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
Abiomed Inc	COMMON	003654100	32,977	101,721	SH		SOLE		98,084	0	3,637
Alleghany Corp	COMMON	017175100	37,789	62,591	SH		SOLE		60,295	0	2,296
Barrick Gold Corp	COMMON	067901108	84,128	3,691,988	SH		SOLE		2,045,970	0	1,646,018
American Express Co	COMMON	025816109	96,646	799,348	SH		SOLE		770,505	0	28,843
Aflac Inc	COMMON	001055102	36,619	823,465	SH		SOLE		793,372	0	30,093
Analog Devices Inc	COMMON	032654105	63,367	428,988	SH		SOLE		414,423	0	14,565
Applied Materials Inc	COMMON	038222105	69,416	804,405	SH		SOLE		775,277	0	29,128
Albemarle Corp	COMMON	012653101	41,638	281,262	SH		SOLE		271,280	0	9,982
Archer-Daniels-Midland Co.	COMMON	039483102	147,195	2,920,011	SH		SOLE		2,813,653	0	106,358
Automatic Data Processing	COMMON	053015103	42,867	242,038	SH		SOLE		233,794	0	8,244
Autozone Inc	COMMON	053332102	108,912	91,871	SH		SOLE		88,682	0	3,189
Berkshire Hathaway Inc	COMMON	084670702	76,874	331,548	SH		SOLE		320,548	0	11,000
Bancolombia Sa -Pref	COMMON	05968L102	27,154	670,477	SH		SOLE		590,608	0	79,869
Baxter International Inc	COMMON	071813109	45,120	560,672	SH		SOLE		540,192	0	20,480
Brookfield Asset Management-CL A	COMMON	112585104	135,262	3,274,063	SH		SOLE		3,021,293	0	252,770
Pricesmart Inc	COMMON	741511109	36,938	405,515	SH		SOLE		354,804	0	50,711
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	12,463	113,932	SH		SOLE		0	0	113,932
C H Robinson Worldwide Inc	COMMON	12541W209	102,771	1,089,152	SH		SOLE		1,051,246	0	37,906
Rogers Communications Inc	COMMON	775109200	15,485	330,148	SH		SOLE		293,554	0	36,594
Canadian Natural Resources	COMMON	136385101	37,581	1,544,286	SH		SOLE		1,375,578	0	168,708
Coca Cola Co	COMMON	191216100	56,941	1,038,373	SH		SOLE		1,000,308	0	38,065
Colgate Palmolive Co	COMMON	194162103	42,690	499,282	SH		SOLE		482,304	0	16,978
Compania De Minas Buenaventura Spon ADR	COMMON	204448104	9,877	810,311	SH		SOLE		0	0	810,311
Fomento Economico Mexicano Spon ADR	COMMON	344419106	60,249	795,174	SH		SOLE		0	0	795,174
Gildan Activewear Inc	COMMON	375916103	54,190	1,940,218	SH		SOLE		1,830,877	0	109,341
Omnicom Group	COMMON	681919106	10,307	163,608	SH		SOLE		157,328	0	6,280
Citigroup Inc	COMMON	172967424	41,680	675,978	SH		SOLE		653,272	0	22,706
Electronic Arts Inc	COMMON	285512109	95,063	661,999	SH		SOLE		639,096	0	22,903
Expeditors Intl Wash Inc	COMMON	302130109	52,597	553,050	SH		SOLE		534,283	0	18,767
Fastenal Co	COMMON	311900104	60,258	1,234,127	SH		SOLE		1,189,928	0	44,199
M & T Bank Corp	COMMON	55261F104	42,718	335,581	SH		SOLE		323,686	0	11,895
Ritchie Bros Auctioneers	COMMON	767744105	70,980	1,022,116	SH		SOLE		934,543	0	87,573
FTI Consulting Inc	COMMON	302941109	48,153	431,013	SH		SOLE		415,204	0	15,809
Freeport-McMoran Inc	COMMON	35671D857	42,980	1,651,838	SH		SOLE		1,448,266	0	203,572
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	15,160	1,839,833	SH		SOLE		0	0	1,839,833
Healthcare Services Group	COMMON	421906108	48,750	1,734,881	SH		SOLE		1,671,019	0	63,862
KT Corp ADR	COMMON	48268K101	29,126	2,645,458	SH		SOLE		0	0	2,645,458
The Hershey Company	COMMON	427866108	105,533	692,799	SH		SOLE		668,755	0	24,044
Intel Corp	COMMON	458140100	104,457	2,096,643	SH		SOLE		2,022,524	0	74,119
Rayonier Inc	COMMON	754907103	35,343	1,202,953	SH		SOLE		1,169,474	0	33,479
Johnson and Johnson	COMMON	478160104	248,505	1,579,170	SH		SOLE		1,523,650	0	55,520
Hartford Financial SVCS Group Inc	COMMON	416515104	56,501	1,146,141	SH		SOLE		1,107,960	0	38,181
Kimberly-Clark Corp	COMMON	494368103	63,039	465,168	SH		SOLE		448,658	0	16,510
United Parcel Services Cl B	COMMON	911312106	85,500	507,776	SH		SOLE		489,465	0	18,311
Loews Corp	COMMON	540424108	45,357	1,007,508	SH		SOLE		970,704	0	36,804
Magna International Inc	COMMON	559222401	20,761	293,522	SH		SOLE		261,455	0	32,067
Markel Corp	COMMON	570535104	69,812	67,565	SH		SOLE		65,167	0	2,398
Maxim Integrated Products	COMMON	57772K101	62,699	707,351	SH		SOLE		683,275	0	24,076
Activision Blizzard	COMMON	00507V109	46,655	502,503	SH		SOLE		484,690	0	17,813
3M Co	COMMON	88579Y101	25,941	148,422	SH		SOLE		143,366	0	5,056
National Oilwell Varco	COMMON	637071101	30,331	2,209,100	SH		SOLE		2,128,442	0	80,658
Wells Fargo	COMMON	949746101	147,890	4,900,451	SH		SOLE		4,725,952	0	174,499
Oracle Corp	COMMON	68389X105	263,669	4,076,019	SH		SOLE		3,932,267	0	143,752
Paccar Inc	COMMON	693718108	34,591	397,856	SH		SOLE		383,635	0	14,221
Paychex Inc	COMMON	704326107	66,222	710,749	SH		SOLE		687,060	0	23,689
Pepsico Inc	COMMON	713448108	45,131	302,318	SH		SOLE		291,509	0	10,809
PPG Industries Inc	COMMON	693506107	84,719	587,431	SH		SOLE		566,251	0	21,180
Costco Wholesale Corp	COMMON	22160K105	39,018	103,564	SH		SOLE		99,768	0	3,796
Procter & Gamble	COMMON	742718109	76,932	552,971	SH		SOLE		534,166	0	18,805
US Bancorp	COMMON	902973304	56,910	1,211,065	SH		SOLE		1,169,881	0	41,184
Travelers Companies Inc	COMMON	89417E109	136,142	969,890	SH		SOLE		936,321	0	33,569
Merck & Co Inc	COMMON	58933Y105	176,197	2,137,533	SH		SOLE		2,062,196	0	75,337
Bunge Ltd	COMMON	G16962105	113,811	1,735,561	SH		SOLE		1,671,908	0	63,653
Canadian Pacific Railway Ltd	COMMON	13645T100	51,255	147,590	SH		SOLE		131,467	0	16,123
Tanger Factory Outlet Center	COMMON	875465106	16,981	1,704,913	SH		SOLE		1,657,495	0	47,418
Texas Instruments Inc	COMMON	882508104	151,049	920,333	SH		SOLE		888,539	0	31,794
Union Pacific Corp	COMMON	907818108	57,627	276,793	SH		SOLE		267,400	0	9,393
Waters Corp	COMMON	941848103	95,115	384,428	SH		SOLE		371,285	0	13,143
Wabtec Corp	COMMON	929740108	39,133	534,598	SH		SOLE		515,001	0	19,597
Weyerhaeuser Co	COMMON	962166104	51,410	1,533,369	SH		SOLE		1,490,692	0	42,677
CME Group Inc	COMMON	12572Q105	38,663	209,627	SH		SOLE		202,492	0	7,135
Carmax Inc	COMMON	143130102	76,369	808,545	SH		SOLE		779,524	0	29,021
TJX Companies Inc	COMMON	872540109	72,366	1,059,638	SH		SOLE		1,021,766	0	37,872
Marketaxess Holdings	COMMON	57060D108	40,714	71,370	SH		SOLE		68,837	0	2,533
Dolby Laboratories Inc-CL A	COMMON	25659T107	66,585	685,541	SH		SOLE		661,012	0	24,529
Baidu Inc - Spon ADR	COMMON	056752108	320,967	1,484,335	SH		SOLE		0	0	1,484,335
Bce Inc	COMMON	05534B760	17,510	403,952	SH		SOLE		359,821	0	44,131
Bank of New York Mellon Corp	COMMON	064058100	48,073	1,132,763	SH		SOLE		1,095,055	0	37,708
Genpact Ltd	COMMON	G3922B107	78,343	1,894,175	SH		SOLE		1,681,952	0	212,223
Franco-Nevada Corp	COMMON	351858105	24,934	199,032	SH		SOLE		177,289	0	21,743
Chubb Limited	COMMON	H1467J104	35,939	232,315	SH		SOLE		224,409	0	7,906
Visteon Corp.	COMMON	92839U206	45,814	365,001	SH		SOLE		351,669	0	13,332
First Republic Bank	COMMON	33616C100	78,853	536,697	SH		SOLE		517,510	0	19,187
Kar Auction Services Inc	COMMON	48238T109	70,119	3,768,050	SH		SOLE		3,629,854	0	138,196
TE Connectivity Ltd	COMMON	H84989104	52,226	431,369	SH		SOLE		415,613	0	15,756
Globus Medical Inc A	COMMON	379577208	50,186	769,508	SH		SOLE		741,942	0	27,566
Facebook Inc A	COMMON	30303M102	154,408	565,298	SH		SOLE		545,013	0	20,285
Blackberry Ltd	COMMON	09228F103	25,287	3,816,972	SH		SOLE		3,392,441	0	424,531
Booking Holdings Inc	COMMON	09857L108	213,614	95,931	SH		SOLE		92,601	0	3,330
Huya Inc	COMMON	44852D108	188	9,439	SH		SOLE		0	0	9,439
Eventbrite Inc - Class A	COMMON	29975E109	27,526	1,520,885	SH		SOLE		1,466,949	0	53,936
Autohome Inc - Class A	COMMON	05278C107	327	3,278	SH		SOLE		0	0	3,278
Ctrip.com International ADR	COMMON	89677Q107	22,655	671,653	SH		SOLE		0	0	671,653
Otis Worldwide Corp	COMMON	68902V107	25,866	382,917	SH		SOLE		378,377	0	4,540
Inmode Ltd	COMMON	M5425M103	184	3,871	SH		SOLE		3,871	0	0
Aon Plc	COMMON	G0403H108	52,326	247,688	SH		SOLE		239,257	0	8,431
Raytheon Technologies Corp	COMMON	75513E101	20,972	293,258	SH		SOLE		293,258	0	0
Arista Networks Inc	COMMON	040413106	29,520	101,600	SH		SOLE		97,966	0	3,634
Axalta Coating Systems Ltd	COMMON	G0750C108	29,342	1,027,749	SH		SOLE		990,197	0	37,552
MOMO Inc ADR	COMMON	60879B107	50	3,598	SH		SOLE		0	0	3,598
Coca-Cola European Partners	COMMON	G25839104	108,850	2,185,230	SH		SOLE		1,992,544	0	192,686
Alphabet Inc - Class A	COMMON	02079K305	183,574	104,753	SH		SOLE		101,071	0	3,682
PayPal Holdings Inc.	COMMON	70450Y103	60,207	257,077	SH		SOLE		247,648	0	9,429
Yum China Holdings Inc	COMMON	98850P109	110,960	1,943,594	SH		SOLE		1,739,152	0	204,442
Alphabet Inc - Class C	COMMON	02079K107	139,802	79,804	SH		SOLE		76,951	0	2,853
Linde PLC	COMMON	G5494J103	52,482	199,178	SH		SOLE		192,052	0	7,126