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 : December 31, 2005 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 LLP 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 January 23, 2006 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: 68 Form 13F Information Table Value Total: $4,558,338 (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 99 CENTS ONLY STORES COM 65440K106 41339 3952100 SH SHARED 0 2840200 1111900 ABITIBI CONSOLIDATED INC COM 003924107 25010 6269383 SH SHARED 0 4376885 1892498 AGERE SYSTEMS CL B COM 0845V2097 35707 2767950 SH SHARED 0 1988470 779480 ALCAN COM 013716105 87485 2139758 SH SHARED 0 1506056 633702 ALTRIA GROUP COM 02209S103 102793 1375712 SH SHARED 0 1015280 360432 AMAZON COM 023135106 56721 1203000 SH SHARED 0 893200 309800 AMERICAN MOVIL - SERIES L COM 02364W105 19640 671227 SH SHARED 0 456166 215061 AMERICAN EXPRESS CO COM 025816109 56329 1094620 SH SHARED 0 787965 306655 AMERIPRISE FIN INC COM 03076C106 8988 219218 SH SHARED 0 157888 61330 AMR CORP COM 001765106 90273 4060884 SH SHARED 0 2917884 1143000 ANGLO AMERICAN ADR COM 03485P102 10048 288913 SH SHARED 0 204532 84381 AT AND T INC COM 00206R102 72232 2949463 SH SHARED 0 2124975 824488 BAKER HUGHES INC COM 057224107 76236 1254300 SH SHARED 0 904000 350300 BCE COM 05534B109 48035 2013329 SH SHARED 0 1407929 605400 BERKSHIRE HATHAWAY "B" COM 084670207 103247 35172 SH SHARED 0 25362 9810 BLOCKBUSTER INC B COM 093679207 26182 7862600 SH SHARED 0 5671400 2191200 BRISTOL-MYERS SQUIBB CO COM 110122108 48171 2096220 SH SHARED 0 1512831 583389 GOLDMAN SACHS GROUP INC COM 38141G104 65494 512835 SH SHARED 0 368635 144200 CINCINNATI BELL INC COM 171871106 33912 9661400 SH SHARED 0 6968500 2692900 CLEAR CHANNEL COMMS COM 184502102 62834 1997900 SH SHARED 0 1441400 556500 COMCAST CORP SPECIAL CLASS A COM 200300200 70106 2728930 SH SHARED 0 1965716 763214 COSTCO WHOLESALE CORP COM 22160K105 303023 6125399 SH SHARED 0 4543699 1581700 DELL INC COM 24702R101 44822 1496545 SH SHARED 0 1081234 415311 DISCOVERY HOLDING CO COM 25468Y107 53222 3513001 SH SHARED 0 2702645 810356 DOW JONES COM 260561105 40597 1143900 SH SHARED 0 821200 322700 DST SYSTEMS INC COM 233326107 47239 788500 SH SHARED 0 568800 219700 FAIRMONT HOTELS & RESORTS COM 305204109 41977 996858 SH SHARED 0 698684 298174 FRESENIUS MEDICAL CARE ADR COM 358029106 117533 3355207 SH SHARED 0 2191649 1163558 HEWLETT PACKARD CO COM 428236103 102776 3589800 SH SHARED 0 2588500 1001300 HOLLINGER INTERNATIONAL COM 435569108 39736 4434848 SH SHARED 0 3140716 1294132 IMPERIAL OIL LTD CANADA COM 453038408 218660 2213194 SH SHARED 0 1549334 663860 IMS HEALTH INC COM 449934108 89068 3574157 SH SHARED 0 2574982 999175 INTEL CORP COM 458140100 31144 1247758 SH SHARED 0 896259 351499 INTERNATIONAL SPEEDWAY CORP - CLASS A COM 460335201 68458 1429193 SH SHARED 0 1035352 393841 KANSAS CITY SOUTHERN INDUSTRIES COM 485170302 90697 3712530 SH SHARED 0 2674064 1038466 LEARNING TREE INTERNATIONAL COM 522015106 11535 899095 SH SHARED 0 605695 293400 LEVEL 3 COMM INC COM 52729N100 16853 5872000 SH SHARED 0 4249000 1623000 LEVEL3 6% 15/3/2010 COM 52729NAS9 25521 40509000 SH SHARED 0 29298000 11211000 LEVEL3 6% 15/9/2009 COM 52729NAG5 1834 2800000 SH SHARED 0 2188000 612000 LEXMARK INT COM 529771107 29068 648400 SH SHARED 0 467800 180600 LIBERTY GLB SERIES C COM 530555309 96691 4560902 SH SHARED 0 3348929 1211973 LIBERTY GLOBAL INC COMMON CLASS A COM 530555101 102611 4560502 SH SHARED 0 3348629 1211873 LIBERTY MEDIA CORP A COM 530718105 71413 9074131 SH SHARED 0 6574858 2499273 LUCENT TECHNOLOGIES INC COM 549463107 78631 29560412 SH SHARED 0 21204030 8359382 LUXOTTICA GROUP SPA ADR COM 55068R202 215743 8524018 SH SHARED 0 5975897 2548121 MBIA INC COM 55262C100 56929 946287 SH SHARED 0 679970 266317 MERCURY GENERAL CORP COM 589400100 66473 1141760 SH SHARED 0 820304 321456 MGIC INVESTMENT CORP COM 552848103 38163 579802 SH SHARED 0 417702 162100 MICROSOFT CORP COM 594918104 45443 1737790 SH SHARED 0 1251090 486700 MOODYS CORPORATION COM 615369105 145484 2368676 SH SHARED 0 1706748 661928 NATUZZI S.P.A. COM 63905A101 15020 2145742 SH SHARED 0 1550337 595405 NORTEL NETWORKS CORP CANADA COM 656568102 40462 13314230 SH SHARED 0 8074600 5239630 NORTEL NETWORKS CORP US LISTING COM 656568102 62567 20446827 SH SHARED 0 15917247 4529580 NORTHWEST AIRLINES COM 667280101 1791 3316919 SH SHARED 0 2411139 905780 NOVELIS INC COM 67000X106 8924 427415 SH SHARED 0 301916 125499 PRIMEDIA COM 74157K101 36948 22949054 SH SHARED 0 17157065 5791989 RAYTHEON COMPANY COM 755111507 24475 609600 SH SHARED 0 436900 172700 ROGERS COMMUNICATIONS INC. CLASS B COM 775109200 214634 5095987 SH SHARED 0 3573197 1522790 SCHERING-PLOUGH CORP COM 806605101 137061 6573680 SH SHARED 0 4721880 1851800 SCOTTS MIRACLE GRO COM 810186106 98133 2169158 SH SHARED 0 1562626 606532 SPRINT NEXTEL CORP COM 852061100 120354 5152161 SH SHARED 0 3692787 1459374 SUN MICROSYSTEMS INC COM 866810104 80927 19314316 SH SHARED 0 13863141 5451175 SUPERIOR ESSEX INC COM 86815V105 54565 2706617 SH SHARED 0 1953000 753617 TELEFONOS DE MEXICO SA ADR COM 879403780 10703 433672 SH SHARED 0 302218 131454 TELEWEST GLOBAL INC COM 87956T107 8112 340540 SH SHARED 0 340540 0 VIACOM CLASS A COM 925524100 33346 1017900 SH SHARED 0 734000 283900 VIAD CORP COM 92552R406 68808 2346000 SH SHARED 0 1685600 660400 XEROX CORP COM 984121103 109382 7466344 SH SHARED 0 5454111 2012233