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:
12-31-2022
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]
02-07-2023
                           [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:
89
Form 13F Information table Value Total:
3710903063
          (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 INCCOMMON01625510130,975,297146,873SHSOLE135,727 0 11,146
ANALOG DEVICES INCCOMMON03265410561,866,122377,167SHSOLE347,293 0 29,874
ARCHER DANIELS MIDLAND COCOMMON03948310226,978,867290,564SHSOLE267,500 0 23,064
AUTODESK INCCOMMON05276910634,822,678186,349SHSOLE171,582 0 14,767
AUTOZONE INCCOMMON05333210228,007,80811,357SHSOLE10,460 0 897
BAIDU INCCOMMON05675210863,821,823557,983SHSOLE 0 0 557,983
BANK NOVA SCOTIA HALIFAXCOMMON06414910739,996,113816,744SHSOLE583,327 0 233,417
BARRICK GOLD CORPCOMMON0679011085,204,688302,777SHSOLE291,591 0 11,186
BROOKFIELD ASSET MANAGMT LTDCOMMON11300410518,805,538657,231SHSOLE466,364 0 190,867
CANADIAN NAT RES LTDCOMMON136385101107,450,6861,915,142SHSOLE1,362,519 0 552,623
CARMAX INCCOMMON14313010212,253,776201,247SHSOLE185,263 0 15,984
DOLLAR TREE INCCOMMON25674610845,949,824324,875SHSOLE299,096 0 25,779
ELECTRONIC ARTS INCCOMMON28551210955,871,113457,288SHSOLE422,862 0 34,426
FTI CONSULTING INCCOMMON30294110932,361,087203,793SHSOLE187,633 0 16,160
FAIR ISAAC CORPCOMMON30325010456,353,73494,152SHSOLE87,096 0 7,056
FASTENAL COCOMMON31190010436,690,383775,380SHSOLE713,638 0 61,742
FISERV INCCOMMON33773810871,979,569712,178SHSOLE658,426 0 53,752
FRANCO NEV CORPCOMMON35185810550,840,574373,220SHSOLE267,291 0 105,929
GILDAN ACTIVEWEAR INCCOMMON37591610320,736,224757,693SHSOLE542,790 0 214,903
HEALTHCARE SVCS GROUP INCCOMMON42190610821,688,7461,807,453SHSOLE1,663,826 0 143,627
INFOSYS LTDCOMMON45678810864,616,6913,587,855SHSOLE 0 0 3,587,855
JOHNSON & JOHNSONCOMMON47816010473,918,278418,443SHSOLE385,352 0 33,091
MAGNA INTL INCCOMMON55922240124,229,649431,589SHSOLE309,207 0 122,382
MARKEL CORPCOMMON57053510477,508,95658,836SHSOLE54,358 0 4,478
MARSH & MCLENNAN COS INCCOMMON57174810228,850,451174,342SHSOLE160,459 0 13,883
MICROSOFT CORPCOMMON594918104110,102,561459,105SHSOLE424,121 0 34,984
MICRON TECHNOLOGY INCCOMMON59511210335,454,485707,886SHSOLE651,704 0 56,182
MOODYS CORPCOMMON61536910520,424,50073,307SHSOLE67,818 0 5,489
NEWMONT CORPCOMMON65163910631,673,749671,054SHSOLE617,881 0 53,173
GEN DIGITAL INCCOMMON66877110831,507,9911,470,301SHSOLE1,353,717 0 116,584
PROGRESSIVE CORPCOMMON74331510334,681,315267,375SHSOLE246,286 0 21,089
RITCHIE BROS AUCTIONEERSCOMMON76774410558,286,2941,009,725SHSOLE723,447 0 286,278
ROGERS COMMUNICATIONS INCCOMMON77510920022,867,224485,240SHSOLE347,599 0 137,641
HENRY SCHEIN INCCOMMON80640710229,360,651367,609SHSOLE338,479 0 29,130
TJX COS INC NEWCOMMON87254010978,937,330991,675SHSOLE912,736 0 78,939
TAIWAN SEMICONDUCTOR MFG LTDCOMMON8740391003,917,72152,342SHSOLE 0 0 52,342
TELEFLEX INCORPORATEDCOMMON87936910634,546,296138,390SHSOLE127,964 0 10,426
THERMO FISHER SCIENTIFIC INCCOMMON88355610289,619,303162,658SHSOLE150,401 0 12,257
UNITED PARCEL SERVICE INCCOMMON91131210636,256,806208,567SHSOLE192,062 0 16,505
V F CORPCOMMON91820410814,820,362536,790SHSOLE494,133 0 42,657
VONTIER CORPORATIONCOMMON92888110123,914,4211,237,215SHSOLE1,139,009 0 98,206
WABTECCOMMON92974010831,162,978312,223SHSOLE287,453 0 24,770
WELLS FARGO CO NEWCOMMON94974610131,520,249763,387SHSOLE702,846 0 60,541
WEYERHAEUSER CO MTN BECOMMON96216610416,944,259546,589SHSOLE529,348 0 17,241
EVENTBRITE INCCOMMON29975E1099,120,5571,556,409SHSOLE1,432,605 0 123,804
TRAVELERS COMPANIES INCCOMMON89417E10928,374,015151,334SHSOLE139,333 0 12,001
ACTIVISION BLIZZARD INCCOMMON00507V10932,340,385422,474SHSOLE389,062 0 33,412
ADOBE SYSTEMS INCORPORATEDCOMMON00724F10173,066,815217,119SHSOLE200,668 0 16,451
ALPHABET INCCOMMON02079K10750,693,933571,328SHSOLE526,222 0 45,106
ALPHABET INCCOMMON02079K30571,808,253813,879SHSOLE754,632 0 59,247
BCE INCCOMMON05534B76026,464,414593,935SHSOLE425,492 0 168,443
BAKER HUGHES COMPANYCOMMON05722G10040,066,1401,356,812SHSOLE1,249,078 0 107,734
BOOKING HOLDINGS INCCOMMON09857L10851,290,89125,451SHSOLE23,508 0 1,943
BROOKFIELD CORPCOMMON11271J10782,621,5302,629,161SHSOLE1,865,630 0 763,531
C H ROBINSON WORLDWIDE INCCOMMON12541W20917,845,652193,701SHSOLE178,354 0 15,347
CANADIAN PAC RY LTDCOMMON13645T10080,982,4991,084,997SHSOLE777,277 0 307,720
CANNAE HLDGS INCCOMMON13765N10721,932,3521,062,119SHSOLE977,716 0 84,403
META PLATFORMS INCCOMMON30303M10252,375,097435,226SHSOLE402,430 0 32,796
FIRST REP BK SAN FRANCISCO CCOMMON33616C10027,416,596224,929SHSOLE207,142 0 17,787
FREEPORT-MCMORAN INCCOMMON35671D85728,930,250761,332SHSOLE685,993 0 75,339
HDFC BANK LTDCOMMON40415F101130,355,2441,905,483SHSOLE 0 0 1,905,483
IQVIA HLDGS INCCOMMON46266C10539,520,243192,889SHSOLE178,226 0 14,663
KAR AUCTION SVCS INCCOMMON48238T10937,129,8742,845,284SHSOLE2,619,627 0 225,657
M & T BK CORPCOMMON55261F10422,583,633155,686SHSOLE143,339 0 12,347
MASTERCARD INCORPORATEDCOMMON57636Q10470,159,119201,763SHSOLE187,231 0 14,532
MERCK & CO INCCOMMON58933Y10565,604,830587,740SHSOLE541,265 0 46,475
NLIGHT INCCOMMON65487K10015,932,3211,571,294SHSOLE1,446,880 0 124,414
ORACLE CORPCOMMON68389X10563,668,512778,915SHSOLE719,246 0 59,669
ORGANON & COCOMMON68622V10637,993,7661,360,321SHSOLE1,252,316 0 108,005
S&P GLOBAL INCCOMMON78409V10450,741,568151,495SHSOLE140,028 0 11,467
SOUTHERN COPPER CORPCOMMON84265V10579,719,9331,320,085SHSOLE1,189,181 0 130,904
TERADATA CORP DELCOMMON88076W10326,167,231777,416SHSOLE715,812 0 61,604
TRIP COM GROUP LTDCOMMON89677Q1079,725,327282,713SHSOLE 0 0 282,713
UPLAND SOFTWARE INCCOMMON91544A1099,082,4011,273,897SHSOLE1,171,769 0 102,128
VIMEO INCCOMMON92719V10011,203,6493,266,370SHSOLE3,007,362 0 259,008
VIPSHOP HOLDINGS LIMITEDCOMMON92763W10351,570,7803,780,849SHSOLE3,411,322 0 369,527
VISA INCCOMMON92826C83949,444,048237,983SHSOLE219,992 0 17,991
VISTEON CORPCOMMON92839U20615,199,783116,181SHSOLE106,953 0 9,228
VISTRA CORPCOMMON92840M10230,800,9701,327,628SHSOLE1,196,265 0 131,363
YUM CHINA HLDGS INCCOMMON98850P10935,575,676650,975SHSOLE640,168 0 10,807
AON PLCCOMMONG0403H10819,965,30466,521SHSOLE61,272 0 5,249
AXALTA COATING SYS LTDCOMMONG0750C10826,616,3031,045,006SHSOLE962,070 0 82,936
COCA-COLA EUROPACIFIC PARTNECOMMONG2583910480,224,4271,450,125SHSOLE1,318,948 0 131,177
LINDE PLCCOMMONG5494J10336,177,276110,912SHSOLE102,080 0 8,832
MANCHESTER UTD PLC NEWCOMMONG5784H10655,120,0062,362,700SHSOLE2,176,601 0 186,099
ROYALTY PHARMA PLCCOMMONG7709Q10440,754,5741,031,269SHSOLE949,493 0 81,776
INMODE LTDCOMMONM5425M1032,214,04362,018SHSOLE62,018 0 0
LYONDELLBASELL INDUSTRIES NCOMMONN5374510037,980,149457,420SHSOLE418,886 0 38,534
COPA HOLDINGS SACOMMONP3107610536,565,524439,648SHSOLE428,890 0 10,758