# EDGAR Filing Document

**Accession Number:** 0001861026
**File Stem:** 0001861026-25-000012
**Filing Date:** 2025-8
**Character Count:** 12327
**Document Hash:** 44b304ead186ed4eb5b5a006491edb37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001861026-25-000012.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001861026-25-000012

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**EFFECTIVENESS DATE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marathon Asset Management Ltd
- **CENTRAL INDEX KEY:** 0001861026

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21396
- **FILM NUMBER:** 251200813

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THE FLORAL BUILDING
- **STREET 2:** 27B FLORAL STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC2E 9DP
- **BUSINESS PHONE:** 44 0 2074972211

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** THE FLORAL BUILDING
- **STREET 2:** 27B FLORAL STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC2E 9DP

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Marathon Asset Mgmt Ltd
- **DATE OF NAME CHANGE:** 20210506

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Marathon Asset Management Ltd<br>**Address:** The Floral Building<br>27b Floral Street<br>London, X0 WC2E 9DP

**Form 13F File Number:** 028-21396

**CRD Number (if applicable):** 000132391

**SEC File Number (if applicable):** 801-63397

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** James Bennett<br>**Title:** Chief Risk and Compliance Officer<br>**Phone:** 442074972211

**Signature, Place, and Date of Signing:**

James Bennett  London, X0  08-08-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 79

**Form 13F Information Table Value Total:** $3117713360

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ATS CORPORATION | COMMON | 00217Y104 |  | 39306812 | 1234961 | SH |  | SOLE |  | 813048 | 0 | 421913 |
| ADOBE INC | COMMON | 00724F101 |  | 33344862 | 86191 | SH |  | SOLE |  | 83283 | 0 | 2908 |
| AIR LEASE CORP | COMMON | 00912X302 |  | 17675589 | 301202 | SH |  | SOLE |  | 290077 | 0 | 11125 |
| ALIGN TECHNOLOGY INC | COMMON | 016255101 |  | 35843406 | 189319 | SH |  | SOLE |  | 183071 | 0 | 6248 |
| ALPHABET INC | COMMON | 02079K107 |  | 41109746 | 231752 | SH |  | SOLE |  | 223183 | 0 | 8569 |
| ALPHABET INC | COMMON | 02079K305 |  | 90551896 | 513833 | SH |  | SOLE |  | 498357 | 0 | 15476 |
| AMAZON COM INC | COMMON | 023135106 |  | 135836391 | 618952 | SH |  | SOLE |  | 598391 | 0 | 20561 |
| ELEVANCE HEALTH INC | COMMON | 036752103 |  | 102504963 | 263536 | SH |  | SOLE |  | 254988 | 0 | 8548 |
| ARCHER DANIELS MIDLAND CO | COMMON | 039483102 |  | 15426118 | 292275 | SH |  | SOLE |  | 281480 | 0 | 10795 |
| AUTODESK INC | COMMON | 052769106 |  | 42577007 | 137540 | SH |  | SOLE |  | 132434 | 0 | 5106 |
| BAKER HUGHES COMPANY | COMMON | 05722G100 |  | 13819765 | 360468 | SH |  | SOLE |  | 347154 | 0 | 13314 |
| BANK NOVA SCOTIA HALIFAX | COMMON | 064149107 |  | 67960897 | 1231192 | SH |  | SOLE |  | 810287 | 0 | 420905 |
| BARRICK MNG CORP | COMMON | 06849F108 |  | 4681436 | 224860 | SH |  | SOLE |  | 214519 | 0 | 10341 |
| BIO RAD LABS INC | COMMON | 090572207 |  | 14434036 | 59811 | SH |  | SOLE |  | 57606 | 0 | 2205 |
| BOOKING HOLDINGS INC | COMMON | 09857L108 |  | 33707883 | 5823 | SH |  | SOLE |  | 5634 | 0 | 189 |
| BROOKFIELD CORP | COMMON | 11271J107 |  | 91036880 | 1473859 | SH |  | SOLE |  | 971637 | 0 | 502222 |
| BROOKFIELD ASSET MANAGMT LTD | COMMON | 113004105 |  | 20292544 | 367324 | SH |  | SOLE |  | 242192 | 0 | 125132 |
| C H ROBINSON WORLDWIDE INC | COMMON | 12541W209 |  | 13424887 | 139122 | SH |  | SOLE |  | 133981 | 0 | 5141 |
| CME GROUP INC | COMMON | 12572Q105 |  | 43918027 | 159347 | SH |  | SOLE |  | 153433 | 0 | 5914 |
| CABLE ONE INC | COMMON | 12685J105 |  | 7434732 | 54746 | SH |  | SOLE |  | 52724 | 0 | 2022 |
| CANADIAN NAT RES LTD | COMMON | 136385101 |  | 56919444 | 1790155 | SH |  | SOLE |  | 1164520 | 0 | 625635 |
| CANADIAN PACIFIC KANSAS CITY | COMMON | 13646K108 |  | 47295437 | 595344 | SH |  | SOLE |  | 392258 | 0 | 203086 |
| CARMAX INC | COMMON | 143130102 |  | 8867825 | 131941 | SH |  | SOLE |  | 127068 | 0 | 4873 |
| CEMEX SAB DE CV | COMMON | 151290889 |  | 42232067 | 6094171 | SH |  | SOLE |  | 0 | 0 | 6094171 |
| COCA COLA CONS INC | COMMON | 191098102 |  | 9659103 | 86514 | SH |  | SOLE |  | 83314 | 0 | 3200 |
| DOLLAR TREE INC | COMMON | 256746108 |  | 19306957 | 194941 | SH |  | SOLE |  | 187740 | 0 | 7201 |
| DONNELLEY FINL SOLUTIONS INC | COMMON | 25787G100 |  | 12504424 | 202824 | SH |  | SOLE |  | 195329 | 0 | 7495 |
| ENVISTA HOLDINGS CORPORATION | COMMON | 29415F104 |  | 18562631 | 950007 | SH |  | SOLE |  | 914977 | 0 | 35030 |
| FTI CONSULTING INC | COMMON | 302941109 |  | 8569182 | 53061 | SH |  | SOLE |  | 51099 | 0 | 1962 |
| META PLATFORMS INC | COMMON | 30303M102 |  | 100319883 | 135919 | SH |  | SOLE |  | 131505 | 0 | 4414 |
| FISERV INC | COMMON | 337738108 |  | 90241249 | 523415 | SH |  | SOLE |  | 506479 | 0 | 16936 |
| FRANCO NEV CORP | COMMON | 351858105 |  | 53232138 | 324920 | SH |  | SOLE |  | 214020 | 0 | 110900 |
| FREEPORT-MCMORAN INC | COMMON | 35671D857 |  | 15681342 | 361749 | SH |  | SOLE |  | 345259 | 0 | 16490 |
| GILDAN ACTIVEWEAR INC | COMMON | 375916103 |  | 41225278 | 838247 | SH |  | SOLE |  | 552147 | 0 | 286100 |
| HDFC BANK LTD | COMMON | 40415F101 |  | 39669020 | 512976 | SH |  | SOLE |  | 0 | 0 | 512976 |
| HEALTHCARE SVCS GROUP INC | COMMON | 421906108 |  | 19166707 | 1275230 | SH |  | SOLE |  | 1228091 | 0 | 47139 |
| INTERACTIVE BROKERS GROUP IN | COMMON | 45841N107 |  | 39889109 | 719904 | SH |  | SOLE |  | 693116 | 0 | 26788 |
| IQVIA HLDGS INC | COMMON | 46266C105 |  | 26673115 | 169261 | SH |  | SOLE |  | 163660 | 0 | 5601 |
| OPENLANE INC | COMMON | 48238T109 |  | 35453191 | 1449965 | SH |  | SOLE |  | 1396376 | 0 | 53589 |
| LAUREATE EDUCATION INC | COMMON | 518613203 |  | 37854231 | 1619086 | SH |  | SOLE |  | 1311366 | 0 | 307720 |
| MARKEL GROUP INC | COMMON | 570535104 |  | 65172585 | 32631 | SH |  | SOLE |  | 31565 | 0 | 1066 |
| MASTERCARD INCORPORATED | COMMON | 57636Q104 |  | 53673565 | 95230 | SH |  | SOLE |  | 92161 | 0 | 3069 |
| MICROSOFT CORP | COMMON | 594918104 |  | 114301167 | 229799 | SH |  | SOLE |  | 221977 | 0 | 7822 |
| MICRON TECHNOLOGY INC | COMMON | 595112103 |  | 52570807 | 426551 | SH |  | SOLE |  | 410643 | 0 | 15908 |
| NEWMONT CORP | COMMON | 651639106 |  | 17561908 | 301443 | SH |  | SOLE |  | 290301 | 0 | 11142 |
| NLIGHT INC | COMMON | 65487K100 |  | 14484601 | 736066 | SH |  | SOLE |  | 708879 | 0 | 27187 |
| NVIDIA CORPORATION | COMMON | 67066G104 |  | 66754735 | 422520 | SH |  | SOLE |  | 406797 | 0 | 15723 |
| ORACLE CORP | COMMON | 68389X105 |  | 68879754 | 315058 | SH |  | SOLE |  | 304438 | 0 | 10620 |
| PAYCOM SOFTWARE INC | COMMON | 70432V102 |  | 62080121 | 268285 | SH |  | SOLE |  | 259367 | 0 | 8918 |
| PROGRESSIVE CORP | COMMON | 743315103 |  | 44148521 | 165438 | SH |  | SOLE |  | 159344 | 0 | 6094 |
| ROGERS CORP | COMMON | 775133101 |  | 12048543 | 175937 | SH |  | SOLE |  | 169436 | 0 | 6501 |
| S GLOBAL INC | COMMON | 78409V104 |  | 30093711 | 57074 | SH |  | SOLE |  | 55195 | 0 | 1879 |
| HENRY SCHEIN INC | COMMON | 806407102 |  | 17050988 | 233417 | SH |  | SOLE |  | 224809 | 0 | 8608 |
| SEALED AIR CORP NEW | COMMON | 81211K100 |  | 15312964 | 493489 | SH |  | SOLE |  | 475323 | 0 | 18166 |
| SOUTHERN COPPER CORP | COMMON | 84265V105 |  | 71466840 | 706405 | SH |  | SOLE |  | 564352 | 0 | 142053 |
| TJX COS INC NEW | COMMON | 872540109 |  | 21240962 | 172010 | SH |  | SOLE |  | 165612 | 0 | 6398 |
| TAIWAN SEMICONDUCTOR MFG LTD | COMMON | 874039100 |  | 11863077 | 52253 | SH |  | SOLE |  | 0 | 0 | 52253 |
| TELEFLEX INCORPORATED | COMMON | 879369106 |  | 10004493 | 84524 | SH |  | SOLE |  | 81842 | 0 | 2682 |
| TENCENT MUSIC ENTMT GROUP | COMMON | 88034P109 |  | 59243866 | 3039699 | SH |  | SOLE |  | 0 | 0 | 3039699 |
| TERADATA CORP DEL | COMMON | 88076W103 |  | 10203679 | 457359 | SH |  | SOLE |  | 440458 | 0 | 16901 |
| THERMO FISHER SCIENTIFIC INC | COMMON | 883556102 |  | 49783639 | 122721 | SH |  | SOLE |  | 118609 | 0 | 4112 |
| TRANSUNION | COMMON | 89400J107 |  | 65613701 | 745626 | SH |  | SOLE |  | 721537 | 0 | 24089 |
| VAIL RESORTS INC | COMMON | 91879Q109 |  | 12583056 | 79090 | SH |  | SOLE |  | 76169 | 0 | 2921 |
| VIPSHOP HLDGS LTD | COMMON | 92763W103 |  | 55991839 | 3720388 | SH |  | SOLE |  | 0 | 0 | 3720388 |
| VISA INC | COMMON | 92826C839 |  | 64854264 | 182670 | SH |  | SOLE |  | 176767 | 0 | 5903 |
| VONTIER CORPORATION | COMMON | 928881101 |  | 11396880 | 308863 | SH |  | SOLE |  | 297428 | 0 | 11435 |
| WABTEC | COMMON | 929740108 |  | 13805167 | 65943 | SH |  | SOLE |  | 63508 | 0 | 2435 |
| WELLS FARGO CO NEW | COMMON | 949746101 |  | 11939487 | 149026 | SH |  | SOLE |  | 143531 | 0 | 5495 |
| WESCO INTL INC | COMMON | 95082P105 |  | 14468406 | 78120 | SH |  | SOLE |  | 75240 | 0 | 2880 |
| WEYERHAEUSER CO MTN BE | COMMON | 962166104 |  | 8542997 | 332557 | SH |  | SOLE |  | 319006 | 0 | 13551 |
| WILLSCOT MOBIL MINI HLDNG CO | COMMON | 971378104 |  | 12693571 | 463269 | SH |  | SOLE |  | 446149 | 0 | 17120 |
| AXALTA COATING SYS LTD | COMMON | G0750C108 |  | 11204195 | 377393 | SH |  | SOLE |  | 363478 | 0 | 13915 |
| COCA-COLA EUROPACIFIC PARTNE | COMMON | G25839104 |  | 109417203 | 1180082 | SH |  | SOLE |  | 1016681 | 0 | 163401 |
| FLUTTER ENTMT PLC | COMMON | G3643J108 |  | 7139142 | 24983 | SH |  | SOLE |  | 24983 | 0 | 0 |
| ROYALTY PHARMA PLC | COMMON | G7709Q104 |  | 20883124 | 579621 | SH |  | SOLE |  | 558197 | 0 | 21424 |
| INMODE LTD | COMMON | M5425M103 |  | 2704020 | 187259 | SH |  | SOLE |  | 187259 | 0 | 0 |
| CNH INDL N V | COMMON | N20944109 |  | 169153654 | 13051997 | SH |  | SOLE |  | 12709524 | 0 | 342473 |
| LYONDELLBASELL INDUSTRIES N | COMMON | N53745100 |  | 24881478 | 430029 | SH |  | SOLE |  | 416144 | 0 | 13885 |
| COPA HOLDINGS SA | COMMON | P31076105 |  | 44290440 | 402752 | SH |  | SOLE |  | 358768 | 0 | 43984 |

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