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
Amazon.com Inc	COMMON	023135106	79,037	45,512	SH		SOLE		42,819	0	2,693
Abiomed Inc	COMMON	003654100	21,408	120,343	SH		SOLE		113,175	0	7,168
Alleghany Corp	COMMON	017175100	60,341	75,655	SH		SOLE		70,981	0	4,674
Barrick Gold Corporation	COMMON	067901108	105,200	6,067,931	SH		SOLE		2,101,905	0	3,966,026
American Express Co	COMMON	025816109	123,607	1,045,070	SH		SOLE		981,768	0	63,302
Aflac Inc	COMMON	001055102	61,662	1,178,586	SH		SOLE		1,105,917	0	72,669
Analog Devices Inc	COMMON	032654105	72,560	649,439	SH		SOLE		612,258	0	37,181
Applied Materials Inc	COMMON	038222105	91,935	1,842,384	SH		SOLE		1,732,546	0	109,838
Archer-Daniels-Midland Co	COMMON	039483102	125,767	3,062,337	SH		SOLE		2,873,516	0	188,821
Autozone Inc	COMMON	053332102	53,160	49,019	SH		SOLE		46,214	0	2,805
Berkshire Hathaway Inc	COMMON	084670702	163,899	787,816	SH		SOLE		739,970	0	47,846
Bancolombia Sa -Pref	COMMON	05968L102	37,043	744,113	SH		SOLE		0	0	744,113
Baxter International Inc	COMMON	071813109	52,568	599,467	SH		SOLE		562,450	0	37,017
Brookfield Asset Management Inc Cl A	COMMON	112585104	145,156	2,731,496	SH		SOLE		2,518,037	0	213,459
Pricesmart Inc	COMMON	741511109	19,926	280,250	SH		SOLE		270,481	0	9,769
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	7,137	152,686	SH		SOLE		0	0	152,686
C H Robinson Worldwide Inc	COMMON	12541W209	102,679	1,211,135	SH		SOLE		1,141,020	0	70,115
Rogers Communications Inc	COMMON	775109200	15,799	321,140	SH		SOLE		291,144	0	29,996
Canadian Natural Resources Co	COMMON	136385101	99,096	3,680,321	SH		SOLE		3,461,484	0	218,837
Coca Cola Co	COMMON	191216100	113,491	2,069,065	SH		SOLE		1,941,294	0	127,771
Ctrip.com International ADR	COMMON	22943F100	26,942	919,850	SH		SOLE		0	0	919,850
Colgate Palmolive Co	COMMON	194162103	80,173	1,090,657	SH		SOLE		1,028,100	0	62,557
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	15,434	1,016,780	SH		SOLE		0	0	1,016,780
Compania Cervecerias Unidas ADR	COMMON	204429104	129	5,823	SH		SOLE		0	0	5,823
Gildan Activewear Inc	COMMON	375916103	38,483	1,083,344	SH		SOLE		1,005,494	0	77,850
Omnicom Group Inc	COMMON	681919106	62,980	797,604	SH		SOLE		749,851	0	47,753
Electronic Arts Inc	COMMON	285512109	29,282	299,360	SH		SOLE		281,660	0	17,700
Expeditors Intl Wash Inc	COMMON	302130109	73,279	986,447	SH		SOLE		930,023	0	56,424
Fastenal Co	COMMON	311900104	53,938	1,651,054	SH		SOLE		1,553,412	0	97,642
M & T Bank Corp	COMMON	55261F104	18,179	115,077	SH		SOLE		108,253	0	6,824
Ritchie Bros Auctioneers	COMMON	767744105	63,885	1,600,838	SH		SOLE		1,476,457	0	124,381
Freeport-McMoran Inc	COMMON	35671D857	16,785	1,753,957	SH		SOLE		1,690,630	0	63,327
Entercom Communications Corp Cl A	COMMON	293639100	17,418	5,214,918	SH		SOLE		4,893,426	0	321,492
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	15,026	1,536,363	SH		SOLE		0	0	1,536,363
Harley Davidson Inc	COMMON	412822108	38,575	1,072,465	SH		SOLE		1,000,035	0	72,430
Kt Corp Spon ADR	COMMON	48268K101	45,276	4,003,204	SH		SOLE		0	0	4,003,204
The Hershey Company	COMMON	427866108	39,935	257,675	SH		SOLE		242,393	0	15,282
Intel Corp	COMMON	458140100	175,754	3,410,794	SH		SOLE		3,207,309	0	203,485
Rayonier Inc	COMMON	754907103	44,046	1,561,737	SH		SOLE		1,491,191	0	70,546
Johnson and Johnson	COMMON	478160104	253,820	1,961,786	SH		SOLE		1,845,287	0	116,499
Hartford Financial SVCS Group Inc	COMMON	416515104	133,262	2,187,880	SH		SOLE		2,059,710	0	128,170
Kimberly-Clark Corp	COMMON	494368103	44,812	313,126	SH		SOLE		294,625	0	18,501
Lincoln Electric Holdings Inc	COMMON	533900106	23,781	272,545	SH		SOLE		256,373	0	16,172
United Parcel Services Cl B	COMMON	911312106	89,824	749,682	SH		SOLE		704,043	0	45,639
Loews Corp	COMMON	540424108	115,835	2,250,095	SH		SOLE		2,111,125	0	138,970
Magna International Inc	COMMON	559222401	18,379	344,533	SH		SOLE		312,466	0	32,067
Markel Corp	COMMON	570535104	50,982	43,142	SH		SOLE		40,591	0	2,551
Maxim Integrated Products Inc	COMMON	57772K101	64,835	1,119,602	SH		SOLE		1,055,534	0	64,068
Activision Blizzard Inc	COMMON	00507V109	29,644	560,187	SH		SOLE		527,068	0	33,119
3M Co	COMMON	88579Y101	77,013	468,493	SH		SOLE		441,672	0	26,821
National Oilwell Varco Inc	COMMON	637071101	49,474	2,333,691	SH		SOLE		2,189,796	0	143,895
Wells Fargo	COMMON	949746101	271,170	5,376,096	SH		SOLE		5,057,111	0	318,985
Oracle Corp	COMMON	68389X105	255,876	4,649,860	SH		SOLE		4,372,003	0	277,857
Paccar Inc	COMMON	693718108	28,467	406,608	SH		SOLE		382,588	0	24,020
Paychex Inc	COMMON	704326107	71,153	859,671	SH		SOLE		810,478	0	49,193
Pepsico Inc	COMMON	713448108	42,902	312,923	SH		SOLE		294,433	0	18,490
PPG Industries Inc	COMMON	693506107	77,847	656,898	SH		SOLE		617,194	0	39,704
IPG Photonics Corp	COMMON	44980X109	17,519	129,198	SH		SOLE		121,757	0	7,441
Costco Wholesale Corp	COMMON	22160K105	63,283	219,650	SH		SOLE		206,091	0	13,559
Price T Rowe Group	COMMON	74144T108	20,459	179,069	SH		SOLE		168,785	0	10,284
Procter & Gamble Co	COMMON	742718109	173,980	1,398,801	SH		SOLE		1,316,176	0	82,625
US Bancorp	COMMON	902973304	182,129	3,266,155	SH		SOLE		3,075,402	0	190,753
Royal Bank of Canada	COMMON	780087102	23,857	293,796	SH		SOLE		266,454	0	27,342
Travelers Companies Inc	COMMON	89417E109	187,189	1,258,881	SH		SOLE		1,186,292	0	72,589
Merck & Co Inc	COMMON	58933Y105	188,959	2,229,827	SH		SOLE		2,096,974	0	132,853
Bunge Ltd	COMMON	G16962105	109,492	1,933,600	SH		SOLE		1,814,376	0	119,224
Canadian Pacific Railway Ltd	COMMON	13645T100	38,612	173,172	SH		SOLE		157,049	0	16,123
Tanger Factory Outlet Center	COMMON	875465106	38,494	2,486,925	SH		SOLE		2,374,689	0	112,236
Texas Instruments Inc	COMMON	882508104	209,118	1,618,059	SH		SOLE		1,524,806	0	93,253
Toronto-Dominion Bank	COMMON	891160509	24,769	424,446	SH		SOLE		384,947	0	39,499
Union Pacific Corp	COMMON	907818108	73,283	452,422	SH		SOLE		426,534	0	25,888
United Technologies Corp	COMMON	913017109	66,674	488,392	SH		SOLE		475,260	0	13,132
Waters Corp	COMMON	941848103	102,823	460,613	SH		SOLE		434,000	0	26,613
Weyerhaeuser Co	COMMON	962166104	43,697	1,577,598	SH		SOLE		1,506,331	0	71,267
Williams-Sonoma Inc	COMMON	969904101	25,912	381,162	SH		SOLE		357,630	0	23,532
Wolverine World Wide Inc	COMMON	978097103	22,240	784,177	SH		SOLE		735,678	0	48,499
Carmax Inc	COMMON	143130102	89,744	1,019,805	SH		SOLE		958,010	0	61,795
Xilinx Inc	COMMON	983919101	11,849	123,558	SH		SOLE		116,220	0	7,338
TJX Companies Inc	COMMON	872540109	51,875	930,657	SH		SOLE		875,414	0	55,243
Marketaxess Holdings Inc	COMMON	57060D108	35,416	108,145	SH		SOLE		101,728	0	6,417
Dolby Laboratories Inc	COMMON	25659T107	41,699	645,101	SH		SOLE		606,981	0	38,120
Baidu Inc - Spon ADR	COMMON	056752108	155,529	1,513,513	SH		SOLE		0	0	1,513,513
Bce Inc	COMMON	05534B760	23,231	474,196	SH		SOLE		430,065	0	44,131
Bank of New York Mellon Corp	COMMON	064058100	68,635	1,518,172	SH		SOLE		1,431,185	0	86,987
Genpact Ltd	COMMON	G3922B107	40,348	1,041,248	SH		SOLE		957,243	0	84,005
Ulta Beauty Inc	COMMON	90384S303	18,123	72,302	SH		SOLE		68,010	0	4,292
Franco-Nevada Corp	COMMON	351858105	21,301	233,591	SH		SOLE		211,848	0	21,743
Chubb Ltd	COMMON	H1467J104	97,812	602,978	SH		SOLE		568,463	0	34,515
Accenture Plc	COMMON	G1151C101	44,941	233,649	SH		SOLE		220,287	0	13,362
Visteon Corp	COMMON	92839U206	49,540	600,203	SH		SOLE		563,153	0	37,050
First Republic Bank	COMMON	33616C100	44,533	460,539	SH		SOLE		431,943	0	28,596
TE Connectivity Ltd	COMMON	H84989104	65,994	708,242	SH		SOLE		664,536	0	43,706
Globus Medical Inc A	COMMON	379577208	36,978	723,367	SH		SOLE		680,622	0	42,745
Facebook Inc A	COMMON	30303M102	139,529	783,518	SH		SOLE		736,200	0	47,318
Booking Holdings Inc	COMMON	09857L108	188,722	96,163	SH		SOLE		90,594	0	5,569
Eventbrite Inc - Class A	COMMON	29975E109	16,284	919,618	SH		SOLE		864,830	0	54,788
Now Inc	COMMON	67011P100	12,261	1,068,990	SH		SOLE		1,005,590	0	63,400
Axalta Coating Systems Ltd	COMMON	G0750C108	41,358	1,371,742	SH		SOLE		1,287,006	0	84,736
Coca-Cola European Partners	COMMON	G25839104	66,270	1,195,515	SH		SOLE		1,106,025	0	89,490
Alphabet Inc. - Class A	COMMON	02079K305	182,520	149,473	SH		SOLE		140,637	0	8,836
PayPal Holdings Inc.	COMMON	70450Y103	55,386	534,665	SH		SOLE		501,672	0	32,993
Yum China Holdings Inc	COMMON	98850P109	99,539	2,191,066	SH		SOLE		2,043,163	0	147,903
Alphabet Inc - Class C	COMMON	02079K107	129,007	105,835	SH		SOLE		99,514	0	6,321
Univar Solutions Inc	COMMON	91336L107	28,400	1,368,022	SH		SOLE		1,283,563	0	84,459
Linde PLC	COMMON	G5494J103	36,365	187,730	SH		SOLE		176,590	0	11,140