Institutional Manager · CIK 0000914976
MARSHFIELD ASSOCIATES
Washington, DC · File #028-03998
Latest AUM
$5.70B
Positions
17
Top-10 Concentration
75.4%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | ROSS STORES INC | ROST | -1,306,074 | -$235.3M | +$111.6M |
| ADD | PROGRESSIVE CORP | 743315103 | +948,281 | +$215.9M | -$30.3M |
| REDUCE | CUMMINS INC | CMI | -340,904 | -$174.0M | +$97.3M |
| ADD | MASTERCARD INCORPORATED | MA | +32,969 | +$18.8M | +$1.2M |
| ADD | DOMINOS PIZZA INC | DPZ | +40,477 | +$16.9M | -$11.1M |
| ADD | EXPEDITORS INTL WASH INC | 302130109 | +109,791 | +$16.4M | +$51.3M |
| ADD | VISA INC | V | +46,241 | +$16.2M | +$9.2M |
| ADD | ARCH CAP GROUP LTD | G0450A105 | +162,367 | +$15.6M | +$14.1M |
| ADD | UNITEDHEALTH GROUP INC | UNH | +45,239 | +$14.9M | -$24.5M |
| ADD | MOODYS CORP | MCO | +26,429 | +$13.5M | +$18.5M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202517 pos · $5.70B
- 13F HOLDINGS REPORTQ/E Sep 202517 pos · $5.78B
- 13F HOLDINGS REPORTQ/E Jun 202519 pos · $4.89B
- 13F HOLDINGS REPORTQ/E Mar 202518 pos · $4.62B
- 13F HOLDINGS REPORTQ/E Dec 202418 pos · $4.61B
- 13F HOLDINGS REPORTQ/E Sep 202419 pos · $4.71B
- 13F HOLDINGS REPORTQ/E Jun 202419 pos · $4.52B
- 13F HOLDINGS REPORTQ/E Mar 202419 pos · $4.88B
- 13F HOLDINGS REPORTQ/E Dec 202322 pos · $4.04B
Top 17 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 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% |