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 : June 30, 2004 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 (Services) Ltd 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: (011) 44 20 7497 2211 Signature, Place and Date of Signing: Simon Davies London, United Kingdom June 30, 2004 Report Type (Check only one.): [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: 1. Frank Russell Trust Company International Fund 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: 63 Form 13F Information Table Value Total: $3,379,049 (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 ABITIBI CONSOLIDATED COM 039241074 39019 5717483 SH SHARED 0 3615185 2102298 AGRIUM INC COM 068916108 31389 2157327 SH SHARED 0 1331512 825815 ALCAN COM 0137161059 79962 1931448 SH SHARED 0 1238268 693180 ALTRIA GROUP COM 02209S1033 54705 1093012 SH SHARED 0 738580 354432 AMERICAN MOVIL - SERIES L COM 02364W1053 7711 212009 SH SHARED 0 142622 69387 ANGLO AMERICAN ADR COM 03485P102 6467 309713 SH SHARED 0 225332 84381 ANGLOGOLD ADR COM 35128206 14844 461553 SH SHARED 0 370645 90908 AMERICAN EXPRESS CO COM 025816109 46541 905820 SH SHARED 0 588665 317155 AMR CORP COM 17651060 40831 3371684 SH SHARED 0 2208184 1163500 APPLE COMPUTER INC COM 0378331005 40638 1248860 SH SHARED 0 807160 441700 BAXTER INTERNATIONAL INC. COM 071813109 34806 1008573 SH SHARED 0 654420 354153 BCE COM 05534B1094 36207 1818146 SH SHARED 0 1158146 660000 BERKSHIRE HATHAWAY "B" COM 084670207 85648 28984 SH SHARED 0 18930 10054 BRISTOL-MYERS SQUIBB CO COM 110122108 42751 1744920 SH SHARED 0 1138131 606789 BURLINGTON NORTHERN SANTA FE CORP COM 12189T104 59398 1693707 SH SHARED 0 1107727 585980 COMCAST CORP SPECIAL CLASS A COM 2003002001 62151 2251030 SH SHARED 0 1464816 786214 COSTCO WHOLESALE CORP COM 22160K105 114270 2774899 SH SHARED 0 1857799 917100 DELL COMPUTER COM 247025109 44354 1238245 SH SHARED 0 809534 428711 ERICSSON LM TELEPHONE CO ADR COM 294821400 495 16560 SH SHARED 0 16560 0 ETHAN ALLEN INTERIORS INC COM 297602104 43170 1202163 SH SHARED 0 787184 414979 FAIRMONT HOTELS & RESORTS COM 3052041090 23999 892558 SH SHARED 0 574784 317774 FRESENIUS MEDICAL CARE ADR COM 3580291066 90692 3538907 SH SHARED 0 2645979 892928 GOLDMAN SACHS GROUP INC COM 38141G1040 40050 425335 SH SHARED 0 278335 147000 HOLLINGER INTERNATIONAL COM 435569108 63527 3783615 SH SHARED 0 2456167 1327448 IMS HEALTH INC COM 449934108 69775 2976757 SH SHARED 0 1952882 1023875 IMPERIAL OIL LTD CANADA COM 4530384086 104865 2253163 SH SHARED 0 1435734 817429 INCO LTD COM 453258402 72729 2104441 SH SHARED 0 1846841 257600 INTEL CORP COM 4581401001 29048 1052458 SH SHARED 0 689559 362899 INTERNATIONAL SPEEDWAY CORP - CLASS A COM 460335201 57795 1188224 SH SHARED 0 783783 404441 J C PENNEY COMPANY INC COM 456478106 46958 1243595 SH SHARED 0 816259 427336 KANSAS CITY SOUTHERN INDUSTRIES COM 485170302 31738 2047630 SH SHARED 0 1328864 718766 LEARNING TREE INTERNATIONAL COM 5220151063 13931 960064 SH SHARED 0 670164 289900 LEVEL 3 COMM INC COM 52729N1000 19656 5600000 SH SHARED 0 5600000 0 LIBERTY MEDIA CORP A COM 530718105 68353 7603231 SH SHARED 0 5017258 2585973 LIBERTY MEDIA INTL - A COM 5307181058 52062 1403276 SH SHARED 0 917493 2585973 LUCENT TECHNOLOGIES INC COM 5494631071 92911 24579612 SH SHARED 0 16019930 8559682 LUXOTTICA GROUP SPA ADR COM 55068R202 139945 8124917 SH SHARED 0 5974103 2150814 MBIA INC COM 55262C100 45147 790387 SH SHARED 0 516570 273817 MERCURY GENERAL CORP COM 589400100 47771 962160 SH SHARED 0 625804 336356 MGIC INVESTMENT CORP COM 5528481030 37073 488702 SH SHARED 0 323102 165600 MICROSOFT CORP COM 5949181045 28088 983490 SH SHARED 0 640390 343100 MOODYS CORPORATION COM 615369105 63676 984788 SH SHARED 0 643924 340864 NATUZZI S.P.A. COM 63905A1016 23091 2107443 SH SHARED 0 1566745 540698 NEXTEL COMM INC-A COM 65332V103 91272 3423551 SH SHARED 0 2217746 1205805 NORTEL NETWORKS CORP COM 656568102 123460 24741467 SH SHARED 0 16698987 8042480 NORTHWEST AIRLINES COM 667280101 59311 5333719 SH SHARED 0 3477639 1856080 PPG INDUSTRIES INC COM 693506107 39022 624458 SH SHARED 0 407895 216563 PRIMEDIA COM 7415K101 52599 18920358 SH SHARED 0 12977969 5942389 QWEST COMMUNICATIONS INTL COM 749121109 54589 15205983 SH SHARED 0 10017832 5188151 RAYTHEON "A" COM 755111101 24942 697296 SH SHARED 0 455375 241921 ROGERS COMMUNICATIONS INC. CLASS B COM 7751092007 111911 4633987 SH SHARED 0 2960497 1673490 SABRE HOLDINGS CORP COM 785905100 56273 2030792 SH SHARED 0 1326203 704589 SARA LEE COM 803111103 36551 1589866 SH SHARED 0 1042180 547686 SBC COMMUNICATIONS INC COM 78387G103 59096 2436963 SH SHARED 0 1590675 846288 SCHERING-PLOUGH CORP COM 806605101 101324 5482880 SH SHARED 0 3578380 1904500 SCOTTS COMPANY A SHARES COM 810186106 57681 902954 SH SHARED 0 591188 311766 SUN MICROSYSTEMS INC COM 8668101046 69680 16092316 SH SHARED 0 10507641 5584675