# EDGAR Filing Document

**Accession Number:** 0001861026
**File Stem:** 0001861026-23-000005
**Filing Date:** 2023-2
**Character Count:** 13280
**Document Hash:** 78325b2c2b33faf6676f3835fd7d3f73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001861026-23-000005.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001861026-23-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marathon Asset Management Ltd
- **CENTRAL INDEX KEY:** 0001861026
- **IRS NUMBER:** 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:** 23593326

**BUSINESS ADDRESS:**
- **STREET 1:** ORION HOUSE
- **STREET 2:** 5 UPPER ST. MARTIN'S LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** WC2H 9EA
- **BUSINESS PHONE:** 44 0 2074972211

**MAIL ADDRESS:**
- **STREET 1:** ORION HOUSE
- **STREET 2:** 5 UPPER ST. MARTIN'S LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** WC2H 9EA

**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:** 12-31-2022

**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:** Orion House<br>5 Upper St. Martin's Lane<br>London, X0 WC2H 9EA

**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  02-07-2023<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:** 89

**Form 13F Information Table Value Total:** $3710903063

      (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 |
| ALIGN TECHNOLOGY INC | COMMON | 016255101 |  | 30975297 | 146873 | SH |  | SOLE |  | 135727 | 0 | 11146 |
| ANALOG DEVICES INC | COMMON | 032654105 |  | 61866122 | 377167 | SH |  | SOLE |  | 347293 | 0 | 29874 |
| ARCHER DANIELS MIDLAND CO | COMMON | 039483102 |  | 26978867 | 290564 | SH |  | SOLE |  | 267500 | 0 | 23064 |
| AUTODESK INC | COMMON | 052769106 |  | 34822678 | 186349 | SH |  | SOLE |  | 171582 | 0 | 14767 |
| AUTOZONE INC | COMMON | 053332102 |  | 28007808 | 11357 | SH |  | SOLE |  | 10460 | 0 | 897 |
| BAIDU INC | COMMON | 056752108 |  | 63821823 | 557983 | SH |  | SOLE |  | 0 | 0 | 557983 |
| BANK NOVA SCOTIA HALIFAX | COMMON | 064149107 |  | 39996113 | 816744 | SH |  | SOLE |  | 583327 | 0 | 233417 |
| BARRICK GOLD CORP | COMMON | 067901108 |  | 5204688 | 302777 | SH |  | SOLE |  | 291591 | 0 | 11186 |
| BROOKFIELD ASSET MANAGMT LTD | COMMON | 113004105 |  | 18805538 | 657231 | SH |  | SOLE |  | 466364 | 0 | 190867 |
| CANADIAN NAT RES LTD | COMMON | 136385101 |  | 107450686 | 1915142 | SH |  | SOLE |  | 1362519 | 0 | 552623 |
| CARMAX INC | COMMON | 143130102 |  | 12253776 | 201247 | SH |  | SOLE |  | 185263 | 0 | 15984 |
| DOLLAR TREE INC | COMMON | 256746108 |  | 45949824 | 324875 | SH |  | SOLE |  | 299096 | 0 | 25779 |
| ELECTRONIC ARTS INC | COMMON | 285512109 |  | 55871113 | 457288 | SH |  | SOLE |  | 422862 | 0 | 34426 |
| FTI CONSULTING INC | COMMON | 302941109 |  | 32361087 | 203793 | SH |  | SOLE |  | 187633 | 0 | 16160 |
| FAIR ISAAC CORP | COMMON | 303250104 |  | 56353734 | 94152 | SH |  | SOLE |  | 87096 | 0 | 7056 |
| FASTENAL CO | COMMON | 311900104 |  | 36690383 | 775380 | SH |  | SOLE |  | 713638 | 0 | 61742 |
| FISERV INC | COMMON | 337738108 |  | 71979569 | 712178 | SH |  | SOLE |  | 658426 | 0 | 53752 |
| FRANCO NEV CORP | COMMON | 351858105 |  | 50840574 | 373220 | SH |  | SOLE |  | 267291 | 0 | 105929 |
| GILDAN ACTIVEWEAR INC | COMMON | 375916103 |  | 20736224 | 757693 | SH |  | SOLE |  | 542790 | 0 | 214903 |
| HEALTHCARE SVCS GROUP INC | COMMON | 421906108 |  | 21688746 | 1807453 | SH |  | SOLE |  | 1663826 | 0 | 143627 |
| INFOSYS LTD | COMMON | 456788108 |  | 64616691 | 3587855 | SH |  | SOLE |  | 0 | 0 | 3587855 |
| JOHNSON  JOHNSON | COMMON | 478160104 |  | 73918278 | 418443 | SH |  | SOLE |  | 385352 | 0 | 33091 |
| MAGNA INTL INC | COMMON | 559222401 |  | 24229649 | 431589 | SH |  | SOLE |  | 309207 | 0 | 122382 |
| MARKEL CORP | COMMON | 570535104 |  | 77508956 | 58836 | SH |  | SOLE |  | 54358 | 0 | 4478 |
| MARSH  MCLENNAN COS INC | COMMON | 571748102 |  | 28850451 | 174342 | SH |  | SOLE |  | 160459 | 0 | 13883 |
| MICROSOFT CORP | COMMON | 594918104 |  | 110102561 | 459105 | SH |  | SOLE |  | 424121 | 0 | 34984 |
| MICRON TECHNOLOGY INC | COMMON | 595112103 |  | 35454485 | 707886 | SH |  | SOLE |  | 651704 | 0 | 56182 |
| MOODYS CORP | COMMON | 615369105 |  | 20424500 | 73307 | SH |  | SOLE |  | 67818 | 0 | 5489 |
| NEWMONT CORP | COMMON | 651639106 |  | 31673749 | 671054 | SH |  | SOLE |  | 617881 | 0 | 53173 |
| GEN DIGITAL INC | COMMON | 668771108 |  | 31507991 | 1470301 | SH |  | SOLE |  | 1353717 | 0 | 116584 |
| PROGRESSIVE CORP | COMMON | 743315103 |  | 34681315 | 267375 | SH |  | SOLE |  | 246286 | 0 | 21089 |
| RITCHIE BROS AUCTIONEERS | COMMON | 767744105 |  | 58286294 | 1009725 | SH |  | SOLE |  | 723447 | 0 | 286278 |
| ROGERS COMMUNICATIONS INC | COMMON | 775109200 |  | 22867224 | 485240 | SH |  | SOLE |  | 347599 | 0 | 137641 |
| HENRY SCHEIN INC | COMMON | 806407102 |  | 29360651 | 367609 | SH |  | SOLE |  | 338479 | 0 | 29130 |
| TJX COS INC NEW | COMMON | 872540109 |  | 78937330 | 991675 | SH |  | SOLE |  | 912736 | 0 | 78939 |
| TAIWAN SEMICONDUCTOR MFG LTD | COMMON | 874039100 |  | 3917721 | 52342 | SH |  | SOLE |  | 0 | 0 | 52342 |
| TELEFLEX INCORPORATED | COMMON | 879369106 |  | 34546296 | 138390 | SH |  | SOLE |  | 127964 | 0 | 10426 |
| THERMO FISHER SCIENTIFIC INC | COMMON | 883556102 |  | 89619303 | 162658 | SH |  | SOLE |  | 150401 | 0 | 12257 |
| UNITED PARCEL SERVICE INC | COMMON | 911312106 |  | 36256806 | 208567 | SH |  | SOLE |  | 192062 | 0 | 16505 |
| V F CORP | COMMON | 918204108 |  | 14820362 | 536790 | SH |  | SOLE |  | 494133 | 0 | 42657 |
| VONTIER CORPORATION | COMMON | 928881101 |  | 23914421 | 1237215 | SH |  | SOLE |  | 1139009 | 0 | 98206 |
| WABTEC | COMMON | 929740108 |  | 31162978 | 312223 | SH |  | SOLE |  | 287453 | 0 | 24770 |
| WELLS FARGO CO NEW | COMMON | 949746101 |  | 31520249 | 763387 | SH |  | SOLE |  | 702846 | 0 | 60541 |
| WEYERHAEUSER CO MTN BE | COMMON | 962166104 |  | 16944259 | 546589 | SH |  | SOLE |  | 529348 | 0 | 17241 |
| EVENTBRITE INC | COMMON | 29975E109 |  | 9120557 | 1556409 | SH |  | SOLE |  | 1432605 | 0 | 123804 |
| TRAVELERS COMPANIES INC | COMMON | 89417E109 |  | 28374015 | 151334 | SH |  | SOLE |  | 139333 | 0 | 12001 |
| ACTIVISION BLIZZARD INC | COMMON | 00507V109 |  | 32340385 | 422474 | SH |  | SOLE |  | 389062 | 0 | 33412 |
| ADOBE SYSTEMS INCORPORATED | COMMON | 00724F101 |  | 73066815 | 217119 | SH |  | SOLE |  | 200668 | 0 | 16451 |
| ALPHABET INC | COMMON | 02079K107 |  | 50693933 | 571328 | SH |  | SOLE |  | 526222 | 0 | 45106 |
| ALPHABET INC | COMMON | 02079K305 |  | 71808253 | 813879 | SH |  | SOLE |  | 754632 | 0 | 59247 |
| BCE INC | COMMON | 05534B760 |  | 26464414 | 593935 | SH |  | SOLE |  | 425492 | 0 | 168443 |
| BAKER HUGHES COMPANY | COMMON | 05722G100 |  | 40066140 | 1356812 | SH |  | SOLE |  | 1249078 | 0 | 107734 |
| BOOKING HOLDINGS INC | COMMON | 09857L108 |  | 51290891 | 25451 | SH |  | SOLE |  | 23508 | 0 | 1943 |
| BROOKFIELD CORP | COMMON | 11271J107 |  | 82621530 | 2629161 | SH |  | SOLE |  | 1865630 | 0 | 763531 |
| C H ROBINSON WORLDWIDE INC | COMMON | 12541W209 |  | 17845652 | 193701 | SH |  | SOLE |  | 178354 | 0 | 15347 |
| CANADIAN PAC RY LTD | COMMON | 13645T100 |  | 80982499 | 1084997 | SH |  | SOLE |  | 777277 | 0 | 307720 |
| CANNAE HLDGS INC | COMMON | 13765N107 |  | 21932352 | 1062119 | SH |  | SOLE |  | 977716 | 0 | 84403 |
| META PLATFORMS INC | COMMON | 30303M102 |  | 52375097 | 435226 | SH |  | SOLE |  | 402430 | 0 | 32796 |
| FIRST REP BK SAN FRANCISCO C | COMMON | 33616C100 |  | 27416596 | 224929 | SH |  | SOLE |  | 207142 | 0 | 17787 |
| FREEPORT-MCMORAN INC | COMMON | 35671D857 |  | 28930250 | 761332 | SH |  | SOLE |  | 685993 | 0 | 75339 |
| HDFC BANK LTD | COMMON | 40415F101 |  | 130355244 | 1905483 | SH |  | SOLE |  | 0 | 0 | 1905483 |
| IQVIA HLDGS INC | COMMON | 46266C105 |  | 39520243 | 192889 | SH |  | SOLE |  | 178226 | 0 | 14663 |
| KAR AUCTION SVCS INC | COMMON | 48238T109 |  | 37129874 | 2845284 | SH |  | SOLE |  | 2619627 | 0 | 225657 |
| M  T BK CORP | COMMON | 55261F104 |  | 22583633 | 155686 | SH |  | SOLE |  | 143339 | 0 | 12347 |
| MASTERCARD INCORPORATED | COMMON | 57636Q104 |  | 70159119 | 201763 | SH |  | SOLE |  | 187231 | 0 | 14532 |
| MERCK  CO INC | COMMON | 58933Y105 |  | 65604830 | 587740 | SH |  | SOLE |  | 541265 | 0 | 46475 |
| NLIGHT INC | COMMON | 65487K100 |  | 15932321 | 1571294 | SH |  | SOLE |  | 1446880 | 0 | 124414 |
| ORACLE CORP | COMMON | 68389X105 |  | 63668512 | 778915 | SH |  | SOLE |  | 719246 | 0 | 59669 |
| ORGANON  CO | COMMON | 68622V106 |  | 37993766 | 1360321 | SH |  | SOLE |  | 1252316 | 0 | 108005 |
| S GLOBAL INC | COMMON | 78409V104 |  | 50741568 | 151495 | SH |  | SOLE |  | 140028 | 0 | 11467 |
| SOUTHERN COPPER CORP | COMMON | 84265V105 |  | 79719933 | 1320085 | SH |  | SOLE |  | 1189181 | 0 | 130904 |
| TERADATA CORP DEL | COMMON | 88076W103 |  | 26167231 | 777416 | SH |  | SOLE |  | 715812 | 0 | 61604 |
| TRIP COM GROUP LTD | COMMON | 89677Q107 |  | 9725327 | 282713 | SH |  | SOLE |  | 0 | 0 | 282713 |
| UPLAND SOFTWARE INC | COMMON | 91544A109 |  | 9082401 | 1273897 | SH |  | SOLE |  | 1171769 | 0 | 102128 |
| VIMEO INC | COMMON | 92719V100 |  | 11203649 | 3266370 | SH |  | SOLE |  | 3007362 | 0 | 259008 |
| VIPSHOP HOLDINGS LIMITED | COMMON | 92763W103 |  | 51570780 | 3780849 | SH |  | SOLE |  | 3411322 | 0 | 369527 |
| VISA INC | COMMON | 92826C839 |  | 49444048 | 237983 | SH |  | SOLE |  | 219992 | 0 | 17991 |
| VISTEON CORP | COMMON | 92839U206 |  | 15199783 | 116181 | SH |  | SOLE |  | 106953 | 0 | 9228 |
| VISTRA CORP | COMMON | 92840M102 |  | 30800970 | 1327628 | SH |  | SOLE |  | 1196265 | 0 | 131363 |
| YUM CHINA HLDGS INC | COMMON | 98850P109 |  | 35575676 | 650975 | SH |  | SOLE |  | 640168 | 0 | 10807 |
| AON PLC | COMMON | G0403H108 |  | 19965304 | 66521 | SH |  | SOLE |  | 61272 | 0 | 5249 |
| AXALTA COATING SYS LTD | COMMON | G0750C108 |  | 26616303 | 1045006 | SH |  | SOLE |  | 962070 | 0 | 82936 |
| COCA-COLA EUROPACIFIC PARTNE | COMMON | G25839104 |  | 80224427 | 1450125 | SH |  | SOLE |  | 1318948 | 0 | 131177 |
| LINDE PLC | COMMON | G5494J103 |  | 36177276 | 110912 | SH |  | SOLE |  | 102080 | 0 | 8832 |
| MANCHESTER UTD PLC NEW | COMMON | G5784H106 |  | 55120006 | 2362700 | SH |  | SOLE |  | 2176601 | 0 | 186099 |
| ROYALTY PHARMA PLC | COMMON | G7709Q104 |  | 40754574 | 1031269 | SH |  | SOLE |  | 949493 | 0 | 81776 |
| INMODE LTD | COMMON | M5425M103 |  | 2214043 | 62018 | SH |  | SOLE |  | 62018 | 0 | 0 |
| LYONDELLBASELL INDUSTRIES N | COMMON | N53745100 |  | 37980149 | 457420 | SH |  | SOLE |  | 418886 | 0 | 38534 |
| COPA HOLDINGS SA | COMMON | P31076105 |  | 36565524 | 439648 | SH |  | SOLE |  | 428890 | 0 | 10758 |

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