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 : September 30, 2006 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 November 16th, 2006 Report Type (Check only one.): [ ] 13F HOLDINGS REPORT [ ] 13F NOTICE [X] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: N/A 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: 89 Form 13F Information Table Value Total: $6,321,354 (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 31553 2667200 SH SHARED 0 1975800 691400 ABITIBI CONSOLIDATED INC COM 003924107 24234 9760583 SH SHARED 0 6160325 3600258 ACE AVIATION B SHARE COM 00440P102 2309 74300 SH SHARED 0 9500 64800 ACE AVIATION HLDGS COM 00440P201 71262 2300400 SH SHARED 0 1489300 811100 AEROPLAN INCOME FD COM 007861107 1364 101484 SH SHARED 0 76716 24768 AGERE SYSTEMS CL B COM 0845V2097 76775 5142350 SH SHARED 0 3758940 1383410 ALCAN INC CANADA COM 013716105 87961 2202758 SH SHARED 0 1394996 807762 ALTRIA GROUP COM 02209S103 101529 1326312 SH SHARED 0 989180 337132 AMAZON COM INC COM 023135106 35387 1101700 SH SHARED 0 811300 290400 AMERICAN MOVIL - SERIES L COM 02364W105 26328 668727 SH SHARED 0 457566 211161 AMERICAN EXPRESS CO COM 025816109 71626 1277220 SH SHARED 0 930365 346855 AMERICAN GREETINGS CORP - CLASS A COM 026375105 97844 4232000 SH SHARED 0 3093450 1138550 AMERIPRISE FIN INC COM 03076C106 10197 217418 SH SHARED 0 159928 57490 AMR CORP COM 001765106 92068 3978726 SH SHARED 0 2887826 1090900 ANGLO AMERICAN ADR COM 03485P102 11589 549226 SH SHARED 0 380464 168762 BAKER HUGHES INC COM 057224107 42591 624500 SH SHARED 0 458000 166500 BCE COM 05534B109 51529 1896027 SH SHARED 0 1190158 705869 BELL ALIANT REG COMM INC FD TEMP USD COM 05534B992 1888 60266 SH SHARED 0 39034 21232 BELL ALIANT REG COMM INC UNIT COM 07786J103 2674 85343 SH SHARED 0 56044 29299 BERKSHIRE HATHAWAY "B" COM 084670207 156637 49350 SH SHARED 0 36030 13320 BLOCKBUSTER INC B COM 093679207 27496 7789283 SH SHARED 0 5735783 2053500 BLUE NILE INC COM 09578R103 50345 1385000 SH SHARED 0 1017700 367300 BOMBARDIER INC B COM 097751200 200153 63982032 SH SHARED 0 40324732 23657300 BRISTOL-MYERS SQUIBB CO COM 110122108 51687 2074135 SH SHARED 0 1521046 553089 CABLEVISION SYSTEMS NY GROUP A COM 12686C109 90810 3998700 SH SHARED 0 2917800 1080900 CBS CORP - CL A COM 124857103 14298 506659 SH SHARED 0 373559 133100 CINCINNATI BELL INC COM 171871106 46224 9590097 SH SHARED 0 6995497 2594600 CLEAR CHANNEL COMMS COM 184502102 86633 3002888 SH SHARED 0 2188388 814500 COMCAST CORP SPECIAL CLASS A COM 200300200 97690 2653889 SH SHARED 0 1940275 713614 COSTCO WHOLESALE CORP COM 22160K105 281413 5664514 SH SHARED 0 4136114 1528400 DELL INC COM 24702R101 56329 2466258 SH SHARED 0 1804447 661811 DISCOVERY HOLDING CO COM 25468Y107 41597 2876690 SH SHARED 0 2117254 759436 DOW JONES COM 260561105 38035 1134021 SH SHARED 0 831521 302500 DST SYSTEMS INC COM 233326107 48058 779284 SH SHARED 0 573384 205900 EMBARQ CORP W/I COM 29078E105 12387 256090 SH SHARED 0 187674 68416 FLEETWOOD ENTERPRISES COM 339099103 28364 4214500 SH SHARED 0 3097100 1117400 FORRESTER RESEARCH INC COM 346563109 5942 225844 SH SHARED 0 206454 19390 FRASER PAPERS COM 355521105 16156 2666381 SH SHARED 0 1687300 979081 FRESENIUS MEDICAL CARE ADR COM 358029106 128524 2973707 SH SHARED 0 1922549 1051158 GARTNER INC COM 366651107 76300 4337700 SH SHARED 0 3158400 1179300 GOLDMAN SACHS GROUP INC COM 38141G104 22601 133600 SH SHARED 0 98100 35500 HEWLETT PACKARD CO COM 428236103 129752 3536434 SH SHARED 0 2582734 953700 IMPERIAL OIL LTD CANADA COM 453038408 172804 5145082 SH SHARED 0 3248210 1896872 IMS HEALTH INC COM 449934108 92499 3472175 SH SHARED 0 2530700 941475 INTERNATIONAL SPEEDWAY CORP - CLASS A COM 460335201 9082 182232 SH SHARED 0 133891 48341 JARDINE MATTESON HOLDINGS LIMITED COM 050736100 420793 22994150 SH SHARED 0 16339085 6655065 JARDINE STRATEGIC HOLDINGS LTD COM 050764102 340929 29906034 SH SHARED 0 21295799 8610235 KANSAS CITY SOUTHERN INDUSTRIES COM 485170302 98850 3619538 SH SHARED 0 2647372 972166 LEARNING TREE INTERNATIONAL COM 522015106 3469 426695 SH SHARED 0 311495 115200 LEVEL 3 COMM INC COM 52729N100 47269 8769797 SH SHARED 0 6445797 2324000 LIBERTY GLB SERIES C COM 530555309 108659 4335940 SH SHARED 0 3172674 1163266 LIBERTY GLOBAL INC COMMON CLASS A COM 530555101 111528 4332881 SH SHARED 0 3169915 1162966 LIBERTY MEDIA HOLD CAP SER A COM 53071M302 36215 433346 SH SHARED 0 316143 117203 LIBERTY MEDIA-INTERACTIVE A COM 53071M104 44001 2159044 SH SHARED 0 1574026 585018 LIVE NATION INC COM 538034109 5099 249725 SH SHARED 0 184528 65197 LUCENT TECHNOLOGIES INC - 12/10/07 COM 549463131 7 39210 SH SHARED 0 2355 36855 LUCENT TECHNOLOGIES INC COM 549463107 67608 28892279 SH SHARED 0 21044897 7847382 LUXOTTICA GROUP SPA ADR COM 55068R202 233539 7935418 SH SHARED 0 5559397 2376021 MANDARIN ORIENTAL INTERNATIONAL LTD COM 057848106 27447 22497576 SH SHARED 0 15963884 6533692 MBIA INC COM 55262C100 57667 938593 SH SHARED 0 686976 251617 MERCURY GENERAL CORP COM 589400100 55468 1118076 SH SHARED 0 807720 310356 MGIC INVESTMENT CORP COM 552848103 33995 566862 SH SHARED 0 414962 151900 MICROSOFT CORP COM 594918104 46900 1714823 SH SHARED 0 1258923 455900 MOODYS CORPORATION COM 615369105 150901 2308068 SH SHARED 0 1683040 625028 NATUZZI S.P.A. COM 63905A101 14739 2035742 SH SHARED 0 1436237 599505 NII HOLDINGS INC COM 62913F201 75854 1220300 SH SHARED 0 879900 340400 NORTEL NETWORKS CORP CANADA COM 656568102 31792 13908930 SH SHARED 0 7066210 6842720 NORTEL NETWORKS CORP US LISTING COM 656568102 46158 20068603 SH SHARED 0 15539023 4529580 NORTHWEST AIRLINES COM 667280101 2289 3316919 SH SHARED 0 2469039 847880 NOVELIS INC COM 67000X106 11396 444215 SH SHARED 0 282978 161237 ONEX CORPORATION COM 68272K103 22660 1010400 SH SHARED 0 630700 379700 PITNEY BOWES INC COM 724479100 48576 1094800 SH SHARED 0 804800 290000 PRICELINE.COM INC COM 741503403 71729 1949700 SH SHARED 0 1421600 528100 PRIMEDIA COM 74157K101 31312 20600137 SH SHARED 0 15180548 5419589 RAYTHEON COMPANY COM 755111507 27707 577104 SH SHARED 0 429904 147200 ROGERS COMMUNICATIONS INC. CLASS B COM 775109200 289549 5278287 SH SHARED 0 3298127 1980160 SAMSUNG ELECTRONICS CO LTD COM 796050888 2221 6329 SH SHARED 0 6329 0 SCHERING-PLOUGH CORP COM 806605101 142069 6431382 SH SHARED 0 4671482 1759900 SCOTTS MIRACLE GRO COM 810186106 94189 2117082 SH SHARED 0 1542250 574832 SPRINT NEXTEL CORP COM 852061100 70636 4118743 SH SHARED 0 2992475 1126268 SUN MICROSYSTEMS INC COM 866810104 93478 18884392 SH SHARED 0 13783217 5101175 SUN-TIMES MEDIA GROUP INC COM 86688Q100 23981 3644603 SH SHARED 0 2630771 1013832 SUPERIOR ESSEX INC COM 86815V105 110306 3220617 SH SHARED 0 2353700 866917 TELEFONOS DE MEXICO SA ADR COM 879403780 11058 432272 SH SHARED 0 303418 128854 THE KROGER CO COM 501044101 60078 2596300 SH SHARED 0 1907200 689100 US AIRWAYS GROUP INC COM 90341W108 43884 989929 SH SHARED 0 728529 261400 VIACOM CLASS A COM 925524100 18860 505634 SH SHARED 0 372534 133100 VIAD CORP COM 92552R406 81189 2292830 SH SHARED 0 1673430 619400 WATSON WYATT WORLDWIDE INC A COM 942712100 56167 1372600 SH SHARED 0 1002600 370000 XEROX CORP COM 984121103 126609 8136819 SH SHARED 0 5944686 2192133