Marathon Asset Management (Marathon-London in North America) is an owner-managed global equity investment firm based in London managing assets for a broad range of institutional clients. The investment philosophy and process is long-term and contrarian with a focus on industry capital cycle analysis and in-depth management assessment. A centralised boutique structure helps preserve the distinctiveness of the investment philosophy. This is based on a bottom-up and generalist investment approach applied in an environment conducive to rapid decision making and implementation.