MARSHFIELD ASSOCIATES

CIK

914976

Location

Washington, DC

Portfolio Value

Mid $5,704,789,031

Diversification

Diversified

Filing Date

Global Rank

#514 / 8,420 ▲ 98

Top Industry

Auto Parts 16.6%

3Y Alpha vs SPY

-2.3%

Period ended 6 months ago

Filed Feb 17, 2026 · 4mo

24 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+66.4%

SPY

+76.3%

Annualised alpha

-2.3%

Max drawdown

−12.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

17 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

10.4%

−2.4 pts

Top 5

45.5%

−2.7 pts

Top 10

75.4%

−1.1 pts

HHI

695

Diversified−34

Portfolio Trend

24 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Consumer Cyclical	37.5%	$2,141,116,556	6
Financial Services	32.6%	$1,858,627,204	5
Industrials	14.8%	$846,123,012	3
Healthcare	9.6%	$547,483,143	1
Communication Services	3.4%	$192,861,652	1
Consumer Defensive	2.1%	$118,577,464	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

14 positions

Ticker	Company	Δ Shares	Shares	Value
PGR	Progressive Corp/Oh/	+948,281	2,525,734	$575,160,146
ACGL	Arch Capital Group Ltd.	+162,367	2,887,002	$276,921,231
ORLY	O Reilly Automotive Inc	+128,198	3,906,644	$356,324,999
EXPD	Expeditors International Of Washington Inc	+109,791	2,052,531	$305,847,644
DIS	Walt Disney Co	+60,316	1,695,189	$192,861,652
TJX	Tjx Companies Inc /De/	+50,222	1,168,859	$179,548,430
V	Visa Inc.	+46,241	1,029,034	$360,892,514
UNH	Unitedhealth Group Inc	+45,239	1,658,487	$547,483,143
DPZ	Dominos Pizza Inc	+40,477	784,992	$327,200,365
MA	Mastercard Inc	+32,969	626,682	$357,760,220
MCO	Moodys Corp /De/	+26,429	563,557	$287,893,093
AZO	Autozone Inc	+2,586	174,918	$593,234,397
NVR	Nvr Inc	+1,813	26,855	$195,847,338
FAST	Fastenal Co	+101	3,749,595	$150,471,247
No positions match the current search.

Trimmed

Positions the filer reduced

3 positions

Ticker	Company	Δ Shares	Shares	Value
ROST	Ross Stores, Inc.	−1,306,074	2,714,339	$488,961,027
CMI	Cummins Inc	−340,904	763,648	$389,804,121
STRA	Strategic Education, Inc.	−107,066	1,478,522	$118,577,464
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

17 positions · $5,704,789,031 total · as of Dec 31, 2025

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Industrials

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AZO	Autozone Inc Consumer Cyclical	Added	174,918	+2,586	$593,234,397	−19.8%	10.40%
PGR	Progressive Corp/Oh/ Financial Services	Added	2,525,734	+948,281	$575,160,146	+47.6%	10.08%
UNH	Unitedhealth Group Inc Healthcare	Added	1,658,487	+45,239	$547,483,143	−1.7%	9.60%
ROST	Ross Stores, Inc. Consumer Cyclical	Reduced	2,714,339	-1,306,074	$488,961,027	−20.2%	8.57%
CMI	Cummins Inc Industrials	Reduced	763,648	-340,904	$389,804,121	−16.4%	6.83%
V	Visa Inc. Financial Services	Added	1,029,034	+46,241	$360,892,514	+7.6%	6.33%
MA	Mastercard Inc Financial Services	Added	626,682	+32,969	$357,760,220	+5.9%	6.27%
ORLY	O Reilly Automotive Inc Consumer Cyclical	Added	3,906,644	+128,198	$356,324,999	−12.5%	6.25%
DPZ	Dominos Pizza Inc Consumer Cyclical	Added	784,992	+40,477	$327,200,365	+1.8%	5.74%
EXPD	Expeditors International Of Washington Inc Industrials	Added	2,052,531	+109,791	$305,847,644	+28.4%	5.36%
MCO	Moodys Corp /De/ Financial Services	Added	563,557	+26,429	$287,893,093	+12.5%	5.05%
ACGL	Arch Capital Group Ltd. Financial Services	Added	2,887,002	+162,367	$276,921,231	+12.0%	4.85%
NVR	Nvr Inc Consumer Cyclical	Added	26,855	+1,813	$195,847,338	−2.7%	3.43%
DIS	Walt Disney Co Communication Services	Added	1,695,189	+60,316	$192,861,652	+3.0%	3.38%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Added	1,168,859	+50,222	$179,548,430	+11.0%	3.15%
FAST	Fastenal Co Industrials	Added	3,749,595	+101	$150,471,247	−18.2%	2.64%
STRA	Strategic Education, Inc. Consumer Defensive	Reduced	1,478,522	-107,066	$118,577,464	−13.1%	2.08%