UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
09-30-2022
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
Address:
Orion House
5 Upper St. Martin's Lane
London, X0 WC2H 9EA
Form 13F File Number:
028-21396

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
Title:
Chief Risk and Compliance Officer
Phone:
442074972211


Signature, Place, and Date of Signing:

James Bennett
                         [Signature]
London, UNITED KINGDOM
                 [City, State]
10-25-2022
                           [Date]
                          

Report Type (Check only one.):

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

☐ 13F NOTICE. (Check here if no holdings reported are 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:
88
Form 13F Information table Value Total:
3356250
          (thousands)

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


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALIGN TECHNOLOGY INCCOMMON01625510125,612123,662SHSOLE113,662 0 10,000
ALLEGHANY CORP MDCOMMON01717510013,57616,173SHSOLE14,769 0 1,404
ANALOG DEVICES INCCOMMON03265410553,881386,684SHSOLE354,435 0 32,249
ARCHER DANIELS MIDLAND COCOMMON03948310231,600392,777SHSOLE358,723 0 34,054
AUTODESK INCCOMMON05276910635,687191,046SHSOLE175,110 0 15,936
AUTOZONE INCCOMMON05333210234,75516,226SHSOLE14,865 0 1,361
BAIDU INCCOMMON05675210843,658371,593SHSOLE 0 0 371,593
BANK NOVA SCOTIA HALIFAXCOMMON06414910739,652829,176SHSOLE596,404 0 232,772
BARRICK GOLD CORPCOMMON0679011086,893444,486SHSOLE396,075 0 48,411
BROOKFIELD ASSET MGMT INCCOMMON112585104109,6252,664,434SHSOLE1,903,361 0 761,073
CANADIAN NAT RES LTDCOMMON13638510192,4641,953,740SHSOLE1,401,136 0 552,604
CARMAX INCCOMMON1431301029,266140,351SHSOLE128,165 0 12,186
DOLLAR TREE INCCOMMON25674610853,459392,801SHSOLE358,751 0 34,050
ELECTRONIC ARTS INCCOMMON28551210954,184468,281SHSOLE431,118 0 37,163
FTI CONSULTING INCCOMMON30294110935,156212,159SHSOLE193,774 0 18,385
FAIR ISAAC CORPCOMMON30325010444,358107,664SHSOLE99,123 0 8,541
FASTENAL COCOMMON31190010436,599794,937SHSOLE728,293 0 66,644
FISERV INCCOMMON33773810868,244729,337SHSOLE671,312 0 58,025
FRANCO NEV CORPCOMMON35185810545,492378,838SHSOLE273,201 0 105,637
GILDAN ACTIVEWEAR INCCOMMON37591610321,857769,058SHSOLE554,768 0 214,290
HEALTHCARE SVCS GROUP INCCOMMON42190610818,8891,562,331SHSOLE1,426,768 0 135,563
INFOSYS LTDCOMMON45678810864,4793,799,578SHSOLE 0 0 3,799,578
JOHNSON & JOHNSONCOMMON47816010470,085429,004SHSOLE393,284 0 35,720
MAGNA INTL INCCOMMON55922240120,893438,048SHSOLE316,007 0 122,041
MARKEL CORPCOMMON57053510461,63756,849SHSOLE52,247 0 4,602
MARSH & MCLENNAN COS INCCOMMON57174810226,685178,740SHSOLE163,755 0 14,985
MICROSOFT CORPCOMMON594918104109,520470,250SHSOLE432,484 0 37,766
MICRON TECHNOLOGY INCCOMMON59511210336,360725,750SHSOLE665,103 0 60,647
MOODYS CORPCOMMON61536910523,44896,446SHSOLE88,736 0 7,710
NEWMONT CORPCOMMON65163910629,371698,808SHSOLE638,226 0 60,582
NORTONLIFELOCK INCCOMMON66877110830,8331,530,922SHSOLE1,398,144 0 132,778
PROGRESSIVE CORPCOMMON74331510337,265320,659SHSOLE293,776 0 26,883
RITCHIE BROS AUCTIONEERSCOMMON76774410564,3781,024,865SHSOLE739,382 0 285,483
ROGERS COMMUNICATIONS INCCOMMON77510920019,243492,478SHSOLE355,230 0 137,248
HENRY SCHEIN INCCOMMON80640710225,175382,775SHSOLE349,624 0 33,151
TJX COS INC NEWCOMMON87254010963,1581,016,679SHSOLE931,469 0 85,210
TAIWAN SEMICONDUCTOR MFG LTDCOMMON8740391004,57366,363SHSOLE 0 0 66,363
TELEFLEX INCORPORATEDCOMMON87936910625,689127,516SHSOLE117,329 0 10,187
THERMO FISHER SCIENTIFIC INCCOMMON88355610289,423176,211SHSOLE162,216 0 13,995
UNITED PARCEL SERVICE INCCOMMON91131210634,543213,830SHSOLE196,014 0 17,816
V F CORPCOMMON91820410812,211408,252SHSOLE372,907 0 35,345
VONTIER CORPORATIONCOMMON92888110117,6741,057,743SHSOLE966,045 0 91,698
WABTECCOMMON92974010826,444325,058SHSOLE296,855 0 28,203
WELLS FARGO CO NEWCOMMON94974610131,964794,708SHSOLE725,816 0 68,892
WEYERHAEUSER CO MTN BECOMMON96216610416,034561,387SHSOLE544,209 0 17,178
EVENTBRITE INCCOMMON29975E1099,8391,618,304SHSOLE1,478,288 0 140,016
TRAVELERS COMPANIES INCCOMMON89417E10924,131157,510SHSOLE143,869 0 13,641
ACTIVISION BLIZZARD INCCOMMON00507V10932,200433,139SHSOLE397,072 0 36,067
ADOBE SYSTEMS INCORPORATEDCOMMON00724F10137,688136,948SHSOLE125,777 0 11,171
ALPHABET INCCOMMON02079K10756,321585,756SHSOLE537,065 0 48,691
ALPHABET INCCOMMON02079K30574,357777,380SHSOLE717,652 0 59,728
BCE INCCOMMON05534B76025,797602,855SHSOLE434,883 0 167,972
BAKER HUGHES COMPANYCOMMON05722G10026,1171,246,026SHSOLE1,138,071 0 107,955
BOOKING HOLDINGS INCCOMMON09857L10844,61327,150SHSOLE24,950 0 2,200
C H ROBINSON WORLDWIDE INCCOMMON12541W20919,532201,758SHSOLE184,272 0 17,486
CANADIAN PAC RY LTDCOMMON13645T10074,0531,101,315SHSOLE794,442 0 306,873
CANNAE HLDGS INCCOMMON13765N10718,814910,613SHSOLE831,668 0 78,945
META PLATFORMS INCCOMMON30303M10246,080339,626SHSOLE312,531 0 27,095
FIRST REP BK SAN FRANCISCO CCOMMON33616C10030,106230,605SHSOLE211,405 0 19,200
FREEPORT-MCMORAN INCCOMMON35671D85721,304779,495SHSOLE698,173 0 81,322
HDFC BANK LTDCOMMON40415F101117,9462,018,888SHSOLE 0 0 2,018,888
IQVIA HLDGS INCCOMMON46266C10535,783197,540SHSOLE181,710 0 15,830
KAR AUCTION SVCS INCCOMMON48238T10933,0802,961,650SHSOLE2,705,184 0 256,466
M & T BK CORPCOMMON55261F10428,576162,065SHSOLE148,006 0 14,059
MASTERCARD INCORPORATEDCOMMON57636Q10457,516202,355SHSOLE186,061 0 16,294
MERCK & CO INCCOMMON58933Y10552,271602,575SHSOLE552,405 0 50,170
ORACLE CORPCOMMON68389X10545,766749,391SHSOLE688,820 0 60,571
ORGANON & COCOMMON68622V10629,1391,245,273SHSOLE1,137,248 0 108,025
S&P GLOBAL INCCOMMON78409V10447,378155,153SHSOLE142,775 0 12,378
SOUTHERN COPPER CORPCOMMON84265V10562,5071,393,993SHSOLE1,260,549 0 133,444
TERADATA CORP DELCOMMON88076W10325,138809,285SHSOLE739,176 0 70,109
TRIP COM GROUP LTDCOMMON89677Q1078,213300,718SHSOLE 0 0 300,718
UPLAND SOFTWARE INCCOMMON91544A10910,7891,327,021SHSOLE1,210,688 0 116,333
VIMEO INCCOMMON92719V1009,0402,260,659SHSOLE2,064,847 0 195,812
VIPSHOP HOLDINGS LIMITEDCOMMON92763W10333,6434,000,319SHSOLE3,623,485 0 376,834
VISA INCCOMMON92826C83943,298243,723SHSOLE224,303 0 19,420
VISTEON CORPCOMMON92839U20619,828186,952SHSOLE170,740 0 16,212
VISTRA CORPCOMMON92840M10225,3091,205,214SHSOLE1,161,162 0 44,052
YUM CHINA HLDGS INCCOMMON98850P10936,319767,366SHSOLE753,972 0 13,394
AON PLCCOMMONG0403H10822,00482,138SHSOLE75,277 0 6,861
AXALTA COATING SYS LTDCOMMONG0750C10822,9071,087,704SHSOLE993,431 0 94,273
COCA-COLA EUROPACIFIC PARTNECOMMONG2583910464,8401,521,013SHSOLE1,387,778 0 133,235
LINDE PLCCOMMONG5494J10330,655113,709SHSOLE104,176 0 9,533
MANCHESTER UTD PLC NEWCOMMONG5784H10629,0062,185,908SHSOLE1,998,664 0 187,244
ROYALTY PHARMA PLCCOMMONG7709Q10443,1431,073,745SHSOLE980,724 0 93,021
INMODE LTDCOMMONM5425M1031,80562,018SHSOLE62,018 0 0
LYONDELLBASELL INDUSTRIES NCOMMONN5374510031,997425,040SHSOLE387,531 0 37,509
COPA HOLDINGS SACOMMONP3107610531,410468,738SHSOLE456,983 0 11,755