0001040592-12-000017.txt : 20120502
0001040592-12-000017.hdr.sgml : 20120502
20120502115448
ACCESSION NUMBER: 0001040592-12-000017
CONFORMED SUBMISSION TYPE: 13F-HR
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20120331
FILED AS OF DATE: 20120502
DATE AS OF CHANGE: 20120502
EFFECTIVENESS DATE: 20120502
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: 12803544
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 : March 31, 2012
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 March 31, 2012
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: 130
Form 13F Information Table Value Total: $ 8,916,538 (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 3710 1636926 SH SOLE 1223845 0 413081
ALLIANCE DATA SYSTEMS CORP COM 018581108 108086 858100 SH SOLE 639944 0 218156
ALTRIA GROUP COM 02209S103 43104 1379840 SH SOLE 1010267 0 369573
AMAZON COM INC COM 023135106 380064 1876749 SH SOLE 1400309 0 476440
AMC NETWORKS INC COM 00164V103 86167 1930696 SH SOLE 1440792 0 489904
AMERICAN MOVIL - SAB DE CV COM 02364W105 52697 2122311 SH SOLE 1583376 0 538935
AMERICAN EXPRESS CO COM 025816109 131202 2267652 SH SOLE 1692102 0 575550
AMERICAN GREETINGS CORP - CLASS A COM 026375105 85298 5560488 SH SOLE 4150237 0 1410251
AMERICAN INTERNATIONAL GROUP COM 026874784 180961 5868276 SH SOLE 4379013 0 1489263
AMERIPRISE FIN INC COM 03076C106 6519 114114 SH SOLE 85212 0 28902
AOL INC COM 00184X105 1273 67121 SH SOLE 49831 0 17290
ASCENT CAP GROUP INC COM 043632108 1358 28718 SH SOLE 21461 0 7257
BAKER HUGHES INC COM 057224107 6037 143961 SH SOLE 107279 0 36682
BANCO SANTANDER ADR COM 05964H105 1827 237900 SH SOLE 177068 0 60832
BANK OF AMERICA CORP COM 060505104 225527 23570452 SH SOLE 17589938 0 5980514
BANK MONTREAL QUE COM 063671101 63713 1072349 SH SOLE 802921 0 269428
BCE INC COM 05534B760 76099 1882321 SH SOLE 1415454 0 466867
BERKSHIRE HATHAWAY "B" COM 084670207 247347 3047951 SH SOLE 2273290 0 774661
BLUE NILE INC COM 09578R103 85285 2585976 SH SOLE 1935909 0 650067
BRISTOL-MYERS SQUIBB CO COM 110122108 26980 799415 SH SOLE 597063 0 202352
BROOKFIELD ASSET MANAGE-CL A COM 112585104 20724 656433 SH SOLE 437471 0 218962
CABLEVISION SYSTEMS NY GROUP A COM 12686C109 272377 18550945 SH SOLE 13836426 0 4714519
CAVCO INDUSTRIES INC COM 149568107 8534 183222 SH SOLE 136950 0 46272
CBRE GROUP COM 12504L109 173906 8712738 SH SOLE 6505089 0 2207649
CBS CORP CLASS B COM 124857202 110274 3243820 SH SOLE 2418837 0 824983
CBS CORP - CL A COM 124857103 36988 1078467 SH SOLE 805401 0 273066
CEMEX SAB DE CV COM 151290889 26949 3473549 SH SOLE 2593949 0 879600
CHUNGHWA TELECOM CO LTD SPON ADR COM 17133Q502 1444 46955 SH SOLE 32221 0 14734
CINCINNATI BELL INC COM 171871106 5962 1483158 SH SOLE 1108876 0 374282
CIT GROUP INC COM 125581801 86261 2091583 SH SOLE 1560907 0 530676
CITIGROUP INC COM 172967424 173300 4741899 SH SOLE 3536694 0 1205205
CITY TELECOM COM 178677209 2909 218036 SH SOLE 163165 0 54871
COGNIZANT TECH SOLUTIONS-A COM 192446102 3263 42402 SH SOLE 31876 0 10526
COSTCO WHOLESALE CORP COM 22160K105 400895 4415054 SH SOLE 3294201 0 1120853
CTC MEDIA INC COM 12642X106 4791 411944 SH SOLE 306727 0 105217
DELL INC COM 24702R101 5328 321088 SH SOLE 238303 0 82785
DELTA AIR LINES COM 247361702 132981 13413334 SH SOLE 10006966 0 3406368
DEVON ENERGY CORPORATION COM 25179M103 2663 37440 SH SOLE 28066 0 9374
DIRECTV GROUP INC COM 25490A101 54405 1102664 SH SOLE 822989 0 279675
DISCOVERY COMMUNICATIONS A COM 25470F104 8134 160752 SH SOLE 120182 0 40570
DISCOVERY COMMUNICATIONS C COM 25470F302 4300 91716 SH SOLE 68436 0 23280
DST SYSTEMS INC COM 233326107 73316 1342920 SH SOLE 1001455 0 341465
EAGLE MATERIALS INC COM 26969P108 1269 36530 SH SOLE 22534 0 13996
EBAY INC COM 278642103 118080 3200317 SH SOLE 2387122 0 813195
EMBRAER SA ADR COM 29082A107 19465 608592 SH SOLE 453544 0 155048
ESTEE LAUDER COMPANIES CLASS A COM 518439104 200765 3241286 SH SOLE 2423465 0 817821
EXPEDITORS INTL WASH INC COM 302130109 27163 584000 SH SOLE 435817 0 148183
FEDERATED INVESTORS COM 314211103 25569 1141222 SH SOLE 851200 0 290022
FOMENTO ECONOMICO COM 344419106 10513 127800 SH SOLE 95300 0 32500
FORRESTER RESEARCH INC COM 346563109 40047 1236011 SH SOLE 921793 0 314218
FRESENIUS MEDICAL CARE ADR COM 358029106 81945 1159871 SH SOLE 821055 0 338816
GARTNER INC COM 366651107 193392 4535266 SH SOLE 3384756 0 1150510
GENERAL ELECTRIC CO COM 369604103 59339 2933800 SH SOLE 2193000 0 740800
HACKETT GROUP INC COM 404609109 7063 1183508 SH SOLE 884612 0 298896
HANESBRANDS INC COM 410345102 51707 1750302 SH SOLE 1306257 0 444045
HEALTH MANAGEMENT ASSOCIATES INC A COM 421933102 14745 2194237 SH SOLE 1638913 0 555324
HEIDRICK & STRUGGLES COM 422819102 7791 353528 SH SOLE 263720 0 89808
HEWLETT PACKARD CO COM 428236103 14500 605815 SH SOLE 453148 0 152667
HUNT (JB) TRANSPORT SVCS INC COM 445658107 14043 258288 SH SOLE 194024 0 64264
HUNTINGTON BANCSHARE INC COM 446150104 98104 15138781 SH SOLE 11301285 0 3837496
HUNTINGTON INGALLAS INDS INC COM 446413106 1938 48175 SH SOLE 37360 0 10815
IMPERIAL OIL LTD CANADA COM 453038408 168348 3704850 SH SOLE 2792517 0 912333
INFOSYS LTD ADR COM 456788108 5568 97627 SH SOLE 72692 0 24935
INTERPUBLIC GROUP OF COS INC COM 460690100 29585 2593715 SH SOLE 1939789 0 653926
JP MORGAN CHASE AND CO COM 46625H100 32256 701630 SH SOLE 525820 0 175810
K12 INC COM 48273U102 36976 1564655 SH SOLE 1166656 0 397999
KANSAS CITY SOUTHERN COM 485170302 224833 3136345 SH SOLE 2340776 0 795569
KBH US COM 48666K109 22728 2553674 SH SOLE 1904406 0 649268
LAZARD LTD - C1 A COM G54050102 151955 5321226 SH SOLE 3970327 0 1350899
LEGG MASON INC COM 524901105 147375 5262594 SH SOLE 3927879 0 1334715
LEVEL 3 COMM INC COM 52729NBR0 16484 10150000 SH SOLE 8306000 0 1844000
LIBERTY GLOBAL INC COMMON SERIES C COM 530555309 208071 4344617 SH SOLE 3242002 0 1102615
LIBERTY GLOBAL INC COMMON SERIES A COM 530555101 293736 5865333 SH SOLE 4377253 0 1488080
LIBERTY MEDIA CORP INT SERIES A COM 53071M104 62175 3256938 SH SOLE 2431928 0 825010
LIBERTY MEDIA CORP CAPITAL COM 530322106 75608 857829 SH SOLE 640553 0 217276
LIVE NATION ENTERTAINMENT INC COM 538034109 6183 657756 SH SOLE 491925 0 165831
LSI CORPORATION COM 502161102 117414 13527010 SH SOLE 10090635 0 3436375
LUXOTTICA ADR COM 55068R202 154884 4293982 SH SOLE 3145740 0 1148242
M & T BANK CORP COM 55261F104 52008 598624 SH SOLE 447167 0 151457
MBIA INC COM 55262C100 114769 11713265 SH SOLE 8743645 0 2969620
MERCK & CO INC COM 58933Y105 11738 302687 SH SOLE 225677 0 77010
MERCURY GENERAL CORP COM 589400100 44215 1011114 SH SOLE 754603 0 256511
MGIC INVESTMENT CORP COM 552848103 45471 9167495 SH SOLE 6849994 0 2317501
MGM RESORTS INTERNATIONAL COM 552953101 107014 7858137 SH SOLE 5865714 0 1992423
MICROSOFT CORP COM 594918104 75864 2352207 SH SOLE 1754767 0 597440
MINDRAY MEDICAL COM 602675100 17665 535482 SH SOLE 399061 0 136421
MOHAWK INDUSTRIES COM 608190104 5460 82094 SH SOLE 61258 0 20836
MONSANTO CO COM 61166W101 95595 1198688 SH SOLE 893857 0 304831
MOODYS CORPORATION COM 615369105 22699 539248 SH SOLE 405138 0 134110
NETEASE.COM ADR COM 64110W102 14641 252000 SH SOLE 187700 0 64300
NII HOLDINGS 3.125pctCVNT15062012 USD COM 62913FAJ1 9834 9718000 SH SOLE 6537000 0 3181000
NII HOLDINGS INC COM 62913F201 57111 3119089 SH SOLE 2420165 0 698924
NORFOLK SOUTHERN CORP COM 655844108 3926 59644 SH SOLE 44668 0 14976
NORTHROP GRUMMAN CORPORATION COM 666807102 18843 308495 SH SOLE 239789 0 68706
OFFICE DEPOT INC COM 676220106 2976 862721 SH SOLE 644651 0 218070
PETROBRAS-PETROLEO BRAS COM 71654V408 11465 431700 SH SOLE 321700 0 110000
PHILIP MORRIS INTERNATIONAL W/1 COM 718172109 109635 1227724 SH SOLE 898597 0 329127
PITNEY BOWES INC COM 724479100 5791 329428 SH SOLE 246575 0 82853
PRICELINE.COM INC COM 741503403 235530 328265 SH SOLE 245104 0 83161
PRICESMART INC COM 741511109 3362 46175 SH SOLE 34713 0 11462
PULTE HOMES INC COM 745867101 102785 11614082 SH SOLE 8661840 0 2952242
RAYTHEON COMPANY COM 755111507 50840 963279 SH SOLE 719604 0 243675
REGIONS FINANCIAL CORP COM 7591EP100 65065 9865664 SH SOLE 7356164 0 2509500
ROGERS COMMUNICATIONS INC. CLASS B COM 775109200 414806 10380753 SH SOLE 7807553 0 2573200
SAPIENT CORPORATION COM 803062108 63029 5062576 SH SOLE 3778658 0 1283918
SCOTTS MIRACLE GRO COM 810186106 85071 1570685 SH SOLE 1172751 0 397934
SHERWIN-WILLIAMS CO COM 824348106 7350 67654 SH SOLE 50433 0 17221
SL GREEN REALTY CORP COM 78440X101 212779 2736214 SH SOLE 2066206 0 670008
SOHU.COM INC COM 83408W103 6262 113500 SH SOLE 84600 0 28900
SOTHEBYS COM 835898107 97510 2478646 SH SOLE 1849005 0 629641
SOTHEBYS CNV 3.125PCT 15/06/13 COM 835898AC1 2056 1594000 SH SOLE 1352726 0 241274
SUPERVALU INC COM 868536103 1181 206907 SH SOLE 154643 0 52264
STANDARD PACIFIC CORP COM 85375C101 9213 2064937 SH SOLE 1529914 0 535023
SYNOVUS FINANCIAL CORP COM 87161C105 29869 14506392 SH SOLE 10822792 0 3683600
TAIWAN SEMICONDUCTOR - SP ADR COM 874039100 41884 2741436 SH SOLE 2127551 0 613885
TEVA PHARMACEUTICALS SP ADR COM 881624209 9945 220700 SH SOLE 166200 0 54500
THE KROGER CO COM 501044101 106569 4397908 SH SOLE 3282366 0 1115542
MADISON SQUARE GARDEN INC-A COM 55826P100 13949 407875 SH SOLE 304210 0 103665
TIME WARNER INC COM 887317105 68669 1819040 SH SOLE 1356038 0 463002
TOWERS WATSON & CO COM 891894107 145310 2196328 SH SOLE 1637733 0 558595
TRIP ADVISOR INC COM 896945201 5383 150900 SH SOLE 112800 0 38100
ULTRAPETROL (BAHAMAS) LTD COM P94398107 5268 2637063 SH SOLE 1643179 0 993884
US AIRWAYS 7 1/4 05/15/14 COM 911905AC1 3688 1998000 SH SOLE 1502000 0 496000
US AIRWAYS GROUP INC COM 90341W108 49996 6587080 SH SOLE 4913953 0 1673127
WELLPOINT INC COM 94973V107 184566 2500896 SH SOLE 1866380 0 634516
WESTERN DIGITAL CORP COM 958102105 40316 974100 SH SOLE 725800 0 248300
VIAD CORP COM 92552R406 73463 3772877 SH SOLE 2806031 0 966846
VINA CONCHA Y TORO ADR COM 927191106 2845 62300 SH SOLE 50500 0 11800
XEROX CORP COM 984121103 32670 4027094 SH SOLE 3007581 0 1019513
YUM BRANDS INC COM 988498101 18411 258670 SH SOLE 192787 0 65883