0001040592-12-000004.txt : 20120124
0001040592-12-000004.hdr.sgml : 20120124
20120124105425
ACCESSION NUMBER: 0001040592-12-000004
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20111231
FILED AS OF DATE: 20120124
DATE AS OF CHANGE: 20120124
EFFECTIVENESS DATE: 20120124
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: MARATHON ASSET MANAGEMENT LLP
CENTRAL INDEX KEY: 0001040592
IRS NUMBER: 954328983
STATE OF INCORPORATION: X0
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 13F-HR
SEC ACT: 1934 Act
SEC FILE NUMBER: 028-03743
FILM NUMBER: 12541154
BUSINESS ADDRESS:
STREET 1: ORION HOUSE
STREET 2: 5 UPPER ST MARTIN'S LANE
CITY: LONDON
STATE: X0
ZIP: WC2H 9EA
BUSINESS PHONE: 00442074972399
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 MANAGEMENT (SERVICES) LTD
DATE OF NAME CHANGE: 20050208
FORMER COMPANY:
FORMER CONFORMED NAME: MARATHON ASSET MANAGEMENT LTD/LONDON
DATE OF NAME CHANGE: 19990324
13F-HR
1
holdings.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended : December 31, 2011
Check here if Amendment [ ]; Amendment number: 1
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Marathon Asset Management LLP
Address: Orion House
5 Upper St. Martins Lane
London
WC2H 9EA
United Kingdom
13F File Number: 28-6422
The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person
signing the report is authorised 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: Simon Davies
Title: Compliance Officer
Phone: (00) 44 (0)20 7497 2211
Signature, Place and Date of Signing:
Simon Davies London, United Kingdom October 12, 2011
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
N/A
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
FORM 13F
REPORT SUMMARY:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 118
Form 13F Information Table Value Total: $7,561,551 (thousands)
List of Other Included Managers:
No. 13F File Number Name
FORM 13 F INFORMATION TABLE
FORM 13F INFORMATION TABLE
NAME OF ISSUER TITLE OF VALUE SHARES/ SH/ INVSTMT OTHER VOTING AUTHORITY
CLASS CUSIP x$1000 PRN AMT PRN DSCRETN MANAGERS SOLE SHARED NONE
ALCATEL SA-SPONSORED ADR COM 013904305 2652 1700174 SH SOLE 1278593 0 421581
ALLIANCE DATA SYSTEMS CORP COM 018581108 90423 870790 SH SOLE 662195 0 208595
ALTRIA GROUP COM 02209S103 41439 1397603 SH SOLE 1036492 0 361111
AMAZON COM INC COM 023135106 332264 1919494 SH SOLE 1457237 0 462257
AMC NETWORKS INC COM 00164V103 73894 1966317 SH SOLE 1493286 0 473031
AMERICAN MOVIL - SAB DE CV COM 02364W105 46271 2047369 SH SOLE 1543856 0 503513
AMERICAN EXPRESS CO COM 025816109 108484 2299847 SH SOLE 1750121 0 549726
AMERICAN GREETINGS CORP - CLASS A COM 026375105 65108 5204455 SH SOLE 3949772 0 1254683
AMERICAN INTERNATIONAL GROUP COM 026874784 67256 2898958 SH SOLE 2199593 0 699365
AMERIPRISE FIN INC COM 03076C106 5900 118853 SH SOLE 89309 0 29455
AMR CORP 6.25 10 15 14 COM 001765BC9 4510 20501000 SH SOLE 15505000 0 4996000
AOL INC COM 00184X105 1029 68164 SH SOLE 51982 0 16182
ASCENT CAP GROUP INC COM 043632108 1497 29520 SH SOLE 22373 0 7147
BAKER HUGHES INC COM 057224107 7221 148456 SH SOLE 111845 0 36611
BANCO SANTANDER ADR COM 05964H105 1801 239474 SH SOLE 180465 0 59009
BANK OF AMERICA CORP COM 060505104 131138 23585945 SH SOLE 17917449 0 5668496
BANK MONTREAL QUE COM 063671101 59598 1087359 SH SOLE 830751 0 256608
BCE INC COM 05534B760 78904 1891788 SH SOLE 1443266 0 448522
BERKSHIRE HATHAWAY "B" COM 084670207 245430 3216650 SH SOLE 2442338 0 774312
BLUE NILE INC COM 09578R103 107260 2623777 SH SOLE 1997387 0 626390
BRISTOL-MYERS SQUIBB CO COM 110122108 29124 826459 SH SOLE 622599 0 203860
BROOKFIELD ASSET MANAGE-CL A COM 112585104 15002 545908 SH SOLE 448580 0 97328
CABLEVISION SYSTEMS NY GROUP A COM 12686C109 282019 19832531 SH SOLE 15071906 0 4760625
CAVCO INDUSTRIES INC COM 149568107 7564 188810 SH SOLE 142582 0 46228
CBRE GROUP COM 12504L109 133137 8747516 SH SOLE 6644635 0 2102881
CBS CORP CLASS B COM 124857202 89543 3299298 SH SOLE 2507109 0 792189
CBS CORP - CL A COM 124857103 30533 1103076 SH SOLE 840602 0 262474
CEMEX SAB DE CV COM 151290889 20202 3748121 SH SOLE 2834525 0 913596
CHUNGHWA TELECOM CO LTD SPON ADR COM 17133Q502 1329 39925 SH SOLE 23820 0 16105
CINCINNATI BELL INC COM 171871106 4625 1526500 SH SOLE 1152588 0 373912
CIT GROUP INC COM 125581801 71439 2048727 SH SOLE 1556559 0 492168
COSTCO WHOLESALE CORP COM 22160K105 375232 4503503 SH SOLE 3420242 0 1083261
DELL INC COM 24702R101 4956 338723 SH SOLE 251882 0 86841
DELTA AIR LINES COM 247361702 109414 13524601 SH SOLE 10272831 0 3251770
DIRECTV GROUP INC COM 25490A101 54239 1268455 SH SOLE 962913 0 305542
DISCOVERY COMMUNICATIONS A COM 25470F104 6786 165642 SH SOLE 125103 0 40539
DISCOVERY COMMUNICATIONS C COM 25470F302 3557 94360 SH SOLE 71136 0 23224
DST SYSTEMS INC COM 233326107 51972 1361414 SH SOLE 1035866 0 325548
EBAY INC COM 278642103 95449 3147005 SH SOLE 2391064 0 755941
EMBRAER SA ADR COM 29082A107 13544 537029 SH SOLE 407981 0 129048
ESTEE LAUDER COMPANIES CLASS A COM 518439104 184664 1644092 SH SOLE 1253197 0 390895
EXPEDITORS INTL WASH INC COM 302130109 24443 596765 SH SOLE 452299 0 144466
FIBRIA CELULOSE SA SPON ADR COM 31573A109 6707 863143 SH SOLE 655800 0 207343
FOMENTO ECONOMICO COM 344419106 7870 1112900 SH SOLE 85800 0 27100
FORRESTER RESEARCH INC COM 346563109 37779 1113126 SH SOLE 852143 0 260983
FRESENIUS MEDICAL CARE ADR COM 358029106 81898 1204739 SH SOLE 771445 0 433294
GARTNER INC COM 366651107 159543 4588533 SH SOLE 3484023 0 1104510
HACKETT GROUP INC COM 404609109 4642 1241110 SH SOLE 930263 0 310847
HANESBRANDS INC COM 410345102 39336 1799452 SH SOLE 1361413 0 438039
HEALTH MANAGEMENT ASSOCIATES INC A COM 421933102 24732 3355832 SH SOLE 2536965 0 818867
HEIDRICK & STRUGGLES COM 422819102 7848 364361 SH SOLE 274689 0 89672
HEWLETT PACKARD CO COM 428236103 16221 629689 SH SOLE 474166 0 155523
HUNT (JB) TRANSPORT SVCS INC COM 445658107 10728 238040 SH SOLE 180270 0 57770
HUNTINGTON BANCSHARE INC COM 446150104 76746 13979219 SH SOLE 10605458 0 3373761
HUNTINGTON INGALLAS INDS INC COM 446413106 1529 48878 SH SOLE 38766 0 10112
IMPERIAL OIL LTD CANADA COM 453038408 165659 3716295 SH SOLE 2823773 0 892522
INFOSYS LTD ADR COM 456788108 7165 139457 SH SOLE 105947 0 33519
INTERPUBLIC GROUP OF COS INC COM 460690100 26001 2672293 SH SOLE 2019127 0 653166
JP MORGAN CHASE AND CO COM 46625H100 18674 561632 SH SOLE 424634 0 136998
K12 INC COM 48273U102 28389 1582432 SH SOLE 1204780 0 377652
KANSAS CITY SOUTHERN COM 485170302 219223 3223398 SH SOLE 2443582 0 779816
KBH US COM 48666K109 19647 2923642 SH SOLE 2218085 0 705557
LAZARD LTD - C1 A COM G54050102 136189 5215963 SH SOLE 3965578 0 1250385
LEGG MASON INC COM 524901105 128116 5327075 SH SOLE 4057463 0 1269612
LEVEL 3 COMM INC COM 52729N100 40015 2355216 SH SOLE 1788616 0 566600
LIBERTY GLOBAL INC COMMON SERIES C COM 530555309 175089 4430393 SH SOLE 3362272 0 1068121
LIBERTY GLOBAL INC COMMON SERIES A COM 530555101 244282 5953734 SH SOLE 4520041 0 1433693
LIBERTY MEDIA CORP INT SERIES A COM 53071M104 53433 3295255 SH SOLE 2501184 0 794071
LIBERTY MEDIA CORP CAPITAL COM 530322106 67434 863982 SH SOLE 655713 0 208269
LIVE NATION ENTERTAINMENT INC COM 538034109 5631 677674 SH SOLE 512034 0 165640
LSI CORPORATION COM 502161102 81829 13752784 SH SOLE 10446107 0 3306677
LUXOTTICA ADR COM 55068R202 130899 4686684 SH SOLE 3470013 0 1216671
M & T BANK CORP COM 55261F104 46259 605955 SH SOLE 461759 0 144196
MBIA INC COM 55262C100 132570 11438307 SH SOLE 8680927 0 2757380
MERCK & CO INC COM 58933Y105 11949 316948 SH SOLE 237270 0 79678
MERCURY GENERAL CORP COM 589400100 46893 1027896 SH SOLE 779953 0 247943
MGIC INVESTMENT CORP COM 552848103 31072 8330245 SH SOLE 6314470 0 2015775
MGM RESORTS INTERNATIONAL COM 552953101 81610 7824558 SH SOLE 5957149 0 1867409
MICROSOFT CORP COM 594918104 52315 2400415 SH SOLE 1821154 0 579261
MINDRAY MEDICAL COM 602675100 12115 472516 SH SOLE 358970 0 113546
MOHAWK INDUSTRIES COM 608190104 5165 86301 SH SOLE 64550 0 21751
MONSANTO CO COM 61166W101 85264 1216838 SH SOLE 925634 0 291204
MOODYS CORPORATION COM 615369105 17475 518859 SH SOLE 393082 0 125777
NETEASE.COM ADR COM 64110W102 12558 280000 SH SOLE 212600 0 67400
NII HOLDINGS 3.125pctCVNT15062012 USD COM 62913FAJ1 9767 9718000 SH SOLE 6537000 0 3181000
NII HOLDINGS INC COM 62913F201 67216 3155675 SH SOLE 2461152 0 694523
NORFOLK SOUTHERN CORP COM 655844108 3811 52309 SH SOLE 39653 0 12656
NORTHROP GRUMMAN CORPORATION COM 666807102 18296 312858 SH SOLE 249249 0 63609
OFFICE DEPOT INC COM 676220106 1908 887397 SH SOLE 669887 0 217510
PHILIP MORRIS INTERNATIONAL W/1 COM 718172109 96972 1235627 SH SOLE 914549 0 321078
PITNEY BOWES INC COM 724479100 6404 345392 SH SOLE 259297 0 86095
PRICELINE.COM INC COM 741503403 179127 382988 SH SOLE 290381 0 92607
PULTE HOMES INC COM 745867101 74451 11798830 SH SOLE 8964552 0 2834278
RAYTHEON COMPANY COM 755111507 47369 979109 SH SOLE 744538 0 234571
REGIONS FINANCIAL CORP COM 7591EP100 38502 8954064 SH SOLE 6801064 0 2153000
ROGERS COMMUNICATIONS INC. CLASS B COM 775109200 402567 10443664 SH SOLE 7952659 0 2491005
SAPIENT CORPORATION COM 803062108 63473 5037501 SH SOLE 3835168 0 1202333
SCOTTS MIRACLE GRO COM 810186106 74828 1602664 SH SOLE 1216153 0 386511
SHERWIN-WILLIAMS CO COM 824348106 6349 71118 SH SOLE 53167 0 17951
SL GREEN REALTY CORP COM 78440X101 187680 2816323 SH SOLE 2135133 0 681190
SOHU.COM INC COM 83408W103 7235 144700 SH SOLE 109900 0 34800
SOTHEBYS COM 835898107 71669 2512066 SH SOLE 1908121 0 603945
SOTHERBYS CNV 3.125PCT 15/06/13 COM 835898AC1 1819 1594000 SH SOLE 1352726 0 241274
STANDARD PACIFIC CORP COM 85375C101 6491 2041209 SH SOLE 1537009 0 504200
SYNOVUS FINANCIAL CORP COM 87161C105 20710 14687692 SH SOLE 11177592 0 3510100
TAIWAN SEMICONDUCTOR - SP ADR COM 874039100 29895 2315654 SH SOLE 1786630 0 529024
TEVA PHARMACEUTICALS SP ADR COM 881624209 7866 194900 SH SOLE 147800 0 47100
THE KROGER CO COM 501044101 108059 4461545 SH SOLE 3394702 0 1066843
MADISON SQUARE GARDEN INC-A COM 55826P100 11813 412472 SH SOLE 314220 0 98252
TIME WARNER INC COM 887317105 66812 1848696 SH SOLE 1407292 0 441404
TOWERS WATSON & CO COM 891894107 134146 4438386 SH SOLE 1699810 0 538576
ULTRAPETROL (BAHAMAS) LTD COM P94398107 5930 1989840 SH SOLE 1177150 0 812690
US AIRWAYS 7 1/4 05/15/14 COM 911905AC1 2683 2062000 SH SOLE 1566000 0 496000
US AIRWAYS GROUP INC COM 90341W108 32626 6435112 SH SOLE 4892920 0 15422192
VIAD CORP COM 92552R406 67480 3860436 SH SOLE 2926718 0 933718
VINA CONCHA Y TORO ADR COM 927191106 1980 52800 SH SOLE 41800 0 11000
XEROX CORP COM 984121103 32796 4120039 SH SOLE 3121680 0 998359
YUM BRANDS INC COM 988498101 13468 228230 SH SOLE 173426 0 54804