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
Aflac Inc	COMMON	001055102	41,306	1,206,327	SH		SOLE		1,158,497	0	47,830
Abiomed Inc	COMMON	003654100	15,472	106,616	SH		SOLE		102,563	0	4,053
Albemarle Corp	COMMON	012653101	20,268	357,903	SH		SOLE		344,354	0	13,549
Alleghany Corp	COMMON	017175100	37,083	67,105	SH		SOLE		64,463	0	2,642
Amazon.com Inc	COMMON	023135106	71,737	36,812	SH		SOLE		35,418	0	1,394
American Express Co	COMMON	025816109	79,310	926,411	SH		SOLE		890,552	0	35,859
Analog Devices Inc	COMMON	032654105	52,047	580,642	SH		SOLE		559,766	0	20,876
Applied Materials Inc	COMMON	038222105	50,595	1,104,210	SH		SOLE		1,061,372	0	42,838
Archer-Daniels-Midland Co	COMMON	039483102	132,632	3,770,352	SH		SOLE		3,623,048	0	147,304
Automatic Data Processing	COMMON	053015103	19,786	144,765	SH		SOLE		139,541	0	5,224
Autozone Inc	COMMON	053332102	37,116	43,823	SH		SOLE		42,248	0	1,575
Baidu Inc - Spon ADR	COMMON	056752108	150,747	1,495,674	SH		SOLE		0	0	1,495,674
Bank of New York Mellon Corp	COMMON	064058100	45,738	1,358,008	SH		SOLE		1,309,166	0	48,842
Barrick Gold Corporation	COMMON	067901108	125,714	6,858,066	SH		SOLE		2,640,568	0	4,217,498
Baxter International Inc	COMMON	071813109	66,519	817,285	SH		SOLE		785,065	0	32,220
Berkshire Hathaway Inc	COMMON	084670702	141,809	775,681	SH		SOLE		745,542	0	30,139
Brookfield Asset Management-CL A	COMMON	112585104	117,859	2,688,594	SH		SOLE		2,509,991	0	178,603
Canadian Natural Resources	COMMON	136385101	27,397	1,943,651	SH		SOLE		1,774,943	0	168,708
Carmax Inc	COMMON	143130102	51,949	965,060	SH		SOLE		927,561	0	37,499
Citigroup Inc	COMMON	172967424	34,474	818,557	SH		SOLE		789,102	0	29,455
Coca Cola Co	COMMON	191216100	81,917	1,834,877	SH		SOLE		1,762,500	0	72,377
Colgate Palmolive Co	COMMON	194162103	48,354	728,677	SH		SOLE		702,375	0	26,302
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	7,294	1,000,493	SH		SOLE		0	0	1,000,493
Electronic Arts Inc	COMMON	285512109	50,468	503,862	SH		SOLE		485,225	0	18,637
Entercom Communications - CL A	COMMON	293639100	6,188	3,628,608	SH		SOLE		3,486,671	0	141,937
Expeditors Intl Wash Inc	COMMON	302130109	58,840	881,899	SH		SOLE		850,206	0	31,693
Fastenal Co	COMMON	311900104	45,725	1,463,471	SH		SOLE		1,408,195	0	55,276
Franco-Nevada Corp	COMMON	351858105	24,746	250,473	SH		SOLE		228,730	0	21,743
Gildan Activewear Inc	COMMON	375916103	29,972	2,351,075	SH		SOLE		2,226,775	0	124,300
Globus Medical Inc A	COMMON	379577208	27,263	641,198	SH		SOLE		616,996	0	24,202
Harley Davidson Inc	COMMON	412822108	20,086	1,061,126	SH		SOLE		1,019,921	0	41,205
Hartford Financial SVCS Group Inc	COMMON	416515104	69,382	1,951,164	SH		SOLE		1,879,030	0	72,134
The Hershey Company	COMMON	427866108	21,515	162,386	SH		SOLE		154,508	0	7,878
Intel Corp	COMMON	458140100	164,329	3,036,384	SH		SOLE		2,921,595	0	114,789
Johnson and Johnson	COMMON	478160104	228,897	1,745,803	SH		SOLE		1,680,077	0	65,726
Kimberly-Clark Corp	COMMON	494368103	33,559	260,191	SH		SOLE		250,327	0	9,864
Lincoln Electric Holdings	COMMON	533900106	16,781	241,487	SH		SOLE		232,341	0	9,146
Loews Corp	COMMON	540424108	53,556	1,537,997	SH		SOLE		1,476,954	0	61,043
Magna International Inc	COMMON	559222401	11,658	369,429	SH		SOLE		337,362	0	32,067
Markel Corp	COMMON	570535104	38,250	41,223	SH		SOLE		39,660	0	1,563
National Oilwell Varco	COMMON	637071101	31,766	3,232,263	SH		SOLE		3,104,105	0	128,158
Omnicom Group	COMMON	681919106	33,234	597,058	SH		SOLE		574,011	0	23,047
PPG Industries Inc	COMMON	693506107	53,312	637,702	SH		SOLE		613,026	0	24,676
Paccar Inc	COMMON	693718108	22,033	360,437	SH		SOLE		346,836	0	13,601
Paychex Inc	COMMON	704326107	53,645	852,486	SH		SOLE		821,811	0	30,675
Pepsico Inc	COMMON	713448108	30,421	253,316	SH		SOLE		243,726	0	9,590
Pricesmart Inc	COMMON	741511109	16,035	305,153	SH		SOLE		267,963	0	37,190
Procter & Gamble	COMMON	742718109	72,206	656,411	SH		SOLE		632,760	0	23,651
Rayonier Inc	COMMON	754907103	36,611	1,555,070	SH		SOLE		1,507,299	0	47,771
Ritchie Bros Auctioneers	COMMON	767744105	53,218	1,570,679	SH		SOLE		1,467,575	0	103,104
Rogers Communications Inc	COMMON	775109200	17,316	415,463	SH		SOLE		378,869	0	36,594
TJX Companies Inc	COMMON	872540109	42,392	886,675	SH		SOLE		853,063	0	33,612
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	5,802	120,440	SH		SOLE		110,734	0	9,706
Tanger Factory Outlet Center	COMMON	875465106	11,017	2,204,136	SH		SOLE		2,136,387	0	67,749
Texas Instruments Inc	COMMON	882508104	112,183	1,122,629	SH		SOLE		1,081,592	0	41,037
US Bancorp	COMMON	902973304	74,802	2,145,856	SH		SOLE		2,068,742	0	77,114
Union Pacific Corp	COMMON	907818108	57,032	404,448	SH		SOLE		389,913	0	14,535
United Parcel Services Cl B	COMMON	911312106	62,108	664,829	SH		SOLE		638,965	0	25,864
United Technologies Corp	COMMON	913017109	41,333	438,175	SH		SOLE		431,423	0	6,752
Wabtec Corp	COMMON	929740108	22,442	466,289	SH		SOLE		447,790	0	18,499
Waters Corp	COMMON	941848103	74,788	410,817	SH		SOLE		395,838	0	14,979
Wells Fargo	COMMON	949746101	137,379	4,787,093	SH		SOLE		4,607,138	0	179,955
Weyerhaeuser Co	COMMON	962166104	33,665	1,986,481	SH		SOLE		1,925,461	0	61,020
Eventbrite Inc - Class A	COMMON	29975E109	9,281	1,271,320	SH		SOLE		1,223,134	0	48,186
Travelers Companies Inc	COMMON	89417E109	95,999	966,271	SH		SOLE		930,999	0	35,272
Activision Blizzard	COMMON	00507V109	27,465	461,760	SH		SOLE		444,255	0	17,505
Alphabet Inc - Class C	COMMON	02079K107	79,155	68,081	SH		SOLE		65,504	0	2,577
Alphabet Inc - Class A	COMMON	02079K305	199,131	171,377	SH		SOLE		164,921	0	6,456
Bce Inc	COMMON	05534B760	20,910	508,461	SH		SOLE		464,330	0	44,131
Bancolombia Sa -Pref	COMMON	05968L102	18,708	727,774	SH		SOLE		656,555	0	71,219
Blackberry Ltd	COMMON	09228F103	19,465	4,801,608	SH		SOLE		4,377,077	0	424,531
Booking Holdings Inc	COMMON	09857L108	146,498	108,897	SH		SOLE		104,911	0	3,986
C H Robinson Worldwide Inc	COMMON	12541W209	85,047	1,284,892	SH		SOLE		1,237,794	0	47,098
Canadian Pacific Railway Ltd	COMMON	13645T100	40,617	185,688	SH		SOLE		169,565	0	16,123
Costco Wholesale Corp	COMMON	22160K105	55,509	194,678	SH		SOLE		186,990	0	7,688
Dolby Laboratories Inc	COMMON	25659T107	30,999	571,823	SH		SOLE		550,239	0	21,584
Facebook Inc A	COMMON	30303M102	108,570	650,907	SH		SOLE		625,735	0	25,172
First Republic Bank	COMMON	33616C100	36,882	448,268	SH		SOLE		431,286	0	16,982
Freeport-McMoran Inc	COMMON	35671D857	16,827	2,493,063	SH		SOLE		2,199,669	0	293,394
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	8,773	1,512,706	SH		SOLE		0	0	1,512,706
Kt Corp Spon ADR	COMMON	48268K101	28,922	3,717,495	SH		SOLE		0	0	3,717,495
M & T Bank Corp	COMMON	55261F104	15,077	145,781	SH		SOLE		140,254	0	5,527
Marketaxess Holdings Inc	COMMON	57060D108	25,808	77,605	SH		SOLE		74,661	0	2,944
Maxim Integrated Products	COMMON	57772K101	48,656	1,000,965	SH		SOLE		964,994	0	35,971
Merck & Co Inc	COMMON	58933Y105	147,251	1,898,256	SH		SOLE		1,826,256	0	72,000
Now Inc	COMMON	67011P100	541	105,009	SH		SOLE		100,771	0	4,238
Oracle Corp	COMMON	68389X105	216,757	4,484,938	SH		SOLE		4,315,109	0	169,829
PayPal Holdings Inc	COMMON	70450Y103	45,368	473,894	SH		SOLE		455,202	0	18,692
Price T Rowe Group	COMMON	74144T108	15,634	160,117	SH		SOLE		154,327	0	5,790
S&P Global Inc	COMMON	78409V104	5,307	21,657	SH		SOLE		20,885	0	772
3M Co	COMMON	88579Y101	32,769	240,051	SH		SOLE		231,383	0	8,668
Ctrip.com International ADR	COMMON	89677Q107	20,437	871,493	SH		SOLE		0	0	871,493
Ulta Beauty Inc	COMMON	90384S303	11,255	64,061	SH		SOLE		61,635	0	2,426
Univar Solutions Inc	COMMON	91336L107	4,134	385,733	SH		SOLE		370,489	0	15,244
Visteon Corp	COMMON	92839U206	25,515	531,965	SH		SOLE		510,991	0	20,974
Yum China Holdings Inc	COMMON	98850P109	98,125	2,301,787	SH		SOLE		2,093,252	0	208,535
Aon Plc	COMMON	G0408V102	6,860	41,563	SH		SOLE		40,096	0	1,467
Axalta Coating Systems Ltd	COMMON	G0750C108	25,969	1,503,783	SH		SOLE		1,444,459	0	59,324
Accenture Plc	COMMON	G1151C101	34,126	209,012	SH		SOLE		201,515	0	7,497
Bunge Ltd	COMMON	G16962105	99,851	2,434,074	SH		SOLE		2,337,505	0	96,569
Coca-Cola European Partners	COMMON	G25839104	67,900	1,810,291	SH		SOLE		1,669,045	0	141,246
Genpact Ltd	COMMON	G3922B107	42,248	1,446,860	SH		SOLE		1,311,588	0	135,272
Linde PLC	COMMON	G5494J103	28,775	166,319	SH		SOLE		160,023	0	6,296
Chubb Ltd	COMMON	H1467J104	34,449	304,864	SH		SOLE		293,851	0	11,013
TE Connectivity Ltd	COMMON	H84989104	39,543	627,876	SH		SOLE		603,035	0	24,841