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	51,745	262,909	SH		SOLE		199,738	0	63,171
Accenture Plc	COMMON	G1151C101	71,805	438,908	SH		SOLE		333,448	0	105,460
Chubb Ltd	COMMON	H1467J104	66,448	520,170	SH		SOLE		395,121	0	125,049
Aflac Inc	COMMON	001055102	87,928	2,043,881	SH		SOLE		1,552,854	0	491,027
Alleghany Corp	COMMON	017175100	42,226	73,436	SH		SOLE		55,838	0	17,598
Alphabet Inc - Class C	COMMON	02079K107	109,987	98,586	SH		SOLE		74,896	0	23,690
Alphabet Inc - Class A	COMMON	02079K305	155,828	138,000	SH		SOLE		104,826	0	33,174
Amazon.com Inc	COMMON	023135106	87,573	51,528	SH		SOLE		39,145	0	12,383
American Express Co	COMMON	025816109	95,565	975,153	SH		SOLE		740,921	0	234,232
Analog Devices Inc	COMMON	032654105	71,706	747,565	SH		SOLE		567,954	0	179,611
Archer-Daniels-Midland Co	COMMON	039483102	125,046	2,728,468	SH		SOLE		2,072,812	0	655,656
AT & T Inc	COMMON	00206R102	19,748	615,014	SH		SOLE		468,100	0	146,914
Autozone Inc	COMMON	053332102	18,965	28,267	SH		SOLE		21,568	0	6,699
Axalta Coating Systems Ltd	COMMON	G0750C108	40,100	1,322,983	SH		SOLE		1,004,922	0	318,061
Axis Capital Holdings Ltd	COMMON	G0692U109	17,245	308,013	SH		SOLE		234,764	0	73,249
Baidu Inc - Spon ADR	COMMON	056752108	187,683	772,359	SH		SOLE		0	0	772,359
Bancolombia Sa -Pref	COMMON	05968L102	35,682	741,244	SH		SOLE		0	0	741,244
Barrick Gold Corp	COMMON	067901108	81,979	6,243,331	SH		SOLE		1,445,955	0	4,797,376
Baxter International Inc	COMMON	071813109	42,865	579,125	SH		SOLE		439,997	0	139,128
Bce Inc	COMMON	05534B760	23,389	569,904	SH		SOLE		405,993	0	163,911
Berkshire Hathaway Inc	COMMON	084670702	94,396	505,822	SH		SOLE		384,304	0	121,518
Bristol-myers Squibb Co	COMMON	110122108	35,901	648,720	SH		SOLE		492,739	0	155,981
Brookfield Asset Management Inc	COMMON	112585104	133,878	3,300,755	SH		SOLE		2,411,140	0	889,615
Bunge Ltd	COMMON	G16962105	85,356	1,224,440	SH		SOLE		930,467	0	293,973
C H Robinson Worldwide Inc	COMMON	12541W209	38,395	458,948	SH		SOLE		348,662	0	110,286
Canadian Natural Resources	COMMON	136385101	143,459	3,949,810	SH		SOLE		2,975,467	0	974,343
Canadian Pacific Railway Ltd	COMMON	13645T100	38,233	208,213	SH		SOLE		148,328	0	59,885
Carmax Inc	COMMON	143130102	71,232	977,525	SH		SOLE		742,606	0	234,919
Compania Cervecerias Unidas Spon ADR	COMMON	204429104	687	27,558	SH		SOLE		0	0	27,558
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	13,776	1,010,755	SH		SOLE		0	0	1,010,755
Clean Harbors Inc	COMMON	184496107	34,164	615,022	SH		SOLE		467,104	0	147,918
Coca Cola Co	COMMON	191216100	138,743	3,137,222	SH		SOLE		2,383,322	0	753,900
Colgate Palmolive Co	COMMON	194162103	100,061	1,543,915	SH		SOLE		1,172,478	0	371,437
Costco Wholesale Corp	COMMON	22160K105	56,397	269,870	SH		SOLE		205,027	0	64,843
Dolby Laboratories Inc-CL A	COMMON	25659T107	34,997	567,315	SH		SOLE		430,978	0	136,337
Ebay Inc	COMMON	278642103	42,021	1,158,875	SH		SOLE		880,384	0	278,491
EOG Resources Inc	COMMON	26875P101	13,486	108,382	SH		SOLE		82,320	0	26,062
Lauder Estee Companies Inc	COMMON	518439104	60,818	426,233	SH		SOLE		323,802	0	102,431
Expeditors Intl Wash Inc	COMMON	302130109	31,437	430,047	SH		SOLE		326,758	0	103,289
Facebook Inc A	COMMON	30303M102	71,700	368,983	SH		SOLE		280,311	0	88,672
Fastenal Co	COMMON	311900104	35,578	739,204	SH		SOLE		561,612	0	177,592
First Republic Bank/CA	COMMON	33616C100	43,839	452,924	SH		SOLE		344,117	0	108,807
Franco-Nevada Corp	COMMON	351858105	20,483	280,783	SH		SOLE		200,026	0	80,757
Genpact Ltd	COMMON	G3922B107	37,172	1,284,888	SH		SOLE		1,101,832	0	183,056
Gildan Activewear Inc	COMMON	375916103	37,870	1,345,288	SH		SOLE		1,001,566	0	343,722
Globus Medical Inc A	COMMON	379577208	33,511	664,117	SH		SOLE		504,516	0	159,601
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	29,175	1,539,579	SH		SOLE		0	0	1,539,579
Harley Davidson Inc	COMMON	412822108	48,812	1,159,981	SH		SOLE		881,226	0	278,755
Hartford Financial SVCS GRP	COMMON	416515104	50,495	983,077	SH		SOLE		746,836	0	236,241
Intel Corp	COMMON	458140100	140,787	2,832,106	SH		SOLE		2,151,420	0	680,686
IPG Photonics Corp	COMMON	44980X109	50,044	226,823	SH		SOLE		172,300	0	54,523
Johnson and Johnson	COMMON	478160104	242,023	1,994,562	SH		SOLE		1,515,086	0	479,476
Kimberly-Clark Corp	COMMON	494368103	32,151	302,527	SH		SOLE		229,825	0	72,702
Kt Corp Spon ADR	COMMON	48268K101	50,021	3,766,667	SH		SOLE		0	0	3,766,667
Lincoln Electric Holdings	COMMON	533900106	19,998	226,860	SH		SOLE		172,378	0	54,482
Loews Corp	COMMON	540424108	104,794	2,170,602	SH		SOLE		1,649,042	0	521,560
M & T Bank Corp	COMMON	55261F104	17,466	102,649	SH		SOLE		78,009	0	24,640
Magna International Inc	COMMON	559222401	24,071	414,108	SH		SOLE		295,006	0	119,102
Markel Corp	COMMON	570535104	43,954	40,534	SH		SOLE		30,795	0	9,739
Maxim Integrated Products	COMMON	57772K101	61,608	1,050,277	SH		SOLE		797,886	0	252,391
McDonalds Corp	COMMON	580135101	104,741	668,443	SH		SOLE		507,852	0	160,591
Merck & Co Inc	COMMON	58933Y105	164,880	2,696,357	SH		SOLE		2,048,397	0	647,960
National Oilwell Varco	COMMON	637071101	64,219	1,479,732	SH		SOLE		1,124,028	0	355,704
Now Inc	COMMON	67011P100	9,083	681,358	SH		SOLE		517,274	0	164,084
Omnicom Group	COMMON	681919106	84,134	1,095,054	SH		SOLE		831,854	0	263,200
Oracle Corp	COMMON	68389X105	204,662	4,645,074	SH		SOLE		3,528,711	0	1,116,363
Paccar Inc	COMMON	693718108	22,949	370,383	SH		SOLE		281,447	0	88,936
Paychex Inc	COMMON	704326107	40,991	599,723	SH		SOLE		455,626	0	144,097
PayPal Holdings Inc.	COMMON	70450Y103	47,374	568,909	SH		SOLE		432,294	0	136,615
Pepsico Inc	COMMON	713448108	35,402	325,170	SH		SOLE		247,054	0	78,116
PPG Industries Inc	COMMON	693506107	63,670	613,801	SH		SOLE		466,306	0	147,495
Praxair Inc	COMMON	74005P104	180,509	1,141,351	SH		SOLE		867,098	0	274,253
Booking Holdings Inc	COMMON	09857L108	123,514	60,931	SH		SOLE		46,301	0	14,630
Procter & Gamble	COMMON	742718109	135,673	1,738,064	SH		SOLE		1,320,425	0	417,639
Rayonier Inc	COMMON	754907103	63,645	1,645,138	SH		SOLE		1,199,992	0	445,146
Renaissancere Holdings	COMMON	G7496G103	16,977	141,101	SH		SOLE		107,181	0	33,920
Ritchie Bros Auctioneers	COMMON	767744105	65,703	1,927,770	SH		SOLE		1,409,503	0	518,267
Rogers Communications Inc	COMMON	775109200	58,450	1,222,172	SH		SOLE		904,391	0	317,781
Royal Bank of Canada	COMMON	780087102	26,580	353,091	SH		SOLE		251,537	0	101,554
Price T Rowe Group Inc	COMMON	74144T108	31,884	274,645	SH		SOLE		208,495	0	66,150
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	1,731	45,817	SH		SOLE		0	0	45,817
Texas Instruments Inc	COMMON	882508104	117,717	1,067,737	SH		SOLE		811,044	0	256,693
The Hershey Company	COMMON	427866108	164,353	1,766,100	SH		SOLE		1,341,752	0	424,348
TJX Companies Inc	COMMON	872540109	48,215	506,565	SH		SOLE		384,861	0	121,704
Toronto-Dominion Bank	COMMON	891160509	29,508	510,094	SH		SOLE		363,385	0	146,709
Travelers Cos Inc	COMMON	89417E109	158,089	1,292,196	SH		SOLE		981,596	0	310,600
TRIPADVISOR INC	COMMON	896945201	19,980	358,634	SH		SOLE		272,526	0	86,108
Ulta Beauty Inc	COMMON	90384S303	28,808	123,395	SH		SOLE		93,740	0	29,655
Union Pacific Corp	COMMON	907818108	66,776	471,312	SH		SOLE		358,041	0	113,271
United Parcel Services Cl B	COMMON	911312106	76,884	723,745	SH		SOLE		549,818	0	173,927
United Technologies Corp	COMMON	913017109	61,181	489,329	SH		SOLE		371,730	0	117,599
US Bancorp	COMMON	902973304	139,472	2,772,678	SH		SOLE		2,106,320	0	666,358
Waters Corp	COMMON	941848103	116,641	602,508	SH		SOLE		457,752	0	144,756
Wells Fargo Co	COMMON	949746101	113,996	2,056,068	SH		SOLE		1,562,037	0	494,031
Weyerhaeuser Co	COMMON	962166104	26,392	723,865	SH		SOLE		527,876	0	195,989
Williams-Sonoma Inc	COMMON	969904101	22,558	367,512	SH		SOLE		279,389	0	88,123
Wolverine World Wide Inc	COMMON	978097103	28,641	822,230	SH		SOLE		624,810	0	197,420
Xilinx Inc	COMMON	983919101	65,957	1,010,686	SH		SOLE		767,566	0	243,120
Yum China Holdings Inc	COMMON	98850P109	64,280	1,671,346	SH		SOLE		1,421,224	0	250,122