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, 2004 Check here if Amendment [ ]; Amendment number: This Amendment (Check only one.): [x] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Marathon Asset Management 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 March 31, 2003 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: 58 Form 13F Information Table Value Total: $2,692,257 (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 AGRIUM INC COM 068916108 30098 2047467 SH SHARED 0 1220252 827215 ALTRIA GROUP COM 02209S1033 57003 1046892 SH SHARED 0 697260 349632 AMERICAN MOVIL - SERIES L COM 02364W1053 7951 205709 SH SHARED 0 136622 69087 ANGLO AMERICAN ADR COM 03485P102 7523 309713 SH SHARED 0 225332 84381 ANGLOGOLD ADR COM 35128206 977 23123 SH SHARED 0 12753 10370 AMERICAN EXPRESS CO COM 025816109 44674 861610 SH SHARED 0 548774 312836 AMR CORP COM 17651060 40755 3201464 SH SHARED 0 2058564 1142900 ASHANTI GOLDFIELDS GDR COM 043743202 18384 1511830 SH SHARED 0 1222512 289318 BAXTER INTERNATIONAL INC. COM 071813109 29601 958263 SH SHARED 0 609110 349153 BERKSHIRE HATHAWAY "B" COM 084670207 85487 27479 SH SHARED 0 17595 9884 BRISTOL-MYERS SQUIBB CO COM 110122108 40135 1656430 SH SHARED 0 1059541 596889 BURLINGTON NORTHERN SANTA FE CORP COM 12189T104 50472 1602297 SH SHARED 0 1025917 576380 COMCAST CORP SPECIAL CLASS A COM 2003002001 47227 1695770 SH SHARED 0 1093656 602114 COSTCO WHOLESALE CORP COM 22160K105 67704 1800149 SH SHARED 0 1166049 634100 DELL COMPUTER COM 247025109 39607 1178065 SH SHARED 0 759154 418911 DELPHI AUTOMOTIVE SYSTEMS CORP COM 247126105 22915 2300659 SH SHARED 0 1458891 841768 ERICSSON LM TELEPHONE CO ADR COM 294821400 460 16560 SH SHARED 0 16560 0 ETHAN ALLEN INTERIORS INC COM 297602104 47037 1140003 SH SHARED 0 730924 409079 FRESENIUS MEDICAL CARE ADR COM 3580291066 81738 3740856 SH SHARED 0 2897628 843228 GOLDMAN SACHS GROUP INC COM 38141G1040 42055 403015 SH SHARED 0 258415 144600 HOLLINGER INTERNATIONAL COM 435569108 76427 3859935 SH SHARED 0 2544286 1315649 IMS HEALTH INC COM 449934108 65756 2827017 SH SHARED 0 1818642 1008375 INCO LTD COM 453258402 68779 1986121 SH SHARED 0 1316837 669284 INTEL CORP COM 4581401001 27171 998928 SH SHARED 0 642729 356199 INTERNATIONAL SPEEDWAY CORP - CLASS A COM 460335201 53131 1130444 SH SHARED 0 732203 398241 J C PENNEY COMPANY INC COM 456478106 41061 1180595 SH SHARED 0 760059 420536 KANSAS CITY SOUTHERN INDUSTRIES COM 485170302 27216 1957980 SH SHARED 0 1250614 707366 LEARNING TREE INTERNATIONAL COM 5220151063 3557 221754 SH SHARED 0 221754 0 LIBERTY MEDIA CORP A COM 530718105 98363 8982881 SH SHARED 0 5822708 3160173 LUCENT TECHNOLOGIES INC COM 5494631071 95313 23190632 SH SHARED 0 14822850 8367782 LUXOTTICA GROUP SPA ADR COM 55068R202 127338 8049190 SH SHARED 0 6038676 2010514 MANDALAY RESORT GROUP COM 562567107 40572 708565 SH SHARED 0 454255 254310 MBIA INC COM 55262C100 46973 749167 SH SHARED 0 480050 269117 MERCURY GENERAL CORP COM 589400100 45754 916360 SH SHARED 0 584104 332256 MGIC INVESTMENT CORP COM 5528481030 29938 466102 SH SHARED 0 305502 160600 MOODYS CORPORATION COM 615369105 66099 933608 SH SHARED 0 597744 335864 NATUZZI S.P.A. COM 63905A1016 22240 2078476 SH SHARED 0 1538778 539698 NEXTEL COMM INC-A COM 65332V103 80450 3262361 SH SHARED 0 2073356 1189005 NORTEL NETWORKS CORP COM 656568102 140625 23674307 SH SHARED 0 15408327 8265980 NORTHWEST AIRLINES COM 667280101 30090 2976309 SH SHARED 0 1917229 1059080 PPG INDUSTRIES INC COM 693506107 34545 592538 SH SHARED 0 379375 213163 PRIMEDIA COM 7415K101 47851 17722408 SH SHARED 0 11914219 5808189 QWEST COMMUNICATIONS INTL COM 749121109 61980 14380453 SH SHARED 0 9257802 5122651 RAYTHEON "A" COM 755111101 20896 666756 SH SHARED 0 428335 238421 READERS DIGEST ASSOCIATION INC COM 755267101 23637 1678773 SH SHARED 0 1092521 586252 SABRE HOLDINGS CORP COM 785905100 47846 1928482 SH SHARED 0 1234693 693789 SARA LEE COM 803111103 32887 1504436 SH SHARED 0 966250 538186 SBC COMMUNICATIONS INC COM 78387G103 56856 2316853 SH SHARED 0 1483965 832888 SCHERING-PLOUGH CORP COM 806605101 56095 3458370 SH SHARED 0 2212170 1246200 SCOTTS COMPANY A SHARES COM 810186106 54906 855894 SH SHARED 0 548828 307066 SUN MICROSYSTEMS INC COM 8668101046 50796 12181316 SH SHARED 0 7798941 4382375 TELEFONOS DE MEXICO SA ADR COM 879403780 6870 196803 SH SHARED 0 133876 62927 TEMPLE INLAND COM 879868107 48039 758436 SH SHARED 0 483960 274476 TENET HEALTHCARE CORP COM 88033G1004 15366 1376896 SH SHARED 0 899296 477600 UNISYS CORP COM 909214108 32540 2278694 SH SHARED 0 1459237 819457 UNITEDGLOBALCOM INC CL-A COM 91324575081 64366 7581429 SH SHARED 0 5234805 2346624 UNITRIN INC COM 913275103 42106 981493 SH SHARED 0 628596 352897 VELCRO COM AN9225711045 702 54000 SH SHARED 0 54000 0 WASTE MANAGEMENT INC COM 94106L109 56269 1864445 SH SHARED 0 1195116 669329 XEROX CORP COM 984121103 84363 5790194 SH SHARED 0 3749761 2040433