MARSHFIELD ASSOCIATES
Registered adviserRegulatory profile
From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.
| Rosters | Regulatory AUM | Main clients |
|---|---|---|
| Apr 2026 to Oct 2026 | $8,121,896,714 | Individuals and high net worth (58%) |
| Apr 2025 to Mar 2026 | $7,500,657,939 | Individuals and high net worth (63%) |
| Apr 2024 to Mar 2025 | $6,401,521,223 | Individuals and high net worth (65%) |
| May 2023 to Mar 2024 | $4,442,901,880 | Individuals and high net worth (78%) |
| Apr 2023 | $4,442,901,880 | Individuals and high net worth (78%) |
| Apr 2022 to Mar 2023 | $4,174,772,861 | Individuals and high net worth (78%) |
Portfolio style
Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.
Closest benchmark: the Dow Jones Industrial Average as of 2026-07-31, active share 89.6%; sector active share 58.0% against the combined 13F book's sector weights.
Over time 26 measured quarters
How the bands are measured
Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.
Clone Performance
Build a hypothetical price-return history from this filer's public 13F holdings.
View clone backtestPortfolio Concentration
17 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026Portfolio Trend
Sector Breakdown
As of Jun 30, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Financial Services | 38.3% | $1,634,012,498 |
| Consumer Cyclical | 34.0% | $1,451,804,857 |
| Healthcare | 14.9% | $634,316,633 |
| Industrials | 8.8% | $376,933,464 |
| Communication Services | 2.9% | $124,945,205 |
| Consumer Defensive | 1.0% | $42,831,499 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ACGL | Arch Capital Group Ltd. | +279,714 | 3,331,135 | $323,319,963 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| ROST | Ross Stores, Inc. | −1,223,102 | 595,704 | $126,795,596 | |
| ORLY | O Reilly Automotive Inc | −773,217 | 2,740,457 | $252,368,685 | |
| FAST | Fastenal Co | −734,471 | 2,574,816 | $123,668,412 | |
| EXPD | Expeditors International Of Washington Inc | −399,041 | 1,553,964 | $253,265,052 | |
| UNH | Unitedhealth Group Inc | −364,532 | 1,526,157 | $634,316,633 | |
| DIS | Walt Disney Co | −344,592 | 1,298,132 | $124,945,205 | |
| PGR | Progressive Corp/Oh/ | −302,198 | 2,153,186 | $470,363,481 | |
| STRA | Strategic Education, Inc. | −233,918 | 559,012 | $42,831,499 | |
| V | Visa Inc. | −220,540 | 1,034,433 | $354,903,617 | |
| TJX | Tjx Companies Inc /De/ | −218,390 | 872,770 | $132,224,655 | |
| DPZ | Dominos Pizza Inc | −116,599 | 638,541 | $189,033,677 | |
| MCO | Moodys Corp /De/ | −116,187 | 422,806 | $191,497,293 | |
| AZO | Autozone Inc | −28,660 | 136,373 | $435,839,911 | |
| MA | Mastercard Inc | −27,864 | 572,290 | $293,928,144 | |
| NVR | Nvr Inc | −5,278 | 20,141 | $137,228,687 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| NKE | NIKE, Inc. | 4,343,816 | $178,313,646 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| CMI | Cummins Inc | 448,781 | $241,453,153 | |
| No positions match the current search. | ||||
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| UNH |
Unitedhealth Group Inc
Healthcare
|
Reduced | 1,526,157 | $634,316,633 | 14.87% | |
| PGR |
Progressive Corp/Oh/
Financial Services
|
Reduced | 2,153,186 | $470,363,481 | 11.03% | |
| AZO |
Autozone Inc
Consumer Cyclical
|
Reduced | 136,373 | $435,839,911 | 10.22% | |
| V |
Visa Inc.
Financial Services
|
Reduced | 1,034,433 | $354,903,617 | 8.32% | |
| ACGL |
Arch Capital Group Ltd.
Financial Services
|
Added | 3,331,135 | $323,319,963 | 7.58% | |
| MA |
Mastercard Inc
Financial Services
|
Reduced | 572,290 | $293,928,144 | 6.89% | |
| EXPD |
Expeditors International Of Washington Inc
Industrials
|
Reduced | 1,553,964 | $253,265,052 | 5.94% | |
| ORLY |
O Reilly Automotive Inc
Consumer Cyclical
|
Reduced | 2,740,457 | $252,368,685 | 5.92% | |
| MCO |
Moodys Corp /De/
Financial Services
|
Reduced | 422,806 | $191,497,293 | 4.49% | |
| DPZ |
Dominos Pizza Inc
Consumer Cyclical
|
Reduced | 638,541 | $189,033,677 | 4.43% | |
| NKE |
NIKE, Inc.
Consumer Cyclical
|
NEW | 4,343,816 | $178,313,646 | 4.18% | |
| NVR |
Nvr Inc
Consumer Cyclical
|
Reduced | 20,141 | $137,228,687 | 3.22% | |
| TJX |
Tjx Companies Inc /De/
Consumer Cyclical
|
Reduced | 872,770 | $132,224,655 | 3.10% | |
| ROST |
Ross Stores, Inc.
Consumer Cyclical
|
Reduced | 595,704 | $126,795,596 | 2.97% | |
| DIS |
Walt Disney Co
Communication Services
|
Reduced | 1,298,132 | $124,945,205 | 2.93% | |
| FAST |
Fastenal Co
Industrials
|
Reduced | 2,574,816 | $123,668,412 | 2.90% | |
| STRA |
Strategic Education, Inc.
Consumer Defensive
|
Reduced | 559,012 | $42,831,499 | 1.00% |
Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.