SC 13G 1 a04-1766_1sc13g.htm SC 13G


                               UNITED STATES


                     SECURITIES AND EXCHANGE COMMISSION


                           Washington, D.C. 20549





                              SCHEDULE 13G


               Under the Securities Exchange Act of 1934

        INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
        TO RULES 13d-1(b) AND (c) AND AMENDMENTS THERETO FILED
                         PURSUANT TO 13d-2(b)


                            Viad Corporation

              		       Common Stock

                               092552R109
                             (CUSIP Number)


                              MARCH 31, 2005


Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:

[x] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)






     CUSIP NO. 092552R109         13G                       Page 2 of 11 Pages


1. Names of Reporting Persons. (entities only):

   M.A.M. INVESTMENTS LTD., a Jersey corporation; MARATHON ASSET MANAGEMENT
   LLP,a limited liability partnership incorporated under the laws of England
   and Wales, WILLIAM JAMES ARAH,JEREMY JOHN HOSKING and NEIL MARK OSTRER, who
   disaffirm the existence of any group and who are sometimes collectively
   referred to as the "Reporting Persons."

2. Check the Appropriate Box if a Member of a Group:

(a) [ ]
(b) [X]

3. SEC Use Only

4. Citizenship or Place of Organization:
   United Kingdom / Jersey


Number of Shares Beneficially Owned by Each Reporting Person With:

    5.   Sole Voting Power
         0

    6.   Shared Voting Power
         1,518,900

    7.   Sole Dispositive Power
         0

    8.   Shared Dispositive Power
         2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person:
   2,304,800

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares [  ]

11.Percent of Class Represented by Amount in Row (9)
   10.3%

12.Type of Reporting Person:
   IA, HC, IN






     CUSIP NO. 092552R109         13G                      Page 3 of 11 Pages



1. Names of Reporting Persons:
   Marathon Asset Management LLP


2. Check the Appropriate Box if a Member of a Group

(a) [ ]
(b) [X]


3. SEC Use Only

4. Citizenship or Place of Organization
   London


Number of Shares Beneficially Owned by Each Reporting Person With:

    5.   Sole Voting Power
         0

    6.   Shared Voting Power
         1,518,900

    7.   Sole Dispositive Power
         0

    8.   Shared Dispositive Power
         2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person:
   2,304,800

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares [  ]

11.Percent of Class Represented by Amount in Row (9)
   10.3%


12. Type of Reporting Person
    IA





     CUSIP NO. 092552R109         13G                      Page 4 of 11 Pages



1. Names of Reporting Persons
   M.A.M. INVESTMENTS LTD

2. Check the Appropriate Box if a Member of a Group

(a)[ ]
(b)[X]


3. SEC Use Only

4. Citizenship or Place of Organization
   Jersey



Number of Shares Beneficially Owned by Each Reporting Person With


   5.   Sole Voting Power
        0

   6.   Shared Voting Power
        1,518,900

   7.   Sole Dispositive Power
        0



8. Shared Dispositive Power
   2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person
   2,304,800

   2,304,800 shares are deemed to be beneficially owned by MAM
   Investments Ltd, as a control person of the investment advisor.
   MAM Investments Ltd disclaims any direct ownership of the shares
   reported in this schedule 13G.


10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
    [  ]


11. Percent of Class Represented by Amount in Row (9)
    10.3%


12. Type of Reporting Person
    HC





     CUSIP NO. 092552R109         13G                      Page 5 of 11 Pages


1. Names of Reporting Persons. (entities only):

   William James Arah


2. Check the Appropriate Box if a Member of a Group:

(a) [ ]
(b) [X]

3. SEC Use Only

4. Citizenship or Place of Organization:
   United Kingdom


Number of Shares Beneficially Owned by Each Reporting Person With:

    5.   Sole Voting Power
         0

    6.   Shared Voting Power
         1,518,900

    7.   Sole Dispositive Power
         0

    8.   Shared Dispositive Power
         2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person:
   2,304,800

   2,304,800 shares are deemed to be beneficially owned by William James
   Arah, as a control person of the investment advisor. William James Arah
   disclaims any direct ownership of the shares reported in this
   schedule 13G.

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares [  ]

11.Percent of Class Represented by Amount in Row (9)
   10.3%

12.Type of Reporting Person:
   IN




     CUSIP NO. 092552R109         13G                      Page 6 of 11 Pages


1. Names of Reporting Persons. (entities only):

   Neil Mark Ostrer


2. Check the Appropriate Box if a Member of a Group:

(a) [ ]
(b) [X]

3. SEC Use Only

4. Citizenship or Place of Organization:
   United Kingdom


Number of Shares Beneficially Owned by Each Reporting Person With:

    5.   Sole Voting Power
         0

    6.   Shared Voting Power
         1,518,900

    7.   Sole Dispositive Power
         0

    8.   Shared Dispositive Power
         2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person:
   2,304,800

   2,304,800 shares are deemed to be beneficially owned by Neil Mark Ostrer,
   as a control person of the investment advisor. Neil Mark Ostrer
   disclaims any direct ownership of the shares reported in this
   schedule 13G.

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares [  ]

11.Percent of Class Represented by Amount in Row (9)
   10.3%

12.Type of Reporting Person:
   IN




     CUSIP NO. 092552R109         13G                      Page 7 of 11 Pages


1. Names of Reporting Persons. (entities only):

   Jeremy John Hosking


2. Check the Appropriate Box if a Member of a Group:

(a) [ ]
(b) [X]

3. SEC Use Only

4. Citizenship or Place of Organization:
   United Kingdom


Number of Shares Beneficially Owned by Each Reporting Person With:

    5.   Sole Voting Power
         0

    6.   Shared Voting Power
         1,518,900

    7.   Sole Dispositive Power
         0

    8.   Shared Dispositive Power
         2,304,800


9. Aggregate Amount Beneficially Owned by Each Reporting Person:
   2,304,800


   2,304,800 shares are deemed to be beneficially owned by Jeremy John
   Hosking,as a control person of the investment advisor. Jeremy John Hosking
   disclaims any direct ownership of the shares reported in this
   schedule 13G.


10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares [  ]

11.Percent of Class Represented by Amount in Row (9)
   10.3%

12.Type of Reporting Person:
   IN







     CUSIP NO. 092552R109         13G                      Page 8 of 11 Pages



Item 1.

(a)  Name of Issuer
     Viad Corporation

(b)  Address of Issuer's Principal Executive Offices
     1850 North Central Avenue, suite 800
     Phoenix, AZ85004

Item 2.

(a)  Name of Person Filing

(b)  Address of Principal Business Office or, if none, Residence

(c)  Citizenship


M.A.M. Investments Ltd., a Jersey corporation ("M.A.M.") whose principal
executive offices are located at Orion House, 5 Upper St. Martin's Lane,
London, WC2H  9EA, United Kingdom and Marathon Asset Management LLP
("Marathon LLP"), a limited liability partnership incorporated under the
laws of England and Wales whose principal executive offices are located
at Orion House, 5 Upper St. Martin's Lane, London, WC2H  9EA, United
Kingdom, William James Arah, Jeremy John Hosking and Neil Mark Ostrer.

Although this statement is being made jointly by the Reporting Persons,
each of them expressly disaffirms membership in any group under Rule
13d-5 under the Securities Exchange Act of 1934, as amended (the
("Exchange Act"), or otherwise.

Marathon Limited is a wholly owned subsidiary of  M.A.M and as such
shares with M.A.M. the voting and dispositive power as to all of the
shares beneficially owned by Marathon Limited. Messrs Arah, Hosking
and Ostrer are directors and indirect owners of Marathon Limited and
owners and Executive Committee Members of Marathon LLP.


This Schedule 13G is being filed by Marathon LLP, which is an investment
adviser registered under the Investment Advisers Act of 1940 and all of
the subject securities have been purchased by it in the ordinary course
of its' respective business as an investment advisor and not with the
purpose of effecting change or influencing the control of the issuer or
in connection with or as a participant in any transaction having such
purpose or effect, including any transaction subject to Rule 13d-3(b)
under the Exchange Act.  One or more of its advisory clients is the
legal owner of the securities covered by this statement. Pursuant to
the investment advisory agreements with its clients, Marathon LLP has
the authority to direct the investments of its advisory clients, and
consequently to authorize the disposition of the Issuer's shares. None
of its clients has an interest relating to more than five percent of
the class to which this Schedule 13G applies.


(d) Title of Class of Securities
    Common Stock

(e) CUSIP Number
    092552R109





     CUSIP NO. 092552R109        13G                       Page 9 of 11 Pages


Item 3.

If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c),
check whether the person filing is a:

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
        78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C.
        78c).

(d) [ ] Investment company registered under section 8 of the Investment Company
        Act of 1940 (15 U.S.C 80a-8).

(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with
        240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with
        240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal
        Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment
        company under section 3(c)(14) of the Investment Company Act of 1940
        (15 U.S.C. 80a-3);

(j) [X] Group, in accordance with 240.13d-1(b)(1)(ii)(J).*




* This statement is being filed jointly by the Reporting Persons, although each
  of them expressly disaffirms membership in any group under Rule 13d-5 under
  the Exchange Act.


Item 4.
Ownership
Provide the following information regarding the aggregate number and percentage
of the class of securities of the issuer identified in Item 1.

(a) Amount beneficially owned:
    2,304,800 shares

(b) Percent of class:
    10.3%

(c) Number of shares as to which the person has:

   (i)  Sole power to vote or to direct the vote
        0

   (ii) Shared power to vote or to direct the vote
        1,518,900


(iii) Sole power to dispose or to direct the disposition of
      0

(iv)  Shared power to dispose or to direct the disposition of
      2,304,800


This Schedule 13G assumes the Company has issued and outstanding 22,296,000
Common Stock.


Item 5.


Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following   [  ].


Item 6.


Ownership of More than Five Percent on Behalf of Another Person

The subject shares are all owned by clients of Marathon.  No such person's
interest in the securities included in this report exceeds 5% of the class
outstanding.


Item 7.


Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company or Control Person

Not Applicable






     CUSIP NO. 092552R109         13G                     Page 10 of 11 Pages


Item 8.


Identification and Classification of Members of the Group:
M.A.M. Investments Ltd., a Jersey corporation ("M.A.M.") whose principal
executive offices are located at Orion House, 5 Upper St. Martin's Lane,
London, WC2H 9EA, United Kingdom and Marathon Asset Management LLP
("Marathon LLP"), a limited liability partnership incorporated under the
laws of England and Wales whose principal executive offices are located at
Orion House, 5 UpperSt. Martin's Lane, London, WC2H  9EA, United Kingdom,
William James Arah, Jeremy John Hosking and Neil Mark Ostrer.  Although this
statement is beingmade jointly by the Reporting Persons, each of them
expressly disaffirms membership in any group under Rule 13d-5 under the
Exchange Act, orotherwise.

Although this statement is being made jointly by the Reporting Persons,
each of them expressly disaffirms membership in any group under Rule 13d-5
under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise.  Marathon Limited and Marathon LLP are under common
ownership and control. Because Marathon Limited and Marathon LLP are
obligated to act in the best interests of their respective clients and in
accordance with the respective mandates of those clients, there is no
agreement between or among the Reporting Persons to act together with
respect to the issuer or its securities.


Item 9.


Notice of Dissolution of Group:
Not Applicable


Item 10.


Certification:
By signing below I certify that, to the best of that knowledge and belief,
the securities referred to above were not acquired and are not held for
the purpose or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that
purpose or effect.


Signature
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.

Dated:  April 8, 2005


MARATHON ASSET MANAGEMENT LLP

By:

/s/  William Arah______

Name:
William Arah

Title:
Director


M.A.M. INVESTMENTS LTD.

By:

/s/  William Arah______

Name:
William Arah

Title:
Director




/s/  William Arah______
William Arah


/s/ Jeremy Hosking ____
Jeremy Hosking


/s/ Neil Ostrer _______
Neil Ostrer








     CUSIP NO. 092552R109         13G                      Page 11 of 11 Pages



                                 EXHIBIT A


                               VIAD CORPORATION.

	                        COMMON STOCK

                                 092552R109




We hereby agree that the within Statement on Schedule 13G regarding our
beneficial ownership of Common Stock is filed on behalf of each of us.


Dated:  April 8, 2005


MARATHON ASSET MANAGEMENT LLP


By:

/s/  William Arah______


Name:
William Arah

Title:
Director



M.A.M. INVESTMENTS LTD.


By:

/s/  William Arah______


Name:
William Arah

Title:
Director





/s/  William Arah______
William Arah


/s/ Jeremy Hosking ____
Jeremy Hosking


/s/ Neil Ostrer _______
Neil Ostrer