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
Estimated average burden
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
Amazon.com Inc	COMMON	023135106	84,126	45,529	SH		SOLE		43,228	0	2,301
Abiomed Inc	COMMON	003654100	19,053	111,690	SH		SOLE		105,559	0	6,131
Alleghany Corp	COMMON	017175100	56,287	70,388	SH		SOLE		66,389	0	3,999
Barrick Gold Corporation	COMMON	067901108	132,579	7,129,565	SH		SOLE		2,554,124	0	4,575,441
American Express Co	COMMON	025816109	120,876	970,999	SH		SOLE		916,884	0	54,115
Aflac Inc	COMMON	001055102	57,971	1,095,902	SH		SOLE		1,033,773	0	62,129
Analog Devices Inc	COMMON	032654105	71,794	604,149	SH		SOLE		572,396	0	31,753
Applied Materials Inc	COMMON	038222105	104,535	1,712,593	SH		SOLE		1,618,744	0	93,849
Archer-Daniels-Midland Co.	COMMON	039483102	148,087	3,195,043	SH		SOLE		3,013,353	0	181,690
Autozone Inc	COMMON	053332102	54,327	45,600	SH		SOLE		43,205	0	2,395
Berkshire Hathaway Inc	COMMON	084670702	192,337	849,200	SH		SOLE		803,613	0	45,587
Bancolombia Sa -Pref	COMMON	05968L102	39,456	715,972	SH		SOLE		639,316	0	76,656
Baxter International Inc	COMMON	071813109	71,855	857,219	SH		SOLE		808,473	0	48,746
Brookfield Asset Management-CL A	COMMON	112585104	156,187	2,698,834	SH		SOLE		2,497,087	0	201,747
Pricesmart Inc	COMMON	741511109	21,279	299,620	SH		SOLE		259,669	0	39,951
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	8,460	144,794	SH		SOLE		0	0	144,794
C H Robinson Worldwide Inc	COMMON	12541W209	104,755	1,339,671	SH		SOLE		1,268,450	0	71,221
Rogers Communications Inc	COMMON	775109200	20,228	403,060	SH		SOLE		366,466	0	36,594
Canadian Natural Resources	COMMON	136385101	118,996	3,640,253	SH		SOLE		3,418,979	0	221,274
Coca Cola Co	COMMON	191216100	106,509	1,924,364	SH		SOLE		1,815,121	0	109,243
Colgate Palmolive Co	COMMON	194162103	69,886	1,015,228	SH		SOLE		961,757	0	53,471
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	14,846	983,187	SH		SOLE		0	0	983,187
Compania Cervecerias Unidas ADR	COMMON	204429104	111	5,823	SH		SOLE		0	0	5,823
Gildan Activewear Inc	COMMON	375916103	71,511	2,415,349	SH		SOLE		2,256,118	0	159,231
Omnicom Group	COMMON	681919106	60,560	741,730	SH		SOLE		700,903	0	40,827
Electronic Arts Inc	COMMON	285512109	29,876	277,904	SH		SOLE		262,783	0	15,121
Expeditors Intl Wash Inc	COMMON	302130109	71,582	917,548	SH		SOLE		869,365	0	48,183
Fastenal Co	COMMON	311900104	56,632	1,532,716	SH		SOLE		1,449,296	0	83,420
M & T Bank Corp	COMMON	55261F104	25,914	152,665	SH		SOLE		144,354	0	8,311
Ritchie Bros Auctioneers	COMMON	767744105	67,871	1,578,760	SH		SOLE		1,461,485	0	117,275
Freeport-McMoran Inc	COMMON	35671D857	24,509	1,868,076	SH		SOLE		1,627,289	0	240,787
Entercom Communications - CL A	COMMON	293639100	22,466	4,843,054	SH		SOLE		4,568,195	0	274,859
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	17,452	1,487,806	SH		SOLE		0	0	1,487,806
Harley Davidson Inc	COMMON	412822108	41,347	1,111,810	SH		SOLE		1,049,912	0	61,898
Kt Corp Spon ADR	COMMON	48268K101	43,538	3,753,343	SH		SOLE		0	0	3,753,343
The Hershey Company	COMMON	427866108	27,573	187,600	SH		SOLE		177,386	0	10,214
Intel Corp	COMMON	458140100	189,879	3,172,814	SH		SOLE		2,998,927	0	173,887
Rayonier Inc	COMMON	754907103	46,483	1,418,902	SH		SOLE		1,368,481	0	50,421
Johnson and Johnson	COMMON	478160104	266,100	1,824,352	SH		SOLE		1,724,808	0	99,544
Hartford Financial SVCS Group Inc	COMMON	416515104	124,236	2,034,741	SH		SOLE		1,925,242	0	109,499
Kimberly-Clark Corp	COMMON	494368103	40,272	290,682	SH		SOLE		274,880	0	15,802
Lincoln Electric Holdings Inc	COMMON	533900106	24,590	252,945	SH		SOLE		239,125	0	13,820
United Parcel Services Cl B	COMMON	911312106	81,581	696,932	SH		SOLE		657,920	0	39,012
Loews Corp	COMMON	540424108	109,834	2,092,520	SH		SOLE		1,973,683	0	118,837
Magna International Inc	COMMON	559222401	19,704	358,824	SH		SOLE		326,757	0	32,067
Markel Corp	COMMON	570535104	45,781	40,052	SH		SOLE		37,872	0	2,180
Maxim Integrated Products	COMMON	57772K101	64,066	1,041,553	SH		SOLE		986,841	0	54,712
Activision Blizzard	COMMON	00507V109	30,900	520,045	SH		SOLE		491,751	0	28,294
3M Co	COMMON	88579Y101	81,120	459,822	SH		SOLE		436,916	0	22,906
National Oilwell Varco	COMMON	637071101	54,348	2,169,569	SH		SOLE		2,046,545	0	123,024
Wells Fargo	COMMON	949746101	268,954	4,999,359	SH		SOLE		4,726,807	0	272,552
Oracle Corp	COMMON	68389X105	229,024	4,322,922	SH		SOLE		4,085,474	0	237,448
Paccar Inc	COMMON	693718108	30,696	377,470	SH		SOLE		356,952	0	20,518
Paychex Inc	COMMON	704326107	68,018	799,714	SH		SOLE		757,709	0	42,005
Pepsico Inc	COMMON	713448108	39,968	290,491	SH		SOLE		274,699	0	15,792
PPG Industries Inc	COMMON	693506107	81,445	610,139	SH		SOLE		576,201	0	33,938
IPG Photonics Corp	COMMON	44980X109	17,430	120,275	SH		SOLE		113,901	0	6,374
Costco Wholesale Corp	COMMON	22160K105	60,010	204,177	SH		SOLE		192,584	0	11,593
Price T Rowe Group	COMMON	74144T108	20,310	166,702	SH		SOLE		157,900	0	8,802
Procter & Gamble	COMMON	742718109	85,274	682,786	SH		SOLE		646,943	0	35,843
US Bancorp	COMMON	902973304	133,277	2,232,556	SH		SOLE		2,115,322	0	117,234
Travelers Companies Inc	COMMON	89417E109	160,298	1,170,521	SH		SOLE		1,108,523	0	61,998
Merck & Co Inc	COMMON	58933Y105	189,809	2,073,568	SH		SOLE		1,960,042	0	113,526
Bunge Ltd	COMMON	G16962105	118,793	2,064,123	SH		SOLE		1,946,744	0	117,379
Canadian Pacific Railway Ltd	COMMON	13645T100	46,152	180,357	SH		SOLE		164,234	0	16,123
Tanger Factory Outlet Center	COMMON	875465106	33,326	2,262,655	SH		SOLE		2,182,436	0	80,219
Texas Instruments Inc	COMMON	882508104	193,021	1,504,619	SH		SOLE		1,424,974	0	79,645
Union Pacific Corp	COMMON	907818108	76,087	420,884	SH		SOLE		398,776	0	22,108
United Technologies Corp	COMMON	913017109	68,595	458,067	SH		SOLE		444,296	0	13,771
Waters Corp	COMMON	941848103	100,059	428,242	SH		SOLE		405,511	0	22,731
Weyerhaeuser Co	COMMON	962166104	43,320	1,434,576	SH		SOLE		1,383,639	0	50,937
Carmax Inc	COMMON	143130102	76,247	869,709	SH		SOLE		821,203	0	48,506
Xilinx Inc	COMMON	983919101	11,216	114,725	SH		SOLE		108,452	0	6,273
TJX Companies Inc	COMMON	872540109	52,737	863,728	SH		SOLE		816,516	0	47,212
Marketaxess Holdings Inc	COMMON	57060D108	30,811	81,273	SH		SOLE		76,848	0	4,425
Dolby Laboratories Inc	COMMON	25659T107	41,202	598,860	SH		SOLE		566,299	0	32,561
Baidu Inc - Spon ADR	COMMON	056752108	181,995	1,439,833	SH		SOLE		0	0	1,439,833
Bce Inc	COMMON	05534B760	23,211	493,865	SH		SOLE		449,734	0	44,131
Bank of New York Mellon Corp	COMMON	064058100	71,117	1,413,045	SH		SOLE		1,338,744	0	74,301
Genpact Ltd	COMMON	G3922B107	61,551	1,459,589	SH		SOLE		1,320,381	0	139,208
Ulta Beauty Inc	COMMON	90384S303	16,985	67,101	SH		SOLE		63,433	0	3,668
Franco-Nevada Corp	COMMON	351858105	25,159	243,281	SH		SOLE		221,538	0	21,743
Chubb Ltd	COMMON	H1467J104	87,730	560,931	SH		SOLE		531,456	0	29,475
Accenture Plc	COMMON	G1151C101	45,790	217,456	SH		SOLE		206,053	0	11,403
Visteon Corp.	COMMON	92839U206	48,313	557,950	SH		SOLE		526,267	0	31,683
First Republic Bank	COMMON	33616C100	50,016	425,852	SH		SOLE		401,426	0	24,426
TE Connectivity Ltd	COMMON	H84989104	63,102	658,422	SH		SOLE		621,062	0	37,360
Globus Medical Inc A	COMMON	379577208	39,539	671,517	SH		SOLE		635,005	0	36,512
Facebook Inc A	COMMON	30303M102	149,363	727,779	SH		SOLE		687,337	0	40,442
Blackberry Ltd	COMMON	09228F103	20,297	3,152,128	SH		SOLE		2,865,936	0	286,192
Booking Holdings Inc	COMMON	09857L108	203,619	99,148	SH		SOLE		93,881	0	5,267
Eventbrite Inc - Class A	COMMON	29975E109	17,214	853,533	SH		SOLE		806,629	0	46,904
Ctrip.com International ADR	COMMON	89677Q107	29,398	876,502	SH		SOLE		0	0	876,502
Now Inc	COMMON	67011P100	11,158	992,577	SH		SOLE		938,388	0	54,189
Axalta Coating Systems Ltd	COMMON	G0750C108	38,791	1,276,052	SH		SOLE		1,203,594	0	72,458
Coca-Cola European Partners	COMMON	G25839104	74,951	1,473,265	SH		SOLE		1,359,424	0	113,841
Alphabet Inc. - Class A	COMMON	02079K305	216,844	161,920	SH		SOLE		153,064	0	8,856
PayPal Holdings Inc.	COMMON	70450Y103	53,760	496,997	SH		SOLE		468,794	0	28,203
Yum China Holdings Inc	COMMON	98850P109	111,323	2,318,774	SH		SOLE		2,103,649	0	215,125
Alphabet Inc. - Class C	COMMON	02079K107	100,970	75,526	SH		SOLE		71,415	0	4,111
Univar Solutions Inc	COMMON	91336L107	30,800	1,270,644	SH		SOLE		1,198,420	0	72,224
Linde PLC	COMMON	G5494J103	37,089	174,225	SH		SOLE		164,706	0	9,519