		352,306	0	202,254
Intel Corp	COMMON	458140100	75,234	2,293,723	SH		SOLE		1,464,707	0	829,016
Johnson and Johnson	COMMON	478160104	264,759	2,182,740	SH		SOLE		1,390,657	0	792,083
JP Morgan Chase & Co	COMMON	46625H100	24,763	398,477	SH		SOLE		255,258	0	143,219
Kraft Heinz Co.	COMMON	500754106	5,232	58,796	SH		SOLE		37,586	0	21,210
Lincoln Electric Holdings Inc	COMMON	533900106	4,874	82,100	SH		SOLE		52,468	0	29,632
Linear Technology Corp	COMMON	535678106	140,398	3,017,472	SH		SOLE		1,919,957	0	1,097,515
Loews Corp	COMMON	540424108	87,593	2,131,820	SH		SOLE		1,364,836	0	766,984
Luxottica Group Spa	COMMON	55068R202	96,935	1,983,885	SH		SOLE		1,414,810	0	569,075
M & T Bank Corp	COMMON	55261F104	46,838	396,163	SH		SOLE		252,923	0	143,240
Markel Corp	COMMON	570535104	16,741	17,576	SH		SOLE		11,239	0	6,337
Martin Marietta Materials Inc	COMMON	573284106	9,813	51,108	SH		SOLE		32,669	0	18,439
McDonalds Corp	COMMON	580135101	74,600	619,932	SH		SOLE		396,065	0	223,867
Mead Johnson Nutrition Co.	COMMON	582839106	47,391	520,082	SH		SOLE		330,633	0	189,449
Merck & Co Inc	COMMON	58933Y105	44,970	775,014	SH		SOLE		496,303	0	278,711
Microsoft Corp	COMMON	594918104	35,549	694,718	SH		SOLE		444,805	0	249,913
Monsanto Co	COMMON	61166W101	49,794	481,456	SH		SOLE		308,198	0	173,258
MSC Industrial Direct Co A	COMMON	553530106	25,416	360,217	SH		SOLE		230,662	0	129,555
National Oilwell Varco Inc	COMMON	637071101	26,525	788,315	SH		SOLE		504,833	0	283,482
Now Inc	COMMON	67011P100	4,751	261,944	SH		SOLE		167,393	0	94,551
Omnicom Group Inc	COMMON	681919106	108,591	1,324,559	SH		SOLE		843,379	0	481,180
Oracle Corp	COMMON	68389X105	114,291	2,792,590	SH		SOLE		1,784,709	0	1,007,881
Paccar Inc	COMMON	693718108	8,629	166,373	SH		SOLE		106,365	0	60,008
Paychex Inc	COMMON	704326107	34,533	580,411	SH		SOLE		368,676	0	211,735
PayPal Holdings Inc.	COMMON	70450Y103	43,998	1,205,100	SH		SOLE		771,439	0	433,661
Pepsico Inc	COMMON	713448108	12,652	119,429	SH		SOLE		76,353	0	43,076
PPG Industries Inc	COMMON	693506107	17,943	172,285	SH		SOLE		110,284	0	62,001
Praxair Inc	COMMON	74005P104	131,138	1,166,849	SH		SOLE		742,744	0	424,105
Procter & Gamble Co	COMMON	742718109	173,719	2,051,718	SH		SOLE		1,305,765	0	745,953
Sociedad Quimica y Minera de Chile -SP ADR	COMMON	833635105	1,318	53,331	SH		SOLE		33,822	0	19,509
Rayonier Inc	COMMON	754907103	44,700	1,703,342	SH		SOLE		958,965	0	744,377
Renaissancere Holdings Ltd	COMMON	G7496G103	30,685	261,298	SH		SOLE		165,990	0	95,308
Rogers Communications Inc	COMMON	775109200	64,007	1,575,936	SH		SOLE		1,021,234	0	554,702
Superior Energy Services Inc	COMMON	868157108	33,437	1,816,441	SH		SOLE		1,162,843	0	653,598
Price T Rowe Group Inc	COMMON	74144T108	21,358	292,714	SH		SOLE		185,834	0	106,880
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	2,195	81,385	SH		SOLE		0	0	81,385
TD Ameritrade Holding Corp	COMMON	87236Y108	6,003	210,819	SH		SOLE		134,708	0	76,111
Texas Instruments Inc	COMMON	882508104	96,788	1,544,948	SH		SOLE		981,377	0	563,571
The Hershey Company	COMMON	427866108	131,336	1,157,339	SH		SOLE		737,250	0	420,089
Time Warner Inc	COMMON	887317303	66,356	902,360	SH		SOLE		575,155	0	327,205
TJX Companies Inc	COMMON	872540109	6,396	82,816	SH		SOLE		52,926	0	29,890
Travelers Companies Inc	COMMON	89417E109	135,507	1,138,351	SH		SOLE		723,070	0	415,281
TRIPADVISOR INC	COMMON	896945201	8,304	129,144	SH		SOLE		82,644	0	46,500
Union Pacific Corp Inc	COMMON	907818108	40,616	465,498	SH		SOLE		295,721	0	169,777
United Parcel Services Cl B	COMMON	911312106	10,969	101,823	SH		SOLE		65,084	0	36,739
United Technologies Corp	COMMON	913017109	39,577	385,922	SH		SOLE		270,576	0	115,346
US Bancorp	COMMON	902973304	129,352	3,189,147	SH		SOLE		2,030,598	0	1,158,549
Varian Medical Systems Inc	COMMON	92220P105	33,204	403,823	SH		SOLE		256,522	0	147,301
Waters Corp	COMMON	941848103	68,942	490,168	SH		SOLE		311,180	0	178,988
Wells Fargo & Co	COMMON	949746101	96,455	2,037,774	SH		SOLE		1,298,678	0	739,096
Weyerhaeuser Co	COMMON	962166104	17,887	600,970	SH		SOLE		339,044	0	261,926
Williams-Sonoma Inc	COMMON	969904101	16,616	318,737	SH		SOLE		204,184	0	114,553
WMI Holdings Corp	COMMON	92936P100	1	563	SH		SOLE		408	0	155
Wolverine World Wide Inc	COMMON	978097103	14,519	712,644	SH		SOLE		456,531	0	256,113
Xilinx Inc	COMMON	983919101	49,169	1,065,914	SH		SOLE		677,859	0	388,055