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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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
Aflac Inc	COMMON	001055102	31,061	854,534	SH		SOLE		817,040	0	37,494
Abiomed Inc	COMMON	003654100	29,245	105,579	SH		SOLE		101,092	0	4,487
Albemarle Corp	COMMON	012653101	39,768	443,520	SH		SOLE		424,645	0	18,875
Alleghany Corp	COMMON	017175100	33,812	64,966	SH		SOLE		62,104	0	2,862
Amazon.com Inc	COMMON	023135106	106,152	33,716	SH		SOLE		32,326	0	1,390
American Express Co	COMMON	025816109	83,172	829,682	SH		SOLE		793,930	0	35,752
Analog Devices Inc	COMMON	032654105	51,905	444,653	SH		SOLE		426,656	0	17,997
Applied Materials Inc	COMMON	038222105	49,612	834,604	SH		SOLE		798,444	0	36,160
Archer-Daniels-Midland Co.	COMMON	039483102	142,396	3,063,018	SH		SOLE		2,929,821	0	133,197
Arista Networks Inc	COMMON	040413106	21,818	105,440	SH		SOLE		100,952	0	4,488
Automatic Data Processing	COMMON	053015103	35,236	250,895	SH		SOLE		240,711	0	10,184
Autozone Inc	COMMON	053332102	44,618	37,888	SH		SOLE		36,380	0	1,508
Baidu Inc - Spon ADR	COMMON	056752108	213,601	1,687,342	SH		SOLE		0	0	1,687,342
Bank of New York Mellon Corp	COMMON	064058100	40,326	1,174,353	SH		SOLE		1,127,617	0	46,736
Barrick Gold Corp	COMMON	067901108	125,148	4,451,408	SH		SOLE		2,666,416	0	1,784,992
Baxter International Inc	COMMON	071813109	46,930	581,673	SH		SOLE		556,155	0	25,518
Berkshire Hathaway Inc	COMMON	084670702	137,140	644,049	SH		SOLE		617,235	0	26,814
Brookfield Asset Management-CL A	COMMON	112585104	125,984	3,818,333	SH		SOLE		3,552,388	0	265,945
Canadian Natural Resources	COMMON	136385101	31,916	1,959,738	SH		SOLE		1,791,030	0	168,708
Carmax Inc	COMMON	143130102	71,869	781,977	SH		SOLE		748,289	0	33,688
Citigroup Inc	COMMON	172967424	30,268	702,229	SH		SOLE		674,001	0	28,228
Coca Cola Co	COMMON	191216100	65,164	1,308,889	SH		SOLE		1,251,466	0	57,423
Colgate Palmolive Co	COMMON	194162103	48,591	629,873	SH		SOLE		604,668	0	25,205
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	12,516	1,024,224	SH		SOLE		929,294	0	94,930
Electronic Arts Inc	COMMON	285512109	71,655	549,515	SH		SOLE		526,660	0	22,855
Expeditors Intl Wash Inc	COMMON	302130109	51,888	573,283	SH		SOLE		550,072	0	23,211
Fastenal Co	COMMON	311900104	57,754	1,280,895	SH		SOLE		1,226,371	0	54,524
Fomento Economico Mexicano Spon ADR	COMMON	344419106	28,459	506,484	SH		SOLE		0	0	506,484
Franco-Nevada Corp	COMMON	351858105	35,180	252,551	SH		SOLE		230,808	0	21,743
Gildan Activewear Inc	COMMON	375916103	41,871	2,131,821	SH		SOLE		2,009,604	0	122,217
Globus Medical Inc A	COMMON	379577208	39,547	798,658	SH		SOLE		764,655	0	34,003
Harley Davidson Inc	COMMON	412822108	9,425	384,108	SH		SOLE		367,286	0	16,822
Hartford Financial SVCS Group Inc	COMMON	416515104	44,219	1,188,243	SH		SOLE		1,140,943	0	47,300
Healthcare Services Group	COMMON	421906108	3,447	160,100	SH		SOLE		153,000	0	7,100
The Hershey Company	COMMON	427866108	70,799	493,938	SH		SOLE		473,538	0	20,400
Intel Corp	COMMON	458140100	123,226	2,379,926	SH		SOLE		2,280,491	0	99,435
Johnson and Johnson	COMMON	478160104	243,802	1,637,877	SH		SOLE		1,569,082	0	68,795
Kimberly-Clark Corp	COMMON	494368103	47,948	322,210	SH		SOLE		308,508	0	13,702
Lincoln Electric Holdings	COMMON	533900106	27,826	300,731	SH		SOLE		287,953	0	12,778
Loews Corp	COMMON	540424108	36,319	1,045,204	SH		SOLE		999,345	0	45,859
Magna International Inc	COMMON	559222401	16,991	372,486	SH		SOLE		340,419	0	32,067
Markel Corp	COMMON	570535104	54,641	56,105	SH		SOLE		53,718	0	2,387
National Oilwell Varco	COMMON	637071101	20,751	2,290,712	SH		SOLE		2,190,213	0	100,499
Omnicom Group	COMMON	681919106	8,489	169,352	SH		SOLE		161,817	0	7,535
PPG Industries Inc	COMMON	693506107	74,408	609,521	SH		SOLE		583,277	0	26,244
Paccar Inc	COMMON	693718108	35,217	412,959	SH		SOLE		395,412	0	17,547
Paychex Inc	COMMON	704326107	58,786	736,974	SH		SOLE		707,588	0	29,386
Pepsico Inc	COMMON	713448108	43,474	313,773	SH		SOLE		300,436	0	13,337
Pricesmart Inc	COMMON	741511109	34,577	520,341	SH		SOLE		468,172	0	52,169
Procter & Gamble	COMMON	742718109	98,362	707,781	SH		SOLE		679,126	0	28,655
Rayonier Inc	COMMON	754907103	33,191	1,255,466	SH		SOLE		1,221,987	0	33,479
Ritchie Bros Auctioneers	COMMON	767744105	81,176	1,373,182	SH		SOLE		1,275,935	0	97,247
Rogers Communications Inc	COMMON	775109200	16,730	419,171	SH		SOLE		382,577	0	36,594
TJX Companies Inc	COMMON	872540109	61,200	1,099,802	SH		SOLE		1,053,049	0	46,753
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	9,275	113,932	SH		SOLE		105,626	0	8,306
Tanger Factory Outlet Center	COMMON	875465106	10,732	1,779,820	SH		SOLE		1,732,402	0	47,418
Texas Instruments Inc	COMMON	882508104	136,266	954,393	SH		SOLE		915,100	0	39,293
US Bancorp	COMMON	902973304	57,366	1,582,650	SH		SOLE		1,519,160	0	63,490
Union Pacific Corp	COMMON	907818108	56,483	286,919	SH		SOLE		275,302	0	11,617
United Parcel Services Cl B	COMMON	911312106	98,409	590,573	SH		SOLE		565,045	0	25,528
Wabtec Corp	COMMON	929740108	34,318	554,666	SH		SOLE		530,237	0	24,429
Waters Corp	COMMON	941848103	78,018	398,707	SH		SOLE		382,448	0	16,259
Wells Fargo	COMMON	949746101	106,159	4,515,985	SH		SOLE		4,326,322	0	189,663
Weyerhaeuser Co	COMMON	962166104	45,634	1,600,146	SH		SOLE		1,557,469	0	42,677
United Technologies Corp	COMMON	75513E101	17,564	305,287	SH		SOLE		305,287	0	0
Eventbrite Inc - Class A	COMMON	29975E109	17,123	1,578,390	SH		SOLE		1,511,731	0	66,659
Travelers Companies Inc	COMMON	89417E109	100,387	927,914	SH		SOLE		889,697	0	38,217
Activision Blizzard	COMMON	00507V109	44,411	548,667	SH		SOLE		525,354	0	23,313
Alphabet Inc - Class C	COMMON	02079K107	121,714	82,833	SH		SOLE		79,312	0	3,521
Alphabet Inc - Class A	COMMON	02079K305	159,168	108,612	SH		SOLE		104,043	0	4,569
Autohome Inc - Class A	COMMON	05278C107	315	3,278	SH		SOLE		0	0	3,278
Bce Inc	COMMON	05534B760	21,500	512,669	SH		SOLE		468,538	0	44,131
Bancolombia Sa -Pref	COMMON	05968L102	22,099	854,590	SH		SOLE		772,275	0	82,315
Blackberry Ltd	COMMON	09228F103	22,177	4,848,374	SH		SOLE		4,423,843	0	424,531
Booking Holdings Inc	COMMON	09857L108	177,819	103,965	SH		SOLE		99,675	0	4,290
C H Robinson Worldwide Inc	COMMON	12541W209	115,436	1,129,693	SH		SOLE		1,082,851	0	46,842
Canadian Pacific Railway Ltd	COMMON	13645T100	56,901	187,226	SH		SOLE		171,103	0	16,123
Costco Wholesale Corp	COMMON	22160K105	49,345	139,007	SH		SOLE		132,910	0	6,097
Dolby Laboratories Inc-CL A	COMMON	25659T107	47,159	711,515	SH		SOLE		681,250	0	30,265
Facebook Inc A	COMMON	30303M102	158,511	605,289	SH		SOLE		579,238	0	26,051
First Republic Bank	COMMON	33616C100	60,750	557,036	SH		SOLE		533,351	0	23,685
Freeport-McMoran Inc	COMMON	35671D857	46,847	2,995,452	SH		SOLE		2,703,690	0	291,762
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	14,435	2,335,805	SH		SOLE		0	0	2,335,805
Huya Inc	COMMON	44852D108	226	9,439	SH		SOLE		0	0	9,439
Kar Auction Services Inc	COMMON	48238T109	10,528	731,081	SH		SOLE		698,781	0	32,300
Kt Corp Spon ADR	COMMON	48268K101	29,229	3,041,504	SH		SOLE		0	0	3,041,504
M & T Bank Corp	COMMON	55261F104	29,709	322,619	SH		SOLE		308,876	0	13,743
Marketaxess Holdings	COMMON	57060D108	40,231	83,538	SH		SOLE		79,988	0	3,550
Maxim Integrated Products	COMMON	57772K101	58,487	865,100	SH		SOLE		830,662	0	34,438
Merck & Co Inc	COMMON	58933Y105	131,241	1,570,642	SH		SOLE		1,504,562	0	66,080
MOMO Inc ADR	COMMON	60879B107	50	3,598	SH		SOLE		0	0	3,598
Oracle Corp	COMMON	68389X105	252,374	4,227,650	SH		SOLE		4,049,507	0	178,143
Otis Worldwide Corp	COMMON	68902V107	24,801	397,393	SH		SOLE		389,355	0	8,038
PayPal Holdings Inc.	COMMON	70450Y103	56,249	285,503	SH		SOLE		272,928	0	12,575
3M Co	COMMON	88579Y101	31,560	197,041	SH		SOLE		189,063	0	7,978
Ctrip.com International ADR	COMMON	89677Q107	23,956	769,311	SH		SOLE		0	0	769,311
Ulta Beauty Inc	COMMON	90384S303	15,071	67,296	SH		SOLE		64,459	0	2,837
Visteon Corp.	COMMON	92839U206	26,220	378,789	SH		SOLE		362,176	0	16,613
Yum China Holdings Inc	COMMON	98850P109	117,413	2,217,439	SH		SOLE		2,006,179	0	211,260
Aon Plc	COMMON	G0403H108	15,597	75,611	SH		SOLE		72,578	0	3,033
Axalta Coating Systems Ltd	COMMON	G0750C108	23,650	1,066,817	SH		SOLE		1,020,026	0	46,791
Accenture Plc	COMMON	G1151C101	35,384	156,583	SH		SOLE		150,243	0	6,340
Bunge Ltd	COMMON	G16962105	89,449	1,957,487	SH		SOLE		1,871,611	0	85,876
Coca-Cola European Partners	COMMON	G25839104	64,365	1,658,536	SH		SOLE		1,519,837	0	138,699
Genpact Ltd	COMMON	G3922B107	85,996	2,207,865	SH		SOLE		1,988,870	0	218,995
Linde PLC	COMMON	G5494J103	49,224	206,723	SH		SOLE		197,931	0	8,792
Chubb Limited	COMMON	H1467J104	30,835	263,721	SH		SOLE		253,171	0	10,550
TE Connectivity Ltd	COMMON	H84989104	43,732	447,447	SH		SOLE		427,815	0	19,632