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:
03-31-2025
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]
03-24-2025
                           [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:
81
Form 13F Information table Value Total:
3271559086
          (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
ADOBE INCCOMMON00724F10133,483,94387,306SHSOLE84,398 0 2,908
AIR LEASE CORPCOMMON00912X30214,823,242305,474SHSOLE294,349 0 11,125
ALIGN TECHNOLOGY INCCOMMON01625510130,454,836191,714SHSOLE185,466 0 6,248
ALPHABET INCCOMMON02079K10736,720,514235,053SHSOLE226,484 0 8,569
ALPHABET INCCOMMON02079K30580,379,528519,800SHSOLE504,324 0 15,476
AMAZON COM INCCOMMON023135106112,229,651591,042SHSOLE571,595 0 19,447
ELEVANCE HEALTH INCCOMMON036752103104,644,827240,582SHSOLE232,879 0 7,703
ARCHER DANIELS MIDLAND COCOMMON03948310214,230,384296,408SHSOLE285,613 0 10,795
AUTODESK INCCOMMON05276910636,520,560139,500SHSOLE134,394 0 5,106
BAKER HUGHES COMPANYCOMMON05722G10016,066,379365,565SHSOLE352,251 0 13,314
BANK NOVA SCOTIA HALIFAXCOMMON06414910742,056,856886,594SHSOLE605,043 0 281,551
BARRICK GOLD CORPCOMMON0679011084,430,681227,886SHSOLE217,545 0 10,341
BIO RAD LABS INCCOMMON09057220714,774,00160,655SHSOLE58,450 0 2,205
BOOKING HOLDINGS INCCOMMON09857L10827,160,5175,896SHSOLE5,707 0 189
BROOKFIELD CORPCOMMON11271J10783,468,3841,595,107SHSOLE1,089,354 0 505,753
BROOKFIELD ASSET MANAGMT LTDCOMMON11300410519,241,434397,477SHSOLE271,466 0 126,011
C H ROBINSON WORLDWIDE INCCOMMON12541W20914,531,847141,087SHSOLE135,946 0 5,141
CME GROUP INCCOMMON12572Q10542,873,416161,614SHSOLE155,700 0 5,914
CABLE ONE INCCOMMON12685J10514,755,81655,521SHSOLE53,499 0 2,022
CANADIAN NAT RES LTDCOMMON13638510160,534,6921,941,071SHSOLE1,311,039 0 630,032
CANADIAN PACIFIC KANSAS CITYCOMMON13646K10845,295,178644,340SHSOLE439,826 0 204,514
CARMAX INCCOMMON14313010210,426,312133,806SHSOLE128,933 0 4,873
CEMEX SAB DE CVCOMMON15129088938,153,3136,800,995SHSOLE 0 0 6,800,995
COCA COLA CONS INCCOMMON19109810211,844,8958,774SHSOLE8,454 0 320
DOLLAR TREE INCCOMMON25674610814,842,628197,723SHSOLE190,522 0 7,201
DONNELLEY FINL SOLUTIONS INCCOMMON25787G1008,990,282205,688SHSOLE198,193 0 7,495
ELECTRONIC ARTS INCCOMMON28551210935,505,589245,681SHSOLE238,143 0 7,538
ENVISTA HOLDINGS CORPORATIONCOMMON29415F10416,631,991963,584SHSOLE928,554 0 35,030
FTI CONSULTING INCCOMMON3029411098,829,14553,810SHSOLE51,848 0 1,962
META PLATFORMS INCCOMMON30303M10288,568,859153,671SHSOLE148,792 0 4,879
FISERV INCCOMMON33773810893,819,646424,840SHSOLE411,465 0 13,375
FRANCO NEV CORPCOMMON35185810555,306,744351,677SHSOLE239,998 0 111,679
FREEPORT-MCMORAN INCCOMMON35671D85713,939,044368,180SHSOLE351,690 0 16,490
GILDAN ACTIVEWEAR INCCOMMON37591610340,307,344907,258SHSOLE619,148 0 288,110
HDFC BANK LTDCOMMON40415F10136,583,291550,623SHSOLE 0 0 550,623
HEALTHCARE SVCS GROUP INCCOMMON42190610813,036,9091,293,415SHSOLE1,246,276 0 47,139
INTERACTIVE BROKERS GROUP INCOMMON45841N10730,226,467182,538SHSOLE175,841 0 6,697
IQVIA HLDGS INCCOMMON46266C10530,218,462171,407SHSOLE165,806 0 5,601
OPENLANE INCCOMMON48238T10928,353,9391,470,640SHSOLE1,417,051 0 53,589
LAUREATE EDUCATION INCCOMMON51861320337,141,9101,816,234SHSOLE1,504,824 0 311,410
MAGNA INTL INCCOMMON55922240114,273,297419,584SHSOLE286,385 0 133,199
MARKEL GROUP INCCOMMON57053510461,765,55133,040SHSOLE31,974 0 1,066
MASTERCARD INCORPORATEDCOMMON57636Q10452,745,25596,404SHSOLE93,335 0 3,069
MERCK & CO INCCOMMON58933Y10525,667,018283,481SHSOLE273,303 0 10,178
MICROSOFT CORPCOMMON59491810487,381,781232,793SHSOLE224,971 0 7,822
MICRON TECHNOLOGY INCCOMMON59511210341,452,854476,465SHSOLE459,027 0 17,438
NEWMONT CORPCOMMON65163910616,711,740346,150SHSOLE333,559 0 12,591
NLIGHT INCCOMMON65487K1005,800,025746,464SHSOLE719,277 0 27,187
NVIDIA CORPORATIONCOMMON67066G10446,457,820428,535SHSOLE412,812 0 15,723
ORACLE CORPCOMMON68389X10544,616,286319,122SHSOLE308,502 0 10,620
PAYCOM SOFTWARE INCCOMMON70432V10257,893,519264,976SHSOLE256,359 0 8,617
PROGRESSIVE CORPCOMMON74331510347,488,304167,794SHSOLE161,700 0 6,094
ROGERS CORPCOMMON7751331019,936,549147,138SHSOLE141,910 0 5,228
S&P GLOBAL INCCOMMON78409V10429,366,60257,796SHSOLE55,917 0 1,879
HENRY SCHEIN INCCOMMON80640710216,214,535236,745SHSOLE228,137 0 8,608
SEALED AIR CORP NEWCOMMON81211K10014,464,984500,528SHSOLE482,362 0 18,166
SOUTHERN COPPER CORPCOMMON84265V10570,421,987753,499SHSOLE615,756 0 137,743
TJX COS INC NEWCOMMON87254010921,248,283174,457SHSOLE168,059 0 6,398
TAIWAN SEMICONDUCTOR MFG LTDCOMMON8740391008,702,22552,253SHSOLE 0 0 52,253
TELEFLEX INCORPORATEDCOMMON87936910611,821,86285,552SHSOLE82,870 0 2,682
TENCENT MUSIC ENTMT GROUPCOMMON88034P10947,215,2893,276,573SHSOLE 0 0 3,276,573
TERADATA CORP DELCOMMON88076W1038,310,675369,701SHSOLE356,341 0 13,360
THERMO FISHER SCIENTIFIC INCCOMMON88355610234,181,81868,635SHSOLE66,418 0 2,217
TRANSUNIONCOMMON89400J10758,324,222702,831SHSOLE680,434 0 22,397
VAIL RESORTS INCCOMMON91879Q10913,008,09380,208SHSOLE77,287 0 2,921
VIPSHOP HLDGS LTDCOMMON92763W10364,932,5104,141,135SHSOLE 0 0 4,141,135
VISA INCCOMMON92826C83964,808,535184,927SHSOLE179,024 0 5,903
VONTIER CORPORATIONCOMMON92888110110,289,483313,221SHSOLE301,786 0 11,435
WABTECCOMMON92974010812,128,26666,874SHSOLE64,439 0 2,435
WELLS FARGO CO NEWCOMMON94974610110,849,694151,131SHSOLE145,636 0 5,495
WESCO INTL INCCOMMON95082P10512,303,15779,223SHSOLE76,343 0 2,880
WEYERHAEUSER CO MTN BECOMMON9621661049,890,490337,797SHSOLE324,246 0 13,551
WILLSCOT MOBIL MINI HLDNG COCOMMON97137810410,843,236390,060SHSOLE375,854 0 14,206
AXALTA COATING SYS LTDCOMMONG0750C10812,694,611382,720SHSOLE368,805 0 13,915
COCA-COLA EUROPACIFIC PARTNECOMMONG25839104107,038,5451,229,904SHSOLE1,064,694 0 165,210
FLUTTER ENTMT PLCCOMMONG3643J108391,884,9411,768,835SHSOLE1,538,338 0 230,497
ROYALTY PHARMA PLCCOMMONG7709Q10420,116,926646,246SHSOLE622,751 0 23,495
INMODE LTDCOMMONM5425M1033,321,975187,259SHSOLE187,259 0 0
CNH INDL N VCOMMONN20944109168,828,68213,748,264SHSOLE13,404,583 0 343,681
LYONDELLBASELL INDUSTRIES NCOMMONN5374510019,152,038272,046SHSOLE263,502 0 8,544
COPA HOLDINGS SACOMMONP3107610545,601,967493,207SHSOLE445,522 0 47,685