A varistor, or voltage-limiting composition has a polymer matrix and a particulate filler containing a partially conductive material applied to an electrically non-conductive carrier material. The carrier material has a lower density than the partially conductive material, so that the settling rate of the filler in the polymer matrix is reduced. The voltage-limiting composition can therefore also be used as a lacquer or for prepreg materials. A body which acts as a varistor may be produced using a composition of this kind by a method that includes annealing. The varistor may be used for surge arresters, in particular in medium-voltage systems, low-voltage systems, cable connections and cable fasteners.