13F HOLDINGS REPORT
Marshfield Associates
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001172661-26-001075
Total Value
$5.70B
Positions
17
Other Managers
0
Confidential Omitted
No
Holdings (17)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | AUTOZONE INC | AZO | 174,918 | $593.2M | 10.40% |
| 2 | PROGRESSIVE CORP | 743315103 | 2,525,734 | $575.2M | 10.08% |
| 3 | UNITEDHEALTH GROUP INC | UNH | 1,658,487 | $547.5M | 9.60% |
| 4 | ROSS STORES INC | ROST | 2,714,339 | $489.0M | 8.57% |
| 5 | CUMMINS INC | CMI | 763,648 | $389.8M | 6.83% |
| 6 | VISA INC | V | 1,029,034 | $360.9M | 6.33% |
| 7 | MASTERCARD INCORPORATED | MA | 626,682 | $357.8M | 6.27% |
| 8 | OREILLY AUTOMOTIVE INC | 67103H107 | 3,906,644 | $356.3M | 6.25% |
| 9 | DOMINOS PIZZA INC | DPZ | 784,992 | $327.2M | 5.74% |
| 10 | EXPEDITORS INTL WASH INC | 302130109 | 2,052,531 | $305.8M | 5.36% |
| 11 | MOODYS CORP | MCO | 563,557 | $287.9M | 5.05% |
| 12 | ARCH CAP GROUP LTD | G0450A105 | 2,887,002 | $276.9M | 4.85% |
| 13 | NVR INC | NVR | 26,855 | $195.9M | 3.43% |
| 14 | DISNEY WALT CO | 254687106 | 1,695,189 | $192.9M | 3.38% |
| 15 | TJX COS INC NEW | 872540109 | 1,168,859 | $179.5M | 3.15% |
| 16 | FASTENAL CO | FAST | 3,749,595 | $150.5M | 2.64% |
| 17 | STRATEGIC ED INC | STRA | 1,478,522 | $118.6M | 2.08% |