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
Abiomed Inc	COMMON	003654100	31,509	98,859	SH		SOLE		96,485	0	2,374
Alleghany Corp	COMMON	017175100	38,014	60,680	SH		SOLE		59,167	0	1,513
American Express Co	COMMON	025816109	110,083	775,980	SH		SOLE		757,077	0	18,903
Analog Devices Inc	COMMON	032654105	64,562	416,312	SH		SOLE		406,774	0	9,538
Applied Materials Inc	COMMON	038222105	54,058	404,624	SH		SOLE		394,552	0	10,072
Archer-Daniels-Midland Co.	COMMON	039483102	168,496	2,956,078	SH		SOLE		2,883,262	0	72,816
Arista Networks Inc	COMMON	040413106	29,800	98,713	SH		SOLE		96,334	0	2,379
Automatic Data Processing	COMMON	053015103	44,477	234,876	SH		SOLE		229,480	0	5,396
Autozone Inc	COMMON	053332102	134,954	96,097	SH		SOLE		93,832	0	2,265
Baidu Inc - Spon ADR	COMMON	056752108	192,797	886,225	SH		SOLE		828,352	0	57,873
Bank of New York Mellon Corp	COMMON	064058100	52,002	1,099,645	SH		SOLE		1,074,838	0	24,807
Bank of Nova Scotia	COMMON	064149107	27,178	434,479	SH		SOLE		386,356	0	48,123
Barrick Gold Corp	COMMON	067901108	114,596	5,787,794	SH		SOLE		2,576,560	0	3,211,234
Baxter International Inc	COMMON	071813109	45,980	543,663	SH		SOLE		530,188	0	13,475
Berkshire Hathaway Inc	COMMON	084670702	82,471	322,806	SH		SOLE		315,619	0	7,187
Brookfield Asset Management-CL A	COMMON	112585104	144,088	3,238,736	SH		SOLE		3,004,292	0	234,444
Canadian Natural Resources	COMMON	136385101	48,418	1,548,224	SH		SOLE		1,379,516	0	168,708
Carmax Inc	COMMON	143130102	97,538	735,280	SH		SOLE		717,459	0	17,821
Citigroup Inc	COMMON	172967424	47,720	655,933	SH		SOLE		641,129	0	14,804
Coca Cola Co	COMMON	191216100	53,465	1,006,645	SH		SOLE		981,568	0	25,077
Colgate Palmolive Co	COMMON	194162103	38,190	484,476	SH		SOLE		473,358	0	11,118
Electronic Arts Inc	COMMON	285512109	86,987	642,597	SH		SOLE		627,584	0	15,013
Expeditors Intl Wash Inc	COMMON	302130109	49,485	459,509	SH		SOLE		448,957	0	10,552
FTI Consulting Inc	COMMON	302941109	127,436	909,540	SH		SOLE		887,202	0	22,338
Fastenal Co	COMMON	311900104	60,301	1,199,326	SH		SOLE		1,170,467	0	28,859
Fomento Economico Mexicano Spon ADR	COMMON	344419106	59,897	795,137	SH		SOLE		0	0	795,137
Franco-Nevada Corp	COMMON	351858105	31,995	255,338	SH		SOLE		227,069	0	28,269
Gildan Activewear Inc	COMMON	375916103	58,115	1,899,328	SH		SOLE		1,807,854	0	91,474
Globus Medical Inc A	COMMON	379577208	41,094	666,357	SH		SOLE		650,238	0	16,119
Hartford Financial SVCS Group Inc	COMMON	416515104	74,687	1,112,616	SH		SOLE		1,087,499	0	25,117
Healthcare Services Group	COMMON	421906108	47,140	1,681,817	SH		SOLE		1,639,963	0	41,854
The Hershey Company	COMMON	427866108	112,841	713,459	SH		SOLE		696,673	0	16,786
Intel Corp	COMMON	458140100	130,151	2,033,614	SH		SOLE		1,984,955	0	48,659
Johnson and Johnson	COMMON	478160104	251,870	1,532,616	SH		SOLE		1,496,221	0	36,395
Kimberly-Clark Corp	COMMON	494368103	63,298	451,678	SH		SOLE		440,863	0	10,815
Loews Corp	COMMON	540424108	50,094	976,875	SH		SOLE		952,662	0	24,213
Magna International Inc	COMMON	559222401	25,914	294,269	SH		SOLE		262,202	0	32,067
Markel Corp	COMMON	570535104	74,787	65,602	SH		SOLE		64,032	0	1,570
Omnicom Group	COMMON	681919106	11,850	158,373	SH		SOLE		154,361	0	4,012
PPG Industries Inc	COMMON	693506107	34,180	227,469	SH		SOLE		221,833	0	5,636
Paccar Inc	COMMON	693718108	35,919	386,581	SH		SOLE		377,296	0	9,285
Paychex Inc	COMMON	704326107	59,771	609,796	SH		SOLE		595,793	0	14,003
Pepsico Inc	COMMON	713448108	46,994	332,237	SH		SOLE		324,200	0	8,037
Pricesmart Inc	COMMON	741511109	23,120	238,971	SH		SOLE		209,810	0	29,161
Procter & Gamble	COMMON	742718109	72,672	536,572	SH		SOLE		524,258	0	12,314
Progressive Corp	COMMON	743315103	47,482	496,618	SH		SOLE		484,605	0	12,013
Rayonier Inc	COMMON	754907103	37,176	1,152,712	SH		SOLE		1,135,760	0	16,952
Ritchie Bros Auctioneers	COMMON	767744105	59,340	1,013,598	SH		SOLE		930,223	0	83,375
Rogers Communications Inc	COMMON	775109200	15,425	331,790	SH		SOLE		295,196	0	36,594
TJX Companies Inc	COMMON	872540109	68,122	1,029,815	SH		SOLE		1,005,067	0	24,748
Taiwan Semiconductor Manufacturing Co Ltd	COMMON	874039100	13,423	113,148	SH		SOLE		109,737	0	3,411
Tanger Factory Outlet Center	COMMON	875465106	24,716	1,633,554	SH		SOLE		1,609,543	0	24,011
Texas Instruments Inc	COMMON	882508104	168,853	893,476	SH		SOLE		872,667	0	20,809
US Bancorp	COMMON	902973304	44,398	796,866	SH		SOLE		778,573	0	18,293
Union Pacific Corp	COMMON	907818108	59,207	268,620	SH		SOLE		262,467	0	6,153
United Parcel Services Cl B	COMMON	911312106	83,754	492,702	SH		SOLE		480,659	0	12,043
Wabtec Corp	COMMON	929740108	41,020	518,226	SH		SOLE		505,309	0	12,917
Waters Corp	COMMON	941848103	106,081	373,301	SH		SOLE		364,675	0	8,626
Wells Fargo	COMMON	949746101	177,817	4,551,249	SH		SOLE		4,441,247	0	110,002
Weyerhaeuser Co	COMMON	962166104	52,305	1,469,326	SH		SOLE		1,447,716	0	21,610
Raytheon Technologies Corp	COMMON	75513E101	21,955	284,138	SH		SOLE		284,138	0	0
Eventbrite Inc - Class A	COMMON	29975E109	32,739	1,477,414	SH		SOLE		1,442,120	0	35,294
Travelers Companies Inc	COMMON	89417E109	141,596	941,460	SH		SOLE		919,474	0	21,986
Activision Blizzard	COMMON	00507V109	45,386	488,023	SH		SOLE		476,335	0	11,688
Alphabet Inc - Class C	COMMON	02079K107	139,374	67,375	SH		SOLE		65,745	0	1,630
Alphabet Inc - Class A	COMMON	02079K305	209,570	101,608	SH		SOLE		99,192	0	2,416
Autohome Inc - Class A	COMMON	05278C107	258	2,761	SH		SOLE		2,761	0	0
Bce Inc	COMMON	05534B760	18,549	404,986	SH		SOLE		360,855	0	44,131
Bancolombia Sa -Pref	COMMON	05968L102	21,285	665,413	SH		SOLE		588,971	0	76,442
Booking Holdings Inc	COMMON	09857L108	216,983	93,132	SH		SOLE		90,956	0	2,176
C H Robinson Worldwide Inc	COMMON	12541W209	89,792	935,541	SH		SOLE		913,513	0	22,028
CME Group Inc	COMMON	12572Q105	41,542	203,406	SH		SOLE		198,737	0	4,669
Canadian Pacific Railway Ltd	COMMON	13645T100	56,617	147,969	SH		SOLE		131,846	0	16,123
Costco Wholesale Corp	COMMON	22160K105	35,387	100,395	SH		SOLE		97,894	0	2,501
Dolby Laboratories Inc-CL A	COMMON	25659T107	48,662	492,901	SH		SOLE		480,977	0	11,924
Facebook Inc A	COMMON	30303M102	161,591	548,639	SH		SOLE		535,310	0	13,329
First Republic Bank	COMMON	33616C100	86,962	521,515	SH		SOLE		508,978	0	12,537
Freeport-McMoran Inc	COMMON	35671D857	23,501	713,683	SH		SOLE		629,782	0	83,901
Grupo Televisa Sa-Spons Adr	COMMON	40049J206	16,196	1,827,984	SH		SOLE		0	0	1,827,984
Huya Inc	COMMON	44852D108	176	9,038	SH		SOLE		9,038	0	0
Kar Auction Services Inc	COMMON	48238T109	65,029	4,336,056	SH		SOLE		4,228,276	0	107,780
KT Corp ADR	COMMON	48268K101	17,583	1,413,461	SH		SOLE		0	0	1,413,461
M & T Bank Corp	COMMON	55261F104	49,415	325,935	SH		SOLE		318,129	0	7,806
Marketaxess Holdings	COMMON	57060D108	34,496	69,281	SH		SOLE		67,621	0	1,660
Maxim Integrated Products	COMMON	57772K101	62,718	686,414	SH		SOLE		670,662	0	15,752
Merck & Co Inc	COMMON	58933Y105	165,054	2,123,919	SH		SOLE		2,073,193	0	50,726
MOMO Inc ADR	COMMON	60879B107	53	3,598	SH		SOLE		0	0	3,598
National Oilwell Varco	COMMON	62955J103	42,010	3,062,166	SH		SOLE		2,985,946	0	76,220
Oracle Corp	COMMON	68389X105	277,582	3,955,843	SH		SOLE		3,861,606	0	94,237
Otis Worldwide Corp	COMMON	68902V107	25,734	375,946	SH		SOLE		371,499	0	4,447
PayPal Holdings Inc.	COMMON	70450Y103	54,860	225,911	SH		SOLE		220,288	0	5,623
3M Co	COMMON	88579Y101	27,751	144,024	SH		SOLE		140,719	0	3,305
Ctrip.com International ADR	COMMON	89677Q107	25,685	648,128	SH		SOLE		0	0	648,128
Visteon Corp.	COMMON	92839U206	32,302	264,880	SH		SOLE		258,287	0	6,593
Yum China Holdings Inc	COMMON	98850P109	130,745	2,208,153	SH		SOLE		2,107,348	0	100,805
Aon Plc	COMMON	G0403H108	55,307	240,356	SH		SOLE		234,840	0	5,516
Axalta Coating Systems Ltd	COMMON	G0750C108	29,480	996,669	SH		SOLE		971,964	0	24,705
Bunge Ltd	COMMON	G16962105	110,884	1,398,816	SH		SOLE		1,364,049	0	34,767
Coca-Cola European Partners	COMMON	G25839104	108,473	2,080,222	SH		SOLE		1,902,437	0	177,785
Genpact Ltd	COMMON	G3922B107	75,775	1,769,610	SH		SOLE		1,649,631	0	119,979
Linde PLC	COMMON	G5494J103	54,210	193,509	SH		SOLE		188,855	0	4,654
Chubb Limited	COMMON	H1467J104	35,787	225,420	SH		SOLE		220,247	0	5,173
TE Connectivity Ltd	COMMON	H84989104	45,633	353,445	SH		SOLE		344,647	0	8,798
Inmode Ltd	COMMON	M5425M103	280	3,871	SH		SOLE		3,871	0	0